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

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Jared M. Brunnabend with Greenstreet says 10,000 sf of Uptown atCanyon Crossroads is already committed for a KinderCare LearningCenter. The child-care operator has signed a long-term lease for apad development. He tells GlobeSt.com that negotiations also areunderway with a bank, which will take another pad site. Brunnabendexplains the remainder of the project will include a 15,000-sfsingle-use space and up to 15,000 sf of multi-tenant inlinespace.

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Senior vice president Larry Ortega, senior associate MichaelClark and associate Dan Nesson of the Staubach Co.'s Phoenix officeare preleasing the project. A general contractor and architecthaven't been named.

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"We're seeking to develop retail on five to 10 acres on sites inselected markets, and we're targeting the Phoenix metro area,"Brunnabend explains. "We like areas of residential growth and sitesthat are ready for commercial development." Greenstreet also isdeveloping the 50,500-sf Uptown Rogers at 101 in Rogers, MN andlooking at a few more land parcels in Phoenix.

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