Colliers International sells Greenway Crossings retail center to Phoenix investor

Buyer sees opportunity in high visibility center adjacent to Loop 303 freeway

Phoenix, September 12, 2018 – Greenway Crossings, a lifestyle retail center at 16572-16630 W. Greenway Road in Surprise, Arizona, was sold to a Phoenix investor. 

“The buyer has seized the opportunity to acquire this strategically located property with strong visibility and proximity to Loop 303 freeway,” said Mindy Korth, executive vice president with Colliers International in Greater Phoenix. “The recent completion of Loop 303 (connecting Interstate 17 to Interstate 10) has been instrumental in the city of Surprise now being the fastest growing city in Arizona, which bodes well for this investment of Greenway Crossings.” 

Transamerica Life Insurance Company (AEGON USA Realty Advisors) of Cedar Rapids, Iowa, sold the property to Rose Garden III LP, a Phoenix-based investor. Mindy Korth, Kirk Kuller and John Jackson of Colliers International in Greater Phoenix represented Aegon in the sale transaction. Jim Edwards of Rein and Grossoehme Commercial Real Estate in Scottsdale represented the buyer.

Greenway Crossings was built in 2006, and contains 66,516 square feet of retail space. The sale included three retail buildings and three undeveloped retail parcels. At 85 percent leased at the time of sale, the property contains a variety of retail amenities, including a fitness center, dance studio, and hair and nail salons.  Additionally, Greenway Crossings features a selection of restaurants, an urgent care center, a charter school and other essential neighborhood services. The buyer was attracted to the upside revenue potential in leasing the vacancy, as well as the future development of the vacant parcels.

About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.
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Colliers International in Greater Phoenix has served clients locally and globally for more than 35 years.