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]
High Times in North Phoenix
Developed as a dynamic, mixed-use destination in the Northeast Valley, High Street is ringing in the New Year with an infusion of varied businesses. The contemporary urban streetscape fronts 628,000 square feet of retail, services, Class A office space, luxury apartment homes, and dining and nightlife that includes La Boca Wine Bar & Urban Kitchen and Kona Grill. Recent … [More]
More Up at Park Place
Three new projects are slated for immediate construction in Douglas Allred Company’s Park Place office complex, a 150-acre, mixed-use development located in prime center location in Chandler’s Price Road Corridor. These projects include Drury Hotel, a state-of-the-art business hotel; a retail/restaurant project; and a 92,000-square-foot cutting-edge, Class A office building. … [More]
Marijuana Site-ings
Medican Enterprises Inc. is in the process of acquiring a 67,000-square-foot facility on 2.55 acres of industrial-zoned land in Phoenix. Expected to close in first quarter 2015, this will launch Medican’s real estate and leasing services business under which the company would lease real estate that is outfitted with turnkey solutions for legally compliant growing facilities to … [More]
Luxury Follows Its Own Trends
The Phoenix-area housing market is unlikely to see a significant boost until next year, according to the latest monthly report from the W. P. Carey School of Business at Arizona State University. “Demand has been much weaker since July 2013 and still shows little sign of recovery,” says the report’s author, Mike Orr, director of the Center for Real Estate Theory and Practice at … [More]
Scottsdale Lifestyle
Lifestyle townhome community Aerium, located on 70th Street and Goldwater in the heart of downtown Scottsdale, is beginning construction this month with completion expected in 18 months. In spring 2015, three model homes will be open. The overall project density is 19.7 units per acre, well below the 50-per-acre maximum allowed in Scottsdale’s Downtown Overlay District. Being … [More]
Airport Industrial
With recent approvals by the Chandler City Council, planning has begun on Chandler Airport Center, a general industrial park at Germann and Cooper roads. The 20-acre site is located immediately north of the Chandler Municipal Airport, with direct access off the Loop 202, and is being developed by Meritex Chandler LLC in association with Tempe-based Metro Commercial Properties, … [More]
Living Wright
Cahava Springs is a 982-acre, fully entitled, master-planned preserve community located in the Town of Cave Creek. The community will include 230 estate home sites, and 82 percent of the property’s natural desert land will be preserved. Cahava Springs is the only development in Arizona with a licensing agreement with the Frank Lloyd Wright Foundation. Frank Lloyd Wright School … [More]
Real Estate Developer brings Phoenix Franchise Model
Ohio-based Epcon Communities Franchising, Inc. has identified the Phoenix area as an ideal market for its real estate development model. According to a 2014 study Epcon contracted with residential real estate research firm Metrostudy to identify the nation’s hot spots, the Phoenix area is among the top 10 cities with a significant housing gap for the Baby Boomer generation. … [More]
Real Estate: Infill Is Booming
Watt Communities of Arizona has five real estate projects currently in various stages of development and pre-development in the Greater Phoenix area — and all are infill. Observing that real estate is a cyclical market and even more so on the city’s edges, Steve Pritulsky, the company’s president and CEO, believes urban infill offers the strongest opportunities. “The Metro … [More]
Net-Zero Energy in Scottsdale
MODUS Icon has unveiled “MZ,” upscale, energy-efficient townhomes designed to have zero energy bills on an annual basis. The eight-unit, high-end Scottsdale development combines energy efficiency, innovative building material, renewable resources and green technologies. Phoenix-based MODUS Development is nationally recognized for its innovative buildings and award-winning, … [More]
Old Is New Again
LGE Design Build is renovating the former Jackson’s on 3rd restaurant to serve as West Coast headquarters and training facility for the Scheduling Institute, a medical and dental practice training company based in Alpharetta, Ga. The building will retain the original brick on the exterior and interior, plus a lot of reclaimed wood as well as painted and blackened steel to keep … [More]
Bringing Back Uptown Plaza
Uptown Plaza Associates, LLC, working with Arizona-based commercial real estate development and investment company Vintage Partners, has begun restoration of the iconic shopping center — constructed in 1955; the Valley’s first retail center outside of downtown Phoenix — to its stylish, brick-lined Mid-Century Modern look. The developer also plans to recreate Uptown Plaza’s … [More]
Maneuvers in Commercial Leasing
Entering into a commercial lease can signify an exciting time of growth or it could be a time of change, when a company needs to downsize. Either way, it’s important to understand the lease language and what the long-lasting economic and legal implications are before signing on the dotted line. Kevin Judiscak, an attorney with Phoenix-based Engelman Berger, P.C., says many … [More]
Phoenix Strong for Real Estate Investment
Buchanan Street Partners’ recent acquisition of 180,000-square-foot Stapley Corporate Center in Mesa for $32.5 million brought the real estate investment firm’s total assets in Phoenix to 1.4 million square feet. For the Newport Beach-based investment firm, “Phoenix is an attractive place to do business,” shares company president Tim Ballard. “We expect commercial real estate … [More]
Today’s Luxury Home Market
Phoenix-area home prices have been rising since hitting a low point in September 2011. The median single-family-home price rose 32.7 percent — from $150,000 to $199,000 — from last September to this September, according to the most recent report from the W. P. Carey School of Business at ASU. The average listing price of luxury homes — generally defined as those valued at … [More]
