Redevelopment plans of parking field include five new pad developments with one pad already sold
PHOENIX, ARIZ. – Evergreen Devco, Inc., a leading retail and multifamily development company, announced a purchase of 3.76 acres of land situated on the southeast corner of 35th Avenue and Greenway Road in Phoenix.
The land was sold by WPC Greenway Storage, part of Wentworth Property Company, which is redeveloping the former Kmart-anchored space of the shopping center into a self-storage facility. Evergreen will convert the existing parking field into five new pad developments.
“Evergreen is excited about this redevelopment project,” said Dana Dragon, Principal of Evergreen Devco. “The infill development opportunity will allow a fresh retail mix of the pads that will revitalize and bring new activity to this existing shopping center.”
At the time of the acquisition, one pad (approximately one acre) was sold to Quick Quack Car Wash. This is Evergreen’s second transaction with Quick Quack.
Closing of the sale was completed July 1, 2019. Max Bippus of CBRE represented Evergreen in the transaction.
About Evergreen Devco, Inc.
Founded in 1974, Evergreen specializes in retail and multifamily development, tenant roll outs, project and construction management, property management, asset management, sustainable building and solving financing issues for various retailers and franchises. Working throughout the nation, Evergreen has earned a reputation as an industry leader by delivering high-quality real estate developments and services reliably, efficiently and cost effectively. The company has over 50 employees with offices in Arizona, California, Colorado and Utah. Evergreen is currently engaged in the development of more than 60 retail and apartment projects and has completed more than 500. www.evgre.com.