Wes Swenson, CEO of Novva Data Centers, secured 165 AC of southeast Mesa land at a state auction with a winning bid of $62.7 M, matching the property’s appraised value. The land, situated near Warner and Ellsworth roads, will likely be the site for Novva’s inaugural Arizona project. While Swenson intends to potentially establish data …
Utah-Based Novva Data Centers Grabs Mesa Land at Auction Read More »
The Mesa City Council has greenlit a new industrial venture by Martens Development Co., named “The Brickyards on Ellsworth.” Approved unanimously, this project comprises eight buildings, spanning over 900,000 SF, on a 60 AC land parcel near Ellsworth and Pecos roads, south of Phoenix-Mesa Gateway Airport. These buildings, envisioned for manufacturing, warehousing, distribution, and employment …
Martens Development Company to Build Large Mesa Industrial Park Read More »
Avalon Development, based in Scottsdale, has proposed a new Aldi grocery store for a burgeoning shopping center in Mesa, potentially the second Aldi store in the locale. The project is poised opposite Barclay Group’s forthcoming Morrison Ranch Commercial Center. Meanwhile, in Phoenix, Banyan Residential is partnering with Milhaus to establish a luxury apartment community with …
Aldi Proposes New Store in Emerging East Valley Shopping Center; Plus Six More Deals Read More »
The Greater Phoenix retail market recorded a historic low vacancy rate of 4.8% in June, fueled by robust tenant demand in this rapidly growing city. Data shows Phoenix had a 16.5% surge in consumer spending since January 2020. Most city submarkets saw a drop in vacancies, except Downtown. The West Valley had the lowest vacancy …
Phoenix Retail Market Posts Historic Low Vacancy Read More »
A new 366,216 SF industrial project is being proposed in Phoenix near the Sky Harbor International Airport, spearheaded by the Trammell Crow Co. This project, located near the upcoming Arizona Fresh: Agri-Food Innovation Center, aims to bridge the gap between older industrial zones and neighboring residential areas. However, rezoning efforts faced a setback on August …
Industrial Roundup: Multiple Small, Midsized Projects Proposed in Phoenix Read More »
The GEN1 at GSQ office building in Goodyear’s new downtown, GSQ, is now 60% leased about a year after its introduction, overcoming challenges posed by remote work trends and economic factors. The three-story office has secured nine leases, the largest being coworking operator Spaces, which took up 26,177 square feet. The building is part of …
Rare New-Build Class A Office Building in Goodyear Gets Strong Tenant Buy-In Read More »
A 152.3KSF retail plaza, anchored by a 123KSF Fry’s Marketplace, received a recommendation for site plan approval from the Buckeye Planning and Zoning Commission. Located at Miller and Broadway roads, the plaza will have a fuel center, three 6KSF retail buildings, and three drive-thru restaurants on an 18.11-acre site. Construction of the grocery store and …
The Gallery Park master plan, initially set to debut in 2020, currently houses only a few retail shops despite its approval by Mesa City Council. Trammell Crow Residential purchased eight acres for $24M to create a 305-unit community, but this project is now on hold. However, VIVO Development Partners, the Gallery Park owner, insists they …
Development Still Moving Forwards at Gallery Park Read More »
Axon Enterprise Inc. has submitted a proposal to transform a 74-acre north Scottsdale land it purchased in 2020 into its new corporate headquarters and additional facilities. The plan encompasses a 400,000-square-foot office building on the east end, while the west end will house multifamily residential units, retail spaces, and a hotel. In addition to this, …
Axon Files Plans for Huge Corporate HQ Site, and More, in North Scottsdale Read More »
A development team has secured a $39 million refinance loan from Arizona Bank and Trust for the “Yuma|143” industrial park in Goodyear, a joint venture between Phoenix’s Baker Development Corp., New York’s Foundation Capital Partners, and GTIS Partners. The facility, valued over $80 million, comprises two large buildings and is fully leased to three tenants. …
Valley Industrial Deals: Developer Inks Refinancing for Fully-Leased Park Read More »
The City of El Mirage in Greater Phoenix is set to host one of Arizona’s largest business parks, the LogistiCenter at Copperwing, spanning over 10 million square feet. Its Phase 1 broke ground on April 19, adding 566,602 square feet of Class A logistics space on the 961-acre site, with an expected end value surpassing …
LogistiCenter at Copperwing Will Add 10 Million SF of Industrial Space to Market Read More »
Phoenix has become a significant hub for data center development due to its location and affordable land. A study by Cushman & Wakefield identified Phoenix as one of six primary markets accounting for 72% of U.S. data center development in 2022. In the first half of 2023, over 400 megawatts of data centers are projected …
Phoenix Playing Key Role in Total US Data Center Development, Report Says Read More »
Merit Partners Inc. has filed a pre-application to build a 578,417-square-foot industrial park named Legacy Business Park in Mesa, situated on 42 acres at the corner of Pecos and Crimson roads. This proposal entails annexing and entitling the property within the city of Mesa, currently in Maricopa County jurisdiction. The industrial park would house businesses …
Merit Partners Proposes New Industrial Development in Mesa Read More »
The struggling Arizona Center retail plaza in downtown Phoenix, which includes a 19-story office building, has been sold to Reliance Management for $27 million. Meanwhile, San Francisco-based Reliant Group acquired the Phoenix Manor Apartments, a 450-unit senior community, for $50 million, and Neighborhood Ventures, a crowdfunded investment firm, purchased the 30-unit Avanti Apartments for $4.8 …
Nearly 49 million square feet of new industrial construction is underway in metro Phoenix, with an additional 6.6 million square feet added in Q2 2023, according to the JLL Phoenix Industrial Insight report. This growth includes pre-commitments for 17% of under-construction space and 56% of completed space. While logistics, e-commerce, and advanced manufacturing remain key …
Metro Phoenix Has Almost 49 Million SF of New Industrial Construction Underway Read More »
Three years after its conception, Phoenix real estate investment firm Pivotal Group is set to re-present its mixed-use project, “The Central Park,” to city officials after a significant strategy shift due to Covid-19 disruptions. Originally focused on providing 850,000 square feet of Class A office space for the tech industry, the firm has now shifted …
Pivotal Group Submits Proposal for Reimagined “The Central Park” Mixed-Use Project Read More »
The Q1 2023 Phoenix retail market report by Avison Young shows a vibrant retail sector, with an inventory of over 189 million square feet in the Greater Phoenix area and new construction at decade-high levels. Despite the industry’s initial lull due to the pandemic, it has rebounded with net absorption increasing by 11.2%, and a …
Here’s How Metro Phoenix Retail Development is Rebounding Read More »
The top city for renters based on quality of life was found to be Scottsdale, Arizona, where the median rent stands at $2,995, above the national average of $2,100. Situated in the picturesque Sonoran Desert and renowned for its western charm and annual horse events, Scottsdale has experienced rapid growth over the past 20 years, …
National retail developer SimonCRE is bringing several well-known brands, including Target, Kohl’s, and Boot Barn, to the Prasada shopping centers in Surprise, Arizona. Target acquired about 10 acres of land for a 150,000-square-foot store, while Prasada North will offer approximately 350,000 square feet of retail space with various tenants. The development aims to provide residents …
Target, Kohl’s and More Confirmed for Fast-Growing Retail Center in Surprise Read More »
The Phoenix retail market has experienced a surge in rents due to strong population growth and consumer spending. Annual rent growth in the second quarter of 2023 exceeded 9%, triple the market’s pre-pandemic average and higher than the national average. Phoenix was the fourth-fastest-growing market in the US in 2022, attracting people and businesses seeking …
Phoenix Retail Rents Soar as Vacancy Hits All-Time Low Read More »
Industrial development in Buckeye, Arizona is on the rise as multiple projects move forward. Martens Development has begun construction on its Mission Park project, consisting of two buildings totaling 723,508 square feet. The project is strategically located and aligns with Buckeye’s pro-growth mentality. Other developers, such as Carefree Partners and Merit Partners, have also made …
Nearly 2 Million Square Feet of Industrial Space Progress in Buckeye Read More »
The South Pier at Tempe Town Lake project has secured $385 million in construction financing and equity for its first phase. The mixed-use development will encompass 724 residential units, 26,767 square feet of retail space, and amenities like the Arizona Amazing Wheel and a pedestrian bridge. JLL Capital Markets arranged the financing, including $162 million …
In November a bidding war took place between Banner Health and HonorHealth for 48 acres of land in north Scottsdale. HonorHealth emerged as the winner, securing the land for $84 million. However, there is still more than 500 acres of developable land available north of Loop 101 in Scottsdale, known as the corporate corridor. Several …
Chicago-based Belgravia Group has started construction on a $100 million luxury condominium project in north Scottsdale. The project, called Portico – North Scottsdale, is located within the One Scottsdale master-planned development and is expected to include retail and office space, residential units, and hotel rooms. The Portico homes, designed by KTGY, will offer up to …
Chicago Firm Starts Work on Scottsdale Luxury Condos, 7 Other Real Estate Deals to Know Read More »
Banks are facing concerns as rising interest rates undermine the value of their assets, leading to insolvency and closures. The Federal Reserve’s tightening measures could potentially shut down 186 banks. CRE loans pose a particular risk, especially for smaller banks with less than $100 billion in assets. The tight monetary environment, changes in demand for …
REITs specializing in office properties are facing challenges in the stock market and with lenders. Several office REITs have experienced credit rating downgrades over the past year, indicating a higher risk of default. These downgrades can hinder their ability to secure new loans or refinance existing debt, increasing the risk of default further. Market consensus …
The Latest Problem for Office REITs: Credit Downgrades Read More »
Private equity firms are eyeing distressed real estate opportunities in the United States as the commercial credit market faces dislocation due to factors such as office space issues and interest rate hikes. With $400 billion in private equity capital waiting to be deployed, firms see potential in distressed loans and performing loans sold by distressed …
How Private Equity Plans to Capitalize on Commercial Real Estate Distress Read More »
Developer South Pier Tempe Holdings LLC, a subsidiary of McBride-Cohen Management, has obtained a $223 million loan from Banco Inbursa and Pearlmark to finance the completion of the first phase of the South Pier mixed-use project in Tempe, Arizona. The project spans 18 acres and includes three apartment towers with 724 units, 26,000 square feet …
Developer secures large loan for multibillion-dollar Tempe Town Lake project Read More »
An industrial building in Glendale, Arizona, part of the Falcon Park 303 project, was sold for nearly $82 million. The building, fully leased to Unical Aviation, was purchased by an affiliate of Cohen Asset Management Inc. The project includes a 925,504-square-foot development, with the first phase being a 600,000-square-foot building. Cushman & Wakefield represented both …
Bourbon and Bones Chophouse opens new Valley location: more real estate deals to know Read More »
The focus of retail investment has shifted to neighborhood grocery stores, which have proven to be reliable amid shifts in shopping habits during the pandemic. Investors are drawn to grocery-anchored retail developments as a durable consumer habit of weekly supermarket visits persists. These sites in mostly suburban areas are expected to increase in value as …
Grocery-Anchored Retail Lures More Investors Coming Out of COVID Read More »
A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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