Los Angeles investor purchases Greenway Plaza property
Posted
Compiled by Matt Loeschman
PHOENIX — Greenway Plaza, a retail center located at 1825-1855 W. Greenway Road, has been sold to a Los Angeles investor.
The newly renovated, two-tenant center provided an opportunity for the investor to grow his portfolio of real estate assets in Phoenix.
“This center offers secure and consistent cash flow from solid tenants in a dynamic area” says Mindy Korth, executive vice president with Colliers in Arizona. “Both tenants are currently paying below market rental rates, so future revenue appreciation is anticipated.”
A private investor in Los Angeles purchased the property from RPM Greenway Plaza LLC of Denver. Korth and John Jackson with Colliers in Arizona worked in collaboration with El Warner and Caitlin Zirpolo of Colliers National Retail Services Team in Irvine, CA on the transaction.
The 43,172-square-foot property is fully leased by Salvation Army and Kids Empire on long-term, NNN leases. Both tenants recently installed state-of-the-art interior improvements.
Located at the intersection of 19th Avenue and Greenway Road, Greenway Plaza is visible at an intersection within Northwest Phoenix. In addition to this two-tenant building constructed in 2000, and originally used by Albertson’s, the overall Greenway Plaza neighborhood corner encompasses a Circle K convenience store and gas station, as well as a 19,019-square-foot multi-tenant retail building offering a variety of neighborhood service tenants.
