Sundt Construction recently hired Richard McDonald as its Sustainability Director to implement and maintain sustainability initiatives and serve as a sustainable construction expert for Sundt employee-owners. “Sundt has long been an advocate of sustainable business practices and a trusted partner for our clients as they pursue their own sustainability goals,” said Teri … [More]
Kentwood Ventures Lands $38M for Phoenix Project
Kentwood Ventures has received $38 million in financing for the development of KV Casa Grande, a 314,453-square-foot speculative industrial building in Casa Grande, Ariz. JLL Capital Markets worked on behalf of the borrower to secure a $23 million loan through CrossFirst Bank and $15 million in joint venture equity through Blue Vista Capital Management. The Class A … [More]
Vestar Commences Construction at The Shops at Lake Pleasant in Peoria
Vestar, the largest privately held shopping center owner and manager in the western United States is proud to announce construction has begun on The Shops at Lake Pleasant, in Peoria. Located at the northeast corner of Happy Valley Road and Lake Pleasant Parkway, Vestar will develop approximately 90,000 square-feet of retail and restaurant space at The Shops at Lake … [More]
Tower Capital Announces $120.5M in Financing for Two Build-to-Rent Communities in Phoenix Market
Tower Capital, one of the nation’s leading structured finance firms in the commercial real estate lending space, arranged $120.5 million in financing for two Build-to-Rent (BTR) communities in the Phoenix market. The lease-up bridge and construction financing is for the newly developed Village at Pioneer Park, a 332-unit project, and Village at Skyline Ranch, a 167-unit … [More]
Adding Color and Curb Appeal to Arizona Development
As the development of multi-family housing skyrockets in Arizona, we risk creating a desert skyline of monolithic, monochromatic and cold structures. Sixteen thousand new apartments are in the pipeline, and more are coming. The current administration and Congress have earmarked tens of billions of dollars in subsidies to attract tech, higher ed and other businesses to the … [More]
Premium Parcel Sells for Record-Breaking $7M in Paradise Valley
Frank DiMaggio, Managing Partner at Launch Powered by Compass in Scottsdale, Ariz. closed the largest single family parcel sale in Paradise Valley, Arizona for $7 million on May 31. At 1.25 acres the property sold for another record of $125 per square foot. The sale of the property breaks the previous Arizona sale of $5.5 million for a single-family parcel. The … [More]
Arizona’s Workforce Housing Leader to Build New 190-Unit Building in Peoria
Greenlight Communities, the trailblazing Scottsdale-based real-estate development company committed to constructing affordable and attainable workforce housing, is pleased to announce it has closed on another piece of land where the company will begin its latest project. This new development, Greenlight’s first in Peoria, Arizona, will introduce 190 new apartment units to … [More]
Industrial Construction Update: Is The Market at Risk for Oversupply?
Cushman & Wakefield has released its new Industrial Construction report, showing demand losing speed as construction completions peak, setting the stage for a return to a more balanced market. The report press release is also attached. Throughout the current industrial expansion, which began in 2012, the pipeline has often struggled to keep pace with demand throughout … [More]
Developer Debuts First Multifamily Community in Gilbert’s Agritopia
StreetLights Residential’s newest luxury multifamily community in Arizona, The Tyler, is open. Located at 3150 E Ray Road in Gilbert, the community is part of the mixed-use Epicenter at Agritopia and offers 320 apartment homes ranging from studios to three bedrooms. This is the first project in Gilbert, and the fourth in Arizona for StreetLights, a national design-driven … [More]
Repurpose, Reuse: How Commercial Construction Can Adapt
The commercial construction industry in Arizona is projected to hit approximately $6 billion in 2023, according to IBISWorld research. It is no surprise to learn that the construction industry is booming throughout the state, and more specifically in Maricopa County; it is tough to drive anywhere in the state without seeing a construction project. Repurposing an existing space … [More]
Mixed-Use Peoria Place Starts with Industrial Park Groundbreaking
Greystar Real Estate Partners recently broke ground on Caliber by Greystar. The three-building, Class A industrial park is the first element to break ground at Greystar’s Peoria Place, a $500-million mixed-use master plan designed to revitalize a central historic downtown infill land site in Peoria, Arizona. Caliber is located along the US 60, at the southwest corner of 79th … [More]
Dynamic Commercial and Retail Destination FIVE NORTH at VISTANCIA Takes Shape
The Vistancia master-planned community’s 320-acre commercial and retail destination FIVE NORTH at VISTANCIA is taking shape as the first hot spot in the far North Peoria/West Valley area. Envisioned as the energetic heartbeat and high-quality lifestyle hub of the award-winning Vistancia community, FIVE NORTH at VISTANCIA’s plan includes a mix of unique, eclectic and … [More]
1.5M SF Virgin Industrial Park Breaks Ground in West Valley
Virgin Industrial Park, a five-building, 1.5 million-square-foot Class A industrial project, has broken ground in the booming Loop 303 Corridor, on the northwest corner of Olive and Reems roads in metro Phoenix’s West Valley. The project is being developed by IndiCap, a boutique commercial real estate company specializing in industrial investment and development in the … [More]
Empire 101 Is New Infill, Class-A Industrial Project in Peoria
On behalf of KBC Advisors Arizona, Phoenix-based Stevens-Leinweber Construction has started construction on Empire 101, a 152,134-square-foot Class A industrial project fronting the Loop 101 freeway, at 89th Avenue and Sweetwater Road in Peoria, Arizona. Completion is expected in January 2024. Located just 12 minutes from the new TSMC semiconductor Fab plant and with access … [More]
Phoenix’s Office Market Slows
As high inflation and rising interest rates have begun to influence the real estate market in increasingly impactful ways, Phoenix’s office market has shown a constant slowdown since the beginning of 2023, CommercialEdge data shows. Despite the 2.0 percent growth in office-using jobs on a year-over-year basis as of February, the metro closed the year’s first quarter … [More]
Greater Clarity on Office Attendance Prompts More Companies to Revamp Office Portfolios
Companies are more proactive about office attendance than last year: 65% say they’re requiring in-office work at least some of the time, according to a new survey by CBRE of 207 companies with U.S. offices. This is more than double the respondents that required in-office attendance last year. Partly due to those proactive efforts, office attendance levels at 60% of surveyed … [More]
Luxury Rental Homes in Phoenix Become Part of Mark Taylor Management Portfolio
Mark-Taylor Residential proudly welcomes TerraLane at Park McDowell into their management portfolio. Owned by TerraLane Communities, these detached, luxury single-family homes present an elevated living experience for families seeking an up-and-coming suburban neighborhood. With a heightened focus on technology, functionality and accessibility, TerraLane at Park McDowell’s … [More]
New 599,486 SF Industrial Complex in Glendale Sells for $81.7M
Cushman & Wakefield has advised US Capital Development (“USCD”), a first-class corporate industrial and office development firm, in the sale of a newly constructed 599,486-square-foot (SF) Class A industrial building in Glendale (Phoenix), Arizona. Falcon Park 303 - Phase I was built on a speculative basis in 2022 and is 100% leased. The freestanding building is part of a … [More]
