The amount of industrial space under construction in Greater Phoenix hit 40.9 million square feet at the end of third quarter 2022, indicating the furious pace that developers have taken to satisfy historic demand in the marketplace. While construction levels have risen, so have rental rates with a remarkable 22.9 percent increase from a year ago. Net absorption of … [More]
New Luxury Build-for-Rent Community Planned for Southeast Valley Master Plan
Scottsdale-based developer, Empire Group recently closed on a 27-acre parcel in San Tan for approximately $13.8 million. Plans for the land are now underway for a build-for-rent community called Village at Borgata. Village at Borgata will be situated at the Southwest corner of Hunt Highway and Thompson Road near the foothills of the San Tan mountains. Village at Borgata will … [More]
Peoria-Based Healthcare Real Estate Firm Rebrands
Fresh off the celebration of its fifth anniversary, Wakeman Integrity is now Integrity CRE and its West Valley office continues to grow. Founded in 2017 by Melynn Wakeman, the Company President, Integrity CRE is a woman-owned commercial brokerage firm specializing in healthcare real estate. In addition to its recent rebrand and growth news, Integrity CRE is representing … [More]
CRE Firm Brokers $150M Newly Built Luxury Apartment Building in Scottsdale
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), announced today the sale of SeventyOne15 McDowell, a newly built, 274-unit multifamily asset in Scottsdale, Arizona. The property sold for $150 million, or $547,445 per unit. “Phoenix will again record one of the highest rates of in-migration in the country this year and Scottsdale … [More]
Dallas-Based Hotels Group to Acquire Four Seasons Resort Scottsdale
Braemar Hotels & Resorts Inc. announced it has entered into a definitive agreement to acquire the 210-room Four Seasons Resort Scottsdale at Troon North. The acquisition is expected to close in the fourth quarter, subject to certain customary closing conditions. Because the acquisition is subject to certain customary closing conditions, the Company can give no assurance … [More]
37,000-Acre Mixed-Use Master Planned Community in the Phoenix West Valley Breaks Ground
The Howard Hughes Corporation has broken ground on Teravalis, a 37,000-acre mixed-use master planned community in the Phoenix West Valley projected to include 100,000 homes and 55 million square feet of commercial development. Teravalis, previously known as Douglas Ranch, will become Arizona's largest master planned community, addressing the demand for housing in one of the … [More]
$200M Development Planned on 15.5-Acre Site in Phoenix, Includes Luxury Community
Banyan Residential, a Los Angeles-based private real estate investment firm, in partnership with national developer Milhaus, announces the acquisition of a 15.5-acre site in Phoenix, Arizona. The team will develop a two-phased 515-unit apartment community along the Washington Street light rail corridor in an Opportunity Zone. This project marks Banyan’s ninth Opportunity Zone … [More]
FnB Amenities in Multifamily and Senior Living Communities
Community amenities are impacted any time we have a social or cultural change, such as new technology or a shift in health and wellness. The goal of community amenities is to connect residents to the property in a way that feels personal and unique. Properties that do that well will always have an advantage over their competitors. Amenities with staying power feel like a … [More]
Major Expansion Underway at Phoenix-Mesa Gateway Airport
A new 30,000-square-foot terminal is part of a $25 million construction project that has begun at Phoenix-Mesa Gateway Airport, with McCarthy Building Companies as the project’s general contractor. The project, being partially funded by a federal grant from the Bipartisan Infrastructure Law, will provide Gateway Airport with a larger, modern, energy-efficient and ADA-enhanced … [More]
Infill Industrial Breaks Ground in Tempe
An infill, redevelopment project that will revitalize the 17.97-acre parcel that was the former global headquarters for Insight Enterprises, Sight Logistics Park broke ground last month along the high-visibility I-10 corridor in Tempe. Calling it a phenomenal addition to the ViaWest Portfolio and observing, “It’s not often you get to transform a site of a Fortune 500 office … [More]
Rio Salado Project to Combat Food Desert
Ground has broken on the 140-acre Arizona Food Innovation Center along Rio Salado in Phoenix, at 1150 E. Elwood Street, that will include a year-round farmers market and community park. Developed by Arizona Fresh and Plaza Companies, this is the first new physical development within the John McCain Legacy Project, Rio Reimagined, converting a former brownfield site into an … [More]
Master-Planned Community Boosts Growth in Buckeye
The Howard Hughes Corporation® plans to develop Arizona’s largest master-planned community, in partnership with JDM Partners and El Dorado Holdings, in Buckeye, already one of the nation’s fastest-growing cities. Dedicated to innovative placemaking, the company is recognized for its ongoing commitment to design excellence and the cultural life of its communities. The … [More]
Leasing Home Run for Mesa Industrial Product
On behalf of Metro Commercial Properties, leading national design-build contractor Graycor Construction Company has delivered the final industrial buildings at Metro East- Valley Commerce Center in Mesa, Arizona. Designated as Phases III and IV, the delivery totals five buildings and marks the completion of the 11-building, 1.1-million-square-foot Class A industrial project – … [More]
High-Rise Micro-Unit Community in Downtown Phoenix Opens
Mark-Taylor Residential, a leading developer, owner and investment manager of multifamily communities in the Southwest, welcomes Derby into its management portfolio. Located at 800 N. 2nd St. in the Roosevelt Row district of Downtown Phoenix, Derby features uniquely designed high-rise, micro-unit homes that measure from 328 square feet to 834 square feet. Offering a … [More]
Luxury Senior Living Community to Open in Arcadia Neighborhood
Clarendale Arcadia, the latest luxury senior living community, announced today the opening of Phase I of their residences with a move in date of December 5, 2022. This first phase includes some Independent Living residences and all assisted living and memory care residences. Located close to the southeast corner of Camelback Road and 32nd Street near the historic Arcadia … [More]
ViaWest to Build 2-Million-Square-Foot Industrial Campus
ViaWest Group is one step closer to commence construction on an industrial park featuring 15 buildings with nearly 2 million square feet of space. The developer purchased an initial 82 acres for the project's first phase. The firm acquired a 82-acre site in Glendale, Ariz., for the project’s first phase. Airpark 30 LLC, an entity connected to Domres Grading Inc., … [More]
Arizona-Based Real Estate Developer Charts Aggressive Growth into Northeast with $200M in Industrial Developments
Arizona-based Creation, a real estate development and alternative investment firm, announced today its official expansion into the Northeast as it moves forward with approximately $200 million in industrial developments across three marquee sites in New York and New Jersey. Creation has been pursuing opportunities in the region since early 2021, attracted by strong … [More]
