Developer Breaks Ground in Glendale on First Arizona Project

US Capital Development

A new industrial developer has arrived in Arizona, and it's one that is going to be popping up more and more across the Phoenix market. US Capital Development, which is based in St. Louis, MO and has several active projects east of the Mississippi, broke ground on its first development in Arizona recently. Falcon Park 303 Phase I will be a 599,468 square foot speculative … [More]

Lincoln Property Sells Asset for Record-Breaking $186M

by Lucia Morosanu

Within just a month after completion, a Lincoln Property Co.-led partnership has sold Phase I of Park 303 in Glendale, Ariz., for $186 million to BentallGreenOak. The 1.3 million-square-foot facility traded for the highest single-building industrial sale price in the state’s history. The seller initially developed the property as two separate speculative buildings—of 705,531 … [More]

Lincoln Property Joint Venture to Develop 7M Sq. Ft. Industrial Park

by Lucia Morosanu

Lincoln Property Co. and Harvard Investments have acquired 585 acres in Goodyear, Ariz. The site is one of the last remaining large industrial-zoned land parcels in the area. The partnership plans to develop a Class A industrial park, capable of delivering as much as 7 million square feet of space across 20 buildings. The project is expected to also include a … [More]

Fintech Firm Expands Presence at Renaissance Square

inbusinessPHX.com

Upgrade, Inc., a San Francisco-based fintech company, is expanding its Arizona operations at Ren Square in Downtown Phoenix. It is the third time Upgrade has added space since it moved into Renaissance Square in 2017. During this latest expansion, the company is leasing two additional floors, totaling 39,144 square feet of space, at the newly-renovated Renaissance Square … [More]

CA Ventures Buys Phoenix MOB for $33M

by Tudor Scolca

Chicago-based CA Ventures has entered the Gilbert, Ariz., medical office market with the purchase of Copper Point. The investor paid $33 million for the property in an off-market transaction. West Coast Capital Partners sold the property, which was 96 percent occupied at the time of the sale. A Newmark team of Kathleen Morgan and Trisha Talbot negotiated on behalf of West … [More]

Tempe Multifamily Complex Announces First-of-Its-Kind Mobility Program to Make Car-Free Living a Reality

Culdesac

Culdesac is announcing a first-of-its-kind series of mobility partnerships to make car-free living convenient, affordable, and adaptable for every resident of Culdesac Tempe. The real estate technology company's new mobility partners include Valley Metro, Bird, Envoy, and Lyft. Through these mobility partnerships and other benefits, Culdesac is excited to announce that all … [More]

Developers Propose Massive Industrial Projects in Metro Phoenix

by Gail Kalinoski

The hot Phoenix-area industrial market could see two new developments totaling nearly 3 million square feet of warehouse and distribution or manufacturing space built in Glendale, Ariz., near Luke Air Force Base and Loop 303. The separate projects from Hopewell Development and The Pizzuti Cos. are being considered by Glendale officials with a Sept. 28 vote on the … [More]

Record-Breaking 183-Acre Master-Planned Industrial Development Comes to Rapidly-Expanding Phoenix

CapRock Partners

CapRock Partners, a leading industrial investor, developer and asset manager in the Western U.S., today announced the development commencement of CapRock West 202 Logistics, the largest speculative industrial real estate project in the history of the City of Phoenix. CapRock is transforming one of the largest remaining infill land sites in the Southwest Phoenix submarket into a … [More]

San Diego CRE Investment Firm Acquires Two Multifamily Properties Totaling 508 Units in Phoenix

Tower 16 Capital Partners

San Diego-based Tower 16 Capital Partners has acquired two properties across two separate transactions totaling 508 units in Phoenix, Ariz., for a total of $78.5 million. Banyantree Apartments, a 232-unit multifamily property located in Phoenix, Ariz., was acquired for $36.5 million. Banyantree was built in 1973 and has been owned and operated by a private family for nearly 30 … [More]

Adolfson & Peterson Construction Launches Southwest Special Projects Division

Adolfson & Peterson Construction

Adolfson & Peterson Construction, a top national construction management firm and general contractor, has launched a Southwest special projects division to focus on construction projects of less than $5 million with tight deadlines in occupied spaces or facilities. Special Projects Manager Mehul Mistry joined AP Southwest to lead the new division, which won its inaugural … [More]

Retail Plaza Poised for Opportunity in Mesa Tech Corridor Area

Diversified Partners

A 17-acre mixed-used development at the northeast corner of Ellsworth Road and Elliot Road in Mesa, Ariz., is poised to take off in a huge way. The Elliot Tech Corridor, which will include Apple, Edgecore, Amazon, Dignity Health and Google, among many others, will now also be the site of the $800-million Facebook data center recently announced. The development is directly north … [More]

Adaptive Reuse: Should Retrofitting Be the Future of Real Estate?

by Christina Johnson

Adaptive reuse, or the process of reusing an existing building for a purpose other than that for which it was originally built or designed, is an important commercial real estate trend that our team predicts has long-term staying power. While new build construction has many benefits, adaptive reuse is moving on from being considered solely for historical buildings or … [More]

Large-Scale Logistics Center Planned near Phoenix-Goodyear Airport

by Mike Hunter

Phoenix-based alternative investment and real estate development firm Creation, in partnership with CrossHarbor Capital Partners, recently closed on 170.25 acres at the southeast corner of Yuma Road and Bullard Avenue, adjacent to the Phoenix-Goodyear Airport in Goodyear, Ariz. Plans call for a five-building, multi-phased 2.7 million square-foot logistics development called … [More]

Data Centers: Increasing Speed to Market

by Brad Schenck

Construction teams across industries are faced with common challenges: shortened schedules, tight budgets and labor shortages — all while bringing facilities online faster to meet an uptick in demand, particularly in the mission critical sector. JE Dunn Construction has deployed creative solutions to increase speed to market for data centers at a time when the market needs them … [More]

Affordable Housing Breaks Ground in Central Phoenix

by Mike Hunter

Construction on Mesquite Terrace, a multifamily affordable housing community in the Solano Neighborhood on 19th Avenue, one block north of Camelback Road near the light rail, broke ground earlier this summer. When completed at the end of 2023, the three-building property on nearly four acres will offer 297 units: 129 one-bedroom, 78 two-bedroom and 90-three bedroom … [More]

Attainable Housing Fills Gap between Affordable and Luxury

by Mike Hunter

Scottsdale-based Greenlight Communities plans to start construction this summer on a 250-unit development called Cabana Southern just west of the southwest corner of Crismon and Southern Avenues in Mesa, and expects to welcome its first residents in fall of next year.  Greenlight Communities is the first company to focus solely on building attainable housing to fill the void … [More]

Not Yet in Phoenix

by Mike Hunter

Businesses’ workforce needs span from high-level (and high-paying) jobs to entry-level and menial jobs. Businesses need workers, and all income levels need housing. Creative ideas have been emerging to address the affordable housing crisis. Gensler, for instance, is involved in a project in Los Angeles that is using prefabricated modular construction, which it predicts will be … [More]

Manage Digital Opposition to Real Estate Development

by Adam Baugh

In my line of work with real estate and land-use entitlements, it’s not uncommon to engage with upset neighbors opposed to development. Whether it’s called NIMBY-ism (Not In My Backyard) or CAVErs (Citizens Against Virtually Everything), changing the status quo can certainly elicit strong emotions and intense anti-development sentiment.  In days past, those opposing a zoning … [More]

Their Take: Arizona is a Hot Spot for Businesses to Land, Creating Myriad Opportunities for Metro Phoenix CRE Industry

by Andrea Davis

It’s scorching hot in Arizona and this time it’s not about the weather. More than ever, companies across the U.S. are packing up their businesses and flocking to Arizona. With its high-skilled talent pipeline, affordable cost of living, and lower taxes than neighboring states, Arizona – and primarily Metro Phoenix – has developed its position as an attractive business … [More]

Study: Phoenix Could Generate $4.56B by Leasing Sky Harbor International Airport 

Reason Foundation

Phoenix could generate $4.56 billion by leasing Phoenix Sky Harbor International Airport, giving the city money to fund other needed infrastructure projects or pay down debt, according to a new Reason Foundation study of U.S. airports. Based on data from previous airport sales and long-term leases around the world, the Reason Foundation report found the airport could be worth … [More]

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