A local partnership known as DBM Ventures has purchased 2.79 acres at 8399 E. Hartford Dr., within Perimeter Center in the dynamic Scottsdale Airpark submarket, with plans to develop a $9-million, 32,054-square-foot office building. Construction is slated to begin at the end of this year with occupancy scheduled for summer 2019. LGE Design Build will be handling both … [More]
Independent Living Apartments Planned
The Wolff Company — a Scottsdale-based private equity firm and developer — has purchased property in Scottsdale, Arizona, with plans to develop a refined senior community called Revel Scottsdale. The finished property will include a commercial kitchen, dining room and bistro, resort-style saltwater pool and spa, state-of-the-art fitness center, modern club room, and media … [More]
Taking the Pulse of the Medical Office Market
The medical office space market slowed during the first three months of 2018. Rents fell, vacancy rose and sales of medical office properties fell off a bit. However, Colliers International anticipates this is a temporary disruption since fundamentals of the market remain strong. Vacancy in medical office buildings rose 10 basis points during the first quarter to 14.4 … [More]
Free Workplace-Design Tool
CBRE Group, Inc. has created workplace planning product to help companies apply best-in-class workplace trends to their office layout, recognizing businesses’ increased interest in applying workplace strategy to their real estate process. The first of its kind in the industry and available to companies of any size, Spacer delivers a custom, architect-ready space program with … [More]
Age-in-Place
In partnership with Cadence Senior Living, Ryan Companies US, Inc. is designing, developing and building Azure Mesa, an upscale senior living community with an “age-in-place” model that will accommodate a total of 170 private pay, market-rate units. Construction on the 183,000-square foot project is now underway and expected to be complete in Summer 2019. HFF worked on behalf … [More]
Developer Expands into AZ
Landsea Homes enters the Arizona market with the purchase of land in Chandler for a community that will include 78 single-family homesites and resort-style amenities. Land development is expected to begin in fall 2018, and the first closings are expected in late 2019. “Chandler’s low unemployment, steady job growth and premier school district have made it a destination … [More]
Repurposing Prestigious Home Sites
Custom homebuilder Green Street Communities has broken ground on two residential neighborhoods in Arcadia and Central Phoenix. Campus Grove, located in the Arcadia area, will offer four different floorplans for its 13 lots. The one- and two-story homes will range between 1,879 and 2,850 square feet. Acacia Court, northwest of 7th and Northern avenues, is in Central … [More]
Phoenix Retail Starts the Year Strong
Based on newly released Q1 data, Colliers International Group predicts the Greater Phoenix retail market is expected to thrive during 2018. Retail expansion is forecast to continue as population grows and the local housing market improves. Permitting activity for new homes has increased, which will support retailers. As shopping centers experience higher demand, rents will grow … [More]
Phoenix Industrial Market
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]
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]
