CapRock Partners, announced the completion of Phase I of CapRock West 202 Logistics, a new leading-edge speculative industrial development in the Southwest Phoenix submarket. Delivery of the 140-acre phase brings approximately 2.5 million square feet of Class A industrial warehouse space across five buildings to a key infill logistics location along Phoenix’s primary … [More]
Membership Model for Senior-Living Developments
The membership model is a business trend on the rise across many different industries, from subscription-based goods and services like Amazon Prime to members-only private athletic and social clubs like Soho House. From a business standpoint, having a membership model can help organizations grow by engaging with customers and retaining members long term. From a consumer … [More]
Infill Housing and Sustainable Construction: A Solution to Phoenix’s Water Woes
The Valley continues to experience significant population growth and with that comes more urban sprawl and housing developments. Construction is booming, but at what cost to local municipalities and businesses. Previously, developers could find creative solutions to meet water needs for new communities in outlying areas, but water shortages and sourcing challenges threaten to … [More]
Office Conversion: Vacancy to Vibrancy
Potential is diverse, from residential to hospitality to community spaces
The pandemic dramatically accelerated the rise of remote and hybrid work, resulting in many companies downsizing their office space. This trend is expected to continue due to investments in technology and shifts in worker expectations. Companies that are demanding amenity-rich, high-performance workplaces are now migrating to new, Class A buildings, leaving Class B and C … [More]
40 Acres of Rail-Served Land Sells, Seen as Benefit to Semiconductor Suppliers
NRS Logistics America Inc., a national provider of chemical and gas logistic services, closed on 40 acres in Casa Grande, Arizona, for $7.05 million. The sale includes 4 acres of rail right of way. Land Advisors Organization Pinal County Specialists Kirk McCarville, CCIM, and Trey Davis facilitated the deal on behalf of the seller, Auza Ranches. The land is in proximity to … [More]
New Flexible Office Space Co. Plants Flag in Phoenix with Full-Floor Lease on Camelback Road
Texas-based Lucid Private Offices has leased a full floor totaling 26,910 square feet at 24th At Camelback II, a Class A office building located along the Camelback Corridor in Phoenix, Arizona. The trophy asset is owned and was developed by the partnership of Hines and Invesco Real Estate, global real estate investment firms. Lucid Private Offices’ new flexible office space … [More]
Back-to-Work Mandates and Overall Economic Growth Trends Help to Boost Local Office Market
Stubborn vacancies in the office sublease sector and murky outlooks on interest rates and back to work trends have challenged the metro Phoenix office market, but positive momentum during the second quarter could influence that trend, raising hopes for an end to seven straight quarters of negative local office absorption, according to the Q2 2023 JLL Phoenix Office Insight … [More]
Caddell Taps Local Industry Veteran to Lead New Phoenix Office
Caddell Construction, a leading global general contractor offering a comprehensive menu of project management and construction services for commercial and government clients, announced the hiring of industry veteran Brian Sheehan as head of the company’s new Phoenix office, marking the latest chapter in Caddell’s ongoing national expansion. Sheehan will assume the role of … [More]
Collaborative and Upscale Co-Working Space Set to Open in Downtown Phoenix
X Phoenix, a 506-unit residential coliving and membership club located in the heart of Downtown Phoenix, is opening a 27,000 sq ft., dedicated coworking space on Mon. July 17, 2023. The space offers dedicated desks and private offices as well as an expansive area for a multitude of events that encourages connection and collaboration. In addition to the workstations that … [More]
Demolition of Major Mesa Mall Begins
Verde Investments, Inc., will take another step in the redevelopment of Mesa’s Fiesta Mall site by beginning demolition of the vacant mall located near Southern Avenue and Alma School Road. Verde controls the approximately 80-acre site in west Mesa. In early March, the company filed a pre-application with the City outlining its intention to request a zoning change for the … [More]
Sale of 380-Unit in SanTan Village Is Developers First in Greater Phoenix since 2007
The sale of the 380-unit multifamily community, Soltra at SanTan Village to The Premiere Residential for $140 million is the company's first Phoenix acquisition in 16 years. CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, Leon Multifamily, one of the most active multifamily developers in the greater Phoenix area. “This property has … [More]
Optima Opens Fifth & Final Tower at Optima Kierland Development
Award-winning real estate development firm Optima announced the grand opening of 7190 Optima Kierland, the fifth and final tower within the Optima Kierland development in North Scottsdale. The 10-story tower is comprised of 216 residences including studio, one-, two-, three-bedroom and penthouse apartments, along with the development’s first Olympic-length pool and 24-hour … [More]
City of Buckeye Stepping Up as New Jobs Demand Housing for Its Current, Future Employment Base
The City of Buckeye, Arizona, is seeing tremendous growth in its housing market, ignited by construction of the 2 MSF KORE Power plant as well as other large corporations putting down stakes in the bustling West Valley city. KORE recently received an $850 million from the U.S. Department of Energy. State officials estimate the plant will create about 3,000 new jobs and … [More]
Four-Million-Square-Foot Industrial Park Breaks Ground in Goodyear
Sunbelt Investment Holdings Inc., in partnership with Graycor Construction Co., has broken ground on Camelback 303, a 4 million-square-foot industrial park in Goodyear, Ariz. Construction began on the project’s first phase, a 516,320-square-foot speculative industrial building. Delivery is expected in the first quarter of 2024. At full build-out, Camelback 303 will feature … [More]
Scottsdale-Based Workforce Housing Co. Names New Chief Operating Officer
Scottsdale-based Greenlight Communities, the pioneering company dedicated to constructing privately-financed attainable workforce housing, is pleased to announce the appointment of Brian Kearney as its Chief Operating Officer. With an impressive career spanning back to 1987, Kearney brings a wealth of experience to his new role. His extensive professional background … [More]
Meritage Homes Buys 271 New Home Lots in Buckeye
Land Advisors Organization recently facilitated the sale of 70 acres of land in Buckeye, Arizona, to Meritage Homes of Arizona for $10.1 million. The 70-acre parcel, which is preliminary platted for 271 new home lots, is located at the SWC of Apache Road and Southern Avenue. Ben Heglie, Bret Rinehart and Ryan Semro with Land Advisors Organization’s homebuilding team … [More]
Meritex Acquires 111,000 SF Industrial Property in Phoenix near TSMC Chip Plant
The Meritex Company continues to expand in the Phoenix market with the acquisition of 17 North Corporate Center, a recently developed 111,676 sq. ft. Class A industrial building that can accommodate up to three tenants. The acquisition brings the Meritex footprint in Phoenix to nearly one million sq. ft. of space that houses 42 tenants. The property, located at 2335 … [More]
New Luxury Apartment Community Located Between Downtown Phoenix and North Tempe Opens
Mark-Taylor Residential, Arizona’s leading investment manager, developer, and owner of Class-A multifamily real estate, proudly announces the grand opening of Banyan on Washington. Developed by Banyan Residential, this brand-new luxury apartment community, at 5353 E Washington St., is conveniently located near downtown Phoenix and north Tempe. Committed to offering residents … [More]
