Stabilized Neighborhood Retail in Growing West Valley Market

5930 W Greenway Rd Glendale, AZ 85306

5930 W Greenway Rd, Glendale, AZ, 85306
5930 W Greenway Rd, Glendale, AZ, 85306
FOR SALE
Property Type:
Neighborhood Center
Amount:
$12,340,000
Last Verified:
Mar 30, 2020

Highlights

  • Value add retail investment opportunity
  • 95.40% Occupancy | Approximately 20% below market rents
  • Nationally Recognized Anchor Tenants
  • Long history, Diversified tenant roster, with in-place cash flows.
  • 5.96 / 1,000 SF Parking Ratio
  • Proximity to major educational institutions, including ASU West Campus, Arizona Christian University, and Glendale Community College
  • Substantial new development and re-development in the surrounding area
  • Ten minutes from arrowhead Towne Center & P83 Sports Complex
  • Close Proximity to Loop-101 and City of Peoria

Description

SVN Desert Commercial Advisors, as the exclusive representative of the Seller, is pleased to offer for sale Greenway Promenade, a stabilized neighborhood retail center in the west valley. While the center is currently 95% occupied the properties' average per square foot rental rate is 20% below the market average. The property also includes two separate, fully leased out freestanding buildings that could be sold after acquisition and additionally, the forecasted rental increase of $52,863 in 2020, represents a 6.2% improvement from the previous year. Combine these with the strong fundamentals of the Arrowhead Ranch Submarket, the areas projected growth and the properties proximity to various universities and it is easy to see why Greenway Promenade is the perfect property for any owner.

Greenway Promenade is located in the city of Glendale, north of the historic downtown area. The property is located in the Arrowhead sub-market which has seen positive growth over the last decade. The property offers road frontage along both Greenway Road and 59th Avenue, as well as a close proximity to Interstate 17, and the US60 and Loop-101 freeways. Popular attractions around the property include Arizona State University West Campus, Grand Canyon University, Glendale Community College, shops at Arrowhead Towne Center, and Peoria Sports Complex (P83) which is home to spring training for the Seattle Mariners and San Diego Padres.


Year Built: 1988
Building Size: 62949.0sq ft
Building Class: B
Lot Size: 8.0 acres

Map of 5930 W Greenway Rd, Glendale, AZ, 85306

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.