Lifestyle Retail Center in Surprise Arizona
Greenway Crossings 16572-16630 W Greenway Rd Surprise, AZ 85388
- 66,516 Square Feet
- For Sale
Opportunity to acquire Greenway Crossings, a ±66,516-square-foot lifestyle retail center at 16572-16630 W. Greenway Road in Surprise, Arizona. Land area consists of ±12.86 acres total, which includes three vacant pads. Sale price is $13,074,000. Year one cap rate is 7.25 percent. Year one Proforma NOI - $821,903. Year three Proforma NOI - $899,660.
Visit our property website to view the offering memorandum.
Located directly adjacent to the Loop 303 freeway interchange at Greenway Road, in Surprise, this center serves a young and active community with a variety of exciting amenities, such as a dance studio, fitness center, creative art studio, hair & nail salons, and tanning studio, along with various restaurants, animal hospital, urgent care center, charter school and other essential neighborhood services.
The three attractive, upscale-designed buildings were constructed in 2006, and include generous walkways, covered patios, easy vehicular access and parking, as well as ample opportunities for tenant signage.
In addition to an 85-percent occupied retail center, the offering includes three vacant retail pads, a value-add component to create significant future upside. This is a rare, value-add opportunity that offers investors the combination of a diverse tenant roster; secure, stable cash flow; upside through leasing the remaining space; and significant additional opportunity through future development, ground lease or sale of the three pads.
Stable existing cash flow with upside
By purchasing based upon the in place revenue from 85-percent occupancy, the investor can rely on the stable in-place revenue that is spread among 17 different businesses, while continuing to grow their cash flow and improve their yield through leasing the remaining spaces.
Unreleased potential through the vacant pads
The three vacant pads provide an additional opportunity to develop, ground lease or sell, thus creating additional cash flow—improving the already generous yield.
Diverse tenant mix
This offering includes a diverse tenant mix that caters to the young and active Surprise community. This lifestyle center is home to a dance studio, a fitness center, a creative art studio, hair & nail salons, and a tanning studio, along with various restaurants, an animal hospital, an urgent care center, a charter school and other essential neighborhood services.
Explosive population growing, driving customer demand
Surprise experienced a massive population growth—22.9 percent increase—from 2010-2016. Throughout the state of Arizona, this was only second to the growth in the town of Gilbert. These new residents are a mixture of young families as well as active retirees, and are moving into the numerous newly developed master-planned communities serving this area.
Loop 303 freeway game changer
The final stage of the 36-mile Loop 303, connecting Interstate 17 to I-10, was completed in the fourth quarter of 2017. This nine-year project was instrumental in the previous growth of Surprise, and will be the reason Surprise is projected to be the fastest growing city in Arizona in the coming years. Being adjacent to Loop 303, Greenway Crossings is poised to benefit from this important regional transportation asset.
Lot Size: 560181.60 Square Feet
Building Size: 66516 Square Feet
Area Available: 66,516 Square Feet
Lot 2 Vacant Pad
Lot 3 Vacant Pad
Lot 4 Vacant Pad
Total Land Area
- Three retail buildings, totaling ±66,516 SF. Price: $11,337,000 ($171 PSF). Year one cap rate is 7.25 percent.
- Year 1 Proforma NOI - $821,903. Year 3 Proforma NOI - $899,660.
- Three vacant retail pads, totaling ±173,700 SF. Price: $1,737,000 ($10 PSF of land area)