CBRE’s recently opened state-of-the-art office at The Esplanade in Phoenix is part of the company’s global “Workplace360” initiative, and, at 75,000 square feet, is its largest. Guests, clients and employees enter the space in what’s known as The Heart, where they will be greeted by concierge staff. The high-tech common area features both a media wall and an immersive, … [More]
Pima Center Flex Full
MainSpring Capital Group, developer of the 232-acre master-planned Pima Center, has fully leased the latest of its flex industrial buildings at the business park. The two-building project is the first industrial project built in the North Scottsdale submarket in nearly 10 years; both buildings were fully leased prior to completion. The two buildings, each containing … [More]
Investor Enters Phoenix Market
Denver-based Allante Properties, LLC has entered the Phoenix investment market with the $8,750,000 purchase of Apex off 7th Street, a seven-building apartment community at 948 E. Devonshire Ave in the heart of Uptown Phoenix. “This acquisition offered an outstanding opportunity to participate in the renaissance of Uptown Phoenix,” says Bill Hahn, executive vice president of … [More]
Luxury Lofts within Westgate
Leasing began last month for the 76 loft-style luxury apartments within Westgate Entertainment District as owner iStar nears construction completion on the first residential living community located in the heart of the West Valley’s premier entertainment district. Opening February 1, The Lofts at Westgate include one- and two-bedroom residences ranging in size from 646 to 1,479 … [More]
The Downtown-Midtown Trifecta
A new wave of office, retail and multifamily activity has arrived in downtown and midtown Phoenix. The combination has created a self-supporting trifecta that is transforming these urban submarkets into true live-work-play environments, and attracting high-quality office tenants in droves. Significant leases from tenants like Quicken Loans, Uber Technologies, Spaces and … [More]
Arizona Center Adds Hotel
Arizona Center, Phoenix’s original downtown entertainment destination located at 3rd St. and Van Buren, plans to add an AC Hotel by Marriott to the property. Arizona Center owners Parallel Capital Partners is partnering with Las Vegas-based LaPour Partners on the 200-key upscale, urban-inspired select-service AC Hotel Downtown Phoenix at Arizona Center, with a classic yet … [More]
24th at Camelback Refresh
At 24th at Camelback, in the prestigious Camelback Corridor, a new monument sign and refreshed street landscaping are part of exterior ground-floor renovations that are expected to be completed this month. “Hines is investing nearly $1 million in improvements at the 24th at Camelback campus as part of our continued commitment to ensure we stay current with trends and respond to … [More]
The Block at Pima Center Leases Include Hotel Duo
The Block at Pima Center, being developed by MainSpring Capital Group, has attracted a dual brand set of Hilton hotels. Sharing common registration and lobby space, Tru by Hilton and Home 2 Suites will offer a combined 166 rooms. Tru by Hilton is a new hotel experience that was designed to be vibrant, affordable and young-at-heart. The lobby space provides opportunities to … [More]
Phoenix Has Decade of Strong Industrial Construction
It’s been quite a fruitful year so far for industrial real estate in the United States, reports Yardi Matrix in its recent “Top 50 Cities for Industrial Construction in the Past Decade”. Citing the National Real Estate Investor, Yardi Matrix reports that total industrial sales are expected to exceed 2016 levels this year, marking the second-best volume in 10 years. Large … [More]
Sky Harbor Market ‘Coveted’
CapRock Partners, a leading private industrial real estate investment firm based in Orange County, California, has acquired a distribution/manufacturing facility in the highly sought-after Sky Harbor submarket of Phoenix. “This asset is an ideal fit for our growing portfolio, as it is located in one of Phoenix’s most desirable submarkets and will allow us to utilize our … [More]
Race to Remodel
The home renovation business is booming as owners of high-end homes aim to increase the value of their homes for sale in a market where median sale prices have stagnated for homes built more than 10 years ago, due to an increasing inventory of high-priced but rapidly aging homes plus competition from new homes. Square One Construction is a new luxury renovation company … [More]
Big Box Repurposed
Consumer Cellular has signed a 164,000-square-foot lease with Everest Holdings — represented by Ashley Brooks in CBRE’s Phoenix office — in a former Sam’s Club located at 17500 N. Black Canyon Freeway, following the empty big-box store’s conversion to a single-tenant office building. The national cell phone services provider will occupy the space beginning in March 2018 when … [More]
Energy Efficiency Still Markets Well
A pioneer in the EPA’s Energy Star program for home energy consumption as the first to adopt the standards in its markets, family-owned and -operated Chas Roberts A/C & Plumbing continues to see value in keeping energy consumption and costs down in Arizona even while the Environmental Protection Agency moves to withdraw from the Clean Power Plan and the United States … [More]
Big Activity in Big Box Leasing
Greater Phoenix’s retail market activity through Q2 was driven by big box leasing, according to CBRE Research. Q2 was highlighted by 458,268 square feet of positive net absorption, with 14 leases of more than 20,000 square feet signed in the quarter. There was nearly 520,000 square feet of big box space absorbed in Q2 solely from new leases, not including any construction. … [More]
Industrial in Surprise
LGE Design Build has begun construction on Skyway Commons, a large-scale, two-part commercial project set to take shape in Surprise. Offering a combined 450,000 square feet of Class A industrial space and spearheaded by Silagi Development, the $10.7 million project at Dysart and Rioglass Solar roads will accommodate small to mid-sized industrial tenants. The first phase of the … [More]
Valley’s IKEA No. 2
IKEA is submitting plans to the City of Glendale for its second store in the state. Pending approvals, construction could begin in Fall 2018 with an opening in Spring 2020 at the southeast corner of Loop 101/Agua Fria Freeway and Bethany Home Road. Store plans for 348,000-square-foot IKEA Glendale would reflect the same unique architectural design for which IKEA stores are … [More]
Tacos, Bowling, Nightlife
LGE Design Build is looking to complete construction on an entertainment destination, pairing the Mexican eatery Casa Amigo and high-end bowling alley Sky Lanes that will take over the 16,238-square-foot, two-story Livewire space, before the end of the year. The bottom floor will offer open-air dining and an expansive bar in a setting that transforms into a lively club scene … [More]
Headline News Impacts Real Estate
From state and local budget impasses and halted infrastructure repairs to the debate and delay on healthcare reform, political polarization has far-reaching effects on the economy and nearly every community — as well as its real estate. Global uncertainty has a parallel paralytic effect, from Brexit to immigration bans, which bring new challenges to diplomacy, international … [More]
