ViaWest Group and their institutional Joint Venture Partners sold Chandler Crossroads I & II, a Class A industrial project totaling 216,322 sf in Chandler (Phoenix), Arizona. Developed in 2016 and 2022, respectively, the Southeast Valley portfolio consists of two buildings located at 2800 & 2900 S. Gilbert Rd. At time of escrow, the project was 78% leased, but the … [More]
Homebuilder Announces Launch of Arizona Home Building Division With the Opening of New Communities
Brookfield Residential, an international land developer with more than 65 years of home building experience is proud to announce the launch of its Arizona home building business with the opening of two new neighborhoods at Alamar in Avondale. Nestled in the foothills of the Sierra Estrella Mountains is Alamar, a Brookfield Residential master-planned community spanning across … [More]
San Francisco Multifamily Investor Acquires Community in Phoenix
San Francisco-based real estate firm Hamilton Zanze (HZ) has acquired the 296-unit Springs at Deer Valley apartment community in Phoenix. The purchase marks the firm's seventh property in their current portfolio in the state of Arizona. The community will be rebranded as the Ironwood at Happy Valley apartments. The property was marketed by Walker & Dunlop's investment … [More]
Phoenix Market Can Expect Strong Hotel Growth, Says Report
CBRE is raising its forecast for hotel performance in the Phoenix metro and nationally on the heels of industry gains in Q4 2022 and the expectation of slightly positive GDP growth in 2023 according to the CBRE Hotels report. In Phoenix, revenue per available room (RevPAR) in 2023 is expected to increase to $122.30, up 8.5% year-over-year and an increase of $2.45 from its … [More]
New Owner Formally Submits Plans to Transform the Smoke Tree Property into Boutique Hotel
After much public outreach, Scottsdale-based Walton Global, a real estate investment and land asset management company with US$3.4 billion under management, has submitted an application with the Town of Paradise Valley to redevelop the old Smoke Tree Resort near Scottsdale Road and Lincoln Drive in Paradise Valley. The development team was sensitive to the needs and concerns … [More]
4,150 Acre Land Site in Florence Sells, Planned for 12,000 Homes and Commercial Space
GTIS Partners, a global real estate investment firm managing $4.3 billion in gross assets with a U.S. focus on residential and industrial/logistics investments, announced the sale of 4,150 acres at Merrill Ranch to El Dorado Holdings. Merrill Ranch is located in Florence, AZ, in close proximity to the Phoenix's Southeast Valley, about 20 miles southeast of … [More]
Apartments in Phoenix Metro are Getting Larger, Despite Rentals Shrinking All Over the U.S.
U.S. apartments shrunk in size the past decade, hitting a new low of 887 square feet, on average. According to the latest RentCafe report — in which we looked at changes in apartment size in the 100 largest U.S. cities — new units will keep getting smaller and smaller. Shrinkflation hasn’t reached rentals in Phoenix metro yet. In fact, apartments here got larger in the last … [More]
New Innovation Workforce Center in Chandler Is Home for Training of Construction Trades for Area Builder
McCarthy Building Companies Inc. unveiled its new multifunctional Innovation and Craft Workforce Center (ICWC) with a ribbon-cutting ceremony. The facility serves as home to the firm’s craft workforce training, providing career development opportunities for those in the trades and the next generation of craft workers. The 40,000-square-foot, two-story facility, located at … [More]
All Mixed Up: How Mixed-Use Development Is Transforming Commercial Real Estate
“The world has changed and so has the world of development,” says Charley Freericks, senior vice president of Catellus Development Corporation. “Three years of living with COVID-19 has created new economic pressures, social inequities and a greater need for connection. People are looking for convenience. They want to work closer to home and live in a place with easy access to … [More]
Christine Mackay, City of Phoenix
Mix and Match
They have it all. The most exciting developments in Phoenix combine retail, restaurants and residential … and office, hotel, education, entertainment and community space — or at least several of these on the same parcel of land. And if you think these are all high-density vertical towers in the urban centers of our Valley … think again. Like the Phoenix that rose out of the … [More]
Feedback: March 2023
What are you finding most important in attracting people to multifamily projects, and is this different for different areas of the Valley? John Kobierowski President & CEO ABI Multifamily Sector: Real Estate When it comes to attracting multifamily investors, strong rents and high occupancy rates are the top factors. In the Phoenix market, occupancy rates have … [More]
Casa Grande Is Hot for Industrial Growth
Dale Cavan, a Phoenix-based developer, has purchased a 24-acre parcel in Casa Grande at the southeast corner of Thornton Road and Ash Avenue, with plans to build a new commerce park. The Casa Grande Commerce Park will feature a series of speculative buildings under 70,000 square feet to accommodate industrial needs in the area. Kirk McCarville, CCIM, and Trey Davis with … [More]
Gilbert Industrial Project Demonstrates Leasing Strength of Southeast Valley
On behalf of developers GID and SunCap Property Group, Graycor Construction Company has completed construction on Gilbert Spectrum Buildings 9, 10 and 11, three brand new Class A buildings within the 64-acre Gilbert Spectrum industrial park, located at McQueen and Elliot roads in Gilbert, Arizona. Being leased by Ken McQueen and Chris McClurg of Lee & Associates … [More]
Five Things to Look for when Hiring an Interior Designer
We are all taking strategic steps to prepare to navigate yet another unsure market. Selecting the right team for a project is one of the most important steps to make. For a successful project, here are five things to look for when hiring an interior designer. Efficiency and Flexibility First is to make sure to have a team where efficiency and flexibility are highly valued. … [More]
Central Phoenix Multifamily Is Arizona’s First Iconic Libeskind-Designed Building
InveStellar Corporation, a Phoenix-based urban development and advisory firm specializing in providing long-term value through iconic mixed-use, residential and hospitality projects, plans to develop Rainbow Road, a 36-unit architecturally significant apartment community situated on 13,500 square feet located near Roosevelt Row in central Phoenix. This boutique multifamily … [More]
Expanded Rinchem Campus Provides High-Demand Chemical Services to Semiconductor, Other Growth Sectors
Graycor Construction Company has initiated construction on a new, 123,516-square-foot flex industrial facility in Surprise, Arizona, for Rinchem Company LLC, the world’s largest network of chemical and gas distribution centers. The new facility will be Rinchem’s third in metro Phoenix and part of a global Rinchem supply chain that safely handles more than 4 billion pounds of … [More]
Next-Level Apartment Living Opens Near Scottsdale Quarter
Ideally located near the Scottsdale Quarter, San Bellara takes traditional apartment living to the next level. Mark-Taylor Residential, Arizona’s leading developer, owner, and investment manager of multifamily communities, is proud to announce the grand opening of San Bellara, the newest development in their management portfolio. This community is their second development on … [More]
258-Unit Multifamily Community Opens in Tolleson
Evergreen Devco, Inc., a leading retail and multifamily development company, opens a 258-unit, multifamily community located at 89th Avenue and McDowell Road in Tolleson. “Parc Tolleson offers the perfect combination of contemporary design and urban touches.” said Matt Evans, regional president of Arizona multifamily at Evergreen Devco. “This 258-unit garden-style community … [More]
