LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Co., has completed a $53 million, 140-acre land acquisition in Glendale, Arizona, for its next mega metro Phoenix industrial project, Luke Field. The $515-million, 2.3-million-square-foot development is bordered by Litchfield Road, Northern Avenue, the new Northern Parkway and Luke Air Force Base. It is minutes … [More]
IndiCap and AECOM-Canyon Partners Enter the Phoenix Market with Planned Industrial
IndiCap, a newly formed boutique commercial real estate company specializing in industrial investment and development in the Arizona and Nevada sectors, in a joint venture with AECOM-Canyon Partners, announced its entry into the Phoenix real estate market with the recent $48-million acquisition of two parcels of land totaling 113 acres in the Eastmark master-planned community … [More]
ViaWest Group Closes on 4th Opportunity Zone Deal
ViaWest Group, in a joint-venture with American Opportunity Zone Advisors LLC, has acquired an 8.8-acre land parcel in Goodyear, one of the top 10 fastest-growing cities in the U.S. and Arizona’s second-fastest-growing city, adding a valuable development parcel to its extensive portfolio. This unimproved land site is situated immediately south of its Goodyear Crossing … [More]
Prologis Phoenix Project Moves Forward
Prologis has, once again, big development plans for Goodyear, Ariz., and recently received the local authorities’ support. The Goodyear city council approved the designation of the 113-acre Prologis 303 Business Park as a magnet site within the Greater Maricopa County Foreign Trade Zone, which would translate to a 72 percent reduction in real property and equipment tax, among … [More]
REIM of Scottsdale Launches New Hybrid Brokerage Specializing in Urban Townhomes
Real Estate Intelligent Marketing (REIM) of Scottsdale is joining forces with Craig Young and Nathan Ottosen of Young|Ottosen, also of Scottsdale, to launch a new hybrid brokerage venture to erase typical real estate silos by connecting commercial and single sale residential real estate services. REIM brings deep experience and relationships with multifamily investors and … [More]
Phoenix Office Construction Downshifts
The Phoenix office market witnessed both highs and lows in the first quarter of 2022, according to CommercialEdge. Office construction slowed down across the metro in Q1, as only 1 million square feet of office space was underway as of March, an amount representing 0.8 percent of stock; the national pipeline had reached 2.2 percent. In the same period, completions accounted for … [More]
Park Central Continues Growth With New On-Site Life Sciences Hub
A life sciences boom is underway in midtown Phoenix, making healthcare and bioscience among the fastest-growing industries in the greater Phoenix marketplace — and Park Central is at the heart of it, with plans for a new life sciences hub on site. The project’s development team has created an exciting conceptual design for an 80,000-square-foot life sciences facility in the … [More]
Scottsdale Developer Sells Nearly 100 Acres in Florence
Empire Group of Companies recently sold 99.43 acres to DR Horton for approximately $2.5 million. The land is located in the town of Florence, situated at the northeast corner of Central Park Avenue and Highway 287 near downtown. Empire Group entitled and platted the property. The 99.43-acre parcel was platted in two phases and includes a total of 273 lots that are ready for … [More]
Grand Opening Announced of Two New Communities at Popular Liberty Master Plan in Phoenix
KB Home announced the grand opening of two new-home communities at the popular Liberty master plan in Phoenix, Arizona. The homebuilder’s Traditions and Reserves communities are ideally located off West Southern Avenue, close to Loop 202, Interstate 10 and Interstate 17, and just 10 miles south of downtown Phoenix and Sky Harbor International Airport. The new neighborhoods are … [More]
Luxury Residences Break Ground at Foot of Camelback Mountain, Most Units Sold
Ascent at The Phoenician® has officially broken ground on its next phase of development, the Mountainside Residences situated at the base of Camelback Mountain. Overlooking The Phoenician® Golf Course and located adjacent to The Phoenician®, a Luxury Collection Resort in Scottsdale, Arizona, the private, gated community of Ascent at The Phoenician® has become Arizona’s most … [More]
Buckeye to Get Medical Building, Adjacent the New Banner Hospital
As the booming West Valley continues to grow, the healthcare real estate community has heeded the call and is delivering. Mangat Group is developing Sundance Medical Center, which will be located at the NWC of Yuma Road and Sundance Parkway in Buckeye. The two-story medical office building will total 43,600 SF. Banner Health announced plans to build a hospital in Buckeye … [More]
JLL to Expand, Relocate Arizona HQ
Global real estate services firm JLL announced it will expand and relocate its Arizona headquarters to The Grove, a $400 million mixed-use development in Phoenix. The brokerage firm will occupy 31,000 square feet on the first floor of the 180,000-square-foot office building underway at 4300 E. Camelback Road, which is slated for completion in the third quarter of this … [More]
Recently Completed ‘Adeline’ in Downtown Phoenix Closes $147M from CIM Fund
CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, announced that a CIM-managed fund has closed a $147 million loan to Crown Realty & Development secured by Adeline, a recently completed apartment community in Phoenix, AZ. Located at 222 E. Jefferson St., Adeline is a 25-story tower that consists of 379 … [More]
Developer Adds 568 Affordable Apartment Homes to Phoenix’s Maryvale Neighborhood
Dominium, a leading national affordable housing owner, developer and manager, announced today the closing of the land sales for two new affordable housing communities in Phoenix. Located at 7800 & 7750 West Encanto Boulevard, Aviara Flats and Casa Azure will be Dominium’s 3rd and 4th new construction projects in the state of Arizona, bringing the developer’s portfolio in … [More]
Our Industrial Market Is Booming!
“We are seeing an industrial technologies renaissance, led by semiconductor companies like Taiwan Semiconductor Manufacturing Company building a massive campus in north Phoenix and Intel expanding with Fab 52 and Fab 62 in the southeast Valley that are driving a whole ecosystem of investment,” says Chris Camacho, president and CEO of Greater Phoenix Economic Council. He notes … [More]
Paul Komadina, CBRE Arizona
It’s been an industrious season for the industrial sector of Phoenix’s commercial real estate — more than a year that includes record-setting activity and that also bodes well for Phoenix’s employment numbers. The Phoenix industrial market continues to surpass expectations, setting records for demand and construction only few markets can rival. Increased tenant demand is the … [More]
Feedback: May 2022
Q: We've seen a recent record boom in industrial property starts and leases throughout Metropolitan Phoenix. Based on the projects you are involved in, what is your view on what is fueling this? How much is being built for anticipated tenancy versus for a specific user (such as TSMC over in Phoenix)? Cathy Carlat Mayor City of Peoria, Arizona Sector: Government The City … [More]
