Plaza Companies’ Property Management, Construction and Development Divisions Continue Momentum in 2021

Plaza Companies’ Property Management and Construction divisions were active in projects across the Valley in 2021, further expanding the company’s portfolio.

Plaza Companies has expanded its professional growth in commercial office, research and biotechnology and senior living. Plaza specializes in providing real estate investors, owners, physicians and tenants with Acquisition, Leasing, Property Management, Development and Tenant Improvement Construction services.

Plaza Companies landed several new property management contracts in 2021 throughout the Valley of the Sun, including the following:

• Chaparral Business Center, a 70-acre complex totaling approximately 400,000 square feet that includes six office buildings in Scottsdale
• Park One, a 217,433-square-foot office property located on 12 acres on east Highland Avenue in Phoenix.
• 337 E. Coronado, a 17,979-square-foot medical office building in central Phoenix
• Raintree Corporate Center, a 64,000 square foot Class A office project located just south of the southeast corner of Loop 101 and Frank Lloyd Wright

Additionally, construction activity was brisk throughout 2021 as well. Along with completing the Creighton University Health Sciences building, the company’s tenant improvement construction activity included 46 TI projects completed in 2021, with 17 more underway. For capital expenditure construction, the company completed 20 projects with 35 more underway. Notable TI projects included:

• Zero Mass Water, which rebranded to Source, with a 24,430 square foot space at SkySong 5 that was named one of “The 15 Coolest Offices in Metro Phoenix for 2021.”
• Cigna Medical Group, with an 8,962 square foot space at SkySong 4
• Arizona Diagnostic Imaging, with a 30,421 square foot space at Park Central in the Strauss Building
• Expansion by PNC at Camelback Collective into 2 additional suites totaling more than 16,000 square feet

“We are very pleased with the growth of our property management division and the many new partnerships we enjoyed in 2021,” said Sharon Harper, Chairman & CEO of Plaza Companies. “We are also pleased to see growth in the construction sector ranging from a strong base of tenant improvement projects all the way to our larger mixed-use communities.”

As for new projects, Plaza Companies is working closely with the City of Glendale and the Arizona Cardinals to plan an innovative and vibrant mixed-use project that will further enhance and spur economic development for the City and the region. The 62-acre site is located east of Loop 101, south of State Farm Stadium and to the east of the new Crystal Lagoons Island Resort development.

Plaza Companies also marked the opening of the Creighton University Health Sciences Building at Park Central in Phoenix, a 183,000-square-foot facility that will house more than 900 nursing, medical, physical therapy, occupational therapy and pharmacy students when at full capacity. Work at Park Central also began on new restaurants that will face Central Avenue and serve the project and surrounding community.

And, the company’s senior living properties continued to rack up awards, with an expansion of Splendido at Rancho Vistoso in Tucson winning accolades from industry publications and the project as a whole receiving several awards for excellence.

Plaza Companies, based in Peoria, Arizona, is an esteemed leader in the developing and managing of medical office and commercial office properties, technology and bioscience facilities, mixed-use properties and senior housing communities. Since its founding in 1982, this full-service, specialized real estate firm has established a proud portfolio stretching across the greater Phoenix area valued at more than $1 billion.