Even amid a pandemic, local developer George Oliver is flush with new tenant interest across its office portfolio — but with a very common requirement. Prospective tenants all want the kind of experiential, next-generation office space that George Oliver, in particular, is becoming known for. “The pandemic dramatically shifted how employees and employers view the … [More]
Industrial/Logistics Building Breaks Ground in Buckeye
LGE Design Build, a full-service design and general contracting firm and winner of AZ RED 2021 General Contractor of the Year, broke ground recently on a new state-of-the-art industrial project in the City of Buckeye being developed by Phoenix-based Creation Equity, an alternative investment and real estate development firm. The project consists of 860,602 square-feet, with … [More]
Phase II Homes Open in Goodyear’s Centerra
Landsea Homes Corporation has opened the second phase of its homes in the one-of-a-kind Goodyear community of Centerra, which offers homes with seven different floor plans and ranging from three to four bedrooms, with an option for six bedrooms, and two to three-and-a-half bathrooms. Homes include smart home automation technology and an air purifier. The community also features … [More]
Ground Breaks on 651-Unit Apartment Development in Tempe
Banyan Residential, an L.A.-based private real estate investment company, has commenced construction on phase one of Banyan North Tempe, a 651-unit multifamily development in Tempe. In conjunction with Milhaus, an Indianapolis-based development company, Banyan worked tirelessly with state and local agencies to annex the 16.5-acre site in an area frequently referred to as the … [More]
Luxury Build-to-Rent Project Begins in Apache Junction
Paragon Development Group recently closed on the $3.1 million purchase of 15.67 acres in the Southeast Valley. The site, located on the NEC of West Southern Avenue and South Meridian Road in Apache Junction, is slated to become Hampton Meridian, a new 195-unit luxury build-to-rent community with one-, two- and three-bedroom attached and detached residences ranging in size from … [More]
Pre-Leasing at Scottsdale and Palm Desert Independent Living Communities Announced
Revel Communities, a division of The Wolff Company representing a portfolio of vibrant independent living communities with best-in-class amenities and services, has officially launched pre-leasing for its newest independent living communities, Revel Legacy and Revel Palm Desert. Located in Scottsdale, AZ and Palm Desert, CA, respectively, Revel’s newest desert-oasis communities … [More]
Regent Properties Lands $62M Loan for Phoenix Campus
Regent Properties has obtained a $61.7 million bridge loan to refinance Elevate 24, a two-building, 323,251-square-foot office property in Phoenix’s Camelback Corridor. Public records show Forethought Life Insurance Co. provided the non-recourse financing. Working on behalf of the owner, a CBRE team facilitated the deal. Elevate 24 is one of the 12 office holdings Regent … [More]
Three-Building Industrial Portfolio in Phoenix Acquired by New York Investment Firm
KKR, a leading global investment firm, today announced the acquisition of a three-building industrial portfolio totaling approximately 419,350 square feet located in highly infill locations in Phoenix, Arizona. The Seller was a Joint Venture between PCCP, LLC and Hopewell Development LP. All three assets were built in 2020 and are located approximately twenty to thirty … [More]
NAIOP Honors the Valley’s Most Successful CRE Projects, Companies, Individuals
Commercial real estate’s leading annual awards, the Best of NAIOP, returned to a live event after a virtual presentation last year because of the COVID-19 pandemic. What a celebration it was. The Arizona Chapter of NAIOP safely handed out awards in 34 categories at the Westworld of Scottsdale on May 12. “Despite the COVID-19 pandemic, the number of Best of NAIOP … [More]
RED Development’s Phoenix Mixed-Use Destination Nears Full Occupancy
RED Development has signed Arizona’s largest law firm—Snell & Wilmer—to its growing tenant roster at CityScape Phoenix. With this new addition, the mixed-use property hit a leasing milestone of 98 percent. This deal marks the largest office lease signed in downtown Phoenix during the pandemic. Snell & Wilmer will be relocating its headquarters from the Arizona … [More]
235,000-Square-Foot Build-to-Suit Near Phoenix-Mesa Gateway Airport Breaks Ground
Marwest Enterprises and Willmeng Construction broke ground on the new facility this week for the Canadian designer and manufacturer of environmentally efficient electric vehicles (EVs), ElectraMeccanica Vehicles Corp. The new facility will include an assembly and manufacturing plant, a research center, 22,000 square feet of office space and 19,000 square feet of lab space. … [More]
DAUM Commercial Breaks Ground on Phoenix-Mesa Airport Project
DAUM Commercial Real Estate Services has broken ground on Gateway Executive Airpark, a three-hangar project at Phoenix-Mesa Gateway Airport in Mesa, Ariz. Gateway Executive Airpark will comprise 185,500 square feet of space, which is now leasing and will be available for occupancy starting in the fourth quarter. Located at 5559 S. Sossaman Road, the facility is located … [More]
Marwest Breaks Ground on 1 MSF Mesa Industrial Project
Marwest Enterprises has broken ground on Elliot 202, a two-building, 1.1-million-square-foot speculative industrial campus in Mesa, Ariz., according to Phoenix Business Journal. With Willmeng Construction serving as the project’s general contractor and Ware Malcomb as architect, completion is expected in the first quarter of 2022. Elliot 202 is the largest speculative … [More]
Close on Final Sale at Chandler Airport Commerce Park, a 68-Acre Light Industrial Development
Ryan Companies US, Inc., a national developer, designer, builder and property manager offering full-service commercial real estate solutions, along with joint venture partner Allstate Investments, is announcing the final building sale at Chandler Airport Commerce Park. This sale caps off a two-phase, 68-acre light industrial development totaling 538,000 square feet, including a … [More]
More than 1M Sq. Ft. of Industrial Space Being Constructed in the Elliot Road Technology Corridor of Southeast Mesa
Marwest Enterprises, LLC, owner and developer, broke ground on 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. “This one-million-square-foot project, … [More]
Commercial Real Estate Investment Firm Plans to Spend Close to $6 Million to Renovate Phoenix Properties
San Diego-based Tower 16 Capital Partners has acquired a two-property multifamily portfolio consisting of 332 units in the greater Phoenix area for $55 million. Summerhill Place Apartments is in Glendale, Ariz., and consists of 232 units built in 1986. The Villas at Montebella Apartments, located in Peoria, Ariz., includes 100 units built in 1974. The properties were acquired … [More]
CRE: What’s the Big Picture?
Interest in Metro Phoenix’s commercial real estate industry spans not only all its segments but naturally draws in most of the rest of the business community as companies need space for their operations. Perspective on the state of the market and its future varies by the angle from which involvement stems, and In Business Magazine explores those viewpoints of investors, whose … [More]
