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 »
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 »
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 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 …
Phoenix Second-Hottest Market for Real Estate in 2024 Read More »
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 …
Vensure Employer Solutions Opens Global HQ Within Chandler’s Price Corridor Read More »
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 …
1.2 Million-Square-Foot Southern Industrial Center Completed in Buckeye Read More »
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 …
Vehicle Supplier Signs Big Lease in Phoenix; Other Projects Break Ground Read More »
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 »
Verde Investments, Inc. has filed a rezoning application with the City of Mesa for the redevelopment of the former Fiesta Mall site. The demolition of the old mall is about two-thirds complete. The proposed rezoning aims to change the site’s current Limited Commercial designation to Infill District-2, aligning with the Mesa 2040 General Plan and …
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 »
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 »
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 …
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 »
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 …
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 »
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 »
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 …
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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