Apple Hospitality REIT, Inc. announced the opening and acquisition of the new 105-room Hyatt House and 154-room Hyatt Place in Tempe, Arizona, for a gross purchase price of approximately $64.6 million, or approximately $249,000 per key “We are pleased to enhance the diversification of our portfolio with the acquisition of these newly developed Hotels in the dynamic … [More]
New Headquarters and Manufacturing Facility for Dynamic Scooter Co.
Phat Scooters, a leader in Neighborhood Electric Vehicle manufacturing, will soon be opening a new headquarters in Phoenix, Arizona. The company signed a long-term lease for a 44,162-square-foot industrial/flex building located at 3637 E Miami Ave. in the Phoenix Sky Harbor Airport submarket. Phat Scooters is relocating and significantly expanding its operation from its … [More]
How Work-From-Home Culture Will Transform the Future of Real Estate
In just a few months the COVID-19 pandemic has fundamentally changed the way we live and the way we work. Companies were confronted with an overnight shift to remote work in a rapid attempt to safeguard employees and flatten the curve. In a recent survey, 62 percent of employed adults reported working from home specifically due to concern from the outbreak. Increased … [More]
BW Pro Sustains Supply Chain for Builders
BW Pro, spun off from Builderz Warehouse three years ago to serve multifamily developers of more than 100 units, broke ground in July on a 40,000-square-foot facility at 3156 E. Roeser Road in Phoenix. With its focus more on new construction than remodels, managing partner Ron Wittenberg says BW Pro is deemed an essential business, and has not laid off any workers as a result … [More]
Old Town Scottsdale’s New Hotel
The first new-build hotel opening in the area in more than a decade, Canopy by Hilton Scottsdale Old Town is on track to open its door late next month. Designed as a natural extension of Scottsdale’s historic arts district, the full-service hotel will deliver a local experience and 177 guestrooms and suites that strike a balance between contemporary elegance and impeccable … [More]
CASA Trends with Experiential Office Buildings
While a COVID-stricken economy has halted many large metro Phoenix leases, mid-size deals continue to make a significant impact at experiential projects like CASA, George Oliver’s Class A creative office redevelopment in Phoenix’s popular Uptown neighborhood at 7878 N. 16th Street. The Phoenix-based commercial real estate company purchased the building, previously known as … [More]
DPMG Plans 87,000SF Development in Chandler
DPMG Galveston LLC, a private Phoenix-based company, plans to construct an 87,000-square-foot mixed-use industrial project on 6.5 acres in Chandler it recently purchased for $2,050,000 at the southwest corner of Galveston Street and McClintock Drive. Completion of Chandler Corporate Industrial Center II is expected for mid to late 2021. The contemporary design of the project … [More]
Walton Closes on Buckeye Master Plans
Walton, a real estate investment and land asset company with US$3.8 billion under management and administration, has sold 290 acres in the Mystic Vista and Vista Bonita masterplans located in Buckeye, Ariz., the country’s 7th fastest growing city. MPC Developments, LLC has purchased 145 acres in the Mystic Vista community, zoned fully residential for 564 single family … [More]
Commercial Real Estate in the Time of COVID-19
Real estate has always been a major part of our economy. And, as a lagging indicator whose thread weaves through businesses of every type, size and sector, it is also the perfect instrument with which to take the pulse of our economic health. Looking at how the pandemic is affecting the market, Jonathan Keyser of Keyser LLC says, “There’s a lot of impact that’s happening,” … [More]
Guest Editor Adrienne Bryant, Bryant Commercial Real Estate
Real estate is a common thread in the story of business during, through and after the COVID-19 pandemic’s disruption. How are the various segments of our economy faring? A look at the real estate markets throughout Greater Phoenix gives a general snapshot to answer that. As a small, family-owned commercial real estate business, we understand the challenges that business … [More]
Car-Free Lifestyle for Culdesac Tempe Tenants
Planned to open in 2021, Culdesac is a $140-million project with 636 residential units, 24,000 square feet of retail and 35,000 square feet of amenities on 16 acres. Residents will not have private cars or parking spaces although the retail area will have ample parking with 150 spaces for retail visitors and resident guests. In typical developments, the parking lots often … [More]
Building Management Post-Pandemic
The real estate sector’s efforts to mitigate the threat of the contagion by securing buildings have already put it at the forefront of the global response. However, the industry’s most important contribution will be in helping to create an operational framework, within which some semblance of normalcy can be restored. Technology Will Be a Critical Enabler Innovative … [More]
How Multifamily Urban Living Will Thrive Post-Pandemic
It is not lost upon us multifamily developers, owners and operators that fear, as it relates to a person’s living accommodations, is a very real concern in the age of COVID-19. In fact, we are already diligently working to further flesh out new building and design standards for urban communities, especially as it pertains to high-density vertical communities. Innovations … [More]
Q1 Office Market Strong
The Greater Phoenix office market posted a healthy first quarter, being the 32nd consecutive quarter with positive net absorption, according to the Q1 report from Colliers International, a leading real estate professional services and investment management company. More than 100,000 square feet of positive net absorption took place in the first three months of 2020 and the … [More]
Q1 Multifamily Shows Initial Effects of COVID-19
The Q1 2020 Phoenix Multifamily Quarterly Report from ABI Multifamily shows that, while the start of 2020 was strong — with rent growth, healthy occupancy rates, lower cost of living and high renter demand all pointing to another extraordinary year — the future has yet to tell how the multifamily industry will be impacted by the COVID-19 global pandemic. With a development … [More]
Waterfall Villa Residences in Chandler
Models are open at Chandler’s newest lock-and-leave condominium community, Waterfall Villa Residences, by Ironwood Development Group. The private, gated, resort-style community featuring open and modern single-level villas is attracting buyers from all demographic groups. Villa layouts are designed with the flexibility of two- and three-bedroom floorplans ranging from … [More]
Luxury Apartments Planned for North Phoenix
Hines, the international real estate firm, along with a joint venture partner, recently acquired 11 acres in north Phoenix, where it plans to develop a 325-unit, luxury, for-rent residential property. Hines’ multifamily property, located at the northwest corner of Happy Valley Road and 35th Avenue, will consist of six, three-story buildings. An additional one-story building … [More]
