T.W. Lewis Foundation recently hired Steve Smith, former Arizona Senator, to lead the organization as its new executive director. In this role, Smith manages grant distribution, non-profit assessments and activities to enhance the foundation’s overall core program areas. “Steve is an energetic and entrepreneurial leader with significant experience in the public sector and … [More]
Rising Temperatures in Phoenix Require Thoughtful and Sustainable Urban Design
Warming global temperatures have been one of the key drivers of climate change. As myriad odd weather patterns have developed over the past three to four decades, one of the most notable changes locally has been the shift of the monsoon weather patterns in late summer. A contributing factor has been the buildup of Metro Phoenix, creating the urban heat island, or ”heat dome,” … [More]
Demand for TI Work in CRE Heats Up amid Economic Uncertainty
Phoenix’s robust industrial market is propelling the region to the forefront of the industry, driving both increased construction of industrial spaces and a surge in tenant improvement (TI) projects. The rise in TI projects, which entail making modifications to an existing building in order to tailor it to fit the business’s unique needs, highlights the growing demand for … [More]
New Affordable Housing in South Phoenix and Goodyear
Dominium, one of the nation’s leading owners, developers and managers of affordable housing, recently held a grand opening of 308 units of affordable housing for working families in South Phoenix on October 24 and broke ground on 657 units of both family and senior affordable housing in Goodyear on October 25. The Goodyear project is Arizona’s largest affordable multifamily new … [More]
Affordable Housing Is Part of Tempe Development
Wexford Developments and Wexford Real Estate Investors is bringing much-needed workforce housing to Downtown Tempe. First & Farmer is a seven-story building comprised of 200 rental apartments, including 180 market-rate units and 20 affordable housing units. The project’s unit mix is comprised of 18% studios, 62% one-bedroom units and 20% two-bedroom units. The project is … [More]
Lincoln Property Company Breaks Ground on Mega Industrial Project
LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Company, has broken ground on Luke Field, a $515 million, 2.4-million-square-foot Class A industrial development located adjacent to Luke Air Force Base in metro Phoenix. Being developed in a single phase with completion expected in the fourth quarter of 2024, Luke Field spans three buildings — a … [More]
Evergreen Devco Industrial Project Targets Smaller-Footprint Users
Evergreen Devco, Inc., a leading retail, multifamily and industrial development company, announced the groundbreaking of its first-ever industrial development in Arizona. The 9.4-acre site located northeast of the intersection of Litchfield Road and Desert Cove Road in Surprise will soon be home to a state-of-the-art 168,000-square-foot industrial building. Industrial … [More]
Los Angeles Lender Funds $100M for Phoenix Multifamily Project
Los Angeles based GreenLake Asset Management has funded a $100,600,000 construction loan for a 276-unit multifamily project in Phoenix. The community will consist of one, two and three-bedroom units, featuring high ceilings, modern amenities, private outdoor areas and attached parking. The project will be constructed in two phases: Phase I will be 94 townhome units, a … [More]
California Investors Purchase Scottsdale Hotel Located in Opportunity Zone
California-based investors have purchased the 3 Palms Hotel in Scottsdale for a price of approximately $23,000,000. Located at 7707 E. McDowell Rd, the property is situated near Old Town Scottsdale and the growing city of Tempe. “This was one of the most challenging transactions of my career,” says James Meng, senior vice president with Colliers in Arizona. “We had to merge … [More]
Developers Announce New Affordable Housing Projects in Goodyear and South Phoenix
Estrella Springs. Image Credit: Max Wave Media Dominium, one of the nation’s leading owners, developers and managers of affordable housing, is holding a grand opening of 308 units of affordable housing for working families in South Phoenix on October 24 and breaking ground on 657 units of both family and senior affordable housing in Goodyear on October 25. The Goodyear … [More]
Property Co. Breaks Ground on 2.4MSF Mega Industrial Project Near Luke Air Force Base
LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Company (LPC), has joined with Maricopa County Board of Supervisors Chairman Clint Hickman, project partners and VIP guests to celebrate the groundbreaking of Luke Field, a $515 million, 2.4 million-square-foot Class A industrial development located adjacent to Luke Air Force Base in metro Phoenix. Being … [More]
Downtown Mesa Revitalization Progress Continues with Opening of 2nd Avenue Commons Housing Development
New Complex Brings Attainable Workforce Housing Solutions to a Booming Region of Maricopa County
CaliberCos Inc., a manager of real estate investments and developments, is accelerating the growth of a variety of housing solutions in the booming Downtown Mesa, Arizona, area. On Monday, October 16, Caliber executives alongside Mesa Mayor John Giles and Councilmember Jenn Duff, oversaw a ribbon-cutting ceremony for the 2nd Avenue Commons at 140 W 2nd Avenue. The Commons is a … [More]
Massive $184M Goodyear Industrial Deal Completed
Largest multi-building industrial business park acquisition in Arizona history
One of the country’s fastest-growing real estate development firms, Phoenix-based Creation, struck a deal with Prologis, Inc., the global leader in logistics real estate, for the $184 million sale of Airpark Logistics Center in Goodyear, marking the largest multi-building industrial business park acquisition in Arizona history. Located directly adjacent to Phoenix Goodyear … [More]
JLL Names Lead for Project and Development Services for Arizona, Nevada
Brings over a decade of experience to highly active construction and tenant improvement markets
JLL has announced the appointment of Alexis Lowell as Project and Development Services (PDS) market lead for Arizona and Nevada. With more than a decade of experience, she now serves some of the nation’s most active markets for new construction and tenant relocations and expansions. In her new role, Lowell will oversee a team of JLL experts delivering workplace strategy, … [More]
Suns and Mercury Announce $100M Team Campus and Practice Facility in Downtown Phoenix
The Phoenix Suns and Phoenix Mercury today unveiled plans for a new team member business headquarters and a dedicated state-of-the-art practice facility for the Phoenix Mercury. The groundbreaking project, a $100+ million investment and 123,000-square-foot development, driven by Suns and Mercury owner Mat Ishbia's commitment to the organizations’ foundational pillars of … [More]
Housing Developer Acquires 29 Acres for Single-Family Build-for-Rent Community in Glendale
Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, announced that the firm has closed on construction financing and the acquisition of 29 acres of land in the Phoenix suburb of Glendale, Arizona, for the development of Glendale BFR, a 320-unit build-for-rent (BFR) … [More]
Developer Expands Industrial Presence in Glendale with Groundbreaking of Industrial Campus
ViaWest Group, a leading Phoenix-based developer, and Willmeng Construction, a renowned construction company, celebrated the official start of construction for The Base, Phase I. This groundbreaking ceremony marks the beginning of the development of a state-of-the-art, 144-acre industrial campus in Glendale, one of the next major commerce parks in the West Valley. The Base is … [More]
The Necessity of Virtual Tours in Commercial Real Estate
In the fast-paced world of commercial real estate, staying ahead of the competition is imperative. Traditional methods of property management have evolved and a true game-changer has emerged: virtual tours. These immersive experiences are revolutionizing management and marketing tactics of commercial properties, providing a futuristic edge in an increasingly competitive … [More]
