Lee & Associates Arizona reports the Phoenix industrial market continues its positive momentum after a record year in 2017, with 1,359,837 square feet of positive absorption in Q1 2018. Vacancy dropped to 7.5 percent from 7.8. A total of 13 buildings were delivered in Q1 2018, totaling 917,028 square feet. Who is buying industrial in the Valley: … [More]
Scottsdale Galleria Targeted for Major Back-Office
Expertise in high-performing back-office product has earned the Phoenix office of JLL the exclusive listing assignment for the Concourse Level of the Scottsdale Galleria – a 140,000-square-foot space offering triple redundancy and the Class A amenities to attract major, power-dependent back-office tenants to the heart of Old Town Scottsdale. The JLL assignment from Stockade … [More]
Own Homes for Adults with Special Needs
Millions of families across America have a loved one with special needs and have struggled with finding appropriate permanent housing. Luna Azul, a new development of 30 homes in North Phoenix, addresses that problem. Developed by Mark Roth and located at 16th St. and Loop 101, the development is the nation’s first for-sale residential community for adults with special needs. … [More]
Three-Car Garages an Option
Camelot Homes, a third-generation homebuilder in Scottsdale, launched a three-car garage option for attached single-family luxury homes at Adero Villas in Fountain Hills. Noting the option is rare for attached homes in the Valley, Cammie Hancock Beckert, managing director of Camelot Homes, says, “Buyers in the area are looking for convenience and extra space in luxury living.” … [More]
Impacting Commercial Real Estate
Over the last year, elevated uncertainty generated by the range of potential government policy changes, including tax laws, caused many investors to move to the sidelines. A more cautious outlook pervaded the real estate industry as investors awaited clarity on taxes, fiscal policy and a change in Federal Reserve leadership. This perspective begins to ease as the implications … [More]
Cross-Border Real Estate Investing
Canada is the largest foreign direct investment country into Arizona. And Arizona, alone, accounts for approximately $6 billion bilateral footprint of the $1.4 trillion between Canada and the U.S., according to the Canada Arizona Business Council. Our neighbors to the north have long been lured to the great state of Arizona and share similar reasons for why companies and … [More]
Balance Neighborhood Concerns with New or Re-Development
An army of red shirts, slogan pin buttons, protest signs and opposition websites. These efforts describe the recent increase in opposition to infill redevelopment, rezoning and community planning. Neighborhood outreach and citizen involvement is a bedrock principle in the development process. By ordinance, local jurisdictions require developers to notify and meet with … [More]
Value-Add Opp in Mesa
MIG Real Estate, a Newport Beach-based real estate investment company, acquired Trails at Harris Apartments, a 209-unit multifamily property in Mesa. The property aligns with MIG’s philosophy, which is centered on improving the quality and performance of its properties to achieve optimum value. Trails at Harris Apartments will undergo significant enhancements as MIG Real Estate … [More]
Groundbreaking at Papago Park Center
With demand for Tempe office space at an all-time high, Lincoln Property Company has broken ground on the second Class A office building at The Grand at Papago Park Center. Totaling 352,000 square feet, The Grand Building Two is one of Arizona’s largest-ever office buildings to break ground as a purely speculative endeavor. It is scheduled for completion in second quarter 2019, … [More]
Medical Users Find Space in Gilbert
Kentucky-based Springstone, a leading provider of behavioral health services throughout the U.S., will develop its second Arizona behavioral health facility on 6.59 acres it recently purchased in Gilbert, near the Mercy Gilbert Medical Center. “We have experienced a high volume of activity around the area for medical users looking for space,” says Philip Wurth, executive V.P. … [More]
2018 Self-Storage Investment Forecast
Nationally, the self-storage industry is entering a period of maturity as supply-side pressure begins to impact fundamentals. Underlying demand for storage space remains strong; however, aggressive development activity over the past two years is starting to overtake absorption. Moving forward, nationwide vacancy and rent growth may soften amid greater competition, particularly … [More]
White Horse Accents the Outdoors
Camelot Homes, a third-generation homebuilder in Scottsdale, has opened three models for White Horse, an iconic new, gated community of 50 half-acre lots representing the pinnacle of Camelot’s 45-plus years of experience in luxury homes. The light, bright and modern homes reflect a true paradigm shift in new home design with more outdoor space, options and flexibility to raise … [More]
Downtown Tempe Gains Lifestyle Hotel
The Westin Tempe, being developed by Las Vegas-based CAI Investments, has broken ground in the heart of Downtown Tempe. Eighteen stories, with 290 rooms, the multi-million-dollar hotel is planned to feature state-of-the-art guest rooms and corridors, with custom-designed elements and artwork, as well as energy conservation practices. Its more than 14,000 square feet of … [More]
Major National Tenant Space for SW Phoenix
With demand for premier, modern industrial space continuing to rise, the Southwest division of Graycor Construction Company has completed 710,000 square feet of shell and tenant improvement space for Prologis Inc., a global leader in logistics real estate. The new space, located within Prologis Riverside Distribution Center and Prologis Park Riverside, paves the way for three … [More]
Phoenix a Top Industrial Market
In the “Top 10 Emerging U.S. Industrial Markets Report” released last month, Colliers International features metropolitan Phoenix as a market to watch in 2018. Noting a robust tenant demand fueling new development, Bob Mulhern, senior managing director for Greater Phoenix, says, “With vacancy at a 10-year low, spec and build-to-suit projects continue to work their way through … [More]
Spec Tech Taken
Mobile food-ordering company GrubHub, Inc. has leased a 29,526-square-foot spec suite within ViaWest Group’s San Tan Tech Center in Chandler. “Our team had a ton of fun designing and building this cool-creative office space and we’re excited to see it being utilized by such a fitting tech-centric tenant,” says Danny Swancey, a partner at ViaWest. GrubHub adds a new office to … [More]
Multi-Tenant ‘High Rise’
Construction is moving quickly at the new Offices at Chandler Viridian, located at the intersection of Loop 101 and Loop 202 near the Chandler Fashion Center. The six-story, 250,000-square-foot project will be one of Chandler’s tallest and premier multi-tenant office buildings. Substantial completion is expected in Q4 2018, with the first tenants expected to move in by … [More]
AZ’s First All-Vegan Grocery
The first all-vegan grocery store in Arizona is among recent retail deals closed by Bryant Commercial Real Estate, a woman/minority-owned company. “This is the beginning of a changing retail landscape,” says Vinny Summo, who negotiated the lease on the 1,400-square-foot storefront for Veggie Rebellion owners Sandy and Dylan McKee. “The vegan food industry grew by $3.1 billion … [More]
