Cushman & Wakefield Negotiates Sale of Greenfield Gateway
PHOENIX, May 31, 2018 – Cushman & Wakefield completed the sale of Greenfield Gateway, located at 1728 and 1762 S. Greenfield Road in Mesa, Ariz. Phoenix-based HH-Greenfield Gateway, LLC, an entity formed by Hinkson Company, purchased the property from Greenfield Gateway Retail Investments, LLC for $6.7 million.
Cushman & Wakefield Senior Director Chris Hollenbeck represented both the buyer and seller in the transaction.
Shadow anchored by Wal-Mart, Greenfield Gateway is a 67,709-square-foot (sf) retail strip center and spans 10.37 acres. Built in 2005, the property is located directly off of the US-60 and is currently 87% occupied by a variety of tenants including Lina’s Home Furnishing, AT&T, Sally Beauty Supply and Wendy’s.
“This was a great opportunity for both the seller and buyer. The seller worked to reposition the property over the past couple years by adding large monument signs on the freeway, as well as adding new tenants to the center. The new owners will come in and complete the process by adding value through their local expertise here in the valley,” says Chis Hollenbeck.
According to Cushman & Wakefield research, the Metro Phoenix retail market continued to experience positive occupancy growth and absorbed more than 370,000 sf during the first quarter of 2018. The Southeast Valley posted one of the largest gains of positive absorption, absorbing more than 154,000 sf.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.