Scottsdale-based investment firm, Sterling Real Estate Partners, recently acquired Suites on Scottsdale in an off-market transaction with plans to convert the hotel into market rate apartments. Originally built in 1996, the 114-room extended stay hotel will be transformed into a luxury, 85-unit apartment community. The property is centrally located in one of Scottsdale’s most … [More]
ViaWest Group Breaks Ground on Converge Logistics Center in Phoenix
Work is underway on a three-building industrial development that sits along Interstate 10 in the City of Phoenix. ViaWest Group and its building partners Willmeng Construction, Butler Design Group, and Kimley-Horn broke ground on the 512,710 square foot Converge Logistics Center on Friday, January 28. “We started working on this a while ago with the Kyrene School District,” … [More]
Phoenix Market Update: Occupancy on the Upswing
The Greater Phoenix office market closed 2021 strongly, with an 15.3 percent vacancy rate in December, according to CommercialEdge. Although vacancy ticked up 60 basis points from the previous month, the year-end rate reflects a 310 basis-point improvement from January 2021. Among comparable secondary markets, the Valley occupied middle ground: The metro surpassed … [More]
Dallas-Based Multifamily Investment Firm Buys Second Phoenix 180-Unit Property
An affiliate of The Milestone Group, a leading multifamily investment fund manager, has acquired its second multifamily asset in the Phoenix market in the last 60 days, representing approximately $100M of combined purchase price. Mandarina Apartments, a 180-unit multifamily property, was acquired through a recapitalization to further expand Milestone’s portfolio of assets in … [More]
2022 Interior Design Trends
It comes as no surprise that COVID-19, quarantines and lockdowns are still at the forefront of our minds. Experiences over the past two years has led society to seek commercial spaces that promote health, flexibility and the comfort of home in a shared office setting. Knowing this, we have identified four key trends for 2022 (and beyond) and they are all very interrelated: … [More]
The Sustainable Valley Located in Buckeye, Arizona
We recently facilitated an accumulated $20 million deal in Buckeye, Arizona, with the purpose of driving sustainable energy, warranting the name Sustainable Valley for the syndicated 200-acre land deal. The real estate market alone makes up 49% of global carbon emissions. This fact drives our interest in making sustainable living more prevalent, especially here in our home … [More]
2021 Sees All-Time Records in Phoenix Industrial Market
Colliers in Arizona reports the Metro Phoenix industrial market set a series of records in 2021, making it the most active year in the area’s history. Net absorption in 2021 was 80% higher than 2020, construction levels hit a historic peak in fourth quarter, and vacancy rates dropped to their lowest levels ever in the final months of the year. In addition, investment sales … [More]
1.5M-Sq-Ft Industrial Development in Mesa
New York-based Wharton Industrial has acquired a 101-acre parcel of land in Mesa, Ariz., in which it plans to invest more than $200 million to develop The Hub@202, an 11-building, 1.5 million-square-foot Class A industrial park. Financing for the project was provided by MSD Capital, LP, the family office of Michael Dell. Construction is set to begin in Q2 of 2022. The site … [More]
Buckeye Development Targets E-Commerce and Logistics
SVN Desert Commercial Advisors completed the sale of an approximately 77-acre industrial site in Buckeye at the southeast corner of Apache Rd. and Southern Ave., adjacent to the Cardinal Glass and Walmart distribution facilities. Contour Real Estate, a California-based real estate investment and development firm, purchased the land for $14.5 million and plans to develop a 1.2 … [More]
10M-Sq-Ft Industrial Planned in W. Phoenix
Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, has acquired 961 acres of land in El Mirage, Ariz., which will be developed into one of the largest industrial parks in Arizona’s history. With initial development of the Copperwing Logistics Center beginning this … [More]
Houston-Based Real Estate Investment Firm Announces the Acquisition of 139 Acres in Glendale
Lovett Industrial, the Houston-based real estate investment firm, announces the acquisition of 139 acres along the Northern Parkway in Glendale, Arizona, where it will develop NorthPark Logistics Center, a planned two-building, 1.7 million square foot Class A industrial campus. This will be Lovett’s second project in the greater Phoenix area, where the firm currently is … [More]
Additional 469 Homesites by Three Top Builders Added to Elevated Desert Living Community
The award-winning Vistancia master planned community has announced it has begun its second phase of development within its Northpointe at Vistancia community, the fourth and final lifestyle community within the 7,100-acre Vistancia master plan. Set amongst the natural foothills of the Sonoran desert, and situated among the most elevated and mountainous land area within … [More]
Bridge Loan Firm Reaches Milestone of $1B in Commercial Real Estate Loans
RRA Capital, an investment firm specializing in commercial real estate (CRE) bridge loans, announced today that it has surpassed $1 billion in CRE bridge loans originated since inception. RRA, founded in 2008 at the behest of bankers with real estate problems, is a national, commercial real estate lending and consulting firm specializing in short-term, … [More]
$1.8B Mixed-Use Project Coming to Tempe
Local officials in Tempe, Ariz., are paving the way for a major mixed-use destination, South Pier at Tempe Town Lake, to take shape in the suburban Phoenix city at a cost of $1.8 billion. The Tempe City Council introduced the project and held the first public hearing on the approximately 3.5 million-square-foot development at a meeting on January 13, 2022. As noted in … [More]
East Valley Real Estate Investment Co. Closes Out Best Year since 2006
2021 will go down in the books as one of the best years in real estate and for Michael A. Pollack Real Estate Investments it has also meant the sale of five Valley shopping centers, many of which had been in his portfolio since the early 1990's. The sales, which all occurred in the fourth quarter of 2021 include the following. Pollack sold his Trailside … [More]
GTIS Partners Closes on Third Build-to-Rent Project in Phoenix Market
GTIS Partners LP, a real assets investment firm that manages in excess of $4 billion in gross assets with a focus on residential and industrial investments, today announced closing on Cotton Lane, a 13-acre site fully-approved for 144 build-to-rent units, located in Glendale, AZ. The Project will be developed in-house by GTIS with Sonoma Communities, a Phoenix based developer, … [More]
Rehabilitation Hospital Breaks Ground in Peoria
Adolfson & Peterson Construction, a top national construction management firm and general contractor, and Reunion Rehabilitation Hospitals, a system of state-of-the-art inpatient rehabilitation hospitals, today announced the groundbreaking of a new location in Peoria with support from America Development & Investments LLC, a leading healthcare real estate developer … [More]
First Phase of Multifamily at City North Begins with the Groundbreaking of New Development
Rental housing industry leader, Greystar, recently broke ground on the first phase of their multifamily housing development at City North in Phoenix, Ariz. This marks City North's first vertical element in the 100-acre project located just north of Interstate Loop 101 at the intersection of 55th Street and City North Drive in North Phoenix. Crown Realty is the … [More]
