Investcorp has acquired Tempe Commerce Park, a five-building multi-tenant light industrial park located in Tempe, Ariz., for $85.4 million. JLL Capital Markets marketed the property on behalf of the seller, BKM Capital Partners, as well as placed a five-year, floating-rate acquisition loan with a life company on behalf of the buyer.According to CommercialEdge data, BKM … [More]
What to Expect in the Greater Phoenix Commercial Real Estate Industry in 2021
The buzzword for 2020 across all industries, including commercial real estate, was “pivot.” Fortunately, the fundamentals of the Phoenix-area commercial real estate market were strong before the onset of the COVID-19 pandemic, so we were prepared to weather the storm better than other markets across the U.S. Here is a snapshot of Phoenix’s commercial real estate industry in … [More]
Gilbert Medical Office Market Is Dynamic
Since opening in 2006, Dignity Health’s Mercy Gilbert Medical Center has grown from a single hospital into the centerpiece of one of the Valley’s most dynamic medical corridors. Demand here is so high that vacancy rates on the hospital campus sit at virtually zero and nearby off-campus vacancy is just 4.9% — nearly three times lower than Phoenix’s overall medical office vacancy … [More]
New Master-Planned Community in Queen Creek
Fulton Homes is beginning work on Barney Farms, a 550-acre master-planned community that will include 1,700 homes. The development is located on the northeast corner of Queen Creek Road and Signal Butte Road. This groundbreaking represents a new standard for large-scale communities in the southeast Valley. We worked hard to secure the land, and then to develop something … [More]
TI Project Expands Gilbert Manufacturing Campus
The newly completed 120,294-square-foot, two-story Gilbert Spectrum V continues the expansion of Northrop Grumman’s multi-building satellite manufacturing campus in Gilbert, Arizona., with construction of its final build-out now underway and expected to be complete within this quarter. Gilbert Spectrum Building V, located at 1715 W. Elliott Road, is the latest building … [More]
Infill Industrial Projects Planned in Tempe
ViaWest Group of Phoenix has purchased three real estate assets in Tempe from Insight Enterprises, Inc. for $26.85 million. The portfolio includes Insight’s corporate headquarters building situated on a 19-acre site at 6280 S. Harl Ave., which ViaWest plans to replace and re-develop the property into a Class A industrial park after Insight relocates at the end of this year. The … [More]
Zoned Properties Strengthens Partnership with National Cannabis Retail Franchisor
Zoned Properties, Inc., a strategic real estate development firm whose primary mission is to provide real estate and sustainability services for the regulated cannabis industry, positioning the company for property acquisitions and revenue growth, today announced that the company has contributed an additional $100,000 in investment capital to The Open Dør, a national cannabis … [More]
Phoenix City Council Approves Paradise Valley Mall Redevelopment
Major changes are coming to Paradise Valley Mall as the Phoenix City Council approved a rezoning request that will redevelop and breathe new life into the mall that has been part of the northeast Phoenix community for decades. The approved mixed-use development includes retail shops, a grocery store, restaurants, high-rise multi-family housing with a maximum 120 feet in … [More]
New 199-Room European-Inspired Hotel Begins New Growth of Arizona Center
Arizona Center, a shopping, dining and entertainment destination in the heart of downtown Phoenix, prepares to welcome the new AC Hotel Phoenix Downtown, opening Feb. 18, 2021. The new AC Hotel Phoenix Downtown located off of 5th Street next to the APS building is the perfect blend of European style and Southwest charm. The purposeful design focuses on creating synergy with … [More]
Phoenix Paradise Valley Mall Project Closer to Groundbreaking
After receiving rezoning approval from the city of Phoenix, Macerich and RED Development are moving forward with redevelopment plans for Paradise Valley Mall, requesting the City Council’s approval tomorrow, Feb. 17. The developers intend to transform the 1.2 million-square-foot shopping center into a 6.5 million-square-foot, mixed-use development combining the attributes of … [More]
Properties Group Enters Greater Phoenix Market with First Acquisition, Cites Healthy Employment and Income Growth
CBRE announced the sale of the 523-unit multifamily community ‘Ten01 on the Lake’ in Tempe, Ariz. to Oxford Properties Group for an undisclosed amount. This is the company’s first purchase in the Greater Phoenix area. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, a global real … [More]
Retail Destination in Gilbert Welcomes Popular Brand Retail and Restaurants
Epicenter, the high-end, vertically integrated mixed-use community and retail destination in the heart of Agritopia®, announces seven new retail and restaurant tenants that complement its existing line-up of impressive businesses. Epicenter’s new tenants include barre3, Belly Kitchen & Bar, OLIVESPA, Raw Organic Juice, Source, Spinato's Pizzeria & Family Kitchen and … [More]
Lincoln Property to Develop West Phoenix Industrial Facility
Lincoln Property Co.’s LPC Desert West is one step closer to developing Buckeye85, a 321,873-square-foot industrial project in Phoenix’s West Valley. The company recently acquired nearly 20 acres at the southwest corner of 103rd Avenue and Buckeye Road and intends to break ground on the development this April. Butler Design Group will provide architecture services and Hunter … [More]
Phoenix Ranks among Markets with Fastest Flex Expansion
The pandemic-induced downturn that some feared would severely impact the flexible office space sector has instead landed flex space a prime role in future office strategies, according to a recent report from CBRE. And in Phoenix, flex space has grown rapidly as of late, expanding by 13.7% in 2020 — making it No. 10 among the leading flex office markets in the United … [More]
Gilbert Mixed-Use Development Designed for Walkable Lifestyle
Epicenter, the high-end, vertically integrated mixed-use community and retail destination in the heart of Agritopia®, is progressing on schedule with construction since its groundbreaking in January. The development is slated to welcome residents in the fall of 2021. The multi-family units feature state-of-the-art amenities along with design details that will capture the … [More]
Development on Prime Parcel in Glendale
En Fuego, which broke ground last March, is well under way, according to Walt Brown, founder and CEO of Scottsdale-based real estate brokerage and development company Diversified Partners, who recently announced Starbucks, Raising Cane’s, Barro’s Pizza, Burros & Fries, Twisted Sugar, Jack in the Box, Then Burger and Honey Go Nails are already committed. Across the street … [More]
‘Stay & Play’ Offer to Prospective Homebuyers
Camelot Homes offers a unique new Stay & Play experience at The Villas at Seven Desert Mountain™ in North Scottsdale: Potential homebuyers have the opportunity to stay in one of the award-winning community’s homes, play golf at the championship Seven Desert Mountain golf course and partake in the community’s world-class amenities. “Buying a new home and choosing a new … [More]
