Greenstreet Readies Plan for Five-Acre Center

PHOENIX-A Greenstreet Real Estate Partners LP affiliate is planning its first retail development in the area, buying five acres for the 45,000-sf Uptown at Canyon Crossroads. Construction will begin next summer, with completion slated for a mid-2009.

The New York City-based developer has bought land at the intersection of 27th Avenue and North Valley Parkway in the northwest submarket from Alliance Residential Co., which recently acquired 18.8 acres for roughly $9 million to develop the 280-unit Broadstone at Canyon Crossroads. As soon as the land deal was done, Greenstreet picked up its stake.

Jared M. Brunnabend with Greenstreet says 10,000 sf of Uptown at Canyon Crossroads is already committed for a KinderCare Learning Center. The child-care operator has signed a long-term lease for a pad development. He tells GlobeSt.com that negotiations also are underway with a bank, which will take another pad site. Brunnabend explains the remainder of the project will include a 15,000-sf single-use space and up to 15,000 sf of multi-tenant inline space.

Senior vice president Larry Ortega, senior associate Michael Clark and associate Dan Nesson of the Staubach Co.’s Phoenix office are preleasing the project. A general contractor and architect haven’t been named.

“We’re seeking to develop retail on five to 10 acres on sites in selected markets, and we’re targeting the Phoenix metro area,” Brunnabend explains. “We like areas of residential growth and sites that are ready for commercial development.” Greenstreet also is developing the 50,500-sf Uptown Rogers at 101 in Rogers, MN and looking at a few more land parcels in Phoenix.