The Arizona Coyotes have confirmed, in a statement, that they have identified a proposed site to purchase for a sports arena and entertainment district similar to the one that was proposed earlier this year in Tempe. The statement reads: “We can confirm that Coyotes Owner, Chairman & Governor Alex Meruelo has executed a Letter of Intent to purchase a parcel of land … [More]
Developer Closes on New Affordable Housing Communities in Goodyear
Dominium, a leading affordable housing owner, developer and manager announced that it has closed a deal to develop two new affordable housing communities in Goodyear, Arizona. Dominium will use the approximately 28-acre site located at 16985 W Van Buren Street in Goodyear to construct 657 new affordable apartment homes for low-income families and seniors. Once constructed, … [More]
Phoenix Office Market Posts Positive Net Absorption 2Q
The Greater Phoenix office market posted positive net absorption of 62,244 square feet during second quarter, which was largely made possible by fewer large move-outs in the evolving office environment. A report released by Colliers in Arizona indicates sublease space continues to pile into the market, increasing 19.7 percent during the past year. Second quarter posted … [More]
Builder Celebrates 40 Years of Building Diverse Projects, Building Relationships
An elephant ‘squeeze’ at the Phoenix Zoo. Renovation of the exterior surface of the Arizona Veteran’s Memorial Coliseum. A 155-acre camp for The Salvation Army plus numerous other projects for them. Surgery centers. Hospital renovations. Construction for more than 30 Arizona school districts. More than 75 CVS/pharmacy drug stores. More than 50 Auto Zone automobile parts … [More]
Fitness Club Plans Renovation of Vacant Grocery Store in North Scottsdale
Mountainside Fitness, Arizona’s largest locally owned fitness center is proud to announce that construction will begin in the early fall on its 21st fitness facility, which will be located off Frank Lloyd Wright, just to the east the 101 freeway within a large retail space at Scottsdale Towne Center. The address for the location is 15660 N Frank Lloyd Wright Blvd, Scottsdale, … [More]
Southwest Phoenix Transportation Corridor Sees Completion of Historic Industrial Warehouse Complex
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]
