Ready to break ground following unanimous approval by the Scottsdale City Council, The Palmeraie will incorporate a variety of dining destinations led by celebrated local and international chefs and be home to more than 60 exceptional luxury and specialty boutiques. Its initial phase encompasses approximately 160,000 square feet of high-end, mixed-use space located on 18 acres … [More]
Chandler for Entertainment
Over street, the large-scale retail, dining and entertainment destination set to take shape in Downtown Chandler broke ground March 29, and the first phase of the sprawling, 77,000-square-foot space is expected to open for business sometime in early 2018. Phoenix-based LGE Design Build has taken on the role of general contractor for the undertaking, teaming up alongside project … [More]
Downtown Grocery
Last month’s groundbreaking for Block 23 heralded the addition of a crucial and long-awaited amenity for Downtown Phoenix, as Arizona-based Fry’s Food Stores becomes the area’s first grocery store and is promised to be the most technologically advanced grocery store in the state. Slated for completion in 2019, RED Development’s Block 23 will also include approximately 330 … [More]
Adaptive Reuse: Breathing New Life into Old Buildings
One of the unexpected successes arising out of the last recession is the rebirth and renewed interest in older, historically significant buildings. In many ways, they have enjoyed a renaissance in being repurposed again. This process, known as adaptive reuse, is the tailoring of old structures for new purposes other than those initially intended. As old buildings outlive their … [More]
Phoenix Shows Strength as Investment Market
After a slowdown that pushed large Phoenix office building sale activity down from 33 deals in 2015 to 22 deals in 2016, the office market got off to a strong start in the new year. Robust population growth, an expanding job market and strong corporate performance have helped institutional America overcome its uncertainty about buying this “late” in the real estate cycle. … [More]
GCU’s West-Side Commercial Hub
Continuing its efforts to turn underutilized assets on the west side of Phoenix into bustling commercial enterprises, Grand Canyon University is developing a major commercial hub in an area of town that had fallen on hard times. The land at 27th Avenue and Camelback Road is now home to more than 2,700 Grand Canyon University employees; a newly opened 325,000-square-foot, … [More]
Florida REIT Attracted to Tempe
Carter Validus Mission Critical REIT II, Inc. of Tampa, Fla., purchased a mission-critical network intensive data center facility in the heart of Metropolitan Phoenix. “The investment provides this non-traded real estate investment trust a fully stabilized property with a long-term institutional quality tenant to add to their growing portfolio,” says Mindy Korth, executive vice … [More]
Camelback Corridor Is Hot Area
With a $24.65 million purchase, Lincoln Property Company has added 2777 Camelback to its Class A Phoenix office portfolio. The 104,618-square-foot building is located at 28th Street and Camelback Road, in a section of the Camelback Corridor undergoing a wave of new development. “The land surrounding 2777 Camelback is enjoying a major revival, thanks to multiple new development … [More]
Class A for Airport & Tempe
Park Garden and Park Bridge at Fountainhead — 127,226 square feet and 164,785 square feet, respectively — is a recently renovated, two-building Class A office campus positioned to meet high demand for the Sky Harbor Airport and Tempe markets, but at a fraction of nearby rental rates. On-site amenities include Lucy’s Fountainhead Café and an extensive park-like campus with … [More]
Desert Ridge Marketplace Renovation
Phoenix-based Vestar has commenced the renovation of its shopping center Desert Ridge Marketplace in north Phoenix, which, opened in 2001, served as the cornerstone in generating the Desert Ridge master plan. The $15-million overhaul will include new furnishings and fixtures, an artistic landscape design, a new brand look and feel and a robust calendar of events. Vestar plans … [More]
Camelback Corridor Office/Hotel Development
Located on Camelback Road between 28th and 29th Streets, in the heart of Phoenix’s Biltmore Financial District, Camelback Collective will be comprised of a 120,000-square-foot, Class A mid-rise office building, a 160-room AC by Marriott hotel, and surface and subterranean parking. Graycor Construction Company will lead the design-build construction for Las Vegas-based … [More]
Luxury Rentals Hot
The City of Phoenix was one of the 75 largest U.S. cities included in a market report from RENTCafé that tracks apartment rental rates. It clocked a 7.3 percent growth rate, which placed it No. 12 on the cities with the fastest-growing rents. Mesa topped that, with its 9.7 percent rent increase making it the fourth-fastest-growing. Renting has become increasingly favored … [More]
PV Adds Destination
The overwhelmingly residential community of Paradise Valley will soon offer a new resort, Mountain Shadows. Completely rebuilt from the ground up by Westroc Hospitality and Woodbine Development, Mountain Shadows will feature 183 modern guest rooms, including a presidential suite facing Camelback Mountain. An additional wing with 42 resort condominiums and suites will open in … [More]
New Restaurant and Retail
WINLEE Development, the real estate development division of locally based investment firm Winfield Lee Investments, has commenced construction on Chandler Viridian PRIMEGATE at Fashion Square. PRIMEGATE is the 24,000-square-foot distinctive restaurant and retail component of the 25-acre Chandler Viridian mixed-use project being developed by the consortium of Hines, Alliance … [More]
Artistically Thriving
Desert Viking Development’s new project, The Blocks of Roosevelt Row, will see the adaptive reuse of three bungalow-style homes and the prominent Flowers building, and construction of a new, three-story commercial building. The project to revitalize a portion of the Roosevelt Row Arts District is set to be completed in fall 2017, with portions delivering earlier next spring. … [More]
First Post-Recession Medical Office Spec
The Arrowhead Orchards medical office development in Glendale is the first MOB spec project in the Valley since the recession. The property owner, Arrowhead Health Center, LLC, an entity affiliated with Legend Real Estate Management, Inc., has begun developing 22,700 square feet of new product. CBRE’s Vince Femiano, who, with Katie Kelley, will be responsible for the … [More]
Walmart Supercenter Rises at Metrocenter Mall
Construction began at Phoenix’s Metrocenter Mall this past summer on a Walmart Supercenter. The approximately 148,000-square-foot Walmart, slated to open next spring, represents the single largest capital investment in Metrocenter Mall in decades. Metrocenter Mall opened in 1973 as the biggest shopping center in Arizona and one of the largest nationwide. Recent years saw … [More]
Ak-Chin Casino Expands
The Ak-Chin Indian Community has broken ground on a multi-million-dollar expansion of Harrah’s Ak-Chin Casino that will include a spa, a conference center with multi-use ballroom space, a parking garage, additional restaurants and more than 200 additional rooms. According to Robert Livingston, general manager of Harrah’s Ak-Chin Casino, this expansion will not only increase … [More]
