RED Development has unveiled the newest details for its ongoing redevelopment of the 100-acre Paradise Valley Mall site in Phoenix. The project has been renamed as PV with the announcement that phase one of the redevelopment is scheduled to open by mid-2024. Phase one of PV will feature a 400-unit apartment community developed by StreetLights Residential, a Whole Foods … [More]
Co-Development Negotiations Underway for 5-Acre Hayden Flour Mill Redevelopment
Phoenix-based adaptive reuse experts Venue Projects and Scottsdale-based legacy developer Sunbelt Holdings have been selected by the City of Tempe to co-lead the redevelopment plans for the 5-acre Hayden Flour Mill, one of Tempe’s most revered landmarks and an integral part of Tempe’s history. Located at the southeast corner of Mill Avenue and Rio Salado Parkway in Tempe, … [More]
Safehold Closes Third Ground Lease in Phoenix Area for $54 Million
Safehold Inc., the creator and leader of the modern ground lease industry, announced the closing of its third ground lease in the Phoenix MSA for $54 million. The Safehold™ ground lease facilitates the acquisition of Rise on Apache, a Class A student housing property near Arizona State University in Downtown Tempe. The transaction closed in December 2021 and marks Safehold's … [More]
Plaza Companies’ Property Management, Construction and Development Divisions Continue Momentum in 2021
Plaza Companies’ Property Management and Construction divisions were active in projects across the Valley in 2021, further expanding the company’s portfolio. Plaza Companies has expanded its professional growth in commercial office, research and biotechnology and senior living. Plaza specializes in providing real estate investors, owners, physicians and tenants with … [More]
3.4M Square-Foot Infill Industrial Complex in Central Phoenix Begins Construction
Construction is officially underway at CapRock West 202 Logistics, a landmark 3.4-million-square-foot speculative infill industrial development in central Phoenix. During a celebratory ground breaking event, CapRock Partners today announced that grading has commenced the on first phase of the 183-acre project, which is the largest industrial development in Phoenix’s in history … [More]
Tokyo-Based Real Estate Co. Partnership Acquires 150-Unit Multifamily Community in Phoenix
Tokyo-based Nippon Steel Kowa Real Estate Co., Ltd., advised by Metzler Real Estate, has re-entered the U.S. real estate market in a joint venture with Denver-based Continental Realty Assets, Ltd., a subsidiary of Continental Realty Group. The partnership acquired Arrive Fountain Hills, a 150-unit multifamily community in the Fountain Hills submarket of Phoenix, Ariz. The … [More]
Investment Firm to Convert Scottsdale Hotel into Luxury Apartments
Scottsdale-based investment firm, Sterling Real Estate Partners, recently acquired Suites on Scottsdale in an off-market transaction with plans to convert the hotel into market rate apartments. Originally built in 1996, the 114-room extended stay hotel will be transformed into a luxury, 85-unit apartment community. The property is centrally located in one of Scottsdale’s most … [More]
ViaWest Group Breaks Ground on Converge Logistics Center in Phoenix
Work is underway on a three-building industrial development that sits along Interstate 10 in the City of Phoenix. ViaWest Group and its building partners Willmeng Construction, Butler Design Group, and Kimley-Horn broke ground on the 512,710 square foot Converge Logistics Center on Friday, January 28. “We started working on this a while ago with the Kyrene School District,” … [More]
Phoenix Market Update: Occupancy on the Upswing
The Greater Phoenix office market closed 2021 strongly, with an 15.3 percent vacancy rate in December, according to CommercialEdge. Although vacancy ticked up 60 basis points from the previous month, the year-end rate reflects a 310 basis-point improvement from January 2021. Among comparable secondary markets, the Valley occupied middle ground: The metro surpassed … [More]
Dallas-Based Multifamily Investment Firm Buys Second Phoenix 180-Unit Property
An affiliate of The Milestone Group, a leading multifamily investment fund manager, has acquired its second multifamily asset in the Phoenix market in the last 60 days, representing approximately $100M of combined purchase price. Mandarina Apartments, a 180-unit multifamily property, was acquired through a recapitalization to further expand Milestone’s portfolio of assets in … [More]
2022 Interior Design Trends
It comes as no surprise that COVID-19, quarantines and lockdowns are still at the forefront of our minds. Experiences over the past two years has led society to seek commercial spaces that promote health, flexibility and the comfort of home in a shared office setting. Knowing this, we have identified four key trends for 2022 (and beyond) and they are all very interrelated: … [More]
The Sustainable Valley Located in Buckeye, Arizona
We recently facilitated an accumulated $20 million deal in Buckeye, Arizona, with the purpose of driving sustainable energy, warranting the name Sustainable Valley for the syndicated 200-acre land deal. The real estate market alone makes up 49% of global carbon emissions. This fact drives our interest in making sustainable living more prevalent, especially here in our home … [More]
2021 Sees All-Time Records in Phoenix Industrial Market
Colliers in Arizona reports the Metro Phoenix industrial market set a series of records in 2021, making it the most active year in the area’s history. Net absorption in 2021 was 80% higher than 2020, construction levels hit a historic peak in fourth quarter, and vacancy rates dropped to their lowest levels ever in the final months of the year. In addition, investment sales … [More]
1.5M-Sq-Ft Industrial Development in Mesa
New York-based Wharton Industrial has acquired a 101-acre parcel of land in Mesa, Ariz., in which it plans to invest more than $200 million to develop The Hub@202, an 11-building, 1.5 million-square-foot Class A industrial park. Financing for the project was provided by MSD Capital, LP, the family office of Michael Dell. Construction is set to begin in Q2 of 2022. The site … [More]
Buckeye Development Targets E-Commerce and Logistics
SVN Desert Commercial Advisors completed the sale of an approximately 77-acre industrial site in Buckeye at the southeast corner of Apache Rd. and Southern Ave., adjacent to the Cardinal Glass and Walmart distribution facilities. Contour Real Estate, a California-based real estate investment and development firm, purchased the land for $14.5 million and plans to develop a 1.2 … [More]
10M-Sq-Ft Industrial Planned in W. Phoenix
Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, has acquired 961 acres of land in El Mirage, Ariz., which will be developed into one of the largest industrial parks in Arizona’s history. With initial development of the Copperwing Logistics Center beginning this … [More]
Houston-Based Real Estate Investment Firm Announces the Acquisition of 139 Acres in Glendale
Lovett Industrial, the Houston-based real estate investment firm, announces the acquisition of 139 acres along the Northern Parkway in Glendale, Arizona, where it will develop NorthPark Logistics Center, a planned two-building, 1.7 million square foot Class A industrial campus. This will be Lovett’s second project in the greater Phoenix area, where the firm currently is … [More]
