In a $37 million deal, Cypress Office Properties and Harbert Management Corp. have acquired The Arc, a 180,110-square-foot two-building office campus in Mesa, Ariz., from Buchanan Street Partners. Cushman & Wakefield handled the transaction on behalf of both parties. The Arc I and II were 87 percent leased at the time of the transaction. Nearly 70 percent of the space … [More]
New State-of-the-Art Healthcare Facility Breaks Ground in Surprise
JE Dunn Construction and Anchor Health Properties, a national, full-service healthcare real estate developer, announce breaking ground on HonorHealth Prasada, a new state-of-the-art healthcare facility in Surprise, AZ. The new facility will offer a hybrid provider-based emergency room and urgent care model. Created in partnership with Intuitive Health, the pioneer of the … [More]
Investment Firm to Sell Industrial Real Estate Portfolio for $2.2 Billion, Phoenix Highlighted
KKR, a leading global investment firm, today announced that KKR has agreed to sell a 14.5 million square foot infill and light industrial portfolio to Oxford Properties (‘Oxford’), a leading global real estate investor, asset manager and business builder, for approximately $2.2 billion. The portfolio consists of 149 high-quality distribution buildings strategically located … [More]
Richmond America Homes and Oakwood Homes Purchase 372 Finished Residential Lots for Nearly $27.5M
Land Advisors Organization’s Homebuilding Team is pleased to announce the closing of nearly 80 acres in Cross Creek Ranch to Richmond America Homes and Oakwood Homes for nearly $27.5 million. The sale delivers 372 finished residential home lots and is the second of a two-phase sale to these builders in the Cross Creek Ranch community, located in Coolidge, Arizona. The first … [More]
Cawley Architects Transforms Lives with Phoenix Rescue Mission’s Much-Needed, Inspiring Life Recovery Building
Cawley Architects continues its mastery of designing projects that serve the needs of a community with a collaborative project at the Phoenix Rescue Mission – the Life Recovery Building at the Transforming Lives Center. In collaboration with the Phoenix Rescue Mission and its generous donors and general contractor GCON, Cawley Architects provided design expertise for the $9 … [More]
George Oliver Pockets $57M for Experiential Office Asset
Phoenix-based developer George Oliver Cos. has sold CASA, a 177,522-square-foot, experiential office redevelopment in Phoenix’s Uptown neighborhood. Macquarie Asset Management paid $56.5 million, or $312 per square foot, for the Class A asset, setting a new record for the Piestewa Peak submarket. JLL’s Benjamin Geelan and Brian Ackerman represented the seller. Initially … [More]
Partners Close on Land Purchase for 1.7 Million Square Foot Logistics Development in Glendale, Arizona
Cresset Real Estate Partners and Clarius Partners have closed on the land acquisition for 303 Crossroads, a 1,758,410 square foot logistics development in Glendale, Arizona. The project will consist of two buildings to be built across two phases on land fronting Loop 303 and Northern Parkway in Glendale. Building one will be 1,023,610 square feet and is scheduled to be … [More]
More Than 5,200 Lots Are in the Development Pipeline for Local Homebuilder
Fulton Homes, Arizona's largest family-owned and -operated homebuilder, has continued to press forward with a flurry of parcel buys and development as economic indicators forecast a healthy market. Today, the Tempe-based homebuilder is providing details for plans on more than 5,200 of secured lots the company currently has in different stages of development in the local … [More]
Spec Industrial Project Kicks Off in Greater Phoenix
The joint venture of McKinney Investments LLC, Westport Capital Partners and AEW has started construction on Latitude 303 Logistics, a two-building, 897,315-square-foot speculative development in Glendale, Ariz. Delivery is expected in the first quarter of 2022. Latitude 303 Logistics will come online on 54.8 acres at the southeast corner of the Loop 303 and Glendale Avenue. … [More]
The Rise of B2R Communities
The current forecast for multifamily properties is a roller coaster for anyone trying to pin down information from leading analysts. During this time of uncertainty, we have identified a few trends to expect in the coming years. First, as always, location is key. Some areas of the U.S. will see a decline in housing demand while others will continue to experience large … [More]
Bringing (Good) KARMA to North Central Phoenix
As we step back into a post-pandemic world, I know I am not alone when I say I have emerged after months of work and self-reflection with a new perspective and clear focus on what I want to do and achieve both personally and professionally. In December 2020, I launched Boyer Vertical, a boutique real estate development company that integrates my architecture, … [More]
Phoenix Real Estate Draws the Life Sciences Market
Between COVID-19 and new innovations across the pharmaceutical industry, demand for life sciences space has never been higher. This is good news for Phoenix, which is in a prime position to support this lucrative business sector. According to JLL’s new Life Sciences Outlook, growth in the prescription drug market is expected to surpass $1 trillion by 2022, benefiting in … [More]
Major Tech Corridor Development in Mesa
East Gate Plaza, a 17-acre mixed-use development by Scottsdale-based Diversified Partners in the Elliot tech corridor in Mesa at northeast corner of Ellsworth and Elliot roads, will include medical, office and retail components. Diversified Partners has multiple deals in process that include restaurants, retail, convenience store/gas station, coffee, dessert, nail salon and … [More]
Luxury Build-to-Rent Development for Apache Junction
Chandler-based Paragon Development Group recently began construction on Hampton Meridian, a new 195-unit, luxury, build-to-rent community on 15.67 acres on the NEC of West Southern Avenue and South Meridian Road in Apache Junction. Its first units are expected to be available in March 2022. “The demand for convenient, new and well-located residential rental choices in the US 60 … [More]
‘Attainable’ Multifamily Development in North Phoenix
In a joint venture with Holualoa Companies, Scottsdale-based Greenlight Communities will build a new 292-unit development under its Cabana brand at Happy Valley Road and 19th Avenue in Phoenix. Greenlight purchased the property in early May for $5.8 million and plans to break ground on the new project in August 2021. Greenlight Communities is the first company to … [More]
Metro Phoenix Breaks Record for Industrial Construction
According to Colliers International in Arizona, construction of new projects in the Greater Phoenix industrial market has hit a historic record with approximately 19.1 million square feet currently being built, and net absorption of industrial space has pushed vacancy rates to 5.9%, the lowest ever achieved in the market. Phoenix has now broken into the nation’s list of … [More]
Construction Begins on New Surgical Manufacturing Facility in Scottsdale
LGE Design Build, an award-winning, full-service commercial general contractor with an in-house architecture firm, announced they recently began construction on Fetzer Surgical in Scottsdale, Ariz. Located at 9217 Easter Verde Grove View within the Corporate Center at DC Ranch the facility will sit at the intersection of Hidden Spur Trail and Verde Grove View. Upon … [More]
