Levrose In The News

Phoenix City Council OKs Plans for The Central Park Mixed-Use Project

The Phoenix City Council has granted approval for The Central Park project in Midtown, featuring 1,450 residential units, retail and restaurant spaces, and office space. The development, located at Central Avenue and Indian School Road, emphasizes a central open space plaza designed to serve as a gathering point for the community. Initial plans for the …

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Mack Real Estate Group’s Infill Industrial Project in Scottsdale Heads for Review

Mack Innovation Park, a proposed industrial and flex office space project in Scottsdale, aims to bring 1.2 million square feet of space across 11 buildings to the Northeast Valley. The developer, Mack Real Estate Group, acquired 124 acres at an Arizona State Land Department auction in March 2022. The project’s first phase, comprising four buildings …

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California Company Debuts in Valley with Plans for Goodyear Industrial Park; Plus More Deals to Know

California-based DIV Industrial has acquired nearly 50 acres in Goodyear for its first Valley project, the Sarival Business Park. The planned development includes five industrial buildings totaling 847,988 square feet and is set to start construction in Q1 2024, with completion expected in early 2025. Each building offers substantial power, expansion opportunities, grade-level and dock-high …

California Company Debuts in Valley with Plans for Goodyear Industrial Park; Plus More Deals to Know Read More »

Nearly 100,000-Square-Foot Retail Center Proposed for Buckeye

Scottsdale-based SimonCRE plans to develop a $60 million retail center, Roosevelt Commons, on a 15-acre site near Verrado Way and Roosevelt Street in Buckeye. The project, featuring 93,000 square feet across eight buildings, will include popular Sonoran-style Mexican eatery Someburros and a Hampton Inn & Suites hotel with 100 rooms. Construction is set to begin …

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Phoenix Retail Space Availability Falls Below US for First Time in 15 Years

The Phoenix retail market has reached a significant turning point, with the share of available space for lease dropping to 4.6% in the third quarter, surpassing the 4.9% national level—the lowest in at least 15 years. Over the past decade, Phoenix consistently had a higher availability rate than the national average, but a historic run …

Phoenix Retail Space Availability Falls Below US for First Time in 15 Years Read More »

New $28M Community for Veterans, Seniors Coming to Phoenix; Plus 9 More Valley Real Sstate Deals

Phoenix sees diverse real estate developments, including a 60-unit low-income senior and veteran apartment community by Pennrose LLC, a $25 million mobile home park portfolio deal closed by HARRI5 Manufactured Housing & Commercial Brokerage, and Libeskind Studio Design’s plans for a 68-unit apartment community in the Roosevelt Row Arts District. The Brokery hosts a grand …

New $28M Community for Veterans, Seniors Coming to Phoenix; Plus 9 More Valley Real Sstate Deals Read More »

Amkor Plans $2 Billion Facility in Peoria for Packaging Apple Computer Chips

Amkor Technology Inc. plans to invest $2 billion in a new semiconductor facility in Peoria, metro Phoenix, creating 2,000 jobs. The facility will handle advanced packaging and testing for semiconductor chips, including those destined for Apple products. The company, with a presence in the Valley since the 1980s, aims to contribute to the U.S. semiconductor …

Amkor Plans $2 Billion Facility in Peoria for Packaging Apple Computer Chips Read More »

M&A Wrap: Surprise RV Dealership Scooped Up, Plus More Deals to Know

Lazydays Holdings Inc. (NasdaqCM: LAZY) has acquired the Orangewood RV Center in Surprise, Arizona, renaming it Lazydays RV of Phoenix at Arrowhead. This acquisition marks the company’s fifth in 2023 and increases its total locations to 24 nationwide. The estimated annual revenue from the Surprise location is $40 million. Lazydays had previously planned a dealership …

M&A Wrap: Surprise RV Dealership Scooped Up, Plus More Deals to Know Read More »

Target Among Major Tenants Announced for Verrado Marketplace in Buckeye

Phoenix-based Vestar and DMB Associates have confirmed Target, Safeway, and a Harkins BackLot entertainment complex as anchor tenants for the Verrado Marketplace, a 500,000 square feet shopping center in Buckeye, Arizona. The center will also feature discount retailers Marshalls, Ross, and HomeGoods, along with other amenities. Construction is set to begin in the summer of …

Target Among Major Tenants Announced for Verrado Marketplace in Buckeye Read More »

Developer Closes on Nearly 100 Acres for Mixed-Use Project

A $250 million development project is underway in west Phoenix, involving the acquisition of nearly 100 acres of land. The project includes a 1.3 million-square-foot industrial park, along with 14,000 square feet of restaurant and retail space on approximately seven acres. The first phase, featuring four buildings with a total of 670,000 square feet, is …

Developer Closes on Nearly 100 Acres for Mixed-Use Project Read More »

Old Dominion Freight Line Logistics Company Could Build West Valley Facility

Potential industrial developments are on the horizon in the western Phoenix area, where a major logistics company is considering a new facility. The location’s proximity to the airport and a key highway has made it attractive for industrial growth. The city council is scheduled to vote on annexing the site, reflecting a broader trend in …

Old Dominion Freight Line Logistics Company Could Build West Valley Facility Read More »

Film Production Hub Gets Initial Green Light from Maricopa County

A film production hub project in metro Phoenix has received initial approval from the Maricopa County planning and zoning commission. The proposed Desert Studios Complex aims to create numerous film studios and supporting facilities, potentially generating over 6,000 direct jobs and 5,000 indirect jobs in the Buckeye area. The project also received approval for a …

Film Production Hub Gets Initial Green Light from Maricopa County Read More »

Phoenix Second-Hottest Market for Real Estate in 2024

Phoenix has regained its status as one of the hottest real estate markets in the U.S., according to a recent Urban Land Institute study. It was ranked the second top market to watch for overall real estate prospects in 2024, behind Nashville and just above Dallas-Fort Worth. The city’s growth is attributed to factors such …

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Vensure Employer Solutions Opens Global HQ Within Chandler’s Price Corridor

Vensure, a human resources company, has moved into a new flagship headquarters office in Chandler’s Price Corridor, with a grand opening held on October 26. The new office, located at 1475 S. Price Road, is significantly larger than its previous location, with three floors, each having a 50,000-square-foot floor plate. The company, which offers back-office …

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1.2 Million-Square-Foot Southern Industrial Center Completed in Buckeye

Parklane Development Group and Miramar Industrial Partners have completed Southern Industrial Center, a 1.2 million-square-foot Class A industrial project in Buckeye, Arizona. This award-winning project is well-suited for e-commerce, warehouse, and logistics tenants and features a 40-foot clear height, numerous dock doors, and ample parking. Southern Industrial Center is strategically located with direct access to …

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Vehicle Supplier Signs Big Lease in Phoenix; Other Projects Break Ground

Fox Factory Inc., based in Duluth, Georgia, has leased a 112,000 SF warehouse in north Phoenix for over $12 million. They plan to use it as a regional assemblage manufacturing plant, creating 100 new jobs, focusing on aftermarket parts for utility task vehicles and all-terrain vehicles. The facility, called 17 North Corporate Center, is well-equipped …

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Retail Leasing Gains Strength in Phoenix, Driving Vacancy Rate to Record Low

The Phoenix retail real estate market in the third quarter of 2023 is the most competitive it has ever been, with the lowest recorded vacancy rate at 5.1%. Grocery stores and fitness centers have been leading the surge in demand for retail space, filling larger spaces in malls and mixed-use developments at higher rates than …

Retail Leasing Gains Strength in Phoenix, Driving Vacancy Rate to Record Low Read More »

Phoenix-Based U-Haul Proposes Massive Self-Storage Facility in Growing Part of City

Phoenix-based U-Haul Holding Co. is planning a large self-storage facility at the northwest corner of Lower Buckeye Road and 59th Avenue in west Phoenix. The facility will consist of 1,111 storage units across a three-story and a one-story building, totaling about 134,126 SF. It will offer truck and trailer rentals, moving supplies, and other amenities. …

Phoenix-Based U-Haul Proposes Massive Self-Storage Facility in Growing Part of City Read More »

Historic Phoenix Building Previously Owned by County Slated for Mixed-Use Project

A historic building in downtown Phoenix, the Pratt-Gilbert Building, is set to be transformed into about 30,000 SF of new retail and restaurant space. This is part of a larger development that could also include a 14-story residential tower with 245 units on the southern portion of the lot. The Pratt-Gilbert Building, completed in 1913, …

Historic Phoenix Building Previously Owned by County Slated for Mixed-Use Project Read More »

Phoenix Retail Vacancy Rates Lowest Ever

Vacancy rates for retail properties in Phoenix decreased to 5.1% in Q3 2023, marking the lowest ever recorded. Post-pandemic, there has been a surge in tenant demand, especially from grocery stores and fitness centers. These businesses are increasingly occupying larger spaces in malls and mixed-use developments, with rates surpassing pre-pandemic levels. Despite economic uncertainties, the …

Phoenix Retail Vacancy Rates Lowest Ever Read More »

Denver Developer Acquires Vacant Parcel in $1B North Scottsdale Mixed-Use Development

DMB Associates Inc. sold a 3.21 AC parcel in its $1B One Scottsdale development to Denver’s Grand Peaks for $22.75 M. Grand Peaks aims to erect a 5 story building with 280 apartments and a 6.5 story parking garage. One Scottsdale’s master site plan includes provisions for 1,250 units on 120 AC, with multiple developers …

Denver Developer Acquires Vacant Parcel in $1B North Scottsdale Mixed-Use Development Read More »

Catholic Newman Center Planned at Long-Vacant Phoenix Parcel Near Grand Canyon University

The Roman Catholic Diocese of Phoenix is planning to construct a Newman Center, a type of Catholic church commonly located near non-Catholic university campuses, across the street from Grand Canyon University in Phoenix. The 22,2480 SF facility will sit on a 2.1 AC plot and include a church for 306 parishioners, an adoration chapel, banquet …

Catholic Newman Center Planned at Long-Vacant Phoenix Parcel Near Grand Canyon University Read More »

Construction is Complete on Lessen Headquarters in Scottsdale

Ware Malcomb announced the completion of the new downtown Scottsdale headquarters for proptech company Lessen at 4800 N Scottsdale Rd. The 25,000 SF space, designed by Ware Malcomb, is located within the Portales Corporate Center and spans two half floors connected by an interior staircase. The design emphasizes Lessen’s brand colors and features a speakeasy-style …

Construction is Complete on Lessen Headquarters in Scottsdale Read More »

Here’s Why Arizona Will Avoid Recession This Year and Next

Arizona’s diversified economy is anticipated to sidestep a recession for this year and the next, as detailed by the Economic and Business Research Center. The state has made consistent economic progress throughout the first half of 2023, albeit at a slower pace compared to the early stages of pandemic recovery. Housing affordability in Arizona has …

Here’s Why Arizona Will Avoid Recession This Year and Next Read More »

Utah-Based Novva Data Centers Grabs Mesa Land at Auction

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 »

Martens Development Company to Build Large Mesa Industrial Park

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 »

Aldi Proposes New Store in Emerging East Valley Shopping Center; Plus Six More Deals

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 »

Phoenix Retail Market Posts Historic Low Vacancy

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 »

Industrial Roundup: Multiple Small, Midsized Projects Proposed in Phoenix

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 »

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