COVID-19 flipped the business world on its head earlier this year, and many businesses were forced to either shut their doors for good or shift operations to remote work, making skyscraper office buildings look like ghost towns. Now, companies and building management are working side by side to institute new policies and procedures that will enable workers to safely return to … [More]
To Lease or Not to Lease
Lease management software company Visual Lease recently surveyed more than 100 commercial tenants to see how they have been impacted, any payments they withheld or concessions they have been offered, and how the pandemic is impacting their future leasing plans. According to the survey: Thirty percent of respondents stated that 75–100 percent of their company’s leased … [More]
Papago Plaza Site Revitalized
Papago Plaza, the mixed-use redevelopment of the prime southwest corner of Scottsdale and McDowell roads, is beginning infrastructure work in south Scottsdale this month. The 11-acre legacy property will include an 80,000-square-foot Marriott Hotel; 50,000 square feet of grocery, restaurant and retail; 276 luxury apartment units developed by Alliance Residential; and a … [More]
Developing Community-Conscious Urban Living in Historic Downtown Phoenix
Urban living is becoming increasingly popular in downtown Phoenix. When designing these projects in historical neighborhoods, developers must work with the surrounding community to ensure the property fits with the overall look and feel of the area. Meeting with residents of the neighborhood is important when designing an urban living project. Holding meetings provides the … [More]
High Demand Fills Medical Office Space
Medical office experts in JLL’s Phoenix office have completed 21,275 square feet in new leases at the 27,868-square-foot Class A Lincoln Medical Plaza, located at the southwest corner of Scottsdale Road and Lincoln Drive, within the Lincoln Plaza Retail Center in Paradise Valley, bringing the newly renovated building to 100-percent leased. James Shough and architect Dean … [More]
New Distribution Center for the West Valley
Scannel Properties recently purchased an approximately 70-acre site just south of Interstate 10 in east Buckeye for nearly $6.65 million, with plans for the construction of an 850,000-square-foot distribution center for specialty discount retailer Five Below. This marks the newest distribution center for the City of Buckeye and West Valley, which continues to grow and attract … [More]
30,400-Sq-Ft Redevelopment in Mesa
Evergreen Devco, Inc., a leading retail and multifamily development company, recently purchased the anchor-tenant building at the southwest corner of Mesa Drive and Southern Avenue in Mesa, for an undisclosed price, and plans to redevelop the currently vacant 30,400-square-foot property. The company is working with a national tenant on a lease agreement to occupy the anchor … [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]
Real Estate Investment Firm Expands Foothold in Phoenix with Acquisition of McDowell Road Property
CapRock Partners, a leading private industrial investment and development firm based in Newport Beach, Calif., today announced it has acquired a newly constructed industrial building located at 4615 W. McDowell Rd. in Phoenix. This acquisition comes on the heels of CapRock’s purchase of 7200 W. Roosevelt St., a 216,880-square-foot Class A property located five miles west of the … [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]
