Industrial activity remained incredibly resilient in the Phoenix metro in the first quarter of this year. In fact, industrial investment was the strongest on record, with $990.8 million in total sales volume, up 24% year-over-year, according to a Q1 report from Colliers. Some major deals included Prologis acquiring Cotton 303 Logistics Center in Glendale for $104 million on March 20. What’s more, EQT Real Estate acquired Commerce@303, a 663,367 square-foot industrial building also
PV is getting more places to eat, stay healthy and have fun as the redevelopment of the former Paradise Valley Mall site continues. Why it matters: The bulldozed mall near Cactus Road and Tatum Boulevard is giving way to a massive, mixed-used development that will transform that area of north Phoenix. What they’re saying: “By this time next year, this will be a dramatically different place,” Jeff Moloznik, senior vice president at RED Development, told Axios. The latest: RED, which is
Ground broke on the Taiwan Semiconductor Manufacturing Co. (TSMC) fab in north Phoenix in 2021 with the kind of ceremony that American manufacturing policy had not seen in a generation. Hard hats and ribbon-cutting and the word “historic” deployed without irony. The narrative was clean: the U.S. was taking back the commanding heights of semiconductor production from Asia, and Arizona was where it would happen. That narrative is incomplete. I lived in Taiwan in 1987
Empire Group of Companies, through its luxury urban infill division Aspirant Development, today announced the official rebranding of its highly anticipated Downtown Phoenix high-rise project from its working name, Astra, to Arro – a landmark mixed-use development poised to become the tallest building in Arizona upon completion. Spanning approximately 1.8 million square feet, Arro will introduce a new level of scale and sophistication to Downtown Phoenix, anchored by a
The Phoenix metro area, which already boasts a robust hotel pipeline, is expected to experience continued growth in this sector through 2026, hospitality development executives said at Bisnow’s Phoenix Hotels, Resorts and Wellness Summit. “This year alone, the hotel industry is going to generate $1.1B in tax revenue” for the metro area, Haleigh Hildebrand, American Hotel and Lodging Association vice president of public affairs, said at the event held at the Hilton Scottsdale Resort & Villas in
A 250,000-square-foot, nearly $190 million multi‑sport complex in North Phoenix is back on track, fulfilling the dream of SSS Partners CEO Shubham Pandey — and his neighbors. Fire ‘N Ice Arena, a nearby hotel and SSS Academy, its operator, will sit on 17.5 acres at 2727 W. Bronco Butte Trail — near the I-17 and Sonoran Desert Drive, adjacent to TSMC. Pandey said the hotel, which he called a Hilton, will open within two months. A Hilton spokesperson said, however, “Hilton is committed to
Taiwan Semiconductor Manufacturing Co. is planning to open its first advanced packaging facility at its north Phoenix site by 2029, according to a recent Reuters report. During a conference held Wednesday in Santa Clara, California, TSMC executives said the company has started initial work on its fourth Phoenix chip factory and broke ground on an advanced packaging facility as part of its plans to expand manufacturing capacity in Arizona, Reuters reported. “We are going to build a
Colorado-based developer has completed renovations at a century-old building in the downtown Phoenix warehouse district as it gears up to develop an adjacent high-rise project. One West Madison, previously called the Pratt-Gilbert building, was constructed in 1913 and was previously used by Maricopa County for courts. When developer Aardex bought it, the building still had a holding cell in the basement, said Caleb Hebel, principal at Aardex. The company has been restoring the building
A new ranking of America’s Fastest-Growing Suburbs and the salaries needed to afford them shows that Arizona’s desert boomtowns are turning into some of the country’s most sought‑after addresses—where rapid in‑migration is bumping up against rising home values and bigger income needs. MoneyLion analyzed U.S. Census data alongside average home values from Zillow and cost-of-living estimates from national expenditure and mortgage data to calculate what residents need to
A Taiwan-based construction firm that specializes in mechanical, electrical and plumbing services for computer chip makers bought a huge North Phoenix office property. The company, Transdien Engineering Co., acquired a 97,372 square-foot office park off the Loop 101 and 7th Street for $19,458,000 on April 15, according to real estate database Vizzda. It’s located at 19825 N. 7th Street, sits on 17.51 acres and was built in 2004. Transdien bought the building from 101 & 7th Street
Investors staring at Austin’s or Phoenix’s headline numbers this spring could be forgiven for walking away. On a metro‑wide basis, new‑lease rents in many Sun Belt markets are still drifting down and occupancies remain under pressure as the 2021–2024 construction wave finishes delivering. Yet drill a level deeper and a very different picture emerges: within the same “overbuilt” metros, the spread in performance between lifestyle and rent‑by‑necessity assets and between
Two very different development projects in Arizona are moving forward this week, but they share a common blueprint for success: listening first, then building. Anita Verma-Lallian, founder and CEO of Arizona Land Consulting, secured regulatory approvals for a mixed-use commercial project in Casa Grande and a data center infrastructure development in Tonopah—both shaped significantly by community feedback. On April 6, the Casa Grande City Council approved a rezoning request
Chicago-based 29th Street Capital held its grand opening April 15 for Verge, its 201-unit rental community at 1297 E. Broadway Ave. in Apache Junction. Monthly rental rates range between $1,554 and $2,325 for the 201-unit rental community, said Beric Wessely, director of lease-up operations for 29th Street Capital.”Apache Junction is really the next wave of growth in the East Valley,” Wessely said. “As Mesa and Queen Creek filled in, demand naturally pushed outward and this is where
Commercial real estate finance sentiment took a sharp turn in the first quarter, as geopolitical turmoil tied to the Iran war wiped out months of improving outlook, even as underlying demand for capital and assets remains firm. The CRE Finance Council’s Board of Governors Sentiment Index fell 20.2% quarter-over-quarter to 100.1, down from 125.4 in the fourth quarter, erasing roughly three-quarters of gains and returning the index to its 4Q 2017 baseline. The decline was broad-based, with
For decades, multifamily investors could rely on a predictable rhythm: rising rents pushed cap rates lower and lifted asset values, while weakening rents did the opposite. That relationship is now breaking down across a growing share of major US markets, creating a more fragmented and less predictable pricing environment. In several metros, including Atlanta, Chicago and New York City, rents and cap rates are rising at the same time. In others, such as Houston, Dallas and Miami, rents
Phoenix-based ViaWest acquired a 53-acre site in Goodyear on April 16, according to real estate database Vizzda. It purchased the site from NBA Enterprises Limited Partnership and Hohokam Acres Limited Partnership for nearly $11 million; Wesley Campbell of Land Advisors represented the buyer in the deal. The land was previously eyed by Prologis, a national logistics real estate company, which went through the rezoning process two years ago to set it up for an industrial park.
Mark-Taylor Residential, a leading investment manager, developer and owner of Class-A multifamily real estate in Arizona, partnered with Sunbelt Holdings, a Scottsdale-based master-planned community developer, and Rockpoint, a Boston-based real estate private equity firm, to deliver 283 additional rental homes in North Phoenix. The Hillburn includes three-bedroom townhomes ranging from 1,729 to 2,291 square feet, as well as two-, three- and four-bedroom single-family
A California developer has acquired a 25-acre office property in Tempe that it plans to redevelop into a hub for advanced manufacturing jobs. Panattoni Development Company Inc. closed on the $37.5 million deal April 15, according to Tempe-based real estate database Vizzda. The property at 2750 S. Priest Drive is off Interstate 10 and within the Broadway Curve area — one of the busiest highway sections in Arizona, according to the Arizona Department of Transportation. Newmark
Having paid approximately $7M to SimonCRE for 10.8 acres of the 21-acre Residences at Prasada development site, The Wolff Company is planning to develop a multifamily community on the property. The Wolff Company was represented by Jake McClaughry and Brian Gausden with Western Retail Advisors, according to a local news report. The site is part of SimonCRE’s master-planned retail development The Village at Prasada at the SEC of Loop 303 and Waddell Road in Surprise, which
The Greater Phoenix industrial market posted its strongest quarter on record for industrial property investment sales, according to a report released by Colliers. Net absorption during first quarter was more than three and a half times the 1.38 million square feet of new supply delivered during the period, pushing vacancy down to 9.2 percent. Investment activity posted its strongest quarter on record with $990.8 million in total sales volume, highlighting Phoenix’ position as the country’s top
Target is doubling down on its commitment to large stores by opening a half dozen new locations next month as part of a $5 billion capital-investment initiative this year. The Minneapolis-based discount giant will be rolling out two new stores each in Arizona and North Carolina and one each in New Jersey and Missouri. They are part of the 30 locations the chain plans to debut this year. Most of the new sites are bigger than the retailer’s average size, with the largest one 149,000 square
A mixed-use project in Deer Valley from Sunbelt Investment Holdings is progressing into its next phase with new apartments and an Aldi grocery store in the works. Bell 17 Business Center is located off Interstate 17, along Bell Road and 19th Avenue, and right across from the Turf Paradise racetrack. San Diego-based Sunbelt acquired the roughly 90-acre site through an Arizona State Land Department auction back in 2018, paying $26,500,000. The first phase included building out a
Location: MC 85 and Broadway Road in Buckeye Description: A national, off-price retailer is constructing a 2 million-square-foot distribution center that’s expected to bring thousands of jobs to the southwest Valley. Burlington, which sells clothes and home decor, will have an automated facility with smarter sorting systems, enhanced work stations and custom software to streamline daily operations, according to a news release from the company. The enhancements help get merchandise to the
Creation, a performance-driven real estate development and alternative investment firm, in partnership with a real estate fund advised by Crow Holdings Capital, has closed on a 38-acre site in Avondale for the development of Avondale Tech Center, a three-building Class-A industrial campus totaling approximately 700,000 square feet. Located on the northwest corner of 117th Avenue and Corporate Drive within the West Valley’s premier manufacturing corridor, Avondale Tech Center