Novus Innovation Corridor is a 350-acre, multi-phased development in Tempe that, at completion, will encompass nearly 10 million square feet of urban mixed-use opportunities, including State Farm’s 2.1-million-square-foot Marina Heights regional hub. Strategically integrated with the ASU campus and downtown Tempe on Tempe Town Lake, the Novus Innovation Corridor is a … [More]
Ambitious Redevelopment at Park Central Mall
Peoria-based Plaza Companies and Tucson-based Holualoa Companies are teaming up to redevelop Park Central Mall, transitioning the project to a bustling community hub ideal for playing, working, congregating and celebrating the arts. The first 337,000 square feet of redeveloped office and retail space will be done in January 2019. The recent purchase of an additional 21 acres of … [More]
Upscale Hotel on Roosevelt Row
The Cambria hotel in Downtown Phoenix – Roosevelt Row Arts District has started construction and is set to open in late 2019. A collaboration between True North Studio, LLC, a Phoenix-based commercial real estate development company located in Phoenix, and Choice Hotels International, Inc., the seven-story, 127-room upscale hotel will feature a rooftop pool with cabanas and … [More]
Phoenix Sets Strong Pace in Data Center Market
According to the new U.S. Data Center Trends Report released by CBRE this past September, tight supply in major U.S. data center markets, including Silicon Valley, has led occupiers to expand into Phoenix. We now have record levels of data center construction underway — 61.4 megawatts (MW) currently under construction, with more than 120 MW announced for future buildout. … [More]
Chandler Corporate Center Completed
VanTrust Real Estate’s recently completed Chandler Corporate Center is a 117,000-square-foot office that can support more than 700 jobs. Located at 350 N. McClintock Drive, the building is adjacent to Chandler Fashion Square, and is easily accessible from the Loop 202 South Mountain Freeway and the Loop 101 Agua Fria Freeway. Developed by VanTrust on 11-acres, the Class A … [More]
Optima Kierland Offers Customizable Condos
With expected completion in 2020, Optima Kierland broke ground this summer on the second tower of its condominium homes, across from Scottsdale Quarter. Floorplans in the 12-story tower range from approximately 776 to 2,704 square feet, and customization is available floor-to-floor and wall-to-wall; uniquely, residences can be combined both vertically and horizontally. New … [More]
Tempe to Gain a Canopy by Hilton
Driftwood Acquisitions & Development broke ground in September on Canopy by Hilton Tempe Downtown University Area, located in the heart of Tempe across from Arizona State University. The 14-floor, 198-room hotel — a lifestyle brand that embraces its locale to provide guests with authentic and unique local experiences — is slated to open by January 2020 and feature a … [More]
Riding the Pine: How to Manage Rising Construction Material Costs
Commercial building is at a high point in Phoenix, and it has never been more exciting or challenging to be in the industry. Federally imposed tariffs — some as high as 25 percent — are making waves in commercial real estate, but it is just one of many contributing factors to the rise in construction costs. And the American Transportation Research Institute reported a driver … [More]
Innovative Design Concept for Deer Valley Industrial Park
TTR Industrial Park, a 12-acre project east of the Deer Valley Airport, is being designed with all metal buildings that have an emphasis on contemporary architectural design. The design vocabulary focuses on the clean and crisp architectural surface and qualities of metal buildings that maintain their allegiance to several benefits over other construction methods, namely clear … [More]
Consumer Cellular’s Big Box Move Illustrates Trend
The Great Recession of 2008 left a massive overhang of big-box retail buildings exceeding 6 million square feet Valley-wide, reports Ray Cashen of Cashen Realty Advisors. Health clubs, schools, mini storage, offices and healthcare uses have filled many of the big-box vacancies, and, he observes, as the retail market recovers against competition from online retailers like … [More]
Industrial Spec
Industrial demand remains high following a record 2017, with the Sky Harbor and Southeast Valley submarkets experiencing most of the activity since the last downturn, but demand is outpacing the current supply, spurring the adaptive reuse and modernization of existing buildings to keep up with growing demands and evolving tenant needs and to optimize the industrial landscape … [More]
40 Years of Change – Where the Multihousing Industry Is Headed in the Valley
Starting out as a necessary form of housing in the Valley, the multihousing industry has evolved to be a go-to choice for residents, which has helped keep the health of this industry strong. There has always been demand for apartments, but demand has risen as a result of demographic changes and as the renters of choice have increased. Expect the market to remain strong; rent … [More]
Building Office in Perimeter Center, Scottsdale
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]
