Chamberlin + Associates Real Estate Management has purchased the 21,000-square-foot office building at 500 E. Thomas Road, originally designed by Phoenix modernist master Al Beadle, to serve as its future corporate headquarters as it continues to grow in Arizona and other Southwestern states. Maintaining the original design of Beadle while bringing an open and inviting … [More]
CapRock’s Infill Project Is Phoenix’s Largest Industrial Spec Development
CapRock Partners, a leading industrial investor, developer and asset manager in the Western U.S., has commenced development of CapRock West 202 Logistics, the largest speculative industrial real estate project in the history of the City of Phoenix. CapRock is transforming one of the largest remaining infill land sites in the Southwest Phoenix submarket into a state-of-the-art, … [More]
Lincoln Property Co. Sells Park303 Phase I for Record-Breaking $186 Million
Within one month of completing the project, leading developer LPC Desert West has sold the fully leased, 1.25-million-square-foot Park303 Phase I in Glendale, Arizona, to BentallGreenOak, a leading global real estate investment management advisor and real estate services provider. At $186 million, the transaction represents the highest single-building industrial sale price in … [More]
Adaptive Reuse: Should Retrofitting Be the Future of Real Estate?
Adaptive reuse, or the process of reusing an existing building for a purpose other than that for which it was originally built or designed, is an important commercial real estate trend that our team predicts has long-term staying power. While new build construction has many benefits, adaptive reuse is moving on from being considered solely for historical buildings or … [More]
Large-Scale Logistics Center Planned near Phoenix-Goodyear Airport
Phoenix-based alternative investment and real estate development firm Creation, in partnership with CrossHarbor Capital Partners, recently closed on 170.25 acres at the southeast corner of Yuma Road and Bullard Avenue, adjacent to the Phoenix-Goodyear Airport in Goodyear, Ariz. Plans call for a five-building, multi-phased 2.7 million square-foot logistics development called … [More]
Data Centers: Increasing Speed to Market
Construction teams across industries are faced with common challenges: shortened schedules, tight budgets and labor shortages — all while bringing facilities online faster to meet an uptick in demand, particularly in the mission critical sector. JE Dunn Construction has deployed creative solutions to increase speed to market for data centers at a time when the market needs them … [More]
Affordable Housing Breaks Ground in Central Phoenix
Construction on Mesquite Terrace, a multifamily affordable housing community in the Solano Neighborhood on 19th Avenue, one block north of Camelback Road near the light rail, broke ground earlier this summer. When completed at the end of 2023, the three-building property on nearly four acres will offer 297 units: 129 one-bedroom, 78 two-bedroom and 90-three bedroom … [More]
Attainable Housing Fills Gap between Affordable and Luxury
Scottsdale-based Greenlight Communities plans to start construction this summer on a 250-unit development called Cabana Southern just west of the southwest corner of Crismon and Southern Avenues in Mesa, and expects to welcome its first residents in fall of next year. Greenlight Communities is the first company to focus solely on building attainable housing to fill the void … [More]
Not Yet in Phoenix
Businesses’ workforce needs span from high-level (and high-paying) jobs to entry-level and menial jobs. Businesses need workers, and all income levels need housing. Creative ideas have been emerging to address the affordable housing crisis. Gensler, for instance, is involved in a project in Los Angeles that is using prefabricated modular construction, which it predicts will be … [More]
The Rise of B2R Communities
The current forecast for multifamily properties is a roller coaster for anyone trying to pin down information from leading analysts. During this time of uncertainty, we have identified a few trends to expect in the coming years. First, as always, location is key. Some areas of the U.S. will see a decline in housing demand while others will continue to experience large … [More]
Bringing (Good) KARMA to North Central Phoenix
As we step back into a post-pandemic world, I know I am not alone when I say I have emerged after months of work and self-reflection with a new perspective and clear focus on what I want to do and achieve both personally and professionally. In December 2020, I launched Boyer Vertical, a boutique real estate development company that integrates my architecture, … [More]
Phoenix Real Estate Draws the Life Sciences Market
Between COVID-19 and new innovations across the pharmaceutical industry, demand for life sciences space has never been higher. This is good news for Phoenix, which is in a prime position to support this lucrative business sector. According to JLL’s new Life Sciences Outlook, growth in the prescription drug market is expected to surpass $1 trillion by 2022, benefiting in … [More]
Major Tech Corridor Development in Mesa
East Gate Plaza, a 17-acre mixed-use development by Scottsdale-based Diversified Partners in the Elliot tech corridor in Mesa at northeast corner of Ellsworth and Elliot roads, will include medical, office and retail components. Diversified Partners has multiple deals in process that include restaurants, retail, convenience store/gas station, coffee, dessert, nail salon and … [More]
Luxury Build-to-Rent Development for Apache Junction
Chandler-based Paragon Development Group recently began construction on Hampton Meridian, a new 195-unit, luxury, build-to-rent community on 15.67 acres on the NEC of West Southern Avenue and South Meridian Road in Apache Junction. Its first units are expected to be available in March 2022. “The demand for convenient, new and well-located residential rental choices in the US 60 … [More]
‘Attainable’ Multifamily Development in North Phoenix
In a joint venture with Holualoa Companies, Scottsdale-based Greenlight Communities will build a new 292-unit development under its Cabana brand at Happy Valley Road and 19th Avenue in Phoenix. Greenlight purchased the property in early May for $5.8 million and plans to break ground on the new project in August 2021. Greenlight Communities is the first company to … [More]
Metro Phoenix Breaks Record for Industrial Construction
According to Colliers International in Arizona, construction of new projects in the Greater Phoenix industrial market has hit a historic record with approximately 19.1 million square feet currently being built, and net absorption of industrial space has pushed vacancy rates to 5.9%, the lowest ever achieved in the market. Phoenix has now broken into the nation’s list of … [More]
The Endurance of the Super Amenity in Multifamily Development
One challenge that has been on the forefront of our multifamily clients’ minds over the last year is amenity occupancy and programming. During this time of uncertainty and change, it is vital to take a step back and truly understand community needs and expectations for communal spaces, allowing for thoughtful, strategic design. Prior to the pandemic, amenities were all … [More]
AZ’s First Cross-Laminated Timber Project Breaks Ground in Tempe
Leading U.S. developer and builder Mortenson, in partnership with PGIM Real Estate and Urban Development Partners, has broken ground on its anticipated The Beam on Farmer Class A office building in the heart of downtown Tempe, and named the Phoenix office of JLL as the building’s exclusive leasing broker. From project architect RSP Architects, the five-story, … [More]
