Between COVID-19 and new innovations across the pharmaceutical industry, demand for life sciences space has never been higher. This is good news for Phoenix, which is in a prime position to support this lucrative business sector. According to JLL’s new Life Sciences Outlook, growth in the prescription drug market is expected to surpass $1 trillion by 2022, benefiting in … [More]
Major Tech Corridor Development in Mesa
East Gate Plaza, a 17-acre mixed-use development by Scottsdale-based Diversified Partners in the Elliot tech corridor in Mesa at northeast corner of Ellsworth and Elliot roads, will include medical, office and retail components. Diversified Partners has multiple deals in process that include restaurants, retail, convenience store/gas station, coffee, dessert, nail salon and … [More]
Luxury Build-to-Rent Development for Apache Junction
Chandler-based Paragon Development Group recently began construction on Hampton Meridian, a new 195-unit, luxury, build-to-rent community on 15.67 acres on the NEC of West Southern Avenue and South Meridian Road in Apache Junction. Its first units are expected to be available in March 2022. “The demand for convenient, new and well-located residential rental choices in the US 60 … [More]
‘Attainable’ Multifamily Development in North Phoenix
In a joint venture with Holualoa Companies, Scottsdale-based Greenlight Communities will build a new 292-unit development under its Cabana brand at Happy Valley Road and 19th Avenue in Phoenix. Greenlight purchased the property in early May for $5.8 million and plans to break ground on the new project in August 2021. Greenlight Communities is the first company to … [More]
Metro Phoenix Breaks Record for Industrial Construction
According to Colliers International in Arizona, construction of new projects in the Greater Phoenix industrial market has hit a historic record with approximately 19.1 million square feet currently being built, and net absorption of industrial space has pushed vacancy rates to 5.9%, the lowest ever achieved in the market. Phoenix has now broken into the nation’s list of … [More]
Construction Begins on New Surgical Manufacturing Facility in Scottsdale
LGE Design Build, an award-winning, full-service commercial general contractor with an in-house architecture firm, announced they recently began construction on Fetzer Surgical in Scottsdale, Ariz. Located at 9217 Easter Verde Grove View within the Corporate Center at DC Ranch the facility will sit at the intersection of Hidden Spur Trail and Verde Grove View. Upon … [More]
Iconic El Chorro Lodge in Paradise Valley Sells, Minor Enhancements Planned
It's one of the Valley’s most iconic addresses, drawing the likes of John Wayne, Clark Gable and over 10,000 annual visitors. And it now has new ownership committed to preserving its character and charm in perpetuity. El Chorro, which first became part of the local landscape back in 1934, when it opened as the Judson School for Girls, has since become one of the state's most … [More]
Single-Family Detached Rental Community Coming to South Mountain
Curve Development, based in Arizona, brings modern single-family homes to rent at South Mountain. The new development, Cyrene at South Mountain, is located just west of 16th Street and north of Baseline Road. Curve’s latest project is now pre-leasing, offering 72 homes, with over 3,500 more in the developmental pipeline, spread across 26 communities in multiple … [More]
Semiconductor Equipment Manufacturer Plans Additional Hiring Growth in Chandler, Signs Sublease
Netherlands-based ASML has signed a seven-year, 38,000 square foot office sublease on Price Corridor at 2625 W. Geronimo Place. ASML is currently located in the same business park, Chandler Freeways Crossing, in a different building. Tenant improvements are expected to be complete later this year with ASML moving into their new building in December. ASML provides chipmakers … [More]
Homebuilder Breaks Ground on 172 Homes in Mesa at Eastmark
Landsea Homes Corporation, a publicly traded residential homebuilder, has broken ground within the Eastmark master planned community in Mesa, Arizona. “Eastmark is such a desirable location to live in the Phoenix metro area, with top-rated schools and beautiful surrounding neighborhoods,” said Kaylee Smith, Arizona Division President, Landsea Homes. “We look forward to … [More]
Spec Industrial Park to Begin Construction at Mesa Gateway
Ryan Companies US, Inc., a national developer, designer, builder and property manager offering full-service commercial real estate solutions, along with joint venture partner DWS, announced today that construction will begin next month at the Confluence @ Mesa Gateway. “This project and partnership allows DWS to continue executing on its strategy to develop and own best in … [More]
‘Kid Builders’ in Phoenix to Break Ground on State-of-the-Art Preschool
Custom hardhats on their heads and shovels in hand, approximately 25 “kid builders” are set to break ground on the new Small People Preschool 2.0 in North Central Phoenix. According to Jo Clute, principal and owner, the preschool will embrace all income levels, including those who rely on DES subsidies. Children ages 5 to 12 who currently attend the preschool, presently located … [More]
Investment Firm Acquires Phoenix 332 Unit Residential Building
KKR, a leading global investment firm, announced the acquisition of The District at Scottsdale, a 332-unit Class A residential building. Constructed in 2019, The District in Scottsdale is located in the heart of Scottsdale’s premier lifestyle hub, directly adjacent to the dining, shopping and entertainment options of Scottsdale Quarter and Kierland Commons. RPM Living will … [More]
Largest Resort Property in Scottsdale Area Sells
Lee & Associates, which specializes in providing exceptional commercial brokerage services of industrial, office, investment, multifamily, retail, and land, is pleased to announce the landmark sale of The Scottsdale Plaza Resort, LLC. The buyer is a partnership between the premier hospitality management company, Highgate and Rockpoint Group. Brent Moser, Mike Sutton and … [More]
Build-for-Rent Investment Firm Expands Into Phoenix Single-Family Rental Market
As U.S. consumer demand and investment interest in rental housing increases dramatically, SVN | SFR Capital Management (“SVN | SFR”) today announced the launch of its commercial real estate (“CRE”) investment firm dedicated to the growing Build-for-Rent (“BFR”) rental home asset class. With its industry depth, investable inventory, and relationships with developers, … [More]
The Endurance of the Super Amenity in Multifamily Development
One challenge that has been on the forefront of our multifamily clients’ minds over the last year is amenity occupancy and programming. During this time of uncertainty and change, it is vital to take a step back and truly understand community needs and expectations for communal spaces, allowing for thoughtful, strategic design. Prior to the pandemic, amenities were all … [More]
