News

Development Still Moving Forwards at Gallery Park

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 …

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Axon Files Plans for Huge Corporate HQ Site, and More, in North Scottsdale

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, …

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Valley Industrial Deals: Developer Inks Refinancing for Fully-Leased Park

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. …

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LogistiCenter at Copperwing Will Add 10 Million SF of Industrial Space to Market

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 …

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Phoenix Playing Key Role in Total US Data Center Development, Report Says

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 …

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Merit Partners Proposes New Industrial Development in Mesa

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 …

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Renovated but Struggling Arizona Center Retail Plaza Sold; Plus 11 More Valley Real Estate Deals to Know

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 …

Renovated but Struggling Arizona Center Retail Plaza Sold; Plus 11 More Valley Real Estate Deals to Know Read More »

Metro Phoenix Has Almost 49 Million SF of New Industrial Construction Underway

Nearly 49 million square feet of new industrial construction is underway in metro Phoenix, with an additional 6.6 million square feet added in Q2 2023, according to the JLL Phoenix Industrial Insight report. This growth includes pre-commitments for 17% of under-construction space and 56% of completed space. While logistics, e-commerce, and advanced manufacturing remain key …

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Pivotal Group Submits Proposal for Reimagined “The Central Park” Mixed-Use Project

Three years after its conception, Phoenix real estate investment firm Pivotal Group is set to re-present its mixed-use project, “The Central Park,” to city officials after a significant strategy shift due to Covid-19 disruptions. Originally focused on providing 850,000 square feet of Class A office space for the tech industry, the firm has now shifted …

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Here’s How Metro Phoenix Retail Development is Rebounding

The Q1 2023 Phoenix retail market report by Avison Young shows a vibrant retail sector, with an inventory of over 189 million square feet in the Greater Phoenix area and new construction at decade-high levels. Despite the industry’s initial lull due to the pandemic, it has rebounded with net absorption increasing by 11.2%, and a …

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Scottsdale, Arizona is the No. 1 City got Renters Based on Quality of Life – See the Full List

The top city for renters based on quality of life was found to be Scottsdale, Arizona, where the median rent stands at $2,995, above the national average of $2,100. Situated in the picturesque Sonoran Desert and renowned for its western charm and annual horse events, Scottsdale has experienced rapid growth over the past 20 years, …

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Target, Kohl’s and More Confirmed for Fast-Growing Retail Center in Surprise

National retail developer SimonCRE is bringing several well-known brands, including Target, Kohl’s, and Boot Barn, to the Prasada shopping centers in Surprise, Arizona. Target acquired about 10 acres of land for a 150,000-square-foot store, while Prasada North will offer approximately 350,000 square feet of retail space with various tenants. The development aims to provide residents …

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Phoenix Retail Rents Soar as Vacancy Hits All-Time Low

The Phoenix retail market has experienced a surge in rents due to strong population growth and consumer spending. Annual rent growth in the second quarter of 2023 exceeded 9%, triple the market’s pre-pandemic average and higher than the national average. Phoenix was the fourth-fastest-growing market in the US in 2022, attracting people and businesses seeking …

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Nearly 2 Million Square Feet of Industrial Space Progress in Buckeye

Industrial development in Buckeye, Arizona is on the rise as multiple projects move forward. Martens Development has begun construction on its Mission Park project, consisting of two buildings totaling 723,508 square feet. The project is strategically located and aligns with Buckeye’s pro-growth mentality. Other developers, such as Carefree Partners and Merit Partners, have also made …

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Clothing Retailer Reformation, Home Depot Plan New Valley Locations; More Real Estate Deals to Know

The South Pier at Tempe Town Lake project has secured $385 million in construction financing and equity for its first phase. The mixed-use development will encompass 724 residential units, 26,767 square feet of retail space, and amenities like the Arizona Amazing Wheel and a pedestrian bridge. JLL Capital Markets arranged the financing, including $162 million …

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Chicago Firm Starts Work on Scottsdale Luxury Condos, 7 Other Real Estate Deals to Know

Chicago-based Belgravia Group has started construction on a $100 million luxury condominium project in north Scottsdale. The project, called Portico – North Scottsdale, is located within the One Scottsdale master-planned development and is expected to include retail and office space, residential units, and hotel rooms. The Portico homes, designed by KTGY, will offer up to …

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Banks Face Risk from CRE Loan Exposure

Banks are facing concerns as rising interest rates undermine the value of their assets, leading to insolvency and closures. The Federal Reserve’s tightening measures could potentially shut down 186 banks. CRE loans pose a particular risk, especially for smaller banks with less than $100 billion in assets. The tight monetary environment, changes in demand for …

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The Latest Problem for Office REITs: Credit Downgrades

REITs specializing in office properties are facing challenges in the stock market and with lenders. Several office REITs have experienced credit rating downgrades over the past year, indicating a higher risk of default. These downgrades can hinder their ability to secure new loans or refinance existing debt, increasing the risk of default further. Market consensus …

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How Private Equity Plans to Capitalize on Commercial Real Estate Distress

Private equity firms are eyeing distressed real estate opportunities in the United States as the commercial credit market faces dislocation due to factors such as office space issues and interest rate hikes. With $400 billion in private equity capital waiting to be deployed, firms see potential in distressed loans and performing loans sold by distressed …

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Developer secures large loan for multibillion-dollar Tempe Town Lake project

Developer South Pier Tempe Holdings LLC, a subsidiary of McBride-Cohen Management, has obtained a $223 million loan from Banco Inbursa and Pearlmark to finance the completion of the first phase of the South Pier mixed-use project in Tempe, Arizona. The project spans 18 acres and includes three apartment towers with 724 units, 26,000 square feet …

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Bourbon and Bones Chophouse opens new Valley location: more real estate deals to know

An industrial building in Glendale, Arizona, part of the Falcon Park 303 project, was sold for nearly $82 million. The building, fully leased to Unical Aviation, was purchased by an affiliate of Cohen Asset Management Inc. The project includes a 925,504-square-foot development, with the first phase being a 600,000-square-foot building. Cushman & Wakefield represented both …

Bourbon and Bones Chophouse opens new Valley location: more real estate deals to know Read More »

Grocery-Anchored Retail Lures More Investors Coming Out of COVID

The focus of retail investment has shifted to neighborhood grocery stores, which have proven to be reliable amid shifts in shopping habits during the pandemic. Investors are drawn to grocery-anchored retail developments as a durable consumer habit of weekly supermarket visits persists. These sites in mostly suburban areas are expected to increase in value as …

Grocery-Anchored Retail Lures More Investors Coming Out of COVID Read More »

Merger of 2 Net Lease REITs Will Create $9.6B Giant

Global Net Lease and The Necessity Retail REIT, two publicly traded net lease REITs, have announced a merger to create a new entity with approximately $10 billion in real estate assets. The merged company will become the third-largest publicly traded net lease REIT in the United States. Specializing in sale-leaseback transactions with single tenants, the …

Merger of 2 Net Lease REITs Will Create $9.6B Giant Read More »

CBRE: Optimistic Outlook and Redevelopment Strategies in Retail

CBRE highlighted robust fundamentals in the retail sector despite economic uncertainty. Class B malls have rebounded better than expected, with higher sales and occupancy rates, while class C malls are likely to undergo significant redevelopment. Retailers have strategies to navigate recessions, and growth-minded retailers will continue their expansion plans. The overall availability rate in the …

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Voters reject plan for new Arizona Coyotes arena in Tempe: Will the franchise relocate?

Voters in Tempe, Arizona rejected a proposal for an entertainment district that included a new home arena for the Arizona Coyotes. The team’s president and the NHL commissioner expressed disappointment and stated that they will explore future options. The proposed project, which was privately funded, included an arena, hotels, shops, restaurants, and residential units. The …

Voters reject plan for new Arizona Coyotes arena in Tempe: Will the franchise relocate? Read More »

Regional Banking Crisis Dooms More Bank Branches

The recent failures of Silicon Valley Bank, Signature Bank, and First Republic Bank are expected to accelerate the closure of local bank branches, which have been dwindling in number for some time. The closures are likely to occur as acquisitions reduce the overall number of banks. The National Community Reinvestment Coalition (NCRC) warns that banks …

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Fire Sales On The Rise As Office Owners Read The Writing On The Wall

Office owners across the country are selling distressed properties at significantly reduced prices as vacancies rise and rent growth remains depressed. Some properties are trading at up to 80% below previous valuations. The volume of sales and listings for office properties has increased, with sellers accepting an average discount of 31% below their initial expectations. …

Fire Sales On The Rise As Office Owners Read The Writing On The Wall Read More »

Phoenix medical office construction sees strong demand, rising rents in 2023

The medical office market in metro Phoenix is experiencing a surge, with seven buildings under construction and strong demand. These projects, totaling 348,657 square feet, are 75% pre-leased, indicating high interest. Rents are also increasing, with a 7.5% year-over-year jump in asking rates. The southeast Valley, including Chandler, Gilbert, and Queen Creek, is witnessing the …

Phoenix medical office construction sees strong demand, rising rents in 2023 Read More »

Economics, labor shortages, supply chain woes keep construction execs up at night

Top executives of downtown Phoenix’s largest construction firms remain uneasy despite the increased number of construction cranes. Concerns center around challenges in funding construction loans and refinancing real estate, fluctuations in the overall economy due to interest rate hikes, a shortage of skilled labor in the Phoenix market, and the potential impact of a recession. …

Economics, labor shortages, supply chain woes keep construction execs up at night Read More »

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