Levrose In The News

Why Peoria Is Next Up for Major Growth in the Valley

Peoria, Arizona is collaborating with the state to develop thousands of acres of land for future growth, spurred by major semiconductor investments nearby. The city aims to designate 8,300 acres for development, focusing on areas like the North Peoria Gateway and the Peoria Innovation Core. These plans include a mix of residential and commercial spaces …

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Whole Foods, Dick’s Sporting Goods Linked to Proposed Gilbert Development

A commercial project called Signature at San Tan Village in Gilbert is undergoing review by the Planning Commission. The proposed project includes 11 buildings totaling 326,731 square feet of retail, restaurants, and commercial space near Williams Field Road and San Tan Village Parkway. Notable prospective tenants mentioned in the project include Whole Foods Market, Dick’s …

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Here’s How Buckeye Leads the West Valley As A Hot Spot for Development

Buckeye, once a quiet community on the outskirts of Phoenix, has transformed into a thriving city with a population of over 114,000 residents. Its strategic location, proximity to California, and vast available land have attracted businesses seeking to serve the Californian market while operating in Arizona. Buckeye’s support for initiatives like Foreign Trade Zone number …

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Ryan Companies Breaks Ground on Surprise 34 Industrial Park

Ryan Companies US, Inc. and ESI Ventures have initiated construction for Surprise 34, a premier industrial campus in the fast-growing City of Surprise, offering flexible light industrial space spanning over 145,000 square feet across two buildings. Positioned in the Surprise Pointe neighborhood near Dysart and Waddell roads, the site provides easy access to major freeways …

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Amazon Continues Metro Phoenix Hot Streak with Latest Lease Agreement

Amazon has recently secured two significant industrial leases in metro Phoenix, including a 10-year lease for a 1 million-square-foot facility at Paloma Vista Logistics Center in Buckeye. The company is expected to utilize this space for an inbound cross-dock facility, consolidating products before shipment to other fulfillment centers. While Amazon has not disclosed the details …

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Walmart Retail Center Proposed at Emerging Auto Mall in Southeast Valley

Walmart is planning to establish a sizable retail store in southeast Mesa, featuring various amenities like a drive-thru pharmacy and an auto care center. The project, part of a larger retail and auto mall development, is set to occupy about 17.6 acres. The proposed Walmart store aims to provide additional retail options to residents while …

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Phoenix Leads U.S. Data Center Markets in Average Asking Rates

In 2023, North American data center pricing surged, particularly in Phoenix where average asking rates reached $170 – $200 for 250-500 kW per month. Leasing activity remained robust, with a 20% increase in renewal rates from H2 2022 to H2 2023, contributing to a low vacancy rate of 3.9%. Over 88% of the 163.5 MW …

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Massive Proposed Campus Could Bring Hundreds of Software Jobs to Mesa

A proposed multi-phased campus in Mesa’s Elliot Road Technology Corridor aims to construct a 650,000-square-foot software solutions center on 24.9 acres, potentially creating 350 new jobs. The project is for G.AI Solutions LLC and involves two buildings primarily for computer facilities, including office space. Phase one entails a two-story, 320,000-square-foot building, while phase two proposes …

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Mega $14 Billion Data Center Project Proposed in Metro Phoenix

A Denver developer is planning a $14 billion master-planned data center complex in metro Phoenix, spanning 1,000 acres and nearly 30 buildings totaling 5.6 million square feet, making it one of the largest projects proposed in the area. Known as Project Range and spearheaded by Tract, this development will be supported by three Arizona Public …

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Aloft Hotel at Glendale’s Westgate District Changes Hands

The 100-room Aloft Glendale at Westgate hotel, built several years ago, has been sold for nearly $24 million to Chicago-based Bradford Allen Hospitality Investments by Branson, Missouri-based HCW Development. The hotel, developed in 2017 at a cost of $12.5 million, boasts a prime location in the Westgate Entertainment District, near State Farm Stadium and various …

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Deer Valley Industrial Growth Surge Continues Near Airport

Industrial development around Phoenix Deer Valley Airport is booming due to demand from semiconductor suppliers and other expanding companies. Major developers are spearheading projects in the area. Pre-leasing of nearly 60% of 2 million square feet of industrial space reflects high demand. Proximity to the under-construction Taiwan Semiconductor Manufacturing Co. project adds to the area’s …

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The Trailhead Mixed-Use Development Breaks Ground in Peoria

The Trailhead, a long-anticipated mixed-use development in Peoria’s northwest Valley, celebrated its groundbreaking ceremony with city officials and local leaders. This 903,000-square-foot project, located at 83rd Avenue and Happy Valley Road, will offer diverse amenities, including 140,000 square feet of retail space anchored by a Safeway, 350 multifamily housing units, and a renovated church. Leases …

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New Filing Offers First Glimpse of Plans for One Camelback After Sale

The One Camelback project, initially an office-to-multifamily conversion, faces uncertainty after financial troubles halted construction last summer. Despite this, a recent building permit indicates plans for a coworking space and coffee bar at the property. The project’s ownership changed hands after a trustee sale, with legal representatives managing the property. Contractors have filed liens for …

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Fry’s-Led Morrison Ranch Commercial Center in Gilbert Looks to Open By End of 2024

Construction is underway for a new shopping center in Gilbert, featuring a Fry’s Food Stores location set to open by the end of 2024. The site, spanning over 20 acres at Power and Elliot roads, is being developed by Barclay Group and Fred Meyer Stores Inc., a subsidiary of Kroger Co. Other tenants in the …

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Phoenix and Raleigh Lead the US in Retail Rent Growth

In 2023, Phoenix and Raleigh emerged as top-performing retail markets in the U.S., boasting over 9% annual asking rent growth due to strong in-migration, rising incomes, and growing economies. Phoenix, particularly, saw a surge in demand following COVID-19, with significant relocation from urban areas, resulting in a 9.7% increase in asking rents, while Raleigh experienced …

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Pacific Proving Eyes Major Data Center and Technology Campus in Mesa

Pacific Proving LLC is seeking approval to develop a 178-acre data center campus in southeast Mesa, with plans for 11 buildings spanning over 2.5 million square feet. The proposed campus would primarily house data centers, along with an office building, warehouse, and electrical substation. The development aims to capitalize on the area’s proximity to major …

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Revised Proposal for New Biltmore Fashion Park Tower Heads to City for Review

Plans for a mixed-use tower at Biltmore Fashion Park in Phoenix, in partnership with Red Development, have been resubmitted with potential for a height increase up to 165 feet. The project’s specifics, including retail, restaurants, entertainment, office, hospitality, and residential spaces, will be market-driven. Submitted to the city on March 1, the project hopes for …

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National Self-Storage Companies Plan Even More Valley Projects

The demand for self-storage units in the Valley, particularly in Phoenix, remains high due to population and employment growth, attracting construction projects. Phoenix ranks among the top U.S. markets for self-storage construction and demand. Major companies like U-Haul, Public Storage, and Extra Space Storage are planning new facilities across various areas in the Valley, including …

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High Retailer Demand Fuels Phoenix Retail Market

The Phoenix retail market has rebounded post-pandemic, driven by consumer demand, population growth, and technology sector development. The lowest vacancy rates in four decades have been recorded, with significant retailer demand and construction of new power centers in areas like Surprise, Buckeye, and east Mesa. Big box inventory is in high demand, with retailers retrofitting …

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TSMC Arizona ‘Tops Out’ Second Phoenix Fab

TSMC celebrated a significant milestone with a “topping out” ceremony for its second semiconductor fab in Phoenix, Arizona, marking the completion of the last steel beam and auxiliary buildings. Progress on the first fab remains on track, with production slated to begin in the first half of 2025. Once operational, these fabs will pioneer advanced …

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Gilbert Industrial Park Trades Hands in Largest Deal of 2024

Two Sigma, a financial services firm from New York City, made a significant acquisition in the Southeast Valley by purchasing the 202 Business Park in Gilbert for $51.6 million, marking the highest industrial sale price of 2024 so far. Financed through Rialto Capital Management, Two Sigma put down $15.4 million in cash for the purchase. …

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Semiconductor Supplier Opens Second Valley Chemical Warehouse; Plus 7 More Deals to Know

Rinchem Co. LLC has expanded its presence in the Phoenix metro area with a new chemical warehouse to support the semiconductor industry’s growth, featuring extensive storage facilities and specialized services. Partnering with Graycor Construction Co. and Archicon Architecture + Interiors LC, Rinchem aims to bolster the local semiconductor industry’s supply chain and contribute to regional …

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Fairmont Scottsdale Princess Clears Key Hurdle for Expansion Plans

The Fairmont Scottsdale Princess has received unanimous approval from the Scottsdale Planning Commission for its expansion plans, including adding more hotel rooms, new food and beverage concepts, and expanding event space. The proposal, which includes a 155-unit guest wing, bungalows, an Italian restaurant, and a coffee shop, will now be reviewed by the Scottsdale City …

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Metrocenter Demolition Set to Start This Spring Ahead of Major Redevelopment

The former Metrocenter mall is set to be demolished by spring 2024, delayed due to market conditions such as high interest rates and oversupply of multifamily housing. The $850 million redevelopment project, named “the Village,” will include 2,600 residential units and 150,000 square feet of commercial space. The development team, including Concord Wilshire Capital, TLG …

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Buckeye Planning Recommends Tech Corridor Master Plan

The Buckeye Planning Commission has recommended approval for a 2,100-acre master plan proposed by Arizona Land Consulting to develop a data center and technology campus in the Buckeye Tech Corridor. The plan involves a major amendment to the former Cipriani master plan for the site, which was acquired by Arizona Land Consulting last April for …

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W. P. Carey Begins Selling 78 Self-Storage Facilities for $465 Million

W.P. Carey has initiated the sale of 78 self-storage facilities, starting with the $88.5 million sale of 16 properties leased to U-Haul. The sale follows U-Haul’s notice to repurchase the properties, which were initially acquired by W.P. Carey in 2004 and leased back to U-Haul. The total purchase price for the entire portfolio is anticipated …

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Developer Ready to Move Forward on Long-Awaited Old Town Scottsdale Hotel Project

Desco Arizona LLC plans to construct a new hotel, “SLS Scottsdale,” in Old Town Scottsdale, with 235 guest rooms and five restaurants. Despite facing foreclosure auction proceedings, Desco aims to secure a new loan to proceed with the project. The development has faced delays and financial challenges, including a $25 million cost increase during the …

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New Construction Remains on an Upward Trend in Phoenix for 2024

Multifamily construction starts saw a decline in 2023 but still exceeded expectations given financial market turbulence. Yardi Matrix’s report reveals that while 2023 ranked third in recent years for the number of units breaking ground, it follows 2022 and 2021. Although full-year data for 2023 is still pending, the report indicates a 25.3 percent decrease …

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Developer Starts Work on Scottsdale Airpark Industrial Building

A new large industrial building, Thunderbird Commerce Park, is set to be completed by early 2025 near Scottsdale Airport, addressing the shortage of industrial space in the Northeast Valley submarket. With 243,360 square feet, the $60 million project aims to meet the needs of modern tenants in various sectors including pharmaceuticals, aerospace, electric vehicles, and …

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Caesars Republic Scottsdale Sets Opening Date; Reservations Now Accepted

Caesars Republic Scottsdale, the Valley’s highly anticipated luxury hotel, is set to open on March 6, marking the first nongaming hotel from Caesars Entertainment Inc. Reservations for the property, overseen by HCW Development, are now open starting April 1. Situated near Scottsdale Fashion Square, the 11-story, 265-room hotel boasts 20,000 square feet of event space …

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