Leading U.S. developer and builder Mortenson, in partnership with PGIM Real Estate and Urban Development Partners, has broken ground on its anticipated The Beam on Farmer Class A office building in the heart of downtown Tempe, and named the Phoenix office of JLL as the building’s exclusive leasing broker. From project architect RSP Architects, the five-story, … [More]
Novus Innovation Corridor Achieves National Sustainability Recognition
In a first for Arizona, the Novus Innovation Corridor earned LEED-ND Gold certification last month from the U.S. Green Building Council. Novus, the 355-acre mixed-use, public-private partnership between Arizona State University and Catellus Development Corporation adjacent to the ASU Tempe campus, is the first LEED-ND community certified at any level in Arizona. “This is a … [More]
Environmental Due Diligence Helps Move Industrial Project Along
Transforming into an 83-acre industrial park on the former site of a cement plant, Merit Sky Harbor Industrial Park will span nearly 1 million square feet and will include new light rail routes and hiking trails along the Salt River in addition to the industrial space. To help Phoenix-based Merit Partners transform the property into a vibrant business park, award-winning … [More]
Industrial Construction in Mesa’s Elliot Road Technology Corridor
Marwest Enterprises, LLC, owner and developer, recently broke ground on Elliot 202, 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. Calling it the … [More]
Medical Office Project Planned in Goodyear
Wentworth Property Acquisitions, LLC plans to start construction in Q4 this year on a new Class A medical office project near W. McDowell and Bullard avenues at 1830 N.E. Bullard Ave. in Goodyear, with completion planned for Q4 of next year. Goodyear Medical will be a two-story, medical office building totaling 57,000 square feet of space situated in close proximity to the … [More]
Phoenix to Consider Downtown Building Purchase, 911 Operators First on List to Move In
The city of Phoenix is planning to purchase an office tower next to city hall to consolidate more city departments into office space and create efficiencies. The 27-story Wells Fargo Plaza located at 100 W. Washington is just east of Phoenix City Hall. If purchased, the building would house multiple city departments now spread out in various locations in the downtown … [More]
Institutional Property Advisors Brokers $69.1 Million Central Phoenix Multifamily Sale
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Level at Sixteenth, a 240-unit, mid-rise apartment community in the urban core of Phoenix, Arizona. The property traded at $69.1 million, or $287,917 per unit. “Transformed from an obsolete 1950s-vintage retail center into a luxury multifamily community in 2010, Level … [More]
Walton Enters the Single-Family Build-to-Rent Market Using its 81,000 Acre Land Portfolio Throughout the U.S.
Walton Global Holdings has launched a build-to-rent (BTR) line of business that will leverage its more than 81,000 acres of land assets throughout the U.S. to create near-term opportunities for single-family home rental developments. Walton is a global real estate investment and land asset management company with US$3.4 billion currently under management making the company … [More]
Partnership Meant to Attract More Young People to the Building Trades
The Arizona Chapter of NAIOP, the Commercial Real Estate Development Association, has announced a partnership with Build Your Future Arizona (BYF Arizona), whose mission is to attract more young people to the building trades profession due to the labor shortage in construction. BYF Arizona seeks to create a sustainable and skilled craft workforce by creating awareness about … [More]
Sam Fox’s Global Ambassador Hotel and Development Take Shape
This week, RED Development announced that construction is underway on the $300 million development of The Grove, the highly anticipated mixed-use destination on the northwest corner of 44th Street and Camelback Road that features the recently announced hotel, The Global Ambassador, by restaurant innovator Sam Fox. Arguably the most high-profile intersection in the Valley, … [More]
Chicago-Based Real Estate Investment Firm Makes Initial Acquisition in the Phoenix Market
SVN Desert Commercial Advisors completed the sale of an approximately 1.61 acre lot in downtown Phoenix at the northeast corner of 1st St. and Portland St within Roosevelt Row. The property was acquired from Arizona Moreland Developments, LLC, for $7,750,000 by First and Portland LLC, an entity formed by JRG Capital Partners. JRG, a Chicago-based real estate investment and … [More]
Expansive New Scottsdale Hangar and Office Building Complex Breaks Ground
JE Dunn Construction and Ross Aviation announce breaking ground on an expansive new hangar and office building at Scottsdale Municipal Airport (SDL) last week. The new facility will further complement Ross Aviation’s already dominant presence at SDL, which is one of the company’s most active year-round locations. The 56,000 square foot hangar, along with two 3,000 square … [More]
Block 23 in Downtown Phoenix Celebrates Big Wins
RED Development is welcoming two new tenants to Block 23 in Downtown Phoenix — CVO Holding Company, an industry-leading transportation technology provider, along with Western Alliance Bank as it expands its downtown presence, in what marks the completion of one of the largest Phoenix-metro leases since the onset of the pandemic. CVO moved its Phoenix headquarters and 200 of … [More]
New Multifamily Community in Tempe Sells for $96M
Cushman & Wakefield announced the firm has brokered the sale of Broadstone Rio Salado, a 276-unit Class A apartment community located at 2325 E Rio Salado Parkway in Tempe, Arizona. The newly developed asset was acquired by an entity formed by Los Angeles-based Decron Properties for $96 million. The seller and original project developer was Phoenix-based Alliance … [More]
CRE Healthcare Team Closes on Trio of West Valley Medical Office Buildings Totaling $32.85M
The Phoenix Kidder Mathews healthcare team continues to capitalize on the robust medical office building market in the West Valley, representing the sellers in the disposition of three assets in the second quarter of 2021 totaling $32.85 million. Kidder Mathews sold the properties within six weeks of each other after getting them each to, at least, 97 percent occupancy. Two … [More]
High Demand for Senior Housing Brings Third Acoya Community to AZ
Ryan Companies US, Inc., Harrison Street and Cadence Living announce the financial closing of Acoya Shea, a 147-unit luxury senior living community in the heart of Scottsdale. Acoya Shea will offer state-of-the-art independent living, assisted living and memory care housing options. The joint-venture team has officially acquired the 2.55-acre site situated just east of … [More]
MedCraft Healthcare Real Estate Expands across Arizona, Serves Rapidly Growing Southwest Market
MedCraft Healthcare Real Estate, a national leader in the development, financing, and management of ambulatory care and medical office buildings, has established an active and growing presence in Arizona and the southwest U.S. region with several prominent health system partnerships. Tucson HealthCare (TMC), Yuma Regional Medical Center (YRMC) and Northern Arizona Healthcare … [More]
The Importance of the ‘Third Place’ In Multifamily Developments
Ray Oldenburg, an American urban sociologist, coined the term “third place” in his book The Great Good Place. He identified that in modern societies, time is primarily spent in our first place (home) and our second place (work). He introduced the need for this third place for social and emotional well-being, suggesting that coffee shops, post offices, neighborhood restaurants, … [More]
