MiTek, a diversified global supplier of services and products to the residential and commercial construction sectors, has expanded its presence in Arizona, working with Colliers International in Arizona in renewing its lease of 259,200 square feet at 7890 W. Lincoln St. — where it will be relocating some out-of-state operations — for eight-plus years and adding a new 10-year … [More]
SkySong TI Project for Unique Restaurant Concept
Scottsdale-based Sigma Contracting, Inc. is collaborating on a unique restaurant concept opening this fall on the campus of SkySong, the ASU Scottsdale Innovation Center. It is providing design-build tenant improvement services for locally owned Born & Raised Hospitality, which anticipates opening its newest concept, Broth & Bao, in November. A bao bun, also known as a … [More]
Luxury North Phoenix Multifamily Property Sells for $90M at I-17 and Loop 303
Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Liv North Valley, a 385-unit luxury multifamily asset in Phoenix, Arizona. The property sold for $90 million, which equates to $233,766 per unit “A modern desert oasis in the Phoenix Sonoran Preserve, Liv North Valley attracts affluent suburban dwellers from Greater … [More]
Global Investment Firm Acquires Industrial Distribution Property in Phoenix
KKR, a leading global investment firm based in New York, announced the acquisition of an industrial distribution property in Phoenix, Arizona for a purchase price of approximately $43 million. The asset is the third industrial property acquired by KKR’s core plus real estate strategy. The property is a state of the art fulfillment center completed in 2019 and was … [More]
Whole-Building Approach to High-Rise Safety
COVID-19 flipped the business world on its head earlier this year, and many businesses were forced to either shut their doors for good or shift operations to remote work, making skyscraper office buildings look like ghost towns. Now, companies and building management are working side by side to institute new policies and procedures that will enable workers to safely return to … [More]
To Lease or Not to Lease
Lease management software company Visual Lease recently surveyed more than 100 commercial tenants to see how they have been impacted, any payments they withheld or concessions they have been offered, and how the pandemic is impacting their future leasing plans. According to the survey: Thirty percent of respondents stated that 75–100 percent of their company’s leased … [More]
Papago Plaza Site Revitalized
Papago Plaza, the mixed-use redevelopment of the prime southwest corner of Scottsdale and McDowell roads, is beginning infrastructure work in south Scottsdale this month. The 11-acre legacy property will include an 80,000-square-foot Marriott Hotel; 50,000 square feet of grocery, restaurant and retail; 276 luxury apartment units developed by Alliance Residential; and a … [More]
Developing Community-Conscious Urban Living in Historic Downtown Phoenix
Urban living is becoming increasingly popular in downtown Phoenix. When designing these projects in historical neighborhoods, developers must work with the surrounding community to ensure the property fits with the overall look and feel of the area. Meeting with residents of the neighborhood is important when designing an urban living project. Holding meetings provides the … [More]
High Demand Fills Medical Office Space
Medical office experts in JLL’s Phoenix office have completed 21,275 square feet in new leases at the 27,868-square-foot Class A Lincoln Medical Plaza, located at the southwest corner of Scottsdale Road and Lincoln Drive, within the Lincoln Plaza Retail Center in Paradise Valley, bringing the newly renovated building to 100-percent leased. James Shough and architect Dean … [More]
New Distribution Center for the West Valley
Scannel Properties recently purchased an approximately 70-acre site just south of Interstate 10 in east Buckeye for nearly $6.65 million, with plans for the construction of an 850,000-square-foot distribution center for specialty discount retailer Five Below. This marks the newest distribution center for the City of Buckeye and West Valley, which continues to grow and attract … [More]
30,400-Sq-Ft Redevelopment in Mesa
Evergreen Devco, Inc., a leading retail and multifamily development company, recently purchased the anchor-tenant building at the southwest corner of Mesa Drive and Southern Avenue in Mesa, for an undisclosed price, and plans to redevelop the currently vacant 30,400-square-foot property. The company is working with a national tenant on a lease agreement to occupy the anchor … [More]
Lincoln Property Co. Earns Back-to-Back NAIOP Arizona Owner/Developer of the Year Honor
The Desert West region of Lincoln Property Company (LPC) has been named NAIOP Arizona’s Owner/Developer of the Year for the second year in a row. The honor – which was accompanied by three additional awards given to LPC at NAIOP’s annual “Best Of” award event – reflects the strength and diversity of the Desert West regional office. In addition to Owner/Developer of the Year, … [More]
REIT Acquires Two New Hotel Properties in Tempe
Apple Hospitality REIT, Inc. announced the opening and acquisition of the new 105-room Hyatt House and 154-room Hyatt Place in Tempe, Arizona, for a gross purchase price of approximately $64.6 million, or approximately $249,000 per key “We are pleased to enhance the diversification of our portfolio with the acquisition of these newly developed Hotels in the dynamic … [More]
New Headquarters and Manufacturing Facility for Dynamic Scooter Co.
Phat Scooters, a leader in Neighborhood Electric Vehicle manufacturing, will soon be opening a new headquarters in Phoenix, Arizona. The company signed a long-term lease for a 44,162-square-foot industrial/flex building located at 3637 E Miami Ave. in the Phoenix Sky Harbor Airport submarket. Phat Scooters is relocating and significantly expanding its operation from its … [More]
How Work-From-Home Culture Will Transform the Future of Real Estate
In just a few months the COVID-19 pandemic has fundamentally changed the way we live and the way we work. Companies were confronted with an overnight shift to remote work in a rapid attempt to safeguard employees and flatten the curve. In a recent survey, 62 percent of employed adults reported working from home specifically due to concern from the outbreak. Increased … [More]
BW Pro Sustains Supply Chain for Builders
BW Pro, spun off from Builderz Warehouse three years ago to serve multifamily developers of more than 100 units, broke ground in July on a 40,000-square-foot facility at 3156 E. Roeser Road in Phoenix. With its focus more on new construction than remodels, managing partner Ron Wittenberg says BW Pro is deemed an essential business, and has not laid off any workers as a result … [More]
Old Town Scottsdale’s New Hotel
The first new-build hotel opening in the area in more than a decade, Canopy by Hilton Scottsdale Old Town is on track to open its door late next month. Designed as a natural extension of Scottsdale’s historic arts district, the full-service hotel will deliver a local experience and 177 guestrooms and suites that strike a balance between contemporary elegance and impeccable … [More]
