News

New Sam Fox restaurant

Latest Sam Fox Restaurant Opening Breaks Record, Even Amid Pandemic

  One of the Valley’s most prominent restaurateurs was able to break records when opening a new restaurant in mid-October. The latest location of Sam Fox’s Culinary Dropout opened in the Scottsdale Quarter shopping center. Fox Restaurant Concepts, which was purchased by The Cheesecake Factory Inc. (Nasdaq: CAKE) in 2019, has been working on this location for a …

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Historic Potato Barn renovation

Central Arizona Supply Unveils Plans to Renovate Historic Potato Barn in Gilbert

  A fourth-generation, Mesa-based family business is moving forward with its plans to renovate and expand the iconic Old Potato Barn in Gilbert, breathing new life into the 54-year-old barn that once housed the area’s potato supply. In June, the City of Gilbert approved plans for The Higley Barns, a multimillion-dollar, adaptive, mixed-use development that will …

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Sports facility in Mesa

Mesa to be home to largest privately-owned multisport facility in the country

  Construction is set to begin on a humongous sports facility in the Southeast Valley. Legacy Cares Inc., an Arizona based nonprofit organization, closed last week with boutique investment bank Ziegler on $250.77 million financing to build the family sports and entertainment complex in southeast Mesa. The development, which will be called Legacy Sports Park, …

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Honor Health in Phoenix Sonoran Crossing

HonorHealth Opens Sonoran Crossing Medical Center

  HonorHealth, a leading Valley healthcare system serving 1.6 million people in the greater Phoenix area, is opening HonorHealth Sonoran Crossing Medical Center in north Phoenix in mid-September. Featuring three stories, 210,00 square feet and 70 inpatient beds, this state-of-the-art facility is HonorHealth’s sixth medical center. Sonoran Crossing Medical Center serves residents of Anthem, New …

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Phoenix MOB development

Phoenix MOB May Be Redeveloped into Hotel

  Developer, The Terrance A Plas Company, recently submitted plans to the City of Phoenix to redevelop an existing medical plaza located at the NWC of McDowell Road and 12th Street, into a new 71.7KSF hotel.  The hotel, to be called The McDowell Hotel according to the project documents, will sit on approximately 1.58 acres adjacent to the Coronado Neighborhood.  “One of the major goals of The …

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Phoenix skyline

Here’s Why Arizona’s Economy Will Bounce Back Faster than Nation

  While sectors of Arizona’s economy have suffered financial losses during the pandemic, the state is faring better than much of the nation, according to a leading economist. If Arizonans can stay masked, socially distanced and sanitized, it has a good chance for full recovery as soon as mid 2021, said the state’s heavyweight economic forecaster, …

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Amazon opens sites in Phoenix

Amazon Confirms 11 New Metro Phoenix Sites Opening This Year

Amazon.Com Inc. confirmed Wednesday that it plans to open 11 new sites in the Valley by the end of the year for fulfillment and delivery operations. The new sites include seven delivery stations and two additional facilities to support fulfillment, in Avondale, Chandler, Goodyear, Mesa, Phoenix and Tempe. The delivery stations will be located in: …

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The Pavilions at Talking Stick hotel

Hotel Breaks Ground at The Pavilions at Talking Stick

  Capital Development Southwest Inc., in partnership with SLG Management, announces a new development project at The Pavilions at Talking Stick. The new Comfort Suites, a Choice Hotel brand, will break ground in August 2020. “This location is known to be one of the premier entertainment destinations in the southwest,” said Justin Gubler, SLG Management …

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Amazon logo

Amazon Delivery Station Planned in West Valley

An Amazon delivery station is planned for a 38-acre site in Surprise near Litchfield Road and Soledad Street. “We’re energized by the opportunity to start our first official project as a company in our home state of Arizona,” Steve Backman, co-founder and partner of BH DevCo, the developer of the project, said in an email …

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Construction on Papago Plaza redevelopment

Construction work underway at Papago Plaza redevelopment in Scottsdale

Construction work has begun at Papago Plaza, a redevelopment project near McDowell and Scottsdale roads in south Scottsdale. Final grading is being done onsite for installation of electrical and water lines. Pivot Development, which is developing the hotel, restaurant and retail space at Papago Plaza, began razing the former shopping center in late 2019. Some iconic …

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Five Below distribution center in Buckeye

Five Below to build $75 million distribution center in Buckeye

Discount retailer Five Below will build a $75 million distribution center in Buckeye, the city announced Tuesday afternoon. The Philadelphia, Pennsylvania-based company plans to begin construction on the 850,000-square-foot distribution center, located at Miller and Durango roads, in 2020, with construction expected to be completed in 2021. The center is expected to create 150 jobs …

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Old Town Scottsdale’s newest hotel expected to open in September

For the first time in more than 10 years, a new-build hotel is set to open in Old Town Scottsdale. The Canopy by Hilton Scottsdale Old Town is expected to open its doors in late September. The seven-story hotel, on the northeast corner of First Street and Marshall Way, will have 177 rooms and suites …

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Amazon buys 92 acres in West Valley

Amazon.com Inc. bought 91.5 acres of land in Goodyear for $19.85 million, according to real estate database Vizzda. According to Vizzda, Seattle-based Amazon bought the land from California-based Rados Properties. Allen Lowe of Lee & Associates represented Rados Properties in the sale, and Jim Wilson of Cushman & Wakefield represented Amazon in the sale, which …

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Some Types of Office Tenants are Returning Faster Than Others

Some industries face constraints in how much of their work can be done from home. An abrupt shift to remote working caused by the pandemic demonstrated that the bulk of office workers can work productively from home (at least during the initial three-month experiment). This has prompted some corporate leaders to postpone the return to …

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Developer aims for mixed-use project after buying north Scottsdale infill site

A Scottsdale commercial real estate developer bought a 1.9-acre infill site in north Scottsdale for $6.65 million and plans to redevelop it into a mixed-use project. A joint venture led by Jim Riggs along with Keith Mishkin and Angelo Giudice bought the property from Scottsdale-based Amiel Properties. Brokers from JLL Capital Markets, led by Brian …

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South Tempe Town Lake developments pick up momentum

Development is ramping up on the south bank of Tempe Town Lake east of Arizona State University, as a mixed-use project called Pier 202 begins early construction work and a nearby build-to-suit office development is marketed to potential office users. The Pier 202 development includes 587 apartment units, 22 retail suites and a restaurant on …

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Axis Raintree Office Project Reaches Milestone in Scottsdale, Arizona

Construction Tops Out at First Major Office Project in Scottsdale Airpark Since 2015 General contractor Willmeng Construction and developer Trammell Crow Co. have topped out vertical construction of the three-story Axis Raintree, the first office project to be built without a signed tenant in Scottsdale, Arizona, since 2015. The contractor said that crews placed the …

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1st Non-Gaming Caesars Hotel Begins Construction in Scottsdale

HCW, which has developed more than $2 billion in real estate in the last 23 years, in partnership with Caesars Entertainment Corporation, announced construction is currently underway for the 265-room Caesars Republic Scottsdale luxury brand hotel, and is on schedule to open in January 2022. “We are excited construction is moving forward as planned on Caesars Republic …

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Phoenix Is Officially Open for Business

The Phoenix market has officially opened for business, with all retailers allowed to serve customers. While some retailers have decided to stay closed or offer only limited service by their own choice, most are completely open and actually seeing activity from consumers. While there are no specific laws or restrictions in terms of safety, most …

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Office Investors Still Interested in Phoenix Despite COVID-19, Industry Experts Say

Despite the slowdown that came from the novel coronavirus pandemic, the Valley remains well positioned for future office investment, experts from CBRE said. Barry Gabel, executive vice president of CBRE in Phoenix, said some of the deals he and his team were working with clients on were put on hold during the pandemic, but some …

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A New Work-From-Home Movement Is Gaining Steam. Why Aren’t Office Landlords More Worried?

A chasm is widening between owners and occupants of office real estate around the country.   Though the coronavirus pandemic has thrust thousands of companies into remote work, office landlords are counting on most of them eagerly returning to their now-deserted offices. Given how well many companies report the forced experiment has gone, data shows that …

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Massive mixed-use redevelopment planned in Old Town Scottsdale

  Steven and Shawn Yari have major plans for redevelopment in Old Town Scottsdale. The top executives with California developer Stockdale Capital Partners have submitted plans to the city for the Scottsdale Collective project, which aims to “evolve and mature the greater entertainment district-area into a mixed-use district,” according to plans submitted to the city. Those plans …

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Valley landlord: PPP loans led to more companies making May rent than expected

After a chaotic April of completing lease amendments, when May rolled around, more Phoenix tenants than expected were able to make rent, especially those that received PPP loans from the SBA. “We’ve had tenants who we made lease amendments for then get their PPP funds, and a number have called us and said, ‘tear up …

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Rankings Of The Best And Worst U.S. Cities For Coronavirus Quarantine

Earlier this week, career resource site Zippia released rankings of the best and worst cities in the United States in which to quarantine. Unlike most other livability rankings of cities, which tend to be based on factors like the job market, real estate prices and how vibrant a dining or arts scene a metropolitan area has, this …

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Office Tenant Demand Has Slowly Returned in Phoenix

Office tenant demand has started to rebound in Phoenix. Lease transactions abruptly stopped in March, with tenants either placing existing negotiations on hold or calling off the search for a new space. While activity has nowhere near rebounded to pre-coronavirus levels, some tenants are starting to re-enter the market or revive existing lease transactions. While …

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Should Real Estate Buyers Move Forward During COVID-19?

No matter what industry you are in, you’re most likely feeling the effects of the coronavirus pandemic. Real estate is no different. The uncertainty is making a lot of buyers think twice before signing on the dotted line for their new office, retail location, warehouse, etc. However, local commercial real estate firm LevRose is advising its …

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Phoenix Real Estate Firm Secures $500 Million to Invest in Properties

Fundamental Income, a Phoenix-based investment firm focused on single-tenant, net-leased real estate, launched new platform, called Fundamental Income Properties, to buy and lease back single-tenant buildings. The firm already has received a $500 million initial equity commitment from Toronto-based Brookfield Asset Management Inc. to invest directly into properties. Alexi Panagiotakopoulos, co-founder and CIO of Fundamental …

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Big-box industrial properties expected to best weather pandemic in Phoenix

As Americans and consumers around the globe turn to e-commerce for basic chores such as grocery shopping, it comes as no surprise that industrial real estate has remained steady during the Covid-19 pandemic. However, not all industrial buildings are created equal. Small and midsize industrial tenants are likely to be more immediately affected by closures …

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