Chicago-Based Real Estate Investment Firm Makes Initial Acquisition in the Phoenix Market

SVN Desert Commercial Advisors

SVN Desert Commercial Advisors completed the sale of an approximately 1.61 acre lot in downtown Phoenix at the northeast corner of 1st St. and Portland St within Roosevelt Row. The property was acquired from Arizona Moreland Developments, LLC, for $7,750,000 by First and Portland LLC, an entity formed by JRG Capital Partners. JRG, a Chicago-based real estate investment and … [More]

Expansive New Scottsdale Hangar and Office Building Complex Breaks Ground

JE Dunn

JE Dunn Construction and Ross Aviation announce breaking ground on an expansive new hangar and office building at Scottsdale Municipal Airport (SDL) last week. The new facility will further complement Ross Aviation’s already dominant presence at SDL, which is one of the company’s most active year-round locations. The 56,000 square foot hangar, along with two 3,000 square … [More]

Block 23 in Downtown Phoenix Celebrates Big Wins

inbusinessPHX.com

RED Development is welcoming two new tenants to Block 23 in Downtown Phoenix — CVO Holding Company, an industry-leading transportation technology provider, along with Western Alliance Bank as it expands its downtown presence, in what marks the completion of one of the largest Phoenix-metro leases since the onset of the pandemic. CVO moved its Phoenix headquarters and 200 of … [More]

New Multifamily Community in Tempe Sells for $96M

Cushman & Wakefield

Cushman & Wakefield announced the firm has brokered the sale of Broadstone Rio Salado, a 276-unit Class A apartment community located at 2325 E Rio Salado Parkway in Tempe, Arizona. The newly developed asset was acquired by an entity formed by Los Angeles-based Decron Properties for $96 million. The seller and original project developer was Phoenix-based Alliance … [More]

CRE Healthcare Team Closes on Trio of West Valley Medical Office Buildings Totaling $32.85M

Kidder Mathews

The Phoenix Kidder Mathews healthcare team continues to capitalize on the robust medical office building market in the West Valley, representing the sellers in the disposition of three assets in the second quarter of 2021 totaling $32.85 million. Kidder Mathews sold the properties within six weeks of each other after getting them each to, at least, 97 percent occupancy. Two … [More]

High Demand for Senior Housing Brings Third Acoya Community to AZ

inbusinessPHX.com

Ryan Companies US, Inc., Harrison Street and Cadence Living announce the financial closing of Acoya Shea, a 147-unit luxury senior living community in the heart of Scottsdale. Acoya Shea will offer state-of-the-art independent living, assisted living and memory care housing options. The joint-venture team has officially acquired the 2.55-acre site situated just east of … [More]

MedCraft Healthcare Real Estate Expands across Arizona, Serves Rapidly Growing Southwest Market

MedCraft Healthcare Real Estate

MedCraft Healthcare Real Estate, a national leader in the development, financing, and management of ambulatory care and medical office buildings, has established an active and growing presence in Arizona and the southwest U.S. region with several prominent health system partnerships. Tucson HealthCare (TMC), Yuma Regional Medical Center (YRMC) and Northern Arizona Healthcare … [More]

The Importance of the ‘Third Place’ In Multifamily Developments

by Wendi Stallings

Ray Oldenburg, an American urban sociologist, coined the term “third place” in his book The Great Good Place. He identified that in modern societies, time is primarily spent in our first place (home) and our second place (work). He introduced the need for this third place for social and emotional well-being, suggesting that coffee shops, post offices, neighborhood restaurants, … [More]

George Oliver’s Experiential Offices

by Mike Hunter

Even amid a pandemic, local developer George Oliver is flush with new tenant interest across its office portfolio — but with a very common requirement. Prospective tenants all want the kind of experiential, next-generation office space that George Oliver, in particular, is becoming known for.  “The pandemic dramatically shifted how employees and employers view the … [More]

Industrial/Logistics Building Breaks Ground in Buckeye

by Mike Hunter

LGE Design Build, a full-service design and general contracting firm and winner of AZ RED 2021 General Contractor of the Year, broke ground recently on a new state-of-the-art industrial project in the City of Buckeye being developed by Phoenix-based Creation Equity, an alternative investment and real estate development firm.  The project consists of 860,602 square-feet, with … [More]

Phase II Homes Open in Goodyear’s Centerra 

by Mike Hunter

Landsea Homes Corporation has opened the second phase of its homes in the one-of-a-kind Goodyear community of Centerra, which offers homes with seven different floor plans and ranging from three to four bedrooms, with an option for six bedrooms, and two to three-and-a-half bathrooms. Homes include smart home automation technology and an air purifier. The community also features … [More]

Ground Breaks on 651-Unit Apartment Development in Tempe

by Mike Hunter

Banyan Residential, an L.A.-based private real estate investment company, has commenced construction on phase one of Banyan North Tempe, a 651-unit multifamily development in Tempe. In conjunction with Milhaus, an Indianapolis-based development company, Banyan worked tirelessly with state and local agencies to annex the 16.5-acre site in an area frequently referred to as the … [More]

Luxury Build-to-Rent Project Begins in Apache Junction

by Mike Hunter

Paragon Development Group recently closed on the $3.1 million purchase of 15.67 acres in the Southeast Valley. The site, located on the NEC of West Southern Avenue and South Meridian Road in Apache Junction, is slated to become Hampton Meridian, a new 195-unit luxury build-to-rent community with one-, two- and three-bedroom attached and detached residences ranging in size from … [More]

Pre-Leasing at Scottsdale and Palm Desert Independent Living Communities Announced

Revel Communities

Revel Communities, a division of The Wolff Company representing a portfolio of vibrant independent living communities with best-in-class amenities and services, has officially launched pre-leasing for its newest independent living communities, Revel Legacy and Revel Palm Desert. Located in Scottsdale, AZ and Palm Desert, CA, respectively, Revel’s newest desert-oasis communities … [More]

Regent Properties Lands $62M Loan for Phoenix Campus

CBRE Group

Regent Properties has obtained a $61.7 million bridge loan to refinance Elevate 24, a two-building, 323,251-square-foot office property in Phoenix’s Camelback Corridor. Public records show Forethought Life Insurance Co. provided the non-recourse financing. Working on behalf of the owner, a CBRE team facilitated the deal. Elevate 24 is one of the 12 office holdings Regent … [More]

Three-Building Industrial Portfolio in Phoenix Acquired by New York Investment Firm

KKR

KKR, a leading global investment firm, today announced the acquisition of a three-building industrial portfolio totaling approximately 419,350 square feet located in highly infill locations in Phoenix, Arizona. The Seller was a Joint Venture between PCCP, LLC and Hopewell Development LP. All three assets were built in 2020 and are located approximately twenty to thirty … [More]

NAIOP Honors the Valley’s Most Successful CRE Projects, Companies, Individuals

inbusinessPHX.com

Commercial real estate’s leading annual awards, the Best of NAIOP, returned to a live event after a virtual presentation last year because of the COVID-19 pandemic. What a celebration it was. The Arizona Chapter of NAIOP safely handed out awards in 34 categories at the Westworld of Scottsdale on May 12. “Despite the COVID-19 pandemic, the number of Best of NAIOP … [More]

RED Development’s Phoenix Mixed-Use Destination Nears Full Occupancy

RED Development

RED Development has signed Arizona’s largest law firm—Snell & Wilmer—to its growing tenant roster at CityScape Phoenix. With this new addition, the mixed-use property hit a leasing milestone of 98 percent. This deal marks the largest office lease signed in downtown Phoenix during the pandemic. Snell & Wilmer will be relocating its headquarters from the Arizona … [More]

235,000-Square-Foot Build-to-Suit Near Phoenix-Mesa Gateway Airport Breaks Ground

Willmeng Construction

Marwest Enterprises and Willmeng Construction broke ground on the new facility this week for the Canadian designer and manufacturer of environmentally efficient electric vehicles (EVs), ElectraMeccanica Vehicles Corp. The new facility will include an assembly and manufacturing plant, a research center, 22,000 square feet of office space and 19,000 square feet of lab space. … [More]

DAUM Commercial Breaks Ground on Phoenix-Mesa Airport Project

DAUM

DAUM Commercial Real Estate Services has broken ground on Gateway Executive Airpark, a three-hangar project at Phoenix-Mesa Gateway Airport in Mesa, Ariz. Gateway Executive Airpark will comprise 185,500 square feet of space, which is now leasing and will be available for occupancy starting in the fourth quarter. Located at 5559 S. Sossaman Road, the facility is located … [More]

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