When complete, the large-scale Park Central revitalization effort will transform a once-defunct shopping area into the city’s premier destination to work and play. Now, the addition of a new, state-of-the-art hotel will help ensure that it’s also a top place to stay for city travelers. The brand-new, dual-branded Home2 Suites/Tru by Hilton hotel from Dallas, Texas-based Fayth … [More]
Historic Luhrs Building to See Upscale Hotel Conversion
With a vision of realizing a truly unique mixed-use property for downtown Phoenix, leading owner, developer and property manager Lincoln Property Company has sold the historic Luhrs Building to Provo-based PEG Companies and Dallas-based A.G. Hill Partners for $14 million. An industry expert with an extensive track record in hotel development, PEG plans to renovate 92,000 square … [More]
Union @ Roosevelt Attracts Chicago Investor
Union @ Roosevelt, a recently developed mixed-use project within the popular Roosevelt Row district of Downtown, has been sold to a Chicago-based investor for $27 million. Located at 888 N. 1st Ave., it features 80 luxury, mid-rise apartments with 9,100 square feet of ground-floor retail space and 28,000 square feet of land. “We were very excited to work on such an intricate … [More]
Design-Built College Prep Campus
Stevens-Leinweber Construction, one of the Valley’s most active tenant improvement, new construction and design-build contractors, has broken ground on a brand new, built-to-suit Vista College Preparatory campus. VCP-Sueño Park, a public charter school for grades six through eight, is located on a 3-acre site at the crossroads of 45th Avenue and McDowell in Phoenix, “Vista is … [More]
Real Estate Investment: Self-Storage
In its 2020 self-storage investment forecast for Phoenix, Marcus & Millichap reported that vacancy declined in 2019 amid an 84 percent year-over-year increase in annual completions, as robust job and population growth helped drive up self-storage rental demand. Rents likewise remained unscathed by the robust construction activity in 2019. Moving into 2020, Marcus & … [More]
The Future of Commercial Real Estate Is Flexible
Ever-changing consumer demands drive industry trends, and real estate is no exception. Today’s younger consumers are increasingly drawn to services that are on-demand, easily accessible and flexible. Therefore, it should come as no surprise that this shift is changing the nature of commercial real estate. Forward-thinking entrepreneurs have already begun demonstrating how … [More]
Finding a Home In-Between
An unfilled niche in the real estate industry?! Explains Nick Calvi, “My wife and I were in between homes and in need of a comfortable furnished home for three to four months. We found the process to be very frustrating, calling and emailing owners and property managers, not getting any response. This created extra stress in an already very stressful time. We thought it should … [More]
The Grand Wins BOMA Building of the Year
Lincoln Property Company won “The Outstanding Building of the Year” award last month from the Arizona chapter of Building Owners and Managers Association for its management of The Grand — the first of eight Class A office buildings LPC is developing at the 60-acre Grand at Papago Park Center mixed-use development in Tempe, Arizona. The Desert West Region of international … [More]
Six-Building Medical Campus in Surprise
Auviana, a six-building medical complex being constructed at the southwest corner of Reems Road and Mountain View Boulevard in Surprise, has filled 19,500 square feet of its 52,000 square feet total with Regency Specialties as its anchor tenant. The practice includes specialists in plastics and reconstruction surgery, dermatology, hand and microsurgery, dermatopathology and … [More]
Incomplete Properties to Redesigned Neighborhood
Model homes have opened at Landsea Homes’ newest community, Centerra, in the City of Goodyear. The opening of Centerra marks a significant victory for Landsea Homes and Goodyear, where the downturn of the market 12 years ago left the community in a state of incompletion. Implementing environmentally conscious building materials and smart home automation features, Landsea Homes … [More]
Leasing Open on 3900 East Camelback
The 3900 Camelback Center office building, a Class A project completed in 2009 and recently sold for $54.5 million, offers one of the corridor’s largest contiguous blocks of first floor space available and is situated in the dynamic east end of the submarket. “The midpoint of the Camelback Corridor is shifting eastward,” says Ryan Timpani, executive vice president with Colliers … [More]
Papago Plaza Razed, Papago Plaza Raised
Construction of a more contemporary Papago Plaza has begun over the demolition of the iconic, shopping center at Scottsdale and McDowell roads in Scottsdale. The new Papago Plaza will feature an adaptive re-use design of natural elements that include brick, stone and wood with a mid-century modern aesthetic. The retail development will include art murals, neighborhood gathering … [More]
Single-Family Home Community for Adults with Disabilities
Luna Azul, a new gated single-family home community, offering a new approach to independent living for adults with disabilities, recently celebrated its grand opening and the move-in of the community’s first residents. The 4.5-acre development located in North Phoenix also launched its Community Association, which provides heightened attention through 24/7 on-site monitoring … [More]
Airbnb Community Expands Lodging Capacity in Tempe during Game Weekends
According to figures recently released by Airbnb, the Tempe host community welcomed approximately 7,310 guest arrivals and earned a combined $493,700 in supplemental income during college football game weekends this past fall, helping the community significantly expand lodging capacity and welcome the surge in visitors. In addition to helping hosts earn important … [More]
Lock-and-Leave Condos in Chandler
Chandler’s newest resort-style lock-and-leave condominium community, Waterfall Villa Residences is under development and pre-selling in advance of model completion. The community showcases a limited collection of 106 custom-crafted, villa-style residences located near the intersection of Chandler Boulevard and Cooper Road. Priced from the mid-$200s, Waterfall meets the area … [More]
Evolving Office Submarket Attracts Vancouver Developer
Townline Ventures has acquired its first Phoenix office asset with the purchase of the recently modernized 20-story midtown office tower located at 2600 N. Central Avenue, the sale negotiated through Colliers International in Arizona. In addition to its current land holdings in Arizona, the Vancouver-based company purchased 2600 Tower as part of its continuing efforts to … [More]
Luxury Multifamily for Downtown Phoenix
Hines, the international real estate firm, breaks ground this month on Adeline — its first multifamily property in the Phoenix market. The 25-story, 379-unit complex near Talking Stick Resort Arena and the new downtown Fry’s grocery store will feature an urban courtyard, junior Olympic-size swimming pool and clubhouse. “Hines has a long tradition of developing iconic luxury … [More]
Sustainable Design Is at Core of Chandler Veridian Development
Offices at Chandler Veridian, capstone to the Chandler Viridian mixed-use project, has recently earned Gold certification from the U.S. Green Building Council’s LEED® Core and Shell rating system. At six stories, the award-winning building is the tallest multi-tenant office building in Chandler. The Class A office building with 252,418 square feet of leasable space is … [More]
