REIT Developing 73,000-SF Retail Project in Surprise

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SURPRISE, AZ-Donahue Schriber Inc. is joining the action in the fast-growing Phoenix suburb of Surprise with an announced groundbreaking for Greenway Marketplace, a 73,000-sf neighborhood shopping center. The estimated $8-million project will be completed during the fourth quarter 2006.

Charlie Hickcox, vice president of development for the Costa Mesa, CA-based REIT, says the development at the corner of Reems and Greenway roads isn’t scheduled to break ground until spring 2006. “We’re already about 50% preleased at this time,” he says. The tenant list includes a grocery store, on its own site. “We bought 9.5 acres of the land. They’ll purchase four,” he tells GlobeSt.com.

John Rehling of D.L. Slaughter Co. in Phoenix is handling leasing activities for Donahue Schriber. Boice-Raidl-Rhea Architects of Merriam, KS is the architect for the property.

Hickcox acknowledges Donahue Schriber is examining potential properties in Surprise and other western Phoenix suburbs. “We look for areas in which we can come in and build shopping centers fairly quickly,” he explains. Surprise is attractive, he continues, because it’s growing very quickly. “This is a community of 90,000 that used to be a sleepy little ‘burb,” he says. “It’s amazing, what’s going on out here.”