Wood Partners’ entity WP West Acquisitions, LLC plans to construct a new community called Alta Thomas, made up of high-end, multi-family units, on 4.18 acres on the northwest corner of Thomas Road and Third Street in the heart of downtown Phoenix. The recently completed land sale was brokered through Michael A. Lieb, Ltd representing the buyer, while Stuart Milne and Rich … [More]
Chandler Vision
International real estate firm Hines is developing Chandler Viridian to include a central plaza with 240,000 square feet of Class A office space, a luxury multifamily complex, retail options and a pedestrian promenade to the Chandler Fashion Center. Concord Hospitality Enterprises Company of Raleigh, North Carolina, recently purchased the hotel pad to develop a Cambria Hotels … [More]
New Airpark Office
Scottsdale-based developer SAXA, Inc. and Caliber Companies recently broke ground on the new Bahia 101 Class-A Building, the first commercial Class-A building to be developed in North Scottsdale in more than five years. Planned for 40,000 square feet of space, the new three-story commercial office building at Loop 101 near Bell Road is the only Class-A office scheduled for … [More]
Real Estate Record
Phoenix-based ViaWest Group recently purchased the Biltmore Financial Center, three Class A office buildings totaling approximately 635,000 square feet at the northwest corner of 24th Street and Camelback in Phoenix, for $163.1 million. The transaction is the largest multi-tenant office sale in the Phoenix area since 2007 and third-largest sale ever in the metropolitan area, … [More]
Eating Spaces
A 12,000-square-foot, $5-million development will bring three or four restaurants to ASU’s SkySong, including a 4,500-square-foot farm-to-table restaurant. A unique feature to the development will be a 3,000-square-foot garden that will be professionally installed and curated. Partnering on the project are Wetta Ventures; Arizona State University Foundation; and SkySong, the … [More]
Grow and Own
LGE Design Build completed a 15,000-square-foot aerospace manufacturing machine shop last month for J.B.’s Precision Industries, a certified woman-owned, small manufacturing business. J.B.’s Precision Industries constructed the building, located at 2320 W. Parkside Lane in Phoenix, to grow its business after leasing for 21 years. The family-owned aerospace and defense … [More]
On the Corridor
A prime piece of Camelback Corridor commercial space will soon have a new look as Wetta Ventures redevelops an existing 12,130-square-foot, two-story building on the northwest corner of Camelback Road and 20th Street in Phoenix into retail and creative office space. Renovation is slated to begin in early September, with completion and tenant move-in by January 2016. The … [More]
High-Performance Building Is New Home for Manufacturer
At 163,420 square feet, CornellCookson’s new facility in Goodyear does more than just double the space the company has been operating out of in Phoenix for 25 years. Among its advantages, it streamlines the work flow for the company’s manufacture of custom closure solutions — such as the rolling doors and grilles used at stadiums, hospitals and other secure facilities — and … [More]
Office, Retail, Industrial & Multifamily: A Look at Commercial Real Estate as an Economic Measure
As an economic indicator, commercial real estate touches those big indicators — money and employment. As the industry continues its comeback from the down days of the Great Recession, commercial real estate developers point to many positive factors supporting the current healthy slate of new projects. Metro Phoenix is seeing some product types coming back more than others, … [More]
Local Real Estate Development from the JOBS Act
Caliber Companies is using the Jumpstart Our Business Startups (JOBS) Act, passed in 2012, to enable significant local real estate development. “Being able to publicly solicit a private security is the first thing that came through the JOBS Act,“ says Chris Loeffler, Caliber’s CEO and co-founder. Title II of the JOBS Act, passed in 2013, shifted Regulation A, with a project … [More]
East-side Employment Hub
Mixed-use development Rivulon is a major employment hub taking shape on 250 acres along the Loop 202 in Gilbert. The $750-million business district will include 3 million square feet of Class A office space and 500,000 square feet of retail and hospitality uses. Currently under development is the three-story, 150-square-foot world headquarters for leading health and wellness … [More]
Grand Plans for Papago
Lincoln Property Company has been selected to develop the final phase of one of the largest business parks in Arizona, The Grand at Papago Park Center, a 60-acre, high-profile, urban mixed-use property on the last developable parcel within the 350-acre Papago Park Center. At build-out, The Grand will have a total of 1.8 million square feet of Class A space in six … [More]
Park in Style
Portland on the Park, sister property to Downtown’s award-winning Portland Place, will consist of four-, 12- and 14-story towers with a five-story parking garage for resident and guest use. With some floor plans recently redesigned larger in answer to buyer interest, home sizes range from 745 to 2,490 square feet. In the Central Arts District, it is situated between Portland … [More]
New Interest in Old Town
Camelback Square, a three-story Class-A office project in the heart of Old Town Scottsdale, was recently purchased for $42.3 million. “The Old Town Scottsdale office market is an extremely popular area that is experiencing steadily rising rents and values,” says Paul Smith, principal of new owner Velocis. “Camelback Square is our first acquisition in the Phoenix market, and one … [More]
Value-Add Asset in Phoenix
Madison Square was recently purchased, through Newmark Grubb Knight Frank, by Madison Square Property, LLC, which plans to reposition the value-add asset through a multi-million-dollar upgrade and is working with Phoenix Design One to redesign and remodel the project, taking into account the complex’s fundamental qualities and outstanding location. Built in two phases in 1986 … [More]
Maracay for Adults
Arizona-based Maracay Homes is making an entry into the active adult market with an all-new Freedom Collection in the “small town” development of Verrado in Buckeye. Maracay teamed with nationally recognized architectural and planning firm KTGY to create four floor plans that showcase Universal Design elements, providing convenience and ease-of-living without sacrificing style. … [More]
Infill Hot Property
An infill project that broke ground in Mesa last month, Waypoint is already 100 percent leased on the first of two buildings that will comprise the 258-square-foot Class A office campus, according to David Krumwiede, executive VP of project developer Lincoln Property Company. Waypoint sits on a prime 19.55 acres along the Loop 202 freeway, adjacent to the … [More]
Grand Commerce Complex
PhoenixMart, the more than 1.5-million-square-foot City of the Future centerpiece of NALTEC’s (North American Logistics, Trade and E-Commerce) 585-acre master-planned community in Casa Grande that is set to open in fourth quarter 2015, expects to complete leasing of more than 1,700 suites this year. The global trade complex is expected to benefit primarily North American … [More]
