Marwest Enterprises, LLC, owner and developer, broke ground on a new, 1,080,240-square-foot speculative industrial development along the 202 Freeway in Southeast Mesa. The planned industrial buildings are located on the freeway-fronting northeast corner of S. Hawes and Elliot Rd. and are scheduled to be completed in December this year. “This one-million-square-foot project, … [More]
Commercial Real Estate Investment Firm Plans to Spend Close to $6 Million to Renovate Phoenix Properties
San Diego-based Tower 16 Capital Partners has acquired a two-property multifamily portfolio consisting of 332 units in the greater Phoenix area for $55 million. Summerhill Place Apartments is in Glendale, Ariz., and consists of 232 units built in 1986. The Villas at Montebella Apartments, located in Peoria, Ariz., includes 100 units built in 1974. The properties were acquired … [More]
CRE: What’s the Big Picture?
Interest in Metro Phoenix’s commercial real estate industry spans not only all its segments but naturally draws in most of the rest of the business community as companies need space for their operations. Perspective on the state of the market and its future varies by the angle from which involvement stems, and In Business Magazine explores those viewpoints of investors, whose … [More]
Walter Crutchfield, Vintage Partners
Moving up in the CRE spotlight these days is industrial and multifamily. And Phoenix is leading the pack in those segments, while other segments are adapting to considerable shifts in market needs. Many of the negative shifts felt in other parts of the country have not impacted the Phoenix market as deeply. Couple that with strong in-migration, growth in manufacturing jobs, … [More]
Resimercial Trending as Workplace Design
With all the social and economic change happening over the past year, most industries are in a state of disruption, and commercial real estate is no exception. While many of the trends we are anticipating for the next several years are not entirely new concepts, the overarching trend is that companies will need to evolve in order to stay relevant. For the commercial office … [More]
New Mesa Entertainment District to Include a Surf Lagoon
A new entertainment destination recently broke ground in Mesa. Cannon Beach will be a 37-acre surf, shop, gym and multi-use development. The project by Cannon Beach Developers, two and a half years in design and development, will bring the ocean to Arizona in a place unlike any other in the state. The oasis, located at the cross streets of Power and Warner roads in Mesa, will … [More]
Back to School – Trends in K-12 Construction
For many, elementary school classes were in portables, lunch was held in a boxy multi-purpose room and technology meant the chance to play Oregon Trail. And we loved it! Today’s students, however, just have way cooler schools, thanks in great part to innovation. According to Patrick Sheppard of CHASSE Building Team, a key component of design today is collaborative spaces, … [More]
Sale of Agave Center, Scottsdale, Sets Record
The recent sale of Agave Center at $9.775 million sale and 6.2% CAP, brokered by Colliers International, represents a record per-square-foot rate for an unanchored Scottsdale shopping center. The 2.46-acre shopping complex, with 16,038 square feet of retail space and positioned at the highly trafficked intersection of Scottsdale Road and Acoma Drive, is 100% occupied by local … [More]
Water Feature Sets Off The BLVD Development in Avondale
A new water feature project, which recently broke ground at the corner of Avondale Blvd. and W. Dale Earnhardt Dr., in Avondale, will be the showpiece at The BLVD, an exciting new development along Avondale Boulevard. The project will include two signature-entrance water features, a one-acre lake, koi pond, splash pad, pedestrian bridges and inviting landscaping. Once … [More]
Denver-based Company to Build Chandler Connection
Marking its entry into the Phoenix industrial market, Denver-based Comunale Properties has selected Stevens-Leinweber Construction to build Chandler Connection, a 201,000-square-foot, Class A industrial building immediately adjacent to the Chandler Municipal Airport in Chandler, Arizona. Construction is scheduled to begin July 2021, with an anticipated completion during first … [More]
Industrial Development Breaks Ground in Glendale’s Loop 303 Corridor
Developer Scannell Properties has broken ground on its latest speculative industrial project in Glendale, Ariz. Full-service design-build and construction firm Clayco has been tapped to handle construction of the property. Situated on a 50-acre site in Glendale’s Loop 303 Corridor, the distribution and e-commerce warehouse development will comprise 388,000 square … [More]
1.5 MSF Industrial Project Unveiled in Mesa, Near Gateway Airport
A joint venture between LaPour Partners and Scottsdale Investment Management has announced plans to develop a 1.5 million-square-foot industrial project in Mesa, Ariz. The 101-acre parcel is situated within close proximity of the 202 Freeway, near the Phoenix-Mesa Gateway Airport. Located on Sossaman Road, the development is pending approval from the city of … [More]
Sumitomo to Renovate, Rebrand Downtown Phoenix Office High-Rise
Sumitomo Corporation of Americas plans to submit the former Collier Center, an office high-rise in downtown Phoenix, to a sweeping renovation, after which the company will reintroduce the approximately 600,000-square-foot building as 201 E. Washington. Sumitomo will invest $10 million in the capital improvement program, and is working alongside Transwestern Real Estate … [More]
Tennessee-Based Co. Announces First Major Expansion with New Facility in Chandler
Tennessee-based Mechanical Keyboards, LLC, one of the largest providers of mechanical keyboards in the world, recently acquired a 74,000-square-foot flex industrial building in West Chandler’s thriving employment corridor. Approximately 40 employees will work at the facility located at 7300 W. Chandler Boulevard, and will hold roles ranging from logistics, administration, … [More]
Axis Raintree, a New Speculative Office Building, Opens in Scottsdale
The three-story building was designed by RSP Architects and built by Willmeng Construction, and offers 175,112 square feet of Class A office space. Built on a 5-acre site at 8605 E. Raintree Drive, the property is situated roughly 3 miles from Scottsdale Airport and has easy access to the 101 Freeway, with Phoenix located some 22 miles southwest of the asset. Axis … [More]
Modern Industrial Commerce Center at the Glen Harbor Airpark Completed
LGE Design Build, a full-service design-build firm, recently completed construction on the 388,621 square-foot industrial development – Northern 101 Commerce Center. Conveniently located adjacent to the Loop 101 freeway and Northern Pkwy, Northern 101 is situated on two neighboring sites, totaling 30-acres, at 7860 N. 106th Ave. in Glendale. It is easily accessible to the … [More]
Cold Storage Facility Announced in Glendale to Meet Demand
Cold Summit Development has launched its second project and first in the Phoenix metro area, a 357,000-square-foot multi-tenant speculative cold storage facility (“Cold Summit PHX”), expandable to 485,000 square feet. Sitework and construction is anticipated to start immediately with completion by December 2021. The project follows Cold Summit Dallas, launched in December … [More]
