VanTrust Real Estate, LLC, the NAIOP Arizona 2021 Industrial Owner/Developer of the Year, broke ground on its latest speculative industrial development, VT 202, located on 12.1 acres along 59th Avenue in the high-demand Southwest Phoenix submarket. With completion expected in February, the two buildings of this infill project are designed for flexibility in tenant requirements … [More]
More Rooftops Coming to SE Phoenix
Tri Pointe Homes®, a recognized leader serving the Phoenix market for more than 30 years under the name Maracay®, has broken ground on Sentinel at Oro Ridge, a 52-home neighborhood located within the expansive Oro Ridge planned community in Queen Creek, Arizona. Available in Spanish, Farmhouse and Desert exterior styles, Sentinel at Oro Ridge homes will range from … [More]
Safety Culture Critical in Onboarding in the Construction Industry
Establishing a culture supported by best practices within a company is oftentimes difficult and develops slowly over time unless clearly defined and demonstrated within an organization; it is subjective. Company culture is successful when people are leading by example and utilizing their voices, but an issue arises when no one believes they are the example. For example, … [More]
Single-Family Build-for-Rent Community Underway Near Taiwan Semiconductor Facility
The Empire Group of Companies closed last month on a 40-acre parcel located in North Phoenix near the site of the $12 billion Taiwan Semiconductor Manufacturing Company facility that is projected to open in 2024, where it plans to build a community of 354 single-family build-for-rent homes. Village at Bronco Trail will be situated at 29th Avenue and Sonoran Desert Drive, just … [More]
New Headquarters Welcomes Employees Back with a Bowling Alley
After an all-too-familiar pandemic delay, Phoenix-based property management leader Arcadia Management Group has relocated and expanded its downtown Phoenix headquarters within the same building, where it also serves as property manager — the 3550 N. Central office tower. The new 18,500-square-foot space welcomes employees back with amenities for work and play, including a … [More]
Acquisition of Paradise Village in Paradise Valley Marks Firm’s First Office Building in Arizona
Full-service real estate firm Time Equities, Inc., recently acquired Paradise Village Office Park, a five-story, 268,516-square-foot Class A office building for $43 million from Sterling Equities and Lincoln Property Company. Located at 11811 N. Tatum Blvd. in Phoenix, Arizona’s Paradise Valley, a premier Phoenix submarket, this acquisition represents TEI’s first office … [More]
Their Take: Scottsdale Airpark Eyed for $1B Project
The headline sure grabs your attention: “Scottsdale Airpark eyed for $1 billion project.” The proposal is impressive. Some are saying it’s one of a kind. Others are calling it a legacy project. Whatever you call it, it would be close to a slam-dunk approval in most cities in the Valley. But this is Scottsdale 2022. So it’s time to fasten your seat belts and get … [More]
Goodyear Fully Leased Industrial Building Sells for $109M
Fully leased big-box distribution building on over 46 acres in Goodyear, Arizona, sold for $109.2 million. Newly constructed in the first quarter of 2022, the property, the Lakin Park Building 1A, was advised by Cushman & Wakefield . The property was acquired by BentallGreenOak, a leading, global real estate investment management adviser and a globally recognized … [More]
CRE Duo Celebrates Three Years as Women Entrepreneurs
Evolve Ventures, founded by two women commercial real estate leaders in 2019, is celebrating its third anniversary having successfully evolved to supply the market with their own unique development ventures in Midtown Phoenix and Chandler. Evolve’s managing principals, Amy Malloy and Heather Personne, combined their almost 50 years of experience to form a firm committed to … [More]
Industrial-Inspired Community Opens in Warehouse District of Downtown Phoenix
Wood Partners, a national leader in multifamily real estate development, announced the grand opening of its latest luxury residential community, Alta Warehouse District. Located at 402 W Lincoln Street in the historic Warehouse District of Downtown Phoenix, Alta Warehouse District is the third Wood Partners project to open in Downtown Phoenix. The community … [More]
JDM Partners Buys Back Stake in West Valley Master-Planned Community
The Howard Hughes Corporation announced that JDM Partners has exercised their remaining option to reacquire a stake in Douglas Ranch, the recently launched large-scale master planned community in Phoenix's West Valley. The community was acquired by The Howard Hughes Corporation from JDM Partners and El Dorado Holdings last October for approximately $541 million. On August 18, … [More]
Wealth Development Co. Launches Opportunity Zone Fund
CaliberCos Inc., a fully integrated alternative asset manager and investment sponsor, announces that it has launched Caliber Tax Advantaged Opportunity Zone Fund II, LLC (the “Fund”), a $250 million equity fund targeted to invest in a diversified portfolio of real estate properties and real estate-related equity investments in select opportunity zones located in high-growth … [More]
Spec Industrial Development Breaks Ground, High Demand Prompts Opportunity
VanTrust Real Estate broke ground on its latest speculative industrial development, VT 202. This infill project will feature two buildings totaling 181,000 SF of Class A industrial space in the high-demand Southwest Phoenix submarket. “VT 202 is truly a rare opportunity in the current industrial market, especially in Southwest Phoenix,” said VanTrust Director of Development … [More]
$66M Sale Sets Record Pricing/SF in Metro Phoenix
Holualoa Companies and LaPour Partners paid $66.35 million for the Camelback Collective, a recently constructed 115,838-square-foot Class A office building in Phoenix, Arizona. The premier four-story building is located at 2801 East Camelback Rd and was over 95% leased at the time of sale. The buyer was Oklahoma City-based Humphreys Capital. At $573, the price per square … [More]
Schnitzer Properties Buys Phoenix Industrial Complex for $46M
Schnitzer Properties has purchased Westech Business Center I and II, a seven-building, 225,333-square-foot light industrial complex in Phoenix, from LBA Logistics. According to Maricopa County records, the sale price for the two assets was $46.2 million and the complex is also subject to a $28 million bridge loan with two one-year extension options, originated by M&T … [More]
Luxury Multifamily Apartment Building in Gilbert Sells for $91M
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), announced today the sale of The Wyatt, a 216-unit luxury multifamily asset in Gilbert, Arizona. The $91 million sales price represents $421,296 per unit. “One of the nation’s most prosperous large cities, Gilbert is a top suburban submarket target for multifamily investment in Greater … [More]
Build-For-Rent Co. Closes 40 Acres Near Massive Microchip Facility
The Empire Group of Companies recently closed on 40 acres near the Taiwan Semiconductor Manufacturing Company north of the Valley where it plans to build ± 354single-family homes for rent. The proposed development will be named the Village at Bronco Trail. The Land Advisors Organization team of Bret Rinehart, Ryan Semro, and Ben Heglie represented the Empire Group (Principal … [More]
Speed-to-Market Design
We are in a rather unique time for multifamily real estate. The high costs of materials and shipping, as well as supply delays make building from the ground up riskier than it would be under more predictable conditions. Current investment rates, cap rate compression and inflation also are key factors in assessing the risk level for multifamily investors. However, high demand … [More]
