The headline sure grabs your attention: “Scottsdale Airpark eyed for $1 billion project.” The proposal is impressive. Some are saying it’s one of a kind. Others are calling it a legacy project. Whatever you call it, it would be close to a slam-dunk approval in most cities in the Valley. But this is Scottsdale 2022. So it’s time to fasten your seat belts and get … [More]
Goodyear Fully Leased Industrial Building Sells for $109M
Fully leased big-box distribution building on over 46 acres in Goodyear, Arizona, sold for $109.2 million. Newly constructed in the first quarter of 2022, the property, the Lakin Park Building 1A, was advised by Cushman & Wakefield . The property was acquired by BentallGreenOak, a leading, global real estate investment management adviser and a globally recognized … [More]
CRE Duo Celebrates Three Years as Women Entrepreneurs
Evolve Ventures, founded by two women commercial real estate leaders in 2019, is celebrating its third anniversary having successfully evolved to supply the market with their own unique development ventures in Midtown Phoenix and Chandler. Evolve’s managing principals, Amy Malloy and Heather Personne, combined their almost 50 years of experience to form a firm committed to … [More]
Industrial-Inspired Community Opens in Warehouse District of Downtown Phoenix
Wood Partners, a national leader in multifamily real estate development, announced the grand opening of its latest luxury residential community, Alta Warehouse District. Located at 402 W Lincoln Street in the historic Warehouse District of Downtown Phoenix, Alta Warehouse District is the third Wood Partners project to open in Downtown Phoenix. The community … [More]
JDM Partners Buys Back Stake in West Valley Master-Planned Community
The Howard Hughes Corporation announced that JDM Partners has exercised their remaining option to reacquire a stake in Douglas Ranch, the recently launched large-scale master planned community in Phoenix's West Valley. The community was acquired by The Howard Hughes Corporation from JDM Partners and El Dorado Holdings last October for approximately $541 million. On August 18, … [More]
Wealth Development Co. Launches Opportunity Zone Fund
CaliberCos Inc., a fully integrated alternative asset manager and investment sponsor, announces that it has launched Caliber Tax Advantaged Opportunity Zone Fund II, LLC (the “Fund”), a $250 million equity fund targeted to invest in a diversified portfolio of real estate properties and real estate-related equity investments in select opportunity zones located in high-growth … [More]
Spec Industrial Development Breaks Ground, High Demand Prompts Opportunity
VanTrust Real Estate broke ground on its latest speculative industrial development, VT 202. This infill project will feature two buildings totaling 181,000 SF of Class A industrial space in the high-demand Southwest Phoenix submarket. “VT 202 is truly a rare opportunity in the current industrial market, especially in Southwest Phoenix,” said VanTrust Director of Development … [More]
$66M Sale Sets Record Pricing/SF in Metro Phoenix
Holualoa Companies and LaPour Partners paid $66.35 million for the Camelback Collective, a recently constructed 115,838-square-foot Class A office building in Phoenix, Arizona. The premier four-story building is located at 2801 East Camelback Rd and was over 95% leased at the time of sale. The buyer was Oklahoma City-based Humphreys Capital. At $573, the price per square … [More]
Schnitzer Properties Buys Phoenix Industrial Complex for $46M
Schnitzer Properties has purchased Westech Business Center I and II, a seven-building, 225,333-square-foot light industrial complex in Phoenix, from LBA Logistics. According to Maricopa County records, the sale price for the two assets was $46.2 million and the complex is also subject to a $28 million bridge loan with two one-year extension options, originated by M&T … [More]
Luxury Multifamily Apartment Building in Gilbert Sells for $91M
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), announced today the sale of The Wyatt, a 216-unit luxury multifamily asset in Gilbert, Arizona. The $91 million sales price represents $421,296 per unit. “One of the nation’s most prosperous large cities, Gilbert is a top suburban submarket target for multifamily investment in Greater … [More]
Build-For-Rent Co. Closes 40 Acres Near Massive Microchip Facility
The Empire Group of Companies recently closed on 40 acres near the Taiwan Semiconductor Manufacturing Company north of the Valley where it plans to build ± 354single-family homes for rent. The proposed development will be named the Village at Bronco Trail. The Land Advisors Organization team of Bret Rinehart, Ryan Semro, and Ben Heglie represented the Empire Group (Principal … [More]
Speed-to-Market Design
We are in a rather unique time for multifamily real estate. The high costs of materials and shipping, as well as supply delays make building from the ground up riskier than it would be under more predictable conditions. Current investment rates, cap rate compression and inflation also are key factors in assessing the risk level for multifamily investors. However, high demand … [More]
Surprise Power Center Development Powers over Challenges
Village at Prasada, the 700,000-square-foot retail power center developed by SimonCRE for residents of Surprise, Arizona, has proven to be a massive undertaking that has continued to move forward in the face of mounting supply-chain and labor issues. This will be the West Coast’s first power center constructed in more than a decade; currently, residents need to travel an … [More]
Mohr Capital Develops Industrial Project in Surprise
Mohr Capital, a Dallas-based privately held real estate investment firm, acquired 46.26 acres in one of Arizona’s fastest-growing cities to develop a Class A industrial business park in the West Valley. Breaking ground this month and slated for completion next summer, Summit Business Park will offer a combined space of 704,472 square feet of leasable industrial space with … [More]
New North Scottsdale Luxury Community from Camelot Homes
Camelot Homes continues to expand its presence in North Scottsdale with the recent purchase of 77.5 acres, located east of the northeast corner of Lone Mountain Parkway and East Joy Ranch Road in Scottsdale. The family-owned luxury homebuilder plans to break ground on the new 52-home community called Joy Ranch in Q2 2023. Camelot plans to offer floor plans ranging from 4,500 … [More]
IndiCap Bringing 110-Acre Industrial Park to Glendale
Boutique commercial real estate company IndiCap continues its formidable Metro Phoenix industrial development push with Virgin Industrial Park, which it will develop in partnership with Invesco. Located on the northwest corner of Olive and Reems roads in Glendale, Arizona, within the nationally recognized Loop 303 industrial corridor, the two-phase, 110-acre Class A development … [More]
Homebuilder Debuts New Homes in Highly Desirable Glendale
KB Home announced the grand opening of its model homes at The Traditions at Marbella Ranch, a new-home community in highly desirable Glendale, Arizona. The new neighborhood is situated on West Vista Avenue just north of West Glendale Avenue, and is convenient to Interstate 10, U.S. Highway 60 and Loop 101, providing easy access to downtown Phoenix, the area’s major employment … [More]
Affordable Housing Leader Celebrates 50th Anniversary, Mountain West Headquarters in Arizona
Dominium, one of the nation’s leading owners, developers and managers of affordable housing, is celebrating its 50th anniversary with the opening of its Mountain West headquarters in Scottsdale. As Arizona’s housing crisis looms, Dominium and its partners are investing $1 billion in the state to develop affordable housing for essential workers and Arizona’s seniors. Dominium … [More]
