phoenix

Phoenix skyline

Economic diversification drives Phoenix metro economy

  Economic recovery is well underway. Employment in Phoenix metro is 75% recovered, with some industries surpassing pre-pandemic highs. Optimistic expectations from the Greater Phoenix Economic Council place full employment recovery in the third quarter of 2021. Employment is picking up faster than expected, with labor shortages being the largest hurdle to reaching pre-pandemic employment. …

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Single tenant net-leased retail property

Single-tenant retail draws increased investor interest in Phoenix

  Despite a drop in overall commercial real estate investment volume in the Valley from the first quarter of 2020 to the first quarter of 2021, investment in net-leased assets increased 2.6% in the time period. Net-lease properties are generally leased to one tenant, with the tenant paying taxes, insurance and maintenance on the property, …

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Phoenix Suns

Economic development officials hope Suns’ success helps lure more companies to Phoenix

  The success and likability of Chris Paul, Devin Booker and the rest of the Phoenix Suns could help lure companies to open offices in the region — if not move their entire headquarters to Phoenix. Well, that is what economic development officials are hoping as millions of people tune in to watch the Suns play in the …

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Rendering of the Grove

Construction begins on Phoenix redevelopment that includes Sam Fox hotel

  Construction is underway on the Grove, a 15-acre development that includes Sam Fox’s first hotel, Global Ambassador, along with the Phoenix Suns and Phoenix Mercury practice facility and will yield another 180,000 square feet of Class AA office space. Demolition on the site, located at 44th Street and Camelback, has been completed, along with initial site …

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Why Industrial Remains Healthy for These Four Markets

The sectors in Austin Seattle, Phoenix and Miami may be running at different temperatures, but the fundamentals suggest they’re not overheating.     Strong demand is likely to fill millions of square feet of industrial space now under construction, according to “Industrial Trends in Austin, Seattle, Phoenix and Miami,” a new report by CommercialEdge, a research and marketing …

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Iron Mountain

8 Metro Phoenix data center developments to watch

  Metro Phoenix data center development continues to surge, particularly in Goodyear, which is quickly becoming a technology hot spot. And the growth doesn’t appear to be slowing. Last year, Amazon bought 91 acres of land in Goodyear for $19.85 million, with talk of building a data center to help with its exploding Arizona presence. …

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Phoenix tops net migration

Phoenix Tops US in Net Migration For Third Straight Year

With a population of just over 5 million people, Phoenix is the 10th largest metropolitan area in the country. (Getty Images)   Phoenix has maintained its ranking as the top metropolitan area in the nation for net migration for a third consecutive year, according to the latest data from the U.S. Census Bureau. Multifamily landlords …

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In a cool year for Valley office market, sales and leases heated up in the fourth quarter

  Despite a slow year for office real estate, the biggest investment sale and largest lease since the pandemic began took place in the fourth quarter of 2020. Office investment in the fourth quarter hit $570 million, nearly reaching the total amount of investment sales that took place in the first three quarters combined, which …

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Historic Potato Barn renovation

Central Arizona Supply Unveils Plans to Renovate Historic Potato Barn in Gilbert

  A fourth-generation, Mesa-based family business is moving forward with its plans to renovate and expand the iconic Old Potato Barn in Gilbert, breathing new life into the 54-year-old barn that once housed the area’s potato supply. In June, the City of Gilbert approved plans for The Higley Barns, a multimillion-dollar, adaptive, mixed-use development that will …

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Honor Health in Phoenix Sonoran Crossing

HonorHealth Opens Sonoran Crossing Medical Center

  HonorHealth, a leading Valley healthcare system serving 1.6 million people in the greater Phoenix area, is opening HonorHealth Sonoran Crossing Medical Center in north Phoenix in mid-September. Featuring three stories, 210,00 square feet and 70 inpatient beds, this state-of-the-art facility is HonorHealth’s sixth medical center. Sonoran Crossing Medical Center serves residents of Anthem, New …

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Phoenix MOB development

Phoenix MOB May Be Redeveloped into Hotel

  Developer, The Terrance A Plas Company, recently submitted plans to the City of Phoenix to redevelop an existing medical plaza located at the NWC of McDowell Road and 12th Street, into a new 71.7KSF hotel.  The hotel, to be called The McDowell Hotel according to the project documents, will sit on approximately 1.58 acres adjacent to the Coronado Neighborhood.  “One of the major goals of The …

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Phoenix skyline

Here’s Why Arizona’s Economy Will Bounce Back Faster than Nation

  While sectors of Arizona’s economy have suffered financial losses during the pandemic, the state is faring better than much of the nation, according to a leading economist. If Arizonans can stay masked, socially distanced and sanitized, it has a good chance for full recovery as soon as mid 2021, said the state’s heavyweight economic forecaster, …

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Amazon opens sites in Phoenix

Amazon Confirms 11 New Metro Phoenix Sites Opening This Year

Amazon.Com Inc. confirmed Wednesday that it plans to open 11 new sites in the Valley by the end of the year for fulfillment and delivery operations. The new sites include seven delivery stations and two additional facilities to support fulfillment, in Avondale, Chandler, Goodyear, Mesa, Phoenix and Tempe. The delivery stations will be located in: …

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The Pavilions at Talking Stick hotel

Hotel Breaks Ground at The Pavilions at Talking Stick

  Capital Development Southwest Inc., in partnership with SLG Management, announces a new development project at The Pavilions at Talking Stick. The new Comfort Suites, a Choice Hotel brand, will break ground in August 2020. “This location is known to be one of the premier entertainment destinations in the southwest,” said Justin Gubler, SLG Management …

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Axis Raintree Office Project Reaches Milestone in Scottsdale, Arizona

Construction Tops Out at First Major Office Project in Scottsdale Airpark Since 2015 General contractor Willmeng Construction and developer Trammell Crow Co. have topped out vertical construction of the three-story Axis Raintree, the first office project to be built without a signed tenant in Scottsdale, Arizona, since 2015. The contractor said that crews placed the …

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Phoenix Is Officially Open for Business

The Phoenix market has officially opened for business, with all retailers allowed to serve customers. While some retailers have decided to stay closed or offer only limited service by their own choice, most are completely open and actually seeing activity from consumers. While there are no specific laws or restrictions in terms of safety, most …

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Office Investors Still Interested in Phoenix Despite COVID-19, Industry Experts Say

Despite the slowdown that came from the novel coronavirus pandemic, the Valley remains well positioned for future office investment, experts from CBRE said. Barry Gabel, executive vice president of CBRE in Phoenix, said some of the deals he and his team were working with clients on were put on hold during the pandemic, but some …

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Phoenix Real Estate Firm Secures $500 Million to Invest in Properties

Fundamental Income, a Phoenix-based investment firm focused on single-tenant, net-leased real estate, launched new platform, called Fundamental Income Properties, to buy and lease back single-tenant buildings. The firm already has received a $500 million initial equity commitment from Toronto-based Brookfield Asset Management Inc. to invest directly into properties. Alexi Panagiotakopoulos, co-founder and CIO of Fundamental …

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Fall 2019 Arizona Case Law Affecting Commercial Real Estate and Lending

Arizona Case Law – Deed Restrictions Swain v. Bixby Village Golf Course (AZ Court of Appeals 9-19-2019) This dispute has been covered in the local newspapers for the past several years. Chicago Title Agency was the original owner of the Ahwatukee Lakes Golf Course (and at some point also acquired the Ahwatukee Country Club Golf …

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Commercial Real Estate

Year in review: Commercial real estate deals boom in Valley during 2019

Here’s a quick look at the major highlights of the year in commercial real estate in the Valley, with the top story from each month: January A bankruptcy court ruling opened up nearly 5 square miles of land near Desert Ridge Marketplace. California-based Crown Realty and Development acquired 96.5 acres of the land and master developer rights …

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LevRose Commercial Real Estate Closes $1.8 Million Multi-Tenant Office Investment in Scottsdale

Scottsdale, Arizona – LevRose Commercial Real Estate, a leading Scottsdale based commercial real estate brokerage closed the sale of a multi-tenant office building in Scottsdale, Arizona for $1,800,000. Located at 8723 E. Via de Commercio, the sale was facilitated by Keri Davies and Jason Reddington of LevRose Commercial Real Estate. The property was sold to Everrich, …

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New Large-Format Starbucks Trades in Phoenix

A new large-prototype Starbucks has trades hands in Phoenix. The single-tenant property is a brand-new, 3,100-square-foot building with drive-thru. It traded hands for $3 million or $988 per square foot. The impetus for the large-format floor plan is to create a better experience and provide the community a place to hang out.   Originally Posted …

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