Setting an Example for Property Management Companies by Making Residents a Priority

by Mark Schilling

The Great Recession saw millions of people lose their homes, and it could’ve been worse in 2020 in the midst of a pandemic had it not been for members of the community standing up to provide help. These community members were neighbors, mutual aid organizations, and many other companies whose names are historically associated with providing relief. But there were also … [More]

Macerich Sells Phoenix Mall Set for Major Redevelopment

RED Development

Paradise Valley Mall. Rendering courtesy of RED Development Macerich has sold Paradise Valley Mall, a 1.2 million-square-foot shopping center in Phoenix, for $100 million to a joint venture of RED Development and an affiliate. The property recently received rezoning approval from the city and the previous partnership of Macerich and RED were moving forward with … [More]

Multifamily Property Sells for $26 Million in Central Phoenix

inbusinessPHX.com

Newmark’s Managing Director Chris Canter, Executive Managing Director Brad Goff and Senior Managing Director Brett Polachek represented the seller, Midtown Flats Acquisition Company, LLC, in the transaction. The buyer was West Freeman Properties. “Midtown Flats is a luxurious asset situated in the ideal central Phoenix location with a strong mix, featuring studios, one-, … [More]

Downtown Phoenix Residential and Co-Working Community Opens

Kenect

Kenect Phoenix, an all-new, hospitality-driven apartment platform and coworking community by Chicago-based Akara Partners, welcomed its first residences today. Just off the busiest stop along the light rail, across from Central Station, Kenect is located at 355 N. Central Ave., near Arizona State University’s downtown campus, Phoenix Children’s Hospital, ASU Law School and ASU … [More]

Investment Firm Acquires Five Building Industrial Real Estate Portfolio in Phoenix

KKR

KKR, a leading global investment firm, today announced the acquisition of a five building industrial portfolio (the “Portfolio”) in Phoenix, Arizona totaling approximately 540,000 square feet for a purchase price of $68.0 million. The Portfolio consists of five shallow bay, last mile warehouses located in a highly infill submarkets less than 10 miles from downtown … [More]

Pandemic Sparks Adaptations in Healthcare Design and Construction

by Chris Nickle 

As we mark the recent one-year anniversary of the declaration of COVID-19 as a public health emergency, many of us find ourselves reflecting on the past year — grieving for those who lost their lives; missing in-person interaction with family, friends, and colleagues; finding new appreciation for educators and frontline workers; and feeling anxious to return to a “normal” way … [More]

Developer Enters Arizona Market with Large Opportunity Zone Project in Tempe 

by Mike Hunter

Milhaus, a national award-winning developer, owner and operator of Class-A multifamily properties, is expanding into Arizona with one of the company’s largest developments to date: Milhaus North Tempe. As this April edition goes to press, groundbreaking is imminent on the $91-million first phase of this planned two-phase development project by Milhaus in partnership with Los … [More]

The Future of the Post-Pandemic Office

by Quentin Abramo 

In the ’80s, ’90s and early 2000s, office work was done with large desktop units that needed power and data to the desktop (the 8-by-8-foot cubicle). By the mid-2000s, powerful new technology and information became available with handheld devices, and the idea of working remotely was introduced. While this technology could do almost everything a desktop could do, most of the C … [More]

New Golf Course Graces Toll Brothers’ West Valley Development

by Mike Hunter

Newly opened in Surprise, Sterling Grove Golf and Country Club is the first new golf course in the West Valley in nearly a decade. The Nicklaus-designed championship golf course is the centerpiece of active recreational options that include a putting course, driving range, and tennis and pickleball courts at Toll Brothers’ Sterling Grove community, which will encompass 2,200 … [More]

Phoenix Mid-Century Marvel Offered for Adaptive Reuse

by Mike Hunter

Wrapped on by three arterial streets, a trio of bus routes and two light rail stations, the mid-century First National Bank building is being offered for sale by the City of Phoenix for adaptive reuse and redevelopment. Located on the corner of 1 S. 24th Street, between Washington and Jefferson streets, the iconic mid-century bank building is a crossroad entrance to the … [More]

New Multifamily Project in Phoenix’s Expanding Deer Valley Area

by Mike Hunter

The Related Group, an international developer known for its sophisticated metropolitan “for-sale” condominiums, rental and mixed-use projects, has broken ground on a 388-unit multifamily luxury residential apartment project: Town Deer Valley, at the crossroads of 19th Avenue and Alameda Road in Phoenix. The Town Deer Valley signature property was designed by Gary Todd … [More]

Land Conservation Team Formed to Address Land Use and Resource Challenges

Land Advisors Organization

Land Advisors Organization announces the formation of its Land Conservation team, which specializes in facilitating real estate transactions that conserve important land and water resources, with an aim towards balancing the built and natural environments. Conservation advisory services are customized to the unique needs of each client, which range from multi-generational … [More]

Two New Amazon Sortation Centers to Arizona, Enters Southern Arizona Market, Continues West Valley Presence

VanTrust Real Estate

VanTrust Real Estate announced the start of construction on two new Amazon sortation centers, including their first Southern Arizona project in Tucson, Ariz. Continuing its investment in Arizona with two facilities that support customer fulfillment and delivery operations, the facilities are expected to open later this year and create hundreds of new full- and part-time … [More]

Phoenix Market Update: Suburban Assets Lead Activity

CommercialEdge

After closing January with $137 million in office sales, Phoenix’s transaction activity lost some steam in February. According to CommercialEdge data, 438,968 square feet of office space traded across the metro for $108 million. The sales amount was 26.4 percent higher year-over-year, as 465,361 square feet of space changed hands for $77 million in February 2020. Five of the … [More]

Cushman & Wakefield Brokers $64.5M Sale of Luxury Multifamily Community in Arizona

Cushman & Wakefield

Cushman & Wakefield announced the firm has brokered the sale of Village at Aspen Place, a 222-unit Class A, mixed-use luxury multifamily community located within a premier lifestyle center in Flagstaff, Arizona. An entity formed by Orange County, California-based NNC Apartment Ventures, LLC acquired the Village at Aspen Place community for $64.5 million. The seller was an … [More]

Healthcare Real Estate Co. Weathers Covid-19 Storm, Adds Industry Expertise to Team 

Wakeman Integrity

As the founder and president of a woman-owned commercial real estate brokerage firm, Melynn Wakeman bucked the trend of cutting back during the COVID-19 pandemic. Instead, she grew her company in 2020 with the addition of two brokers and a team of IT, marketing, website, legal and accounting consultants. “It’s hard to believe, but the pandemic year was the best (year) of … [More]

Spencer’s TV & Appliance Announces New Corporate Headquarters

Spencer’s TV & Appliance

Spencer’s TV & Appliance has announced that its new corporate headquarters will be built at the Akimel Gateway project at the southwest corner of the Loop 202 and 40th street. Spencer’s has been a Valley staple for nearly 50 years and the site will provide the company with greater access to the Phoenix metro area. The company plans to officially move into the new space in … [More]

Luxury Multifamily Mid-Rise Apartment Complex Sells in Northeast Phoenix for $117 Million

Institutional Property Advisors

Institutional Property Advisors, a division of Marcus & Millichap, announced today the sale of Montreux, a 335-unit luxury mid-rise apartment asset in the Desert Ridge master-planned community of Phoenix, Arizona. The property sold for $117 million, which represents $349,254 per unit. “The Phoenix MSA continues to be among the fastest-growing metropolitan areas in the … [More]

Phoenix Puts Gateway Area Mid-Century Bank Building on the Market

City of Phoenix

Wrapped on by three arterial streets, a trio of bus routes and two light rail stations, the mid-century First National Bank building is being offered for sale by the city of Phoenix for adaptive reuse and redevelopment. Located on the corner of 1 S. 24th Street, between Washington and Jefferson streets, the iconic mid-century bank building is a crossroad entrance to the … [More]

NYC Investor Buys 139 Acres for Major Phoenix Mixed-Use

Keystone Equities

New York City-based Keystone Equities LLC has acquired some 139 acres in Goodyear, Ariz., for the development of Innovation Centre. The 224-acre master-planned project was designed to encompass light-industrial and office space, as well as areas for other commercial, retail and entertainment uses. Public records show Roles Inn of America sold the land for $16.5 million. … [More]

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