In the recent sale of the largest undeveloped parcel of land in Paradise Valley, the sellers accepted a price of $42 million, even though they had received substantially higher offers. The 27-acre parcel, sold by the family of the late John W. Teets Jr., former chairman of the Greyhound and Dial corporations, had been in the family for nearly three decades. It was important … [More]
The Real Deal: On the Ground with Commercial Real Estate
Arizona’s real estate market has had a yo-yo cyclical nature for decades. Are we entering a time of more stability? In Business Magazine has asked leading professionals in this market to share insights on what is happening now in the four real estate sectors of industrial, retail, office and multifamily plus how real estate is supporting the important economic sector of … [More]
May 2024 Guest Editor: Suzanne Kinney, NAIOP Arizona
Business Builds on CRE
Commercial real estate serves as a mirror to the multitude of social changes we’ve experienced since the onset of the COVID-19 pandemic. This economic sector has long been known for its cyclical market, but we may be seeing much longer-term trends. Greater Phoenix continues to be a hot spot for industrial development despite more challenging market conditions. Reshoring … [More]
Emerging Trends in Demand for Phoenix Office Space
According to the U.S. Census, Maricopa County topped the nation in population growth through 2022, and a recent study by QRFY ranked Arizona in the top 10 for most entrepreneurial states based on statistics from the U.S. Bureau of Labor. While some companies are still navigating policies and practices for bringing employees back into the office post-COVID, the combination of … [More]
Transition to Sustainable Energy Sources: A Trend in Real Estate Development
The recent surge in renewable energy deployment has seen substantial growth in utility-scale solar, wind and battery storage projects, driving significant capital investments. These utility-scale projects contribute to the overall grid supply alongside traditional generators like gas and coal-fired plants. However, while utility-scale installations have soared, commercial, … [More]
Feedback: May 2024
Q: For your type of business, what are the most important physical attributes of your workplace, and why? Chloe Conklin Manager of Community Programs Optum – Arizona Sector: Healthcare The physical space at our six, Valley-wide Optum Community Centers is intentionally designed for our 55+ community members to enjoy at no cost, heightening their physical activity and … [More]
Developer Expands Management Footprint, Onboards New Properties
Mark-Taylor Residential (MTR) proudly announces management of three communities that combine the best of luxury, convenience and its signature feeling of home. Through a dedicated partnership with Isola Communities, Sobremesa Villas is a highly desirable luxury build-to-rent (BTR) community located in Surprise. Greener living is made possible through advanced, innovative … [More]
Affordable Housing Developer Breaks Ground on Development in Casa Grande
Lincoln Avenue Communities, a mission-driven acquirer and developer of affordable housing, broke ground yesterday on the future site of Cottonwood Ranch during a ceremony with LAC leaders, local policymakers and partners. Cottonwood Ranch will provide 300 affordable housing units to individuals and families in Pinal County earning less than 50% and 60% of the Area Median … [More]
Fifth Homebuilder Announced for the First Village to be Built at Teravalis
Following the recent announcement by Howard Hughes Holdings Inc. (NYSE: HHH) of the first four homebuilders to join TeravalisTM, the company announced today the addition of Century Communities to its growing roster. Century Communities will join Lennar, Brightland Homes, KB Home, and Courtland Communities as the first to build in Floreo, the first village being developed in … [More]
Multi-Tenant Industrial Building in Phoenix’s Deer Valley Sells for $21.85M
Cushman & Wakefield announced the firm has arranged the sale of Pinnacle Peak Commerce Center, a freestanding 93,725-square-foot (SF) Class A light industrial building in the Deer Valley submarket of Phoenix, Arizona. The property was 100% leased to three tenants at closing. The asset was acquired by Top 10 Properties, a Southwest U.S. based real estate investment firm, … [More]
