Creation RE, a Phoenix-based real estate investment and development firm, and J.P. Morgan Global Alternatives are investing $1 billion in industrial, warehouse and logistics projects across four states in a newly formed joint venture. The joint venture partners have closed on three of seven planned projects totaling 5 million square feet in Newark, N.J.; Melville, … [More]
Homebuilder Closes Significant Land Purchase in Queen Creek
Mattamy Homes, North America's largest privately owned homebuilder, is pleased to announce that it has closed on a significant land purchase in the town of Queen Creek, AZ. The 88-acre property, known as The Quarters at Queen Creek, was purchased for $23.45 million and is approved for 254 single-family home sites. The deal closed on March 28, 2022. "Our … [More]
Crane Index and Quarterly Cost Report Reveal Construction Trends
International property and construction consultancy firm Rider Levett Bucknall (RLB) has released its latest Crane Index and Quarterly Cost Report. Together, the two documents provide an on-the-ground picture of construction activity in 14 key North American markets and data-driven insights into the industry. Read the complete QCR report here and the Crane Index here. While … [More]
Vertical Street Ventures Acquires Sora on Rose Apartments in Uptown Phoenix
Vertical Street Ventures (VSV) announced the acquisition of Sora on Rose Apartments in Uptown Phoenix. Marcus & Millichap's Paul Bay, Darrell Moffitt, Cliff David, and Steve Gebing oversaw the transaction process, with Bridge Loan financing provided by Arbor's Eric Regenbogen with support from Gantry's Adam Parker and Buyer's Equity provided by Tauro's Paul Davidovic and … [More]
VDC Leading the Way in Creating Sustainable Buildings
As the industry continues to overcome the aftermath of the pandemic, in addition to today’s supply chain issues, leaders are seeking better efficiencies within the workplace now more than ever before. In a larger effort to keep up with the high demand of commercial real estate projects, implementing virtual design & construction (VDC) within their processes can benefit … [More]
Korman Communities, RXR Make Phoenix Debut with Flexible-Living Multifamily Development
Korman Communities and RXR have completed the purchase of their first property in the Phoenix market: AVE Phoenix Terra at the southeast corner of Fifth Avenue and Fillmore Street. The newly opened 348-unit, seven-story, professionally managed, Class A residential mid-rise features luxury apartments, fully furnished apartments, 60,000 square feet of amenity space, and 7,000 … [More]
Peoria’s Largest Master-Planned Community Site Draws Developer
Castle Hill Partners, an Austin-based community developer, purchased the 5,261-acre master-planned community project known as Saddleback Heights. The parcel is the largest remaining undeveloped master planned community project site in the city of Peoria, Arizona. “This is one of the highest-quality sites for a new master planned community we have seen in our search of the … [More]
Abrazo to Build Med Campus in W. Phoenix
Abrazo Health has acquired property to develop a medical campus on 27 acres near the southwest corner of I-10 and Verrado Way. The initial phase of the development is expected to break ground in 2022. Plans for the campus include a medical office building, ambulatory services and an acute care hospital. Abrazo Health anticipates that its new medical campus will be a health care … [More]
Rehab 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 — with support from America Development & Investments LLC, a leading healthcare real estate developer based in Dallas — recently broke ground on a new, … [More]
New CRE Firm Addresses Arizona’s Growing Need for Healthcare Facilities
As the Phoenix area continues to see the nation’s fastest growth, demand for medical services is also rising. To help clinicians provide the care the Valley needs, long-time commercial real estate broker Trisha Talbot recently launched Doc Properties, a real estate investment services firm that serves healthcare practices and investors in a booming property … [More]
Design for Productivity
Business owners need to find ways to boost employee productivity from time to time. Redesigning the office is a great way to do this. Creating a stylish and accessible office keeps employees focused and motivated. Here are a few of the most impactful design elements to freshen up an old office space. Design multiple workspaces. Employees have different working styles. Some … [More]
Chandler Pavilions Shows Retail Resilience during Pandemic
Evergreen Devco, Inc., a leading retail, multifamily and industrial development company, announced that its Chandler Pavilions, a 163,594 square-foot high-traffic shopping center in Chandler, Arizona is 100% leased with multiple new tenant openings and one anchor tenant expansion. Sportsman’s Warehouse, Lean Feast and Mountain Mike’s Pizza join a complementary mix of … [More]
LG Plans $2.8B Phoenix-Area Plant
A plan by ES America LLC to build a $2.8 billion, 1 million-square-foot manufacturing plant on 300 acres in Queen Creek, Ariz., has received approval from town and Pinal County officials. If the company acquires the 650-acre site owned by the state of Arizona at an Arizona State Land Trust auction in April, construction is expected to begin soon thereafter, with … [More]
Japanese Izakaya Bistro Going in at The Grove, 44th Street and Camelback Development
The new independent restaurant concept Pyro, a Japanese izakaya bistro, will make its debut as the first dining establishment coming to Red Development's The Grove, a $400 million mixed-use destination on the northwest corner of 44th Street and Camelback Road. An original concept by Flagship Restaurant Group, a leading hospitality group with over 30 restaurants and another … [More]
Mesa Gateway Airport Industrial Market Continues Boom with 154-Acre Development Sale
Phoenix-based Unbound Development set the table for a large-scale industrial development near Phoenix Mesa Gateway Airport and recently completed a transaction with Greystar, who will now finish the process. Unbound sold the 154 acres consisting of 6 different parcels in a double escrow transaction and provides Greystar, which is one of the largest multifamily owners and … [More]
Florida & Arizona Trail California in Number of Expensive Submarkets
PropertyShark just released a new report, which ranks the top 100 U.S. office submarkets by average sale prices listed in 2021. Nine Florida submarkets ranked among the nation’s 100 most expensive last year. Of these, the best positioned was Miami’s central business district, which landed in 28th with an average office sale price of $504 per square foot. Next, downtown West … [More]
World-Class 7-Story AVE Phoenix Terra Apartments Going Up in Downtown Phoenix
Korman Communities, in partnership with RXR, has completed the purchase of its first property in the Phoenix market. The brand new, 348-unit, seven-story, professionally managed, Class A property boasting 60,000 square feet of amenity space, AVE Phoenix Terra, offers a unique flexible-stay living solution in Downtown Phoenix. “We are focused on growing our AVE portfolio of … [More]
