According to the 2020 Industrial Pipeline study recently released by COMMERCIALCafé, a nationwide commercial real estate listings platform, Phoenix is the seventh-most attractive market for industrial development in 2020, with 45 projects totaling roughly 8.3 million square feet expected to come online this year. Last year, industrial property construction added 144 million … [More]
What Difference Design
Arizona Integrative Medicine & Spa was a full tenant improvement from a shell space for its tenant, Jyoti Patel, M.D. The 3,100-square-foot office at 11648 E. Shea Blvd. in Scottsdale includes exam rooms, a classroom, teaching kitchen, IV therapy room and medspa. There is a sliding door from the lobby into the classroom. It can extend the room for learning events as well as … [More]
Fulton Homes Expands, Returns to West Valley
Fulton Homes, Arizona’s fastest-growing, family-owned homebuilder, has opened model homes in its first return to the West Valley in several years with its Estrella Commons community. Located in Goodyear, Ariz., off Interstate 10 between North Bullard Avenue and North Estrella Parkway, Estrella Commons will offer 429 single-family homes with 23 new floorplans and seven common … [More]
Largest-ever Phoenix Industrial Spec Building
Phoenix-based Tratt Properties LLC has broken ground on a 1.3-million-square-foot, Class A industrial development, with completion expected in December. Called Elwood Logistics Center, it is the largest speculative industrial building ever to break ground in the Valley. Elwood Logistics Center is accessed from the I-10/Cotton Lane interchange and sits within both a pending … [More]
New Regs Underline QOZ Investment Opportunities
The Department of the Treasury published Final Regulations for the Qualified Opportunity Zone (QOZ) program on January 13, 2020. While the new Final Regs do not answer all the questions that were raised by the Proposed Regulations released in October 2018 and April 2019, they do provide much that will be welcomed by taxpayers who have made, or are looking to make, QOZ … [More]
Phoenix Needs More Early Education and Care Options
In this fastest-growing city in the United States, developers have been bullish in Phoenix’s residential and commercial real estate markets. But this boom begs the question: In a sea of oversaturation, how do they attract residents and customers to their properties? The answer lies in a new concept: Live-Work-Play-Learn. Last year, the federal government cut millions of … [More]
Adaptive Reuse: New Life for Phoenix
It’s been said that “beauty is in the eye of the beholder.” The views of a vacant, neglected office building may not conjure up beautiful thoughts, but a close look may show this rundown building to be the perfect place to live. That vision is what allows us to breathe new life into an aging office building through adaptive reuse development, transforming it into a unique … [More]
Hilton Concept Hotels Part of Park Central Revitalization
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]
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]
