Arizona’s real estate market has had a yo-yo cyclical nature for decades. Are we entering a time of more stability? In Business Magazine has asked leading professionals in this market to share insights on what is happening now in the four real estate sectors of industrial, retail, office and multifamily plus how real estate is supporting the important economic sector of … [More]
May 2024 Guest Editor: Suzanne Kinney, NAIOP Arizona
Business Builds on CRE
Commercial real estate serves as a mirror to the multitude of social changes we’ve experienced since the onset of the COVID-19 pandemic. This economic sector has long been known for its cyclical market, but we may be seeing much longer-term trends. Greater Phoenix continues to be a hot spot for industrial development despite more challenging market conditions. Reshoring … [More]
Emerging Trends in Demand for Phoenix Office Space
According to the U.S. Census, Maricopa County topped the nation in population growth through 2022, and a recent study by QRFY ranked Arizona in the top 10 for most entrepreneurial states based on statistics from the U.S. Bureau of Labor. While some companies are still navigating policies and practices for bringing employees back into the office post-COVID, the combination of … [More]
Transition to Sustainable Energy Sources: A Trend in Real Estate Development
The recent surge in renewable energy deployment has seen substantial growth in utility-scale solar, wind and battery storage projects, driving significant capital investments. These utility-scale projects contribute to the overall grid supply alongside traditional generators like gas and coal-fired plants. However, while utility-scale installations have soared, commercial, … [More]
Feedback: May 2024
Q: For your type of business, what are the most important physical attributes of your workplace, and why? Chloe Conklin Manager of Community Programs Optum – Arizona Sector: Healthcare The physical space at our six, Valley-wide Optum Community Centers is intentionally designed for our 55+ community members to enjoy at no cost, heightening their physical activity and … [More]
Developer Expands Management Footprint, Onboards New Properties
Mark-Taylor Residential (MTR) proudly announces management of three communities that combine the best of luxury, convenience and its signature feeling of home. Through a dedicated partnership with Isola Communities, Sobremesa Villas is a highly desirable luxury build-to-rent (BTR) community located in Surprise. Greener living is made possible through advanced, innovative … [More]
Affordable Housing Developer Breaks Ground on Development in Casa Grande
Lincoln Avenue Communities, a mission-driven acquirer and developer of affordable housing, broke ground yesterday on the future site of Cottonwood Ranch during a ceremony with LAC leaders, local policymakers and partners. Cottonwood Ranch will provide 300 affordable housing units to individuals and families in Pinal County earning less than 50% and 60% of the Area Median … [More]
Fifth Homebuilder Announced for the First Village to be Built at Teravalis
Following the recent announcement by Howard Hughes Holdings Inc. (NYSE: HHH) of the first four homebuilders to join TeravalisTM, the company announced today the addition of Century Communities to its growing roster. Century Communities will join Lennar, Brightland Homes, KB Home, and Courtland Communities as the first to build in Floreo, the first village being developed in … [More]
Multi-Tenant Industrial Building in Phoenix’s Deer Valley Sells for $21.85M
Cushman & Wakefield announced the firm has arranged the sale of Pinnacle Peak Commerce Center, a freestanding 93,725-square-foot (SF) Class A light industrial building in the Deer Valley submarket of Phoenix, Arizona. The property was 100% leased to three tenants at closing. The asset was acquired by Top 10 Properties, a Southwest U.S. based real estate investment firm, … [More]
Build-to-Rent Investor Purchases Avondale BTR Community for $57M, First Acquisition in Arizona Market
Christopher Todd Capital has completed its first purchase of a newly-completed Build-to-Rent (BTR) community in Avondale, Arizona, part of Phoenix metro. The company, with offices in Arizona and Florida, purchased the community for approximately $57 million, which is well below what it would cost to build from the ground up today. The Class A fully amenitized community includes … [More]
Chicago Developer Sells Out Its 112-Unit Luxury Condominium Development
Portico, the luxury condominium development in the Loop 101 and Scottsdale Road corridor, announced that it is sold out. The project took only one year from writing its first binding contract to sell all of its 112 units. Portico is award-winning developer Belgravia Group’s first project in the Scottsdale market. The nine-building community features one- through four-bedroom … [More]
Homebuilder Closes on 90 Homesites for New Community in Mesa
Landsea Homes Corporation, a residential homebuilder, has closed on 90 homesites in Mesa, Arizona for a new community called Circlestone. “We’re excited to expand our presence in the city of Mesa with the closing of these 90 new homesites,” said Heather Cammiso, Arizona Division President, Landsea Homes. “Circlestone will provide both single-story and two-story home … [More]
Gilbert Industrial Complex Fills Up with eCommerce Operations for Fulfillment Co.
JLL announced today that it has completed a 40,415-square-foot lease for PipShip within ViaWest Group’s recently acquired six-building industrial portfolio in Gilbert, Arizona. With the addition of PipShip, the portfolio now sits at more than 98% occupied. PipShip will relocate its distribution and e-commerce operations from Tempe, Arizona, to 2075 W. Obispo Ave. in Gilbert, … [More]
New Luxury Apartments Open within Walking Distance from Goodyear Ballpark
Solace at Ballpark Village, Goodyear’s latest high-end community, is now open and accepting leasing applications. Located at 2445 S. Estrella Parkway, Solace at Ballpark Village offers one-, two- and three-bedroom apartment homes within walking distance of Goodyear Ballpark. Apartment home amenities include gourmet kitchens featuring quartz countertops and tile backsplash, … [More]
Homebuilder Honored as 2024 Builder of the Year in Arizona
Shea Homes’ Arizona Division, for the third time in four years, claims the top prize in the most renowned yearly competition among Arizona home builders. The 38th annual Major Achievements in Merchandising Excellence (MAME) awards concluded April 6th with Shea Homes winning the 2024 Builder of the Year. Ensuring the highest quality of homes and communities to their customers … [More]
Two Marriott Brands Set for Development in Norterra
North Texas developer Jackson-Shaw and Tucson-based Holualoa Companies announce the development of dual-branded AC Hotel by Marriott North Phoenix at Norterra and Element by Westin North Phoenix at Norterra. The two hotels connected under one roof are located close to the Shops at Norterra at 25100 North 22nd Lane, Phoenix, Arizona 85085, near the northeast corner of West Happy … [More]
Phoenix Real Estate Investment Startup Is Shaking Up Industry
The residential real estate investment industry is experiencing a major shakeup across the country, as the short list of industry giants who have controlled the market for the last 15 years are suffering massive employee exodus due to poor management, outdated sales tactics and ambitions of a big cashout payday. "With modern times comes modern expectations. … [More]
Two Multifamily Management Firms Merge
After a year of internal planning, reorganizing and integrating, MEB Management Services, a Phoenix-based multifamily management company servicing the Southwest, and Weller Management, a third-party property management and consulting company based in St. Petersburg, Fla. serving the Southeast, officially merged to become Bryten Real Estate Partners creating a nationally … [More]
