Levrose In The News

Retail Remains Red-Hot in the Post-Pandemic Recovery

The Metro Phoenix retail sector has rebounded significantly since the pandemic, with more than 1 million square feet of new space added in the last year and 2.7 million square feet under construction. The Q1 2024 vacancy rate rose slightly to 5.2% due to new construction, but remains historically low. Despite the first negative net …

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Data-Center Debate: Booming CRE Sector Grapples with Big Question

Data centers are expanding rapidly across the U.S. due to the increasing digital interconnectedness of the world and the rise of AI, leading to a significant rise in data demands. This growth is met with both enthusiasm for its economic benefits and concern over environmental and infrastructure impacts. Large data centers consume substantial power and …

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Nearly 500 Hotel Rooms Proposed Across Multiple West Valley Projects

Several new hotels are planned for the West Valley. In Tolleson, a LivAway Suites extended stay hotel will be built near I-10 and 91st Avenue, featuring 126 rooms across four stories. Goodyear will see a new Home2 Suites by Hilton with 112 rooms near McDowell and Litchfield roads. Peoria has plans for two new hotels: …

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West Valley RV, Boat and Self-Storage Project Planned by High-Profile Team

A high-profile development team, including reality TV star Tareq El Moussa, is planning a $32 million RV, boat, and self-storage facility under the Storelocal Storage brand in metro Phoenix. The 185,889-square-foot facility, located at the northwest corner of Loop 303 and Cactus Road in Surprise, is a joint venture between Goldwater Pinckard LLC and Cedar …

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Massive Scottsdale Industrial Park Underway

Mack Real Estate Group has begun construction on the first phase of a 124-acre industrial park in Scottsdale, named Mack Innovation Park. This development will feature 1.2 million square feet of industrial and flex office space across 11 buildings near Pima and Bell roads. The initial phase, funded with $63 million in financing, includes two …

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Massive Formation Park 10 Breaks Ground in Goodyear

Formation Interests, Willmeng Construction, and the City of Goodyear recently held a groundbreaking ceremony for Formation Park 10, an industrial development at Bullard Ave and Celebrate Life Way in Goodyear, Arizona. This project marks Formation’s first venture outside of Texas, involving 427,000 SF across two buildings and a unique park amenity. The location was chosen …

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$120 Million The Switchyard Mixed-Use Project Coming to Queen Creek

Creation announced The Switchyard, a $120M mixed-use project in Queen Creek, featuring restaurants, retail spaces, offices, and residential units. The project will break ground in the fourth quarter of this year, with initial leases secured for Postino, an industrial wine cafe, and The Porch, a retro-inspired neighborhood hangout. Located at Ellsworth and Ocotillo roads, The …

$120 Million The Switchyard Mixed-Use Project Coming to Queen Creek Read More »

Berge Destination at Gateway Auto Mall Gets Thumbs Up From Mesa

The Mesa City Council approved land rezoning, a retail tax incentive, and a development agreement for the 120-acre Berge Destination at Gateway project near State Route 24. Owned by the Berge family, the project will feature auto manufacturers, retail, and multifamily units. The developer could receive $14.4 million in reimbursements for infrastructure improvements and aims …

Berge Destination at Gateway Auto Mall Gets Thumbs Up From Mesa Read More »

Construction Begins on Shorehaven, 1st Phase of $1.8 Billion South Pier Project

Construction has begun on Shorehaven, the first phase of the $1.8 billion South Pier development on Tempe Town Lake’s southern shore. Located at 1306 East Vista Del Lago Dr, Shorehaven will include 724 multifamily units and 26,000 square feet of retail space across three high-rise towers. The project features 850 below-ground parking spaces and over …

Construction Begins on Shorehaven, 1st Phase of $1.8 Billion South Pier Project Read More »

Valley Entrepreneur Launches Storage Business for Luxury Vehicles

Tony Mangat is opening MG Storage Condos, a new luxury vehicle storage facility in Glendale, designed for boats, RVs, and classic cars. Located at Glendale Avenue and New River Road, the facility will offer customizable, climate-controlled storage spaces with amenities like a 24/7 clubhouse, boat washing area, and dump station. Set to open in 12-18 …

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Postino, The Porch Sign on for $120M Queen Creek Mixed-Use Project

Creation, a real estate developer, announced plans for a $120 million mixed-use project called The Switchyard in Queen Creek, located at the northeast corner of Ellsworth and Ocotillo roads. The development, expected to break ground in late 2024, will cover 10 acres and include 54,000 square feet of restaurant, retail, and office space, along with …

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Phoenix is No. 1 in Nation for Largest Active Industrial Pipeline

Over the last decade, six industrial submarkets more than doubled in size, and seven others grew by 50% to 100%. Currently, Phoenix leads the nation with the largest active industrial pipeline. This surge in industrial development, driven by investor interest and government subsidies, is concentrating new industrial stock in high-demand areas and revitalizing others. West …

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Hard Rock Eyes 2026 Opening Date for Reverb Hotel in Scottsdale

The first Hard Rock hotel in Arizona, Reverb by Hard Rock Scottsdale, is set to debut in 2026. Developed in partnership with ERES Capital, the hotel will be located at The Sydney, a mixed-use project on Salt River Pima-Maricopa Indian Community Land. The hotel will now feature 195 rooms, up from the originally planned 168, …

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Ryan Companies Breaks Ground on Innovate48 Industrial Park

A joint venture has announced the financial closing and start of construction for Innovate48 Industrial Park, located near Phoenix Sky Harbor International Airport. The Class-A industrial building will cover approximately 163,000 square feet and offer top-tier amenities and accessibility. The project is situated next to a Valley Metro Light Rail station and close to major …

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First Look: Buckeye’s Verrado Marketplace with Target, Safeway, Harkins Gets Final Approvals

Phoenix-based Vestar has received final approvals to proceed with the Verrado Marketplace in Buckeye, a 520,000-square-foot power center anchored by Target, Safeway, and Harkins BackLot. Approved by Buckeye’s planning commission, the $275 million project will begin construction this fall and is slated to open in 2026. Additional confirmed tenants include Marshalls, Ross, and HomeGoods, with …

First Look: Buckeye’s Verrado Marketplace with Target, Safeway, Harkins Gets Final Approvals Read More »

Major Packaging Producer Acquires New Warehouse in Glendale

Packaging Corp. of America has acquired a 364,700-square-foot warehouse in Glendale, Arizona, for nearly $74 million, marking one of the largest industrial deals in metro Phoenix this year. The Illinois-based company, a leading producer of containerboard products, bought the facility from 151 Logistics LLC. The new building, part of the Woolf Logistics Center, was developed …

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Rezoning Set for Phoenix Master-Planned Community, New Hospital

The Phoenix City Council has approved the Gila Foothills development, a nearly 300-acre master-planned project in Laveen Village. This development will feature a 50-acre resort, electric vehicle campus, hospital, housing, and retail spaces. The project faced initial opposition but gained unanimous support after extensive negotiations and modifications. Gila Foothills will include 1,200 housing units, with …

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Work Starts on 48-Acre Glendale Industrial Park; Plus 4 More Valley Deals to Know

Construction has begun on the VT 101 industrial park in Glendale, featuring three speculative buildings totaling 750,000 square feet. The first phase, including two 156,000-square-foot buildings, is set for completion by April 2025. Meanwhile, Chamberlain University is relocating its Phoenix campus to a new, more accessible 44,000-square-foot space, enhancing its facilities to better serve up …

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QTS Plans 400-Acre Data Center Campus in West Valley

QTS Realty Trust is planning a major data center project, QTS PHX 3, in Glendale, Arizona, featuring a 3 million-square-foot campus across 16 buildings, each at least 180,000 square feet. The project will be developed in multiple phases, starting with the southernmost buildings, and will include office and operations spaces along with data halls. The …

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One of Phoenix Area’s Latest Office Developments Lands Major Lease

WillScot Mobile Mini Holdings has signed a deal for nearly 90,000 square feet at Scottsdale Entrada, an office complex in the greater Phoenix area, marking the largest lease in the region this year. This new lease is a significant expansion from their current headquarters, nearly doubling their space. The company will move from their existing …

One of Phoenix Area’s Latest Office Developments Lands Major Lease Read More »

Mesa Office-Industrial Park Wraps Up Construction; Looks to Attract Tenants

Greenwood & McKenzie Real Estate Investments has completed Gateway Quads, a four-building, 122,780-square-foot office-industrial park in southeast Mesa, targeting small businesses. They acquired the 10-acre site for nearly $3 million in November 2022, with Sun State Builders constructing the park and Winston Architects designing it. Each of the four buildings is 30,680 square feet, with …

Mesa Office-Industrial Park Wraps Up Construction; Looks to Attract Tenants Read More »

Phoenix Office Campus Near Sky Harbor Trades Hands; New Owner Eyes Conversion to Industrial

The Executive Center at Southbank, a seven-building office business park near Phoenix Sky Harbor International Airport, has been acquired. Plans are underway to transform the park into a dynamic light industrial hub. The acquisition, costing over $14 million, involved a significant transaction. The property, currently about 60% leased, is being marketed to industrial users. Initial …

Phoenix Office Campus Near Sky Harbor Trades Hands; New Owner Eyes Conversion to Industrial Read More »

Phoenix Still A Top US Market for Big-Box Industrial Growth, Report Says

Despite a national slowdown in the industrial sector, Phoenix remains a top market for large warehouse space growth, ranking second in the U.S. with a 6% growth rate in 2023. This marks a significant drop from the previous year’s growth rate of 14.3%. Factors such as supply chain issues and weather delays contributed to a …

Phoenix Still A Top US Market for Big-Box Industrial Growth, Report Says Read More »

How Redevelopment Strategy Created A Dynamic Downtown Phoenix

Downtown Phoenix has undergone a significant revitalization characterized by three key trends: the rise of bioscience, adaptive reuse of historic buildings, and flourishing multifamily housing. Led by a strategic redevelopment plan focusing on an “18-hour economy,” the downtown area has experienced a surge in residential growth, surpassing initial population goals. Central to this resurgence is …

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Women in CRE – LevRose and MODE

Sister companies, Mode Commercial Real Estate and LevRose Commercial Real Estate, proudly reflect on their contribution to women in the commercial real estate (CRE) industry during Women’s History Month. With only 36.7% of women represented in the CRE sector, both firms are committed to challenging this imbalance. Despite the industry’s male-dominated landscape, Mode and LevRose …

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Baker Development Gets Final Approvals to Develop Phoenix Manufacturing Site

The former Motorola and Onsemi campus in Phoenix has received final zoning approvals for a new industrial campus, permitting various commercial and industrial uses on about 70 acres. Once a semiconductor hub employing thousands, most of the site’s demolition is expected to conclude by Q4 2024. Rebranded as AZUL Development, the site overseen by Baker …

Baker Development Gets Final Approvals to Develop Phoenix Manufacturing Site Read More »

Host of New Retailers Set to Open in Buckeye Retail Hub in 2024

This fall, Verrado in Buckeye will welcome Sunrise Market, a new retail center spanning 35,000 square feet near Main Street. Developed by Hervé Sarteau of HCCJ Family Partners, it has secured 80% of its space, featuring diverse dining options and services. Negotiations for additional leases are ongoing, with the grand opening slated for October 2024. …

Host of New Retailers Set to Open in Buckeye Retail Hub in 2024 Read More »

Ranking Arizona: LevRose Ranked in Top 10 Brokerage Firms for 2024

In the latest edition of Ranking Arizona, LevRose Commercial Real Estate/TCN Worldwide proudly secures the second position among the Top 10 brokerage firms in Arizona, featuring 28 brokers or more. This prestigious recognition is based on public voting, highlighting the firm’s outstanding reputation and the trust it has garnered from clients and peers alike. As …

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LGE Design Build Completes Echo Park 303 in Glendale

LGE Design Build and developer Echo Real Estate Capital have completed Echo Park 303, a 676,176-square-foot industrial project in Glendale’s Loop 303 corridor. The project consists of two buildings, with Building B covering 455,936 square feet and Building A at 220,240 square feet. HubStarr Logistics has pre-leased 126,075 square feet in Building A and expanded …

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Downtown Phoenix Recovery Since Covid Stabilizes Over Past Year, Research Shows

Foot-traffic activity in downtown Phoenix has shown a modest increase of 3.5% from March 2023 to February 2024, ranking it 44th out of 64 North American markets surveyed. This stability is attributed to Phoenix’s gradual recovery from the COVID-19 pandemic. Despite this, downtown Phoenix is noted for its diverse offerings and ongoing development projects, including …

Downtown Phoenix Recovery Since Covid Stabilizes Over Past Year, Research Shows Read More »

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