The Block at Pima Center, being developed by MainSpring Capital Group, has attracted a dual brand set of Hilton hotels. Sharing common registration and lobby space, Tru by Hilton and Home 2 Suites will offer a combined 166 rooms. Tru by Hilton is a new hotel experience that was designed to be vibrant, affordable and young-at-heart. The lobby space provides opportunities to … [More]
Phoenix Has Decade of Strong Industrial Construction
It’s been quite a fruitful year so far for industrial real estate in the United States, reports Yardi Matrix in its recent “Top 50 Cities for Industrial Construction in the Past Decade”. Citing the National Real Estate Investor, Yardi Matrix reports that total industrial sales are expected to exceed 2016 levels this year, marking the second-best volume in 10 years. Large … [More]
Sky Harbor Market ‘Coveted’
CapRock Partners, a leading private industrial real estate investment firm based in Orange County, California, has acquired a distribution/manufacturing facility in the highly sought-after Sky Harbor submarket of Phoenix. “This asset is an ideal fit for our growing portfolio, as it is located in one of Phoenix’s most desirable submarkets and will allow us to utilize our … [More]
Race to Remodel
The home renovation business is booming as owners of high-end homes aim to increase the value of their homes for sale in a market where median sale prices have stagnated for homes built more than 10 years ago, due to an increasing inventory of high-priced but rapidly aging homes plus competition from new homes. Square One Construction is a new luxury renovation company … [More]
Big Box Repurposed
Consumer Cellular has signed a 164,000-square-foot lease with Everest Holdings — represented by Ashley Brooks in CBRE’s Phoenix office — in a former Sam’s Club located at 17500 N. Black Canyon Freeway, following the empty big-box store’s conversion to a single-tenant office building. The national cell phone services provider will occupy the space beginning in March 2018 when … [More]
Big Activity in Big Box Leasing
Greater Phoenix’s retail market activity through Q2 was driven by big box leasing, according to CBRE Research. Q2 was highlighted by 458,268 square feet of positive net absorption, with 14 leases of more than 20,000 square feet signed in the quarter. There was nearly 520,000 square feet of big box space absorbed in Q2 solely from new leases, not including any construction. … [More]
Industrial in Surprise
LGE Design Build has begun construction on Skyway Commons, a large-scale, two-part commercial project set to take shape in Surprise. Offering a combined 450,000 square feet of Class A industrial space and spearheaded by Silagi Development, the $10.7 million project at Dysart and Rioglass Solar roads will accommodate small to mid-sized industrial tenants. The first phase of the … [More]
Valley’s IKEA No. 2
IKEA is submitting plans to the City of Glendale for its second store in the state. Pending approvals, construction could begin in Fall 2018 with an opening in Spring 2020 at the southeast corner of Loop 101/Agua Fria Freeway and Bethany Home Road. Store plans for 348,000-square-foot IKEA Glendale would reflect the same unique architectural design for which IKEA stores are … [More]
Tacos, Bowling, Nightlife
LGE Design Build is looking to complete construction on an entertainment destination, pairing the Mexican eatery Casa Amigo and high-end bowling alley Sky Lanes that will take over the 16,238-square-foot, two-story Livewire space, before the end of the year. The bottom floor will offer open-air dining and an expansive bar in a setting that transforms into a lively club scene … [More]
Headline News Impacts Real Estate
From state and local budget impasses and halted infrastructure repairs to the debate and delay on healthcare reform, political polarization has far-reaching effects on the economy and nearly every community — as well as its real estate. Global uncertainty has a parallel paralytic effect, from Brexit to immigration bans, which bring new challenges to diplomacy, international … [More]
More Shop, Dine, Play
Fifty-three thousand square feet of shopping, dining and entertainment — alongside luxury residences — is expected to welcome patrons next summer, as development has begun on Chauncey Lane at the corner of Scottsdale Rd. and its namesake lane. “The trend nowadays is to stick closer to home,” says LGE Design Build President and CEO David Sellers. “Chauncey Lane offers the same … [More]
Artist at Work
The Creative Center of Scottsdale is a co-working space designed especially for artists of all kinds. While equipped with today’s di rigueur technology and community spaces, the 4,000-square-foot facility retains interesting pieces of its former life as Mandall’s Shooting Supplies. Along with the original double-decker safe and the sub-basement safe door are the historic … [More]
Expanding for Adventure
LGE Design Build has begun construction on a new, 12,550-square-foot headquarters for Arizona Outback Adventures, a premier, Scottsdale-based provider of personalized tours and travel services. Construction began Aug. 1 on the new $1.7 million facility, which will take over 16465 N. 93rd Street in Scottsdale upon completion. Currently, the company accommodates more than 15,000 … [More]
Multifamily Reflects Booming Phoenix Economy
Positive forces converge and are maintaining momentum in the multifamily sector, according to Marcus & Millichap’s Multifamily Research Market Report for second quarter 2017. Vacancy is expected to fall for the eighth consecutive year as economic growth supports continued success in the Phoenix apartment market. Corporate expansions and relocations from large, international … [More]
Grocery Anchors Multifamily in Tempe
The Local, a new, mixed-use development located on an 80,938-square-foot parcel at the intersection of University Drive and Ash Avenue, broke ground last month. Developed by Denver-based Forum Real Estate Group, The Local will be a unique luxury apartment residence anchored by Whole Foods Market 365 on the ground floor, with three levels of parking directly above, then five … [More]
Major Mixed-Use in Scottsdale
The Block, a 22-acre retail mixed-use center developed by MainSpring Capital and Forum Capital that broke ground recently, is the biggest retail center constructed in Scottsdale in five years. The Block at Pima Center will contain upwards of 70,000 square feet of free-standing pad and retail shop space: four freestanding pad sites for stand-alone users, 35,000 square feet of … [More]
Spec Suites Imagine the Future
As part of the reimagining of the iconic Renaissance Square in Phoenix, Cypress Office Properties, LLC., with funds managed by Oaktree Capital Management, L.P., engaged four of Phoenix’s most widely recognized architecture and design firms to collaboratively design office suites of the future for various industries in what is being called “Project Future.” The four speculative … [More]
Challenges in Repurposing Commercial Projects
With the desire by many Arizona residents to experience a more urban lifestyle, the repurposing of commercial buildings and areas has become very popular over the last seven years. As evidenced in Phoenix by the Seventh Street Corridor, Roosevelt Row and ASU’s downtown campus, these projects can thrive, but it is important to note that real estate development involving … [More]
