According to a new report from CBRE, third-party logistics (3PL) providers leased the most big-box warehouse space in Phoenix, accounting for 32.6% of all transactions. Phoenix is still considered a top big-box growth market. Down from 14.3% in 2022, Phoenix fell second to Savannah (12.9%) with a 6% growth rate in 2023. Around 23 million sq. ft. of space is currently under … [More]
Homebuilder Acquires Goodyear Land to Build 175 Homes
Tri Pointe Homes® Arizona, a recognized leader serving the Phoenix market for over 30 years under the name Maracay®, has announced the acquisition of land to develop approximately 175 new homes in the Abel Ranch planned community located in the West Valley suburb of Goodyear. The $8.75 million land investment marks the second phase of development within the existing planned … [More]
Developer Breaks Ground on Build-to-Rent Townhome Communities in Phoenix
Rockefeller Group, the U.S. real estate developer, owner, and operator, announced it has broken ground on Corsica Villas, two build-to-rent (BTR) communities totaling 152 townhomes in South Phoenix, the company’s first BTR communities in Arizona. Rockefeller Group has selected Mosaic, the nation’s leading BTR general contractor, as the general contractor to oversee all aspects … [More]
North Scottsdale Luxury Home Development Breaks Ground in Collaboration with Top Architect and Design Firm
Sonora West Development announced that it has broken ground and sold three of the planned 21 homes at its newest luxury home community, Serene, located in North Scottsdale near Dynamite & Alma School Roads. Limited to just 21 homes, each residence offers bespoke features such as custom interiors, advanced home technology, and meticulous landscaping. Buyers can choose from … [More]
Queen Creek Shopping Center Opens Top-Brand Retailers
Vestar, one of the leading privately held shopping center owners and managers in the western United States, is proud to announce the opening of Nordstrom Rack at Queen Creek Marketplace, on Thursday, May 16th. The 900,000-square-foot shopping center is located off the southwest corner of Rittenhouse and Ellsworth Loop Roads in Queen Creek. Nordstrom Rack is the off-price … [More]
Private Equity Firm Acquires Shopping Center, Marks Entrance into Arizona Market
First National Realty Partners, a leading national private equity firm specializing in commercial real estate, completed the acquisition of Horizon Village. The addition of this 113,252-square-foot shopping center marks the firm's entrance into Arizona and expands its presence into 26 states. Horizon Village is anchored by Food City, an affiliate of Raley's … [More]
Vestar Announces Phase 2 Groundbreaking for Vineyard Towne Center
On May 20th, Vestar will break ground on Phase 2 of construction, featuring anchor tenant Target, marking significant progress towards its anticipated grand opening in Fall 2025. Spanning a total of 260,000 square feet, Vineyard Towne Center will offer a diverse mix of retail shops, services, and dining options to the heart of the growing Queen Creek community. "This … [More]
Design-Centric Developer’s Latest Arizona Project Hits Construction Milestone
GO Industrial, a Phoenix-based development firm focused on delivering design-centric buildings with a location-first strategy throughout the Western United States, recently hit a major construction milestone at GO|AZ Ave after breaking ground in the third quarter of 2023. In April, the project went vertical, with the first tilt panels being raised at the 181,655 square foot, … [More]
Buckeye Industrial Logistics Building Sells for $60.1M
Cushman & Wakefield arranged the sale of a newly delivered 641,906-square-foot Class A industrial/logistics building on approximately 40 acres in Buckeye, Arizona, a growing city in the west Phoenix Metropolitan Area. Recently completed and strategically located with frontage along Buckeye’s I-10 freeway, just west of Verrado Way, the state-of-the-art building was fully … [More]
Goodyear Develops Walkable Urban Center
GSQ has reached a construction milestone with the groundbreaking of Goodyear Way, the major street infrastructure connecting Goodyear Civic Square at GSQ to the 150-acre mixed-use development poised to become the city’s new downtown. A joint venture between RED Development and Scottsdale-based Globe Corp., GSQ is set to transform Goodyear as the city’s premier cultural hub … [More]
Class A Industrial Completed in Glendale
Construction has been completed in the development of Echo Park 303, a 676,176-square-foot industrial project located near the intersection of Northern Parkway and Reems Road in Glendale, within the thriving Loop 303 corridor. The Class A industrial center is 33% leased. The project, developed by Echo Real Estate Capital and designed and built by LGE Design Build, is poised … [More]
Live, Work, Shop, Play in Gilbert
Verde at Cooley Station, a mixed-use, walkable center in Gilbert, is finalizing construction and is almost fully leased and ready to enter a consumer-focused phase to fulfill its original vision. “Verde at Cooley Station was built to be a destination and hub for local families and visitors, and we are thrilled to enter a new era of family-friendly fun!” says Norman Brody, a … [More]
PV Parcel Sells Low to Preserve Low Density
In the recent sale of the largest undeveloped parcel of land in Paradise Valley, the sellers accepted a price of $42 million, even though they had received substantially higher offers. The 27-acre parcel, sold by the family of the late John W. Teets Jr., former chairman of the Greyhound and Dial corporations, had been in the family for nearly three decades. It was important … [More]
The Real Deal: On the Ground with Commercial Real Estate
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]
