District at Biltmore is the latest luxury apartment community in the Camelback Corridor from Kaplan Management Company and Simpson Housing® LLLP. The four-story luxury mid-rise is conveniently located within walking distance to the Biltmore Fashion Park, and offers 227 elegant one- and two-bedroom apartments. Among its one-of-a-kind amenities are a large fitness center that … [More]
Canadian Investment
Canadian-based Western Wealth Capital continues to add to its Arizona rental portfolio; it is the third largest multifamily owner in the Phoenix area. The real estate investment company and its partners recently acquired Tierra Santa, a 274-unit rental building, for US$13.4 million. WWC considers Phoenix a highly prospective rental market owing to robust population and … [More]
Net-Zero Townhomes
Real estate investment firm Caliber – The Wealth Development Company has partnered with one of the nation’s leading Net Zero Energy (NZE) developers, MODUS Development, on their second project, Eclipse, which officially broke ground and has begun development. This is Scottsdale’s newest environmentally sustainable townhome community, designed with Zero Energy Star® … [More]
Strong Multifamily Market
Greater Phoenix’s multifamily market continues its dynamic pace, according to a report released by Colliers International in Greater Phoenix. During the first quarter of 2017, vacancy fell 40 basis points to 5.6 percent. This is welcome improvement for the beginning of the year, but the rate is 40 basis points higher than a year ago. Rental rates rose further in the … [More]
Relo Bay Area to Phoenix
The Phoenix office of JLL has completed a new, 38,000-square-foot lease that will relocate FinTech company Upgrade Inc. from San Francisco into two floors at Renaissance Center I in Downtown Phoenix. The move is the latest example of a Silicon Valley company expanding its essential business functions in Phoenix. Upgrade is hiring 100 customer service, credit operations and … [More]
Lobby Renaissance
Cypress Office Properties, LLC has commenced construction on phase one of a $50 million renovation of Renaissance Square in Phoenix. The first phase includes upgrades to both buildings’ lobbies, each to have a different theme. Building One (pictured) will have a “tech” atmosphere. Building Two will have a warm hospitality feel with boutique-style interior finishes. Both lobbies … [More]
Trending: Seniors Housing
Savanna House Assisted Living and Memory Care, developed by Prevarian Senior Living, recently opened in Gilbert. A full complement of amenities makes it a self-contained social community, with private residences as well as an assisted living portion. It will also place a special emphasis on Memory Care, offering three distinct memory care neighborhoods, each catering to … [More]
Camelback Corridor Resurgence
Since the grand opening of the Arizona Biltmore Resort in February 1929, the area known as the “Camelback Corridor” hasn’t missed a development beat. Stretching along Camelback Road between 7th and 64th streets, the submarket long ago reached the “built out” stage, with virtually every infill site along the route developed into premier residential or commercial space. That … [More]
Zoning – Consequences of Code Violations
Zoning is the manner in which cities and counties regulate land use. Typically, land is divided into residential, commercial and industrial districts, or it can also be designated as mixed-use, each with its own parking, setback, height and other design requirements. In addition, the city, in the course of approving a zoning application, may require variances, special use … [More]
Retail in PV Area
Ready to break ground following unanimous approval by the Scottsdale City Council, The Palmeraie will incorporate a variety of dining destinations led by celebrated local and international chefs and be home to more than 60 exceptional luxury and specialty boutiques. Its initial phase encompasses approximately 160,000 square feet of high-end, mixed-use space located on 18 acres … [More]
Chandler for Entertainment
Over street, the large-scale retail, dining and entertainment destination set to take shape in Downtown Chandler broke ground March 29, and the first phase of the sprawling, 77,000-square-foot space is expected to open for business sometime in early 2018. Phoenix-based LGE Design Build has taken on the role of general contractor for the undertaking, teaming up alongside project … [More]
Downtown Grocery
Last month’s groundbreaking for Block 23 heralded the addition of a crucial and long-awaited amenity for Downtown Phoenix, as Arizona-based Fry’s Food Stores becomes the area’s first grocery store and is promised to be the most technologically advanced grocery store in the state. Slated for completion in 2019, RED Development’s Block 23 will also include approximately 330 … [More]
Phoenix Shows Strength as Investment Market
After a slowdown that pushed large Phoenix office building sale activity down from 33 deals in 2015 to 22 deals in 2016, the office market got off to a strong start in the new year. Robust population growth, an expanding job market and strong corporate performance have helped institutional America overcome its uncertainty about buying this “late” in the real estate cycle. … [More]
GCU’s West-Side Commercial Hub
Continuing its efforts to turn underutilized assets on the west side of Phoenix into bustling commercial enterprises, Grand Canyon University is developing a major commercial hub in an area of town that had fallen on hard times. The land at 27th Avenue and Camelback Road is now home to more than 2,700 Grand Canyon University employees; a newly opened 325,000-square-foot, … [More]
Florida REIT Attracted to Tempe
Carter Validus Mission Critical REIT II, Inc. of Tampa, Fla., purchased a mission-critical network intensive data center facility in the heart of Metropolitan Phoenix. “The investment provides this non-traded real estate investment trust a fully stabilized property with a long-term institutional quality tenant to add to their growing portfolio,” says Mindy Korth, executive vice … [More]
Camelback Corridor Is Hot Area
With a $24.65 million purchase, Lincoln Property Company has added 2777 Camelback to its Class A Phoenix office portfolio. The 104,618-square-foot building is located at 28th Street and Camelback Road, in a section of the Camelback Corridor undergoing a wave of new development. “The land surrounding 2777 Camelback is enjoying a major revival, thanks to multiple new development … [More]
UPDATE on CRE
Commercial real estate is a strong indicator as to the overall strength of the local economy, and key indicators address where we are as a market and how that compares to other markets. The Greater Phoenix area is still the fifth-largest metropolitan area in the country, by population, and has proven to live up to its ranking with new construction and improved properties … [More]
Action in the Valley’s Commercial Real Estate Market
In the office market, Metro Phoenix led the nation with a 3.9-percent increase in asking rents from the end of 2013 to the end of the first quarter of 2014. This has occurred while vacancy rates have remained flat, says Craig Henig, senior managing director of the CBRE Phoenix office. The reason? “Large blocks of space are in short supply,” he says. There is both speculative … [More]
