The Empire Group of Companies closed last month on a 40-acre parcel located in North Phoenix near the site of the $12 billion Taiwan Semiconductor Manufacturing Company facility that is projected to open in 2024, where it plans to build a community of 354 single-family build-for-rent homes. Village at Bronco Trail will be situated at 29th Avenue and Sonoran Desert Drive, just … [More]
New Headquarters Welcomes Employees Back with a Bowling Alley
After an all-too-familiar pandemic delay, Phoenix-based property management leader Arcadia Management Group has relocated and expanded its downtown Phoenix headquarters within the same building, where it also serves as property manager — the 3550 N. Central office tower. The new 18,500-square-foot space welcomes employees back with amenities for work and play, including a … [More]
Speed-to-Market Design
We are in a rather unique time for multifamily real estate. The high costs of materials and shipping, as well as supply delays make building from the ground up riskier than it would be under more predictable conditions. Current investment rates, cap rate compression and inflation also are key factors in assessing the risk level for multifamily investors. However, high demand … [More]
Surprise Power Center Development Powers over Challenges
Village at Prasada, the 700,000-square-foot retail power center developed by SimonCRE for residents of Surprise, Arizona, has proven to be a massive undertaking that has continued to move forward in the face of mounting supply-chain and labor issues. This will be the West Coast’s first power center constructed in more than a decade; currently, residents need to travel an … [More]
Mohr Capital Develops Industrial Project in Surprise
Mohr Capital, a Dallas-based privately held real estate investment firm, acquired 46.26 acres in one of Arizona’s fastest-growing cities to develop a Class A industrial business park in the West Valley. Breaking ground this month and slated for completion next summer, Summit Business Park will offer a combined space of 704,472 square feet of leasable industrial space with … [More]
New North Scottsdale Luxury Community from Camelot Homes
Camelot Homes continues to expand its presence in North Scottsdale with the recent purchase of 77.5 acres, located east of the northeast corner of Lone Mountain Parkway and East Joy Ranch Road in Scottsdale. The family-owned luxury homebuilder plans to break ground on the new 52-home community called Joy Ranch in Q2 2023. Camelot plans to offer floor plans ranging from 4,500 … [More]
IndiCap Bringing 110-Acre Industrial Park to Glendale
Boutique commercial real estate company IndiCap continues its formidable Metro Phoenix industrial development push with Virgin Industrial Park, which it will develop in partnership with Invesco. Located on the northwest corner of Olive and Reems roads in Glendale, Arizona, within the nationally recognized Loop 303 industrial corridor, the two-phase, 110-acre Class A development … [More]
Sale-Leasebacks Allow Property Owners to Have Cake and Eat It, Too
Economists continue to debate whether a recession is coming, but most agree some kind of market correction is on the horizon. As a result, some business owners — especially those who own their buildings — are considering getting out while the getting is good. Having an exit strategy in mind when investing in income-producing commercial real estate is imperative regardless of … [More]
Prop Tech Is Streamlining the Real Estate Investment Process
High population growth areas like Phoenix are struggling to keep up with the real estate market’s demands because of low inventory. To help close the housing gap in the U.S. and bring properties to the market faster, Stoa’s iBuyer platform, FlipOS, focuses on helping professional real estate investors acquire and flip residential properties at an accelerated rate. There are … [More]
Land Sale Adds to the Expansion and Development of Litchfield Park
The recent sale of 5.45 acres on the southwest corner of Citrus and Bethany Home roads, which traded for $2,200,000, served as a stepping stone for the area as it not only generated the highest price per square foot for land in the area but also sparked the residential development of 182 acres across the street. The buyers plan to develop a state of the art self-storage … [More]
Cavasson Continues Growth with Commitment from Meritage Homes
Cavasson, a development at Loop 101 and Hayden Road in Scottsdale, recently added leading U.S. homebuilder Meritage Homes’ corporate headquarters to the strong mix of tenants that so far includes Stealth Partner Group, Sigma Company’s Bar-S Foods and Quantum Group. “This significant commitment from Meritage Homes paves the way for the next phase of office development at … [More]
Phoenix Is the Next Area of Opportunity for Chicago-Based Development Group
The Phoenix metro area is home to some of Chicago’s greatest exports — Chicago Cubs Spring Training, Portillo’s and Lou Malnati’s Pizzeria, to name a few. Soon, Phoenix will also be home to Belgravia Group’s first out-of-Chicago development — Portico. It’s a monumental and exciting move for the 70-plus-year-old luxury development firm — and a natural one. Belgravia Group’s … [More]
Upscale Retail Town Center for Verrado
A major retail center is due to start taking shape mid next year at the Verrado development in Buckeye. DMB Associates, the master developer of the 8,800-acre Verrado master-planned community, is partnering with Vestar, the largest privately-held shopping center owner, developer and manager in the western United States, to create a dynamic retail center. Verrado Marketplace … [More]
Dominium Addresses Area’s Affordable Housing Need
With the grand opening last month of Solstice of Mesa, Dominium celebrated its first new construction project in Arizona — a 289,840-square-foot, 237-unit apartment complex for seniors earning no more than 60% of area median income. Located at Hawes and Broadway roads, the project is already 100% leased due to need in the area. Tofel Dent Construction of Tucson was the … [More]
Lincoln Property Co. Readies Next Phoenix Mega Project
LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Co., has completed a $53 million, 140-acre land acquisition in Glendale, Arizona, for its next mega metro Phoenix industrial project, Luke Field. The $515-million, 2.3-million-square-foot development is bordered by Litchfield Road, Northern Avenue, the new Northern Parkway and Luke Air Force Base. It is minutes … [More]
IndiCap and AECOM-Canyon Partners Enter the Phoenix Market with Planned Industrial
IndiCap, a newly formed boutique commercial real estate company specializing in industrial investment and development in the Arizona and Nevada sectors, in a joint venture with AECOM-Canyon Partners, announced its entry into the Phoenix real estate market with the recent $48-million acquisition of two parcels of land totaling 113 acres in the Eastmark master-planned community … [More]
ViaWest Group Closes on 4th Opportunity Zone Deal
ViaWest Group, in a joint-venture with American Opportunity Zone Advisors LLC, has acquired an 8.8-acre land parcel in Goodyear, one of the top 10 fastest-growing cities in the U.S. and Arizona’s second-fastest-growing city, adding a valuable development parcel to its extensive portfolio. This unimproved land site is situated immediately south of its Goodyear Crossing … [More]
Designing for Senior Communities – The Revel Brand
Six years ago, we began concepting a new type of senior community with the goal of reinventing the look and feel of senior living. Our team’s design backgrounds mainly included experience in market-rate multifamily properties, high-concept leasing and cultural galleries, and hospitality, so we approached senior living with zero pre-conceived notions. We started the process by … [More]
