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]
Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 4,000 professionals in more than 60 offices nationwide. With headquarters in Washington, D.C., the company represents a wide range of clients — from small businesses to Fortune 500 companies, from local nonprofits to major institutions. The firm completed transactions valued at $25.8 billion in … [More]
Cushman & Wakefield
The Cushman & Wakefield of Arizona office has been serving clients since 1987 and has become a highly respected commercial real estate advisor. The Phoenix office supports a full range of commercial real estate services, including brokerage (office, industrial, retail, multifamily, medical office, tenant representation and investment brokerage), corporate occupier and … [More]
NAI Horizon
As members of the largest world-wide network of owner-operated, local market-leading commercial real estate brokers, NAI Horizon is a respected local-market role model, passionate about the commercial real estate business. NAI Horizon has provided a full range of Commercial Real Estate services for more than 23 years, including brokerage, property management and appraisal … [More]
Real Estate and the FIRE-to-ICEE Trend
“The real growth is happening in the ICEE sector,” says Bob Mulhern, managing director of Colliers International in Greater Phoenix. He is referring, in terms of economic development nationally, to the growing importance of intellectual capital, education and energy (ICEE) companies compared to those in the areas of finance, insurance and real estate (FIRE). In Arizona, “we … [More]
Commercial Real Estate: Now is Choice Time for Purchase or Lease
In today’s real estate market, there are bountiful reasons for a business to consider purchasing a property over leasing, especially for a stable company with a long-term growth plan. Says Kent Hanson, who fronts the Industrial Group at Cassidy Turley, “Leasing definitely gives you flexibility if you’re not sure what your next couple of years are going to look like, but a lease … [More]
Commercial Real Estate: Lows Make Highs for Investment
The rebound of the Phoenix-area commercial real estate market remains a long, dark night, with sunnier skies forecast over the next three years, according to Mark Stapp of Arizona State University’s W. P. Carey School of Business. “The good news is that it appears the commercial market has reached its bottom and has stabilized,” says Stapp. “The bad news is we don’t know … [More]
