The Land Letter

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John Finnegan

Senior Vice President | Land

(602) 222-5152

Residential Permits in the Phoenix Metro

Ramey Peru — Wed, 02 Sep 2026 18:01:41 GMT

July 2026 Residential Permit Snapshot

Hi everyone, below are the updated Phoenix Metro permit numbers through July.

Something we noted in the most recent numbers - the combined trailing 12-month count just slipped below its long-term average for the first time since November 2019, which ends a 79-month run above the line. That streak covered the entire post-COVID cycle.

As always, we lean on the trailing 12-month numbers rather than the monthly prints. Any single month can swing on one big apartment project and that noise tells us almost nothing. The T-12 is where the trend actually means something.

Multifamily

The Macro View (2000 - today)

The multifamily T-12 sits at 12,552 units, down 9.4% year over year. Zoom all the way out and that’s still a strong number, the long-term average since 2000 is 9,287, so we’re running about 35% above the historical norm.

The full-cycle peak was 23,024 in November 2023, and the trough was 395 units in February 2010. Phoenix effectively stopped permitting apartments for the better part of two years after the GFC.

Another other macro fact we took note of: multifamily now makes up 36% of all residential permits vs. a long-term average of 26%. Even after the pullback, multifamily carries more of the load than it historically has.

The Micro View (2020 - today)

Inside the 2020s, we’ve now come full circle. The T-12 ran from roughly 12,200 units at the start of 2020 up to that 23,024 peak in late 2023, then rolled over. We’re now 45% off the peak, the sharpest drawdown in the series since the GFC.

At 12,552, the T-12 is back to where it was in January 2020.

One caveat: there was a genuine bump from December 2025 through February 2026, where the T-12 climbed back to 15,690. That’s since given way, and July’s number is the lowest reading of the 2020s. But it’s a reminder that a couple of large projects can move this line meaningfully in either direction.

Single Family

The Macro View (2000 - today)

Single family is at 22,672 on the T-12, down 14.8% year over year and sitting about 14% below the long-term average of 26,270.

The macro chart is still dominated by two extremes. The 58,872 peak in March 2005 remains a number this market has never come close to revisiting (we’re at roughly 39% of it today). The 6,379 trough in March 2011 was a near-total shutdown of homebuilding in the Valley.

Worth noting that the last fifteen years have been a long, grinding climb from that trough, and even at the 2021 high we only got back to about two-thirds of the 2005 peak.

The Micro View (2020 - today)

The 2020s have given us a double top. The T-12 peaked at 37,593 in June 2021, fell to a low of 19,972 in June 2023 as rates repriced everything, recovered to 30,807 by October 2024, and has been declining since. We’re now 26% off that secondary peak.

When we look at the last four T-12 numbers, we get 22,878, 22,504, 22,635 and 22,672. Those numbers are remarkably flat and it looks like we’re seeing some stabilization after a steady twenty-month slide.

Combined

The Macro View (2000 - today)

Combined residential permits stand at 35,224 on the trailing 12, down 12.9% year over year.

The long-term average is 35,556. So we are right at the historical average (0.9% below if you want to get technical about it). The broader cycle peak was 65,941 in March 2005 and the trough was 7,092 in March 2011.

To be clear, the 2000–2026 window includes one of the largest housing bubbles in American history and one of the largest busts, and the average of that series is a reasonable definition of a normal year in Phoenix. We can also see from the graph how rare it is for us to be sitting right at the average.

The Micro View (2020 - today)

Within the 2020s, this is the low. The combined T-12 peaked at 53,619 in March 2022 and has fallen 34% to today’s reading. July 2026 is the lowest combined count since October 2019.

Single family peaked in mid-2021, multifamily peaked in late 2023. The two sectors rolled over eighteen months apart, and that stagger is what kept the combined line elevated for so long. Multifamily was doing the heavy lifting through 2023 and into 2024. Now both are coming down at the same time, so the combined number has nothing propping it up.

What we’re actually watching from here: the decline in single family has stalled for four months and multifamily appears to still be coming down. If single family holds this level and multifamily trends down to the long-term average, the combined count would stabilize in the low 30s. To us, that feels like a market resetting to normal. The permit data has come all the way back to trend, which is uncomfortable after five years above it, but the trend is not distress.

Thanks for reading. As always, reach out with anything we can help you with - and if you’re looking at a specific submarket or a specific deal, we’re happy to dig into the numbers with you.

Until next time,

Ramey & John

Ramey Peru — Senior Vice President | Land — ramey.peru@colliers.com

John Finnegan — Senior Vice President | Land — john.finnegan@colliers.com

Data: Texas A&M Real Estate Research Center, Phoenix Metro, through July 2026. Multifamily figures reflect all multifamily permits (2-unit, 3–4 unit and 5+); the 5+ category makes up the large majority and stands at 11,495 on the current trailing 12.

Phoenix CRE Brief | Phoenix & Arizona Land Broker Insights - 8/27/2026

Ramey Peru — Thu, 27 Aug 2026 17:02:31 GMT

Executive Summary

Institutional capital fully absorbed the Valley's premier logistics campus and is now funding the next generation of high-spec product. Lincoln Property Company's $170.25 million sale of the final two Park303 buildings ($152.99 per square foot) is the highest two-building industrial sale price in Arizona history and completes institutional ownership of all four buildings on the 210-acre Glendale campus. Days earlier, Creation and a Crow Holdings Capital-advised fund broke ground on the 700,000-square-foot Avondale Tech Center, explicitly aimed at advanced manufacturing, aerospace, semiconductor, and defense users rather than commodity distribution.
Entitlement, water, and power risk have become the binding constraint on Phoenix land, not capital. The Pinal County Board of Supervisors rejected Vermaland's La Osa Energy Center outright, killing a 3,300-plus-acre data center and generation campus even after the developer cut the program roughly 80 percent and added self-imposed water limits. In the same week, Vestar moved on another 20-acre Desert Ridge state trust parcel ahead of a November 5 auction, and Mesa's Planning and Zoning Board recommended converting 150 acres at Hawes Crossing from light industrial to residential and mixed-use, evidence that entitlement outcomes, more than pricing, are now determining where growth actually lands.
Capital is paying up only for best-in-class, well-leased product in both retail and office. Union Street at Norterra traded at $843 per square foot for 16,501 square feet of brand-new, fully leased restaurant retail, and Esplanade III sold for $86 million, or $385.96 per square foot, in Phoenix's largest single-building office deal of 2026. Both assets combine irreplaceable locations with income upside, whether from a captive hotel-and-residential ecosystem or from in-place rents well below the top of the Camelback Corridor market, while commodity product in the same asset classes remains illiquid.

Land

Vestar Targets 20-Acre Desert Ridge State Trust Site for Anchored Retail - ABC15 Arizona (August 25, 2026)
Phoenix-based Vestar applied for roughly 20 acres of Arizona State Land Department property at the southwest corner of Black Mountain Boulevard and Deer Valley Drive for a proposed anchored retail development. The starting bid was set after subtracting required intersection roadwork the winning bidder must fund, and the surrounding Desert Ridge area has drawn $251 million in recent bidding.

Auction date: November 5, 2026, with a $6.85 million starting bid
Implied auction floor: approximately $342,500 per acre and $7.86 per land square foot
Required intersection improvements valued at approximately $2.34 million were deducted from the opening bid
Source

Pinal County Rejects La Osa Energy Center Rezoning South of Eloy - KJZZ (August 26, 2026)
The Pinal County Board of Supervisors voted down Vermaland’s rezoning and site plan requests for what would have been one of Arizona’s largest data center campuses, following hours of public testimony and multiple overflow rooms. The developer had already cut the project by roughly 80 percent and added self-imposed water limits and energy cost commitments, but the concessions were not enough to secure approval.

Site exceeded 3,300 acres, with approximately 2,393 acres proposed for industrial zoning and 992 acres as open space
Revised program: 11 data center buildings, a 500-megawatt natural gas plant, and battery storage supporting up to 1 gigawatt of demand
Source

Multifamily

LV Collective Delivers 829-Bed Rambler Tempe Near Arizona State University - AZ Big Media (August 26, 2026)
LV Collective, in partnership with Kayne Anderson Real Estate, opened Rambler Tempe at 1020 E. Apache Blvd., its second Arizona development. The high-rise format and hospitality-driven amenity package reflect the continued institutionalization of purpose-built student housing in the Tempe submarket, where land constraints near campus favor vertical product.

14 stories, 552,380 square feet, 289 units, 829 beds ranging from studio to four-bedroom plans
Move-ins began July 24; Pacific Life provided debt financing
Source

Industrial

Park303’s Final Two Buildings Trade for $170.25 Million in State-Record Deal - AZ Big Media (August 26, 2026)
Lincoln Property Company sold the last two Class A buildings at its 210-acre, 3.75 million-square-foot Park303 logistics campus along Loop 303 and Glendale Avenue, completing full institutional ownership of the project. The transaction is the highest two-building industrial sale price in Arizona history and establishes a benchmark for stabilized modern bulk product in the West Valley. Buildings feature 40-foot clear heights, up to 12,000 amps of power, and 7-inch slabs engineered for automated racking and picking systems.

Sale price: $170,250,000 across 1,112,835 square feet, or $152.99 per building square foot
Building A: 629,835 square feet, fully leased to DHL; Building B: 483,000 square feet, fully leased to Logisticus Group
Prior campus sales: Phase 1 to BentallGreenOak for $186 million in 2021; Phase 2 Building C to Dollar Tree for $147 million in 2025
Source

Construction Begins on 700,000-Square-Foot Avondale Tech Center - KTAR News (August 23, 2026)
Creation, partnered with a real estate fund advised by Crow Holdings Capital, broke ground on a three-building Class A campus at the northwest corner of 117th Avenue and Corporate Drive along Interstate 10. The project is explicitly targeted at advanced manufacturing, research and development, pharmaceutical, aerospace, semiconductor, and defense users rather than commodity distribution, a distinction that increasingly separates Phoenix from purely logistics-driven industrial markets.

38 acres, approximately 700,000 square feet across buildings ranging from 212,184 to 254,264 square feet
36-foot clear heights, 3,000A at 480V expandable to 6,000A, completion targeted for Q3 2027
LGE Design Build serving as architect and general contractor
Source

North Metal & Chemical Company Buys Tempe Industrial Facility for $6.1 Million - AZBEX (August 25, 2026)
The chemical manufacturer purchased a 25,800-square-foot industrial building at 1401 S. Siesta Lane in Tempe, relocating from a smaller leased facility. The 1997-vintage building includes two office areas, 18-foot clear height, truck-well and grade-level loading, and a fenced yard. Owner-user demand at this size band continues to price well above institutional bulk on a per-foot basis.

Sale price: $6.1 million across 25,807 square feet, or $236.37 per square foot
Source

South Valley Business Park Trades in Chandler - AZBEX (August 25, 2026)
A two-building Class A industrial asset at 1710 and 1720 E. Germann Road in Chandler changed hands, with both buyer and seller undisclosed. The Germann Road corridor continues to attract capital on the strength of its proximity to the Price Road technology corridor and Chandler’s semiconductor employment base.

Total size: 143,813 square feet across two buildings
Transaction pricing was not disclosed, so no price-per-square-foot metric is available
Source

Retail

Union Street at Norterra Sells for $843 Per Square Foot - AZ Big Media (August 24, 2026)
Two newly constructed retail buildings at the northeast corner of Norterra Parkway and Happy Valley Road sold fully leased to a curated lineup of national restaurant brands including Shake Shack, First Watch, CAVA, Tropical Smoothie Cafe, and Firebirds Wood Fired Grill. The pricing far exceeds conventional neighborhood center metrics and reflects buyers underwriting the surrounding ecosystem rather than individual tenant credit alone. The center sits adjacent to a dual-branded AC Hotel by Marriott and Element by Westin, with a second phase adding roughly 308 apartment units and a future grocery anchor.

$843 per square foot across 16,501 square feet in two buildings, implying total consideration of approximately $13.91 million
Built in 2026 and 100 percent leased at the time of sale
Positioned just off Interstate 17 in the path of TSMC-driven north Phoenix growth
Source

EvCap Investments and Point Acquisitions Acquire Tuscani Pointe in North Phoenix - PR Newswire (August 26, 2026)
The joint venture closed off-market on a 66,000-square-foot retail center at 711 E. Carefree Highway, acquiring the property roughly 27 percent vacant. The Carefree Highway corridor sits directly in the path of residential and employment growth tied to the TSMC expansion, and the sponsors plan hands-on management focused on stabilizing occupancy and strengthening tenant mix.

66,000 square feet, approximately 27 percent vacant at closing
Transaction closed in late May 2026; pricing was not disclosed, so no price-per-square-foot metric is available
Source

Aldi to Open Three Phoenix Stores as It Pushes Toward 50 Valley Locations - ABC15 Arizona (August 25, 2026)
The German discount grocer disclosed plans for three additional Phoenix store openings in September and October, part of a program to add at least 10 Valley locations in 2026. For retail landlords, the significance extends beyond the individual boxes: a sustained grocery rollout creates a reliable stream of anchor and neighborhood center demand in a metro where vacancy has remained structurally tight.

Three new City of Phoenix stores slated for September and October 2026
Target of 40 new Phoenix-market stores by the end of 2030
Source

Office

Esplanade III Trades for $86 Million in Phoenix’s Largest Single-Building Office Deal of 2026 - Connect CRE (August 26, 2026)
Southwest Value Partners acquired the 10-story trophy tower at 2415 E. Camelback Road from a joint venture affiliated with Transwestern and C-III Capital Partners. The building’s pricing history is instructive: the seller acquired it for $60.2 million in an all-cash deal in July 2019, and the current trade represents a substantial recovery for well-located Camelback Corridor product. A short weighted average lease term paired with materially below-market in-place rents gives the incoming sponsor mark-to-market upside as leases roll.

$86 million across 222,820 square feet, or $385.96 per square foot
83.4 percent leased with a 4.4-year weighted average unexpired lease term
Tenants include Vestar, Vanguard Realty Advisors, Barclay Group, Velocity Retail Group, Husch Blackwell, and Pederson Group
Source

Mixed-Use

Mesa Planning and Zoning Board Recommends Approval of Hawes Crossing Mixed-Use District - AZBEX (August 25, 2026)
Mesa’s Planning and Zoning Board recommended a general plan amendment and rezoning for Hawes Crossing Village 7 at Hawes and Elliot roads, converting land previously planned for light industrial use. The action is a clear signal that municipalities in the Loop 202 corridor are prioritizing sales-tax-generating retail and rooftops over low-employment warehousing as the district transitions from planning into sustained buildout.

150 acres total: approximately 100 acres of single-family residential and a 50-acre mixed-use district
Retail and restaurant uses concentrated along Elliot Road
Source

Trammell Crow Completes Sprouts-Anchored CityNorth Development - Connect CRE (August 25, 2026)
Trammell Crow Company delivered an eight-acre mixed-use project near 56th Street and Loop 101 that pairs Sprouts Farmers Market’s new corporate headquarters with a flagship grocery store and additional retail. The programming, which includes a community garden, rooftop deck, fitness center, and culinary kitchens, illustrates how corporate occupiers are now using heavily amenitized real estate as a recruiting and retention tool rather than leasing commodity space.

145,000-square-foot Class A office headquarters building
25,000-square-foot flagship grocery store plus approximately 11,000 square feet of retail
Grocery store opened in July; headquarters complete and ready for occupancy
Source

New Self-Storage and RV Development Planned in Pinal County - AZBEX (August 21, 2026)
Reverent Ventures sought a comprehensive plan amendment, rezoning to General Commercial (C-3), and a planned area development overlay for a self-storage and RV storage project on John Jacob Astor Avenue south of Casa Grande. Projects like this represent the secondary commercial wave that follows rooftop growth, capturing demand that rapid residential absorption creates but existing supply cannot serve.

8.64 acres with buildings of approximately 60,200 and 13,500 square feet
Four canopy areas slightly exceeding 32,000 square feet each, plus a 960-square-foot leasing office
Source

Maricopa May See New Mountainside Fitness - AZBEX (August 21, 2026)
Evolve Ventures submitted pre-application materials to the City of Maricopa for a fitness facility near John Wayne Parkway and Honeycutt Avenue. The filing is another data point in Pinal County’s commercial catch-up cycle, where daily-needs and lifestyle uses are arriving well behind residential absorption.

Proposed building size: approximately 40,000 square feet
Pre-application stage; no transaction reported
Source

Hotels

Historic Security Building Slated for $135 Million Hotel Conversion - ABC15 Arizona (August 26, 2026)
CivicGroup, led by developer Chris DeRose, and Sunflower Development are pursuing an adaptive reuse of the 1928 Security Building at Central Avenue and Van Buren Street into a full-service downtown hotel. The project addresses two sectors simultaneously, removing obsolete downtown office inventory while adding meaningful hospitality supply through change of use rather than conventional leasing.

$135 million redevelopment budget for 255 rooms, or approximately $529,412 per room; note this is a construction budget, not a property sale price, so it is not a comparable price-per-key transaction metric
Approximately 15,000 square feet of meeting space including a 5,500-square-foot ballroom, plus five food and beverage outlets
Building is owned by Maricopa County, with the development group operating under a 20-year lease
Source

Connect With Us

As Phoenix land brokers and Arizona land brokers, we connect with landowners and developers across the Phoenix Metro every day. Whether you are recalibrating land basis in the far West Valley or Pinal County, buying or selling commercial land, underwriting a stabilized multifamily or power-heavy industrial acquisition, or working through entitlement, power, and water questions on a master-planned or mixed-use site, our Colliers Phoenix land brokerage team is available for confidential conversations about how the activity in this brief may affect your business and your pipeline. If you are looking for an experienced Phoenix land broker or Arizona land broker who knows Maricopa County and Pinal County dirt, reach out to start the conversation.

Ramey Peru

Senior Vice President | Land

(602) 222-5154

John Finnegan

Senior Vice President | Land

(602) 222-5152

Phoenix CRE Brief | Phoenix & Arizona Land Broker Insights - 8/20/2026

Ramey Peru — Thu, 20 Aug 2026 17:01:58 GMT

Executive Summary

TSMC’s supply chain now sets the price of North Phoenix land. Three Taiwan-based suppliers paid a combined $48 million for roughly 42 acres at Mack Innovation Park in Deer Valley (about $1.15 million per acre), all buying from a single HVAC firm that had assembled the site just months earlier. Industrial-zoned dirt near the fabs is genuinely scarce, and suppliers are paying a premium to lock in a front-row position next to the $265 billion campus.
Build-to-rent keeps expanding into the growth-corridor suburbs. NexMetro opened its 26th Valley community with 214 detached rental homes in Buckeye, a submarket it is targeting on the strength of 24-plus percent population growth since 2020. With apartment deliveries slowing sharply, capital continues to favor the horizontal, single-family-style rental format that competes directly with for-sale housing.
Obsolete office is being reborn as hospitality. LaPour Partners is converting a vacant 19-story Arizona Center office tower into a 340-room JW Marriott (about $588,000 per room), and Mesa greenlit a $39 million AC Hotel by Marriott (about $260,000 per room) downtown. Adaptive reuse and public-private hotel structures are pulling dead space off the market while adding rooms in undersupplied submarkets.

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Land

Three TSMC Suppliers Close $48M in Deer Valley Land Deals at Mack Innovation Park Phoenix Business Journal (August 19, 2026) Three Taiwan-based TSMC suppliers bought vacant industrial land at Mack Innovation Park on August 10, all from HVAC firm Mornstair, which had paid $59.9 million for 51.9 acres in February. Propersys Corporation took 21.48 acres, Muaqua Engineering (a Mega Union subsidiary) took 10.18 acres, and Gold Stone Development took 10.04 acres, per Vizzda. The cluster underscores how fast supplier demand is repricing dirt near the campus.

Propersys: $24,808,726 for 21.48 acres (about $1,155,000 per acre / $26.51 per land SF)
Muaqua: $11,732,324 (about $1,152,000 per acre); Gold Stone: $11,531,408 (about $1,149,000 per acre)
https://www.bizjournals.com/phoenix/news/2026/08/19/3-taiwan-firms-buy-land-at-mack-innovation-park.html

Walmart Adds Nearly 80 Acres in Buckeye Across Two Deals Phoenix Business Journal (August 13, 2026) Walmart acquired roughly 79 acres across two non-adjacent Buckeye sites along Southern Avenue for $21,375,692 combined, extending its footprint near an existing distribution center it has run for nearly 25 years. JLL brokered the 40-acre Zeitlin Capital parcel; Peak Group repped the seller on the 39-acre Cardinal Capital site. The retailer has not disclosed its plans for either site.

40-acre parcel (Zeitlin Capital): $9,556,992 (about $238,925 per acre / $5.49 per land SF)
39.09-acre parcel (Cardinal Capital): $11,818,700 (about $302,300 per acre / $6.94 per land SF)
https://www.bizjournals.com/phoenix/news/2026/08/13/walmart-buys-more-buckeye-land-az.html

Multifamily

NexMetro Opens 214-Home Avilla Marigold in Buckeye AZ Big Media (August 18, 2026) NexMetro Communities opened Avilla Marigold, its 26th Valley Avilla community, bringing 214 single-level, mostly detached cottage-style rental homes to a 19-acre site at 19765 W. Thomas Road. Pre-leasing is underway with base rents from roughly $1,399 to $1,949. The developer cites Buckeye’s 24-plus percent population growth since 2020 as durable demand.

214 homes on 19 acres (about 11.3 units per acre)
NexMetro has delivered more than 4,000 leased BTR homes across metro Phoenix
https://azbigmedia.com/real-estate/nexmetros-avilla-marigold-brings-214-rental-homes-to-buckeye/

Industrial

DHL Pre-Leases 1.14M-SF VT 303 North in Glendale Commercial Real Estate Direct (August 19, 2026) VanTrust Real Estate secured a full pre-lease on VT 303 North, a roughly 1.14-million-square-foot facility at Northern Avenue and Reems Road, reportedly to DHL, before completion in December 2026. It is the first speculative building over one million square feet in the metro to fully lease before delivery in more than three years. CBRE represented the landlord and JLL the tenant.

Roughly 1,140,000 SF, fully leased pre-completion
Half a mile from Northern Parkway and five miles from Interstate 10
https://crenews.com/2026/08/19/dhl-pre-leases-1-14mln-sf-industrial-property-in-glendale-ariz/

GO 99 North Breaks Ground as Phoenix’s Only Million-SF-Plus Opportunity GuruFocus / Business Wire (August 18, 2026) GO Industrial broke ground on GO 99 North, a 1,100,500-square-foot building at 9797 W. Buckeye Road with 40-foot clear heights and heavy power. Slated for Q2 2027, it is currently the only million-square-foot-plus opportunity available in the market and is offered for lease or sale. Cushman & Wakefield holds the exclusive listing.

1,100,500 SF, 6,000 amps expandable to 9,000 amps
Delivery targeted for Q2 2027
https://www.gurufocus.com/news/9040902/cushman-wakefield-to-lease-11-msf-industrial-facility-in-phoenix-on-behalf-of-go-industrial

CapRock Partners Buys Summit at Surprise for $37.5M AZ Big Media (August 6, 2026) CapRock Partners acquired Summit at Surprise, a newly completed 244,847-square-foot, two-building Class A park on 16.95 acres, from Velocis. The property was about 15 percent leased at closing, giving CapRock immediate lease-up upside in the West Valley. KBC Advisors brokered the sale and JLL leads leasing.

Price: $37,461,591 (about $153 per SF)
Two buildings (79,200 SF and 165,647 SF), 32-foot clear heights
https://azbigmedia.com/real-estate/big-deals/industrial/summit-at-surprise-acquired-by-caprock-partners-for-37-million/

Pivotal and Meadow Acquire Corning-Leased 53 Ten in Glendale for $26.7M citybiz (August 10, 2026) Pivotal Manufacturing Partners and Meadow Partners bought 53 Ten, a 157,523-square-foot advanced manufacturing facility on 19.6 acres at 5310 W. Camelback Road, fully leased to a Corning affiliate serving semiconductor, aerospace, and defense customers. The power-rich, infill asset marks Pivotal’s entry into Greater Phoenix. JLL represented the seller, an entity tracing to Taurus Investment Holdings.

Price: about $26.7 million (about $169.50 per SF)
Single-tenant, credit-backed (Corning, NYSE: GLW) with substantial in-place power
https://www.citybiz.co/article/886788/pivotal-manufacturing-partners-meadow-partners-acquire-phoenix-area-manufacturing-facility/

Nexus Commerce Center Delivers 273,000 SF of Tempe Infill Industrial AZ Big Media (July 28, 2026) Creation, with CrossHarbor Capital Partners and Amherst, completed Nexus Commerce Center, a three-building, 273,000-square-foot Class A park at Elliot Road and Hardy Drive. The 16-acre site converted 200,000 square feet of vacant office into shallow-bay industrial in Tempe’s I-10 corridor. Cushman & Wakefield leads leasing.

Three buildings (88,773 to 103,288 SF), 32-foot clear heights
Office-to-industrial adaptive reuse on a 16-acre infill site
https://azbigmedia.com/real-estate/big-deals/industrial/nexus-commerce-center-completes-construction/

Retail

Scottsdale Towne Center Lands $45.8M Refinancing CBRE Capital Markets (August 17, 2026) The 168,090-square-foot open-air power center at 15444 N. Frank Lloyd Wright Blvd. secured a $45.8 million, five-year, full-term interest-only life-company loan. Shadow-anchored by Target with TJ Maxx, Ross, and Mountainside Fitness inline, the center is roughly 100 percent leased after a 50,000-square-foot backfill. The interest-only structure signals strong lender conviction in stabilized Scottsdale retail.

Loan: $45,800,000 (about $272.48 per SF)
Submarket vacancy near 4.2 percent with rents above $30.20 per SF
https://www.cbre.com/press-releases/cbre-arranges-45-8-million-refinancing-for-scottsdale-towne-center

SimonCRE Sells Peoria Starbucks Pad for $3.45M AZBEX (August 18, 2026) SimonCRE sold a single-tenant Starbucks at 28379 N. El Mirage Road to two private LLCs for $3.45 million, with the tenant in place. The trade reflects continued velocity for passive, bond-like net-lease assets among 1031 and private buyers. Cushman & Wakefield represented the seller.

Price: $3,450,000, fully leased to Starbucks
NNN cap rates in the market holding roughly 5 to 6 percent
https://azbex.com/commercial-real-estate/commercial-real-estate-08-18-26/

Common Bond Plans Sprouts-Anchored Retail Center in Goodyear AZBEX (August 14, 2026) Common Bond Development Group, with Harvard Investments and the City of Goodyear, revealed a grocery-anchored center in the Estrella master plan along Estrella Parkway at North Lake. Phase 1 spans about 35,200 square feet anchored by a 23,000-square-foot Sprouts, with a future phase adding lakeside retail and restaurant space. Groundbreaking is targeted for Q1 2027.

Phase 1: about 35,200 SF (23,000-SF Sprouts, 9,200-SF inline, 3,000-SF pad)
Phase 2 adds 16,000 to 20,000 SF along the lake
https://azbex.com/planning-development/common-bond-announces-sprouts-anchored-estrella-retail-center/

Safeway Opens as Anchor of The Gilmore in Gilbert The Shelby Report (August 7, 2026) Thompson Thrift opened a roughly 64,000-square-foot Safeway anchoring The Gilmore, its 35-acre, $225 million mixed-use development at Val Vista Drive and Germann Road. The project pairs about 200,000 square feet of grocery, restaurant, and retail with 300 apartments now pre-leasing. The grocery anchor strengthens income durability for the residential component.

Safeway: about 64,000 SF anchoring a $225 million project
200,000 SF of retail plus 300 apartment homes
https://theshelbyreport.com/2026/08/07/safeway-opens-as-anchor-of-the-gilmore-in-gilbert-az/

Office

Edwards Professional Park Draws $19.96M in Acquisition Financing AZBEX (August 18, 2026) Albany Road Real Estate Partners secured $19.96 million in acquisition financing on Edwards Professional Park I & II, a two-building, 91,500-square-foot medical office portfolio at 10752 N. 89th Place and 8952 E. Desert Cove Ave. in Scottsdale. The portfolio is 91 percent leased to 47 medical and healthcare tenants, reinforcing medical office as the resilient corner of a soft office market. Cushman & Wakefield’s Healthcare Capital Markets team arranged the loan through a regional bank.

Financing: $19,960,000 (about $218 per SF)
91 percent leased to 47 healthcare tenants
https://azbex.com/commercial-real-estate/commercial-real-estate-08-18-26/

Mixed-Use

Ironwood & Ranch Mixed-Use Project Advances in San Tan Valley AZ Big Media (August 4, 2026) A roughly 23.88-acre mixed-use development is advancing at the southeast corner of Ironwood Road and Ranch Road, one of Pinal County’s fastest-growing corridors. Plans pair about 25,000 square feet of retail with a 50,000-square-foot medical building already under contract to OrthoArizona, plus pads and build-to-suit opportunities. The site fronts a road carrying nearly 34,000 vehicles per day within a 115,000-resident trade area.

About 23.88 acres: 25,000 SF retail plus a 50,000-SF medical building
Trade area average household income exceeds $150,000
https://azbigmedia.com/real-estate/big-deals/retail/ironwood-and-ranch-mixed-use-project-coming-to-san-tan-valley/

Hotels

Vacant Arizona Center Office Tower Headed for 340-Room JW Marriott AZ Big Media (August 12, 2026) LaPour Partners is converting a vacant 19-story, 351,600-square-foot Class A office tower at Arizona Center into a 340-room JW Marriott urban resort, a roughly $200 million adaptive reuse. The building’s 13-foot floor-to-floor heights and 500-plus-square-foot average room sizes make it unusually suited to conversion. The project pulls a large block of obsolete downtown office off the market while adding scarce luxury rooms near the convention center.

About $200 million redevelopment (about $588,235 per room / about $569 per SF)
340 rooms plus roughly 15,000 SF of meeting space on floors 18 and 19
https://azbigmedia.com/real-estate/jw-marriott-downtown-phoenix-converts-office-tower-to-hotel/

ASU’s Novus Corridor to Add 168-Room Tribute Portfolio Hotel KTAR / Arizona Republic (August 15, 2026) A seven-story, 116,855-square-foot Marriott Tribute Portfolio hotel is planned at Novus Innovation Corridor near University Drive and Rural Road on ASU’s Tempe campus. The 168-room property will feature a rooftop pool and bar and 2,700 square feet of meeting space, with construction slated for Q2 2027 and opening in early 2029. Okland Construction leads the project alongside Banbury Development and ASU.

168 rooms in a 116,855-SF, seven-story building
Part of ASU’s broader $150 million-plus Novus sports and venue investment
https://ktar.com/arizona-business/novus-innovation-corridor-hotel-asu-tempe

Mesa Advances $39M AC Hotel by Marriott Downtown Connect CRE (August 13, 2026) Mesa authorized a development agreement for a five-story, 85,000-square-foot AC Hotel by Marriott at Main Street and Centennial Way, with 150 rooms, an outdoor pool, and a public lounge. The $39 million project leans on public support: up to $288,000 in construction sales-tax reimbursement, a 100-space parking license projected to generate $5 million over 50 years, and a roughly $2.1 million property-tax exemption. The deal anchors downtown Mesa’s revitalization around corporate and East Valley tech travel.

$39 million project (about $260,000 per room / about $459 per SF)
150 rooms adjacent to the Center Street light-rail station
https://www.connectcre.com/stories/city-of-mesa-advancing-marriott-hotel-plans/

Connect With Us

Ramey Peru

Senior Vice President | Land

(602) 222-5154

John Finnegan

Senior Vice President | Land

(602) 222-5152

Phoenix CRE Brief | Phoenix & Arizona Land Broker Insights - 8/13/2026

Ramey Peru — Thu, 13 Aug 2026 13:02:35 GMT

Executive Summary

Multifamily capital markets stayed wide open across quality tiers. Three metro apartment trades totaling roughly $184 million and 796 units closed or were reported this week, clearing between $196,255 and $289,961 per unit, with buyers ranging from value-add repositioners to institutional operators.
Industrial demand is concentrating in mission-critical and supply-chain product. A two-property specialized portfolio traded at $286.39 per square foot, roughly double typical Phoenix dry-warehouse pricing, while the first industrial phase at the 2,400-acre Halo Vista master plan launched with more than 780,000 square feet aimed squarely at TSMC suppliers.
Data center policy is now a primary driver of land value in both directions. Casa Grande cleared conditional use permit requirements on 480 acres to settle roughly $146 million in Proposition 207 claims, while Gilbert advanced some of the Valley's most restrictive data center standards, a split that will define entitlement risk for landowners across Maricopa and Pinal counties.

Land

Casa Grande Approves Data Center Waivers 7-0, Settling Prop 207 Claims - Pinal Post (August 5, 2026)
The City Council voted unanimously on August 3 to approve two waivers of the conditional use permit requirement on roughly 480 acres of farmland west of Ethington Road, resolving Proposition 207 claims filed by landowners Dale Willis and Vernon Barnes. Binding conditions replace what the permit review would have covered, and no end user has been identified. The vote does not approve construction; site plan review and building permits are still required, and any data center elsewhere in Casa Grande still needs a conditional use permit.

Claims settled: approximately $146 million tied to 480 acres
Binding conditions: 800 net acre-foot water cap, on-site power, noise limits, decommissioning rules and a $5 million community contribution
Source

Buckeye Councilmember Holds Up Planned 376-Unit Affordable Housing Community - AZBEX (August 11, 2026)
A dispute over a 30-foot-wide strip of land owned by Buckeye Councilmember Tony Youngker has stalled Dominium's 376-unit build-to-rent townhome and apartment community at Miller and Broadway roads. The parcel is needed for a road-widening component required before construction of Valor Apartments, formerly Arlo Flats, can begin. Negotiations are reportedly at an impasse, and Dominium has questioned the fairness of the process.

Developer appraisal: approximately $650,000 for 2.5 acres, or about $260,000 per acre and $5.97 per land square foot
Owner demand: $5 million, or about $2,000,000 per acre and $45.91 per land square foot
Source

Gilbert Planning Recommends Rezone for 12-Acre Harvest Grove Commercial Area - AZBEX (August 7, 2026)
The Gilbert Planning Commission voted unanimously on August 5 to recommend approval of a rezoning request covering 12 acres at the northeast corner of Queen Creek Road and Val Vista Drive. Lennar, the overall developer for Harvest Grove, requested the change to neighborhood commercial from single-family along with a minor General Plan amendment. The Town Council initially rejected Harvest Grove in January over the scale of the multifamily component before voting to reconsider.

Parcel size: 12 acres at the NEC of Queen Creek Road and Val Vista Drive
Requested zoning: neighborhood commercial from single-family residential
Source

Developer Planning 71KSF Light Industrial Building in NE Phoenix - AZBEX (August 7, 2026)
Cale Enterprises is requesting that the City of Phoenix rezone 5.02 acres at the southwest corner of Rose Garden Lane and 28th Street from single-family residential to A-1 Light Industrial. The site currently holds storage buildings and containers, greenhouses, and commercial and recreational vehicle storage, and is bordered by a commerce park, contractor yard and contractor office. The request goes before the Phoenix Planning Commission on September 9.

Site: 5.02 acres supporting a proposed 71,400-square-foot building
Density: roughly 14,200 building square feet per acre, a shallow-bay infill configuration
Source

Multifamily

Avia 266 in Mesa Sells for $52.4 Million and Will Be Renamed The Remy - AZ Big Media (August 10, 2026)
San Diego-based ColRich acquired the 267-unit community from Beverly Hills-based Geringer Capital, with the price including assumption of an existing HUD loan. Completed in 1984, the property features a low-density garden site plan with all one- and two-bedroom units, located roughly a half-mile from Loop 101 and one mile west of Downtown Mesa.

Sale price: $52,400,000 for 267 units, or $196,255 per unit
Buyer strategy: aging suburban walk-up product acquired at a discount to replacement cost during a period of localized oversupply
Source

Pavilions on Central Apartments Sell for Almost $74 Million - AZ Big Media (August 6, 2026)
Knightvest Capital acquired the 254-unit Midtown Phoenix community from Security Properties, which had paid $59 million for the asset in 2018. The property sits roughly a half-mile south of the Camelback Road and Central Avenue node, one of the Valley's few genuinely walkable work-live-play corridors with light rail access.

Sale price: $73,650,000 for 254 units, or $289,961 per unit
Seller basis: $59,000,000 in 2018, a gain of roughly 25 percent over eight years
Source

Greystar Buys Phoenix-Area Apartment Property for $58 Million - Commercial Real Estate Direct (August 12, 2026)
An affiliate of Greystar acquired the 275-unit Parc Roundtree Ranch apartment property in Peoria from Bridge Investment Group. The 2020-vintage asset at 83rd and Olive avenues last traded in 2021 for $88.8 million, or $322,909 per unit, making this week's pricing a meaningful reset for recently built West Valley product.

Sale price: $58,000,000 for 275 units, or $210,909 per unit
Prior basis: $88,800,000 in 2021, a decline of roughly 35 percent on a per-unit basis
Source

The Wayne BTR Community Celebrates Grand Opening in Chandler - AZ Big Media (August 10, 2026)
Scottsdale-based Porter Kyle announced the grand opening of The Wayne, a 100-unit build-to-rent townhome community at 1535 N. Dobson Road. Residents are moving in, and the clubhouse and first four buildings have been transitioned to Mark-Taylor for lease-up and property management. With roughly 95 percent of Chandler built out or committed and no like-kind BTR townhome product within nearly 10 miles, the project targets one of the metro's highest-barrier submarkets.

Product: one-, two- and three-bedroom townhomes with direct-access two-car garages, private backyards and EV charging capability
Source

Industrial

Two Industrial Properties in Phoenix Area Sell for $79.35 Million - Commercial Real Estate Direct (August 12, 2026)
A fund managed by Morgan Stanley Real Estate Investing acquired a two-property, 277,073-square-foot specialized industrial portfolio from Phoenix Rising Investments LLC and an affiliate of Blue Vista Capital Management. The portfolio pairs AMPlify Chandler, a 196,764-square-foot facility fully occupied by Honeywell Aerospace at 6505 W. Chandler Blvd., with AMPlify Riverpoint, an 80,309-square-foot aviation maintenance and training facility leased to the Aviation Institute of Maintenance. JLL Capital Markets brokered the transaction.

Sale price: $79,350,000 for 277,073 square feet, or $286.39 per square foot
Tenant profile: 100 percent leased to aerospace manufacturing and aviation technical training users
Source

Halo Vista Launches Phase I of Industrial Development - AZ Big Media (August 11, 2026)
Mack Real Estate Group and McCourt Partners announced the first phase of industrial buildings for lease within the roughly 2,400-acre Halo Vista master plan in North Phoenix, following TSMC's announcement raising its Arizona investment to $265 billion. Located at the northwest corner of West Dove Valley Road and North 43rd Avenue in The Forge district, the Ware Malcomb-designed phase targets TSMC suppliers, advanced manufacturers and distribution users. Ownership notes that industrial-zoned land in the immediate submarket is far more constrained than raw acreage suggests.

Phase I program: seven buildings totaling more than 780,000 square feet
Master plan scale: approximately 2,400 acres adjacent to the TSMC fabrication campus
Source

IT Asset Management Company Proposing Mesa Warehouse and Office - AZBEX (August 11, 2026)
ER2, an IT asset management and technology lifecycle company, has proposed a 155,600-square-foot build-to-suit industrial development at the southwest corner of McDowell and Greenfield roads in Mesa. The 8.72-acre site is the southern portion of a 17.79-acre light industrial parcel previously planned as Falcon202 Commerce Park by Nicola Wealth Real Estate, a project listed as on hold with no significant activity since 2023. The Mesa Design Review Board considered an alternative compliance request at its August 11 meeting covering facade and roof articulation and parapet detailing.

Building program: 155,600 square feet, single story at 40 feet in height, combining warehouse, distribution and two-story office
Site coverage: roughly 17,850 building square feet per acre across 8.72 acres
Source

984-Unit Extra Space Storage Facility Trades in North Central Phoenix - Real Estate Daily News (August 7, 2026)
Marcus & Millichap brokered the sale of a 984-unit Extra Space Storage facility at 6316 North 7th Street in the North Central-Uptown submarket. Built in 2021 and 100 percent climate-controlled, the asset features an interior concrete drive aisle with roll-up doors, multiple elevators, gated keypad entry and 24/7 video surveillance. The pricing was not disclosed.

Operating performance: occupancy near 92 percent with 13 percent revenue growth through 2026
Demographics: average annual household income within one mile exceeding $137,000
Source

Tighter Data Center Restrictions Advancing in Gilbert - AZBEX (August 12, 2026)
Citing long-term water supply concerns ahead of expected Colorado River cuts, the Gilbert Planning Commission voted August 5 to recommend amending the Land Development Code to create strict water, power, sound, lighting and design standards for data centers. The town says the amendment is intended to ensure appropriate regulations exist if a large data center is eventually proposed, noting that large-scale data centers are not currently in Gilbert's targeted economic sectors. The item advances to Town Council.

Proposed standards: minimum 650-foot setback from residentially zoned property and 400 feet from adjacent property lines
Utility constraints: prohibition on potable water for cooling and on open-loop evaporative cooling, with proximity to existing or planned electrical stations required
Source

Retail

Sprouts Farmers Market-Anchored Retail Project Coming to Estrella in Goodyear - AZ Big Media (August 12, 2026)
Common Bond Development Group announced a grocery-anchored shopping center in the master-planned community of Estrella, bringing together the City of Goodyear, master developer Harvard Investments and anchor tenant Sprouts. The center sits along Estrella Parkway near the Yacht Club of Estrella and the Starpointe Residents' Club, with a maritime design theme by Suite 6 Architecture and Planning. A future lakefront second phase will follow the initial delivery.

Phase one: approximately 35,224 square feet, including a 23,024-square-foot Sprouts, 9,200 square feet of inline shops and a 3,000-square-foot pad
Phase two: an additional 16,000 to 20,000 square feet of retail and restaurant space along the lake
Source

Office

Phoenix Office Market Update - CommercialSearch (August 6, 2026)
Phoenix entered the second half of 2026 on firmer footing than most national peer markets, with liquidity concentrated in newly delivered Class A product and specialized medical office buildings. A highly disciplined construction pipeline is limiting further dilution of occupancy, allowing existing quality inventory to be absorbed organically. Landlords are meeting tenant demand through heavy capital expenditure and adaptive reuse rather than new supply, with the City of Phoenix conversion program permanently removing stagnant footage from the market.

Investment volume: $711.1 million year-to-date through June, placing Phoenix among the 10 most actively traded office markets nationally
Pricing and pipeline: approximately $184 per square foot average clearing price against a $195 national average, with just 583,552 square feet under construction at mid-year
Source

Mixed-Use

The 233 Opens in Downtown Mesa - AZ Big Media (August 7, 2026)
Downtown Mesa marked the activation of 233 E. Main St. with a ribbon-cutting, integrating hospitality, dining, beverage and Class A office into a single six-story node. The project pairs a boutique hotel with Crust Simply Italian, Bombolino's Cafe and The Nightingale speakeasy plus new office space, engineering an 18-hour activation cycle along the light rail corridor. After the original development stalled in bankruptcy proceedings, Soltrust and Hospitality Capital Partners acquired the property and converted the planned apartment concept into a boutique hospitality destination.

Office component: 13,000 square feet of new Class A space delivered concurrently with the hospitality and food and beverage uses
Redevelopment profile: a previously stalled apartment project repositioned into a four-vertical mixed-use asset
Source

Hotels

New Hotel Opens in Downtown Mesa - Signals AZ (August 11, 2026)
The 233 Suites, a 76-room boutique hotel operating under the Unscripted by Hyatt brand, opened at 233 E. Main St. in Downtown Mesa. The property offers guest rooms with full kitchens, meeting and collaboration spaces, fitness amenities, guest laundry and a pool, positioning it for extended-stay corporate demand tied to East Valley advanced manufacturing as well as visiting academics and leisure travelers. Mesa officials framed the opening as a signal that the submarket can now sustain premium lodging rates. Terms were not disclosed.

Key count: 76 rooms, scaled for exclusivity while optimizing staffing ratios
Brand significance: one of Arizona's first Unscripted by Hyatt properties, planting a lifestyle flag outside Old Town Scottsdale and the Camelback Corridor
Source

Connect With Us

John Finnegan

Senior Vice President | Land

(602) 222-5152

Ramey Peru

Senior Vice President | Land

(602) 222-5154

Phoenix CRE Brief | Phoenix & Arizona Land Broker Insights - 8/6/2026

Ramey Peru — Thu, 06 Aug 2026 13:31:15 GMT

Executive Summary

Industrial pricing has split into three distinct tiers, and the spread is now more than $240 per square foot. Five verified Phoenix-metro industrial trades cleared in the window at $395.44 per square foot in Scottsdale, $299.85 in Chandler, $253.66 in Chandler, $238.60 in South Phoenix and $153.00 in Surprise. The premium is being paid for infill scarcity, heavy power and credit tenancy rather than for clear height or dock count, with the Chandler asset trading at nearly double the West Valley figure on the strength of a 50MW substation and a long-dated aerospace lease. Institutional capital is still clearing at portfolio scale as well, with Phoenix included in a 38-building, 5.9 million square foot national acquisition priced near $1 billion.
Multifamily buyers are underwriting basis, not rent growth, and the two trades bracket the strategy. Knightvest paid $289,961 per unit for a 2000-vintage, light-rail-adjacent Midtown asset where roughly 70 percent of the units are loft or townhome product with direct-access garages, while ColRich paid $196,255 per unit for 1984-vintage suburban workforce product in Mesa. Both executions sit meaningfully below current urban and suburban replacement cost, and the Mesa deal was structured around assumption of an existing HUD loan rather than new origination. Sponsors are solving for in-place debt and discount to replacement cost, which is the clearest read available on where multifamily capital is willing to take risk right now.
Power infrastructure, not raw acreage, is now the governing constraint on the entitlement pipeline. A 320-acre Far West Valley master plan is seeking flexibility to build either warehouse or data center product, requesting a height increase from 40 feet to 85 feet and reduced parking on the theory that data centers need fewer employee stalls. In Pinal County, a 1,263-acre rezoning advanced for a combined 400 MW solar and 400 MW four-hour battery project, and Clark Pacific won industrial rezoning on 160 acres in Coolidge for a precast plant whose product lines include structural systems and prefabricated power infrastructure for data centers. Landowners holding acreage with credible power and water paths are underwriting to a different curve than those without.
Context for the week: metro retail vacancy held at 5.0 percent in the second quarter with mid-year net absorption of 581,078 square feet and direct average asking rents of $20.11 per square foot NNN, per Cushman and Wakefield. CBRE's midyear review attributes the metro's absorption and tightening vacancy to TSMC's expanded $100 billion-plus plan and Intel's Fab 52.

Land

320-Acre Warehouse and Data Center Master Plan Proposed in Far West Valley - AZBEX (August 4, 2026)
Arizona Land Consulting is seeking a comprehensive plan amendment and rezoning on roughly 320 acres near the northwest corner of 411th Avenue and Camelback Road outside Tonopah, moving the site from Rural Densities to Mixed Use and from Rural-43 to IND-2 IUPD. The narrative deliberately preserves optionality across warehouse, data center, residential, commercial and entertainment uses rather than committing to a single product type. County staff recommended approval, but no end users are signed and both water service (Global Water Resources area) and power (APS lower-voltage service nearby) remain open questions that will govern what actually gets built.

Site: approximately 320 acres; no price disclosed, so per-acre and per-land-square-foot metrics are not available
Entitlement asks include a building height increase from 40 feet to 85 feet and reduced parking ratios reflecting data center staffing levels
Source: AZBEX

Pinal County Commission Recommends 1,263-Acre Solar and Battery Rezoning South of Eloy - Pinal Post (July 30, 2026)
The Pinal County Planning and Zoning Commission voted 7 to 1 to recommend rezoning roughly 1,263 acres in unincorporated Pinal County for Eloy Valley Energy Center III, a utility-scale project pairing 400 MW of solar with 400 MW of four-hour battery energy storage plus a new substation. The Board of Supervisors holds final authority, with construction potentially starting as early as late 2026 if approvals stay on schedule. Storage-paired generation of this scale is what makes the county's industrial and data center pipeline financeable, and it is competing directly with development users for large contiguous Pinal County positions.

Program: approximately 1,263 acres, 400 MW solar plus 400 MW / four-hour battery storage and a new substation
Not a land sale, so per-acre pricing is not available; the project page lists $300 million in project investment and $35 million in tax revenue
Source: Pinal Post

Multifamily

Pavilions on Central Apartments Sell for Almost $74 Million - AZ Big Media (August 5, 2026)
Knightvest Capital acquired the 254-unit Pavilions on Central in Midtown Phoenix from Security Properties, which had purchased the asset in 2018 for $59 million. The 2000-vintage garden-style community sits at Central and Campbell avenues adjacent to light rail, averages 1,109 square feet per unit, and carries an unusual product profile with roughly 216 of the 254 units in loft or townhome configurations with direct-access garages. At just under $290,000 per door for large-format urban product on transit, the buyer is stepping in well below the cost of building comparable mid-rise or podium units in the same corridor.

Sale price: $73,650,000 for 254 units, or $289,961 per unit
Unit mix: one-, two- and three-bedroom floorplans averaging 1,109 square feet, with approximately 70 percent loft or townhome style
Source: AZ Big Media

ColRich Pays $52.4 Million for Mesa Rental Community - Connect CRE (August 5, 2026)
San Diego-based ColRich acquired the 267-unit Avia 266 at 2354 W. University Drive in Mesa from Geringer Capital and will rebrand the property as The Remy. The 1984-vintage garden-style community includes one- and two-bedroom units with two pools and spas, a 24-hour fitness center, clubhouse, package lockers and a dog park. The transaction included assumption of an existing HUD loan, which is the operative detail: at under $200,000 per unit with in-place agency debt, older suburban workforce product remains the cleanest path to acquiring units without underwriting current origination costs.

Sale price: $52,400,000 for 267 units, or $196,255 per unit
Structure: assumption of an existing HUD loan; property completed in 1984
Source: Connect CRE

20-Unit Affordable Development Planned in Sunnyslope - AZBEX (August 5, 2026)
The City of Phoenix approved a preliminary site plan for Acacia Affordable Housing, a 20-unit affordable apartment community at 8910 N. 8th St., southeast of 7th Street and Dunlap Avenue. Footprint Properties LLC is developing the three-story, 38-foot-5.5-inch building on 0.58 vacant acres immediately north of the Acacia Library. Small infill affordable parcels of this size are increasingly the only sites clearing entitlement in built-out central Phoenix neighborhoods, and they set a useful density and height precedent for adjacent owners.

Program: 20 units on 0.58 acres, or roughly 34 units per acre; three stories at 38 feet 5.5 inches
Source: AZBEX

Industrial

Phoenix Included in 38-Building, $1 Billion National Industrial Portfolio Acquisition - AZBEX (August 4, 2026)
Stonemont and capital partner PCCP acquired a 38-building, 5.9 million square foot industrial portfolio from Blackstone's Link Logistics for approximately $1 billion, with Phoenix among 14 metros across 10 states. The portfolio was approximately 95 percent leased at closing and consists of bulk distribution and light industrial assets with long-term tenants. JP Morgan and Wells Fargo provided acquisition debt with Eastdil Secured advising, which is the more significant signal: top-tier lenders are still writing nine-figure checks against stabilized Sun Belt logistics.

Portfolio price: approximately $1,000,000,000 for 5,900,000 square feet, or roughly $169 per square foot portfolio-wide
Phoenix allocation and specific addresses were not broken out; portfolio approximately 95 percent leased
Source: AZBEX

Two South Phoenix Industrial Buildings Trade for $85.18 Million - AZBEX (August 4, 2026)
Trammell Crow Company purchased two industrial buildings totaling approximately 357,000 square feet at 12th and Elwood streets in South Phoenix from IDI Logistics. The submarket serves last-mile and aviation-related distribution given its proximity to Sky Harbor and the downtown core. Clearing $238.60 per square foot for bulk-format infill product confirms that buyers are paying for drayage savings and centrality rather than for building specification alone.

Sale price: $85,180,000 for approximately 357,000 square feet, or $238.60 per square foot
Location: 12th and Elwood streets, South Phoenix, adjacent to the Sky Harbor and downtown distribution radius
Source: AZBEX

Morgan Stanley Affiliate Pays $59 Million for Chandler Honeywell Aerospace Plant - Connect CRE (August 3, 2026)
NHNR HOLD CO 47 LLC, an affiliate of Morgan Stanley Real Estate Investments, acquired the approximately 196,764 square foot AMPlify Chandler facility at 6505 W. Chandler Blvd. from an affiliate of Phoenix Rising Investments. Honeywell Aerospace has occupied the building since 2020 with at least nine years remaining on its lease, and the property carries a dedicated 50MW substation and 8,000 amps of power after roughly $150 million of tenant-funded renovation and expansion. The buyer was self-represented and cited infill location, manufacturing base, power infrastructure and credit tenancy, which is a precise description of what now commands a premium in the Southeast Valley.

Sale price: $59,000,000 for approximately 196,764 square feet, or $299.85 per square foot
Power profile: dedicated 50MW substation and 8,000 amps; former vacant back-office space converted to manufacturing
Source: Connect CRE

Eastpoint I and II Multi-Tenant Business Park in Chandler Sells for $34.65 Million - AZBEX (August 4, 2026)
Boston-based Longpoint Partners acquired the two-building, 136,600 square foot Eastpoint I and II business park at 3191 N. Washington St. and 250 E. Elliot Road in Chandler from Denver-based Baron Properties. The park is leased to eight tenants, five in Building I and three in Building II. Multi-tenant light industrial in the Chandler corridor is the natural landing spot for the tier-two and tier-three semiconductor vendors requiring 10,000 to 30,000 square foot footprints, and $253.66 per square foot reflects expected mark-to-market on lease rollover rather than current in-place income.

Sale price: $34,650,000 for 136,600 square feet, or $253.66 per square foot
Tenancy: eight tenants across two buildings
Source: AZBEX

CapRock Partners Pays $37.5 Million for Summit at Surprise - Commercial Property Executive (August 6, 2026)
CapRock Partners acquired Summit at Surprise, a 244,847 square foot, two-building Class A industrial project at 12460 and 12730 N. Dysart Road, from Velocis. The 2024-delivered asset was approximately 15 percent leased at closing and features 32-foot clear heights, 67 dock doors, six grade-level entrances and 376 parking spaces on 16.95 acres. Buying newly delivered West Valley product at $153.00 per square foot with lease-up risk still in front of you is the clearest available marker of where speculative bulk basis has reset.

Sale price: $37,461,591 for 244,847 square feet, or $153.00 per square foot (Building A 79,200 square feet; Building B 165,647 square feet)
Status: delivered 2024, approximately 15 percent leased at acquisition, 32-foot clear heights
Source: Commercial Property Executive

Scottsdale Industrial Building at Hayden and Frank Lloyd Wright Sells for $10.4 Million - AZBEX (August 4, 2026)
Compulsive LLC purchased a 26,300 square foot industrial building on 1.6 acres at the southwest corner of Hayden Road and Frank Lloyd Wright Boulevard from ProCaps Laboratories. At $395.44 per square foot, this is the highest industrial execution in the window by a wide margin. The Scottsdale Airpark corridor is land-constrained and zoning-restricted, and fee-simple industrial product in Maricopa County's wealthiest municipality is effectively unreplicable at any construction cost.

Sale price: $10,400,000 for 26,300 square feet, or $395.44 per square foot
Land basis: 1.6 acres, or $6,500,000 per acre and approximately $149.22 per land square foot
Source: AZBEX

1.1 Million SF Industrial Property Breaks Ground Near Phoenix - Commercial Real Estate Direct (August 3, 2026)
GO Industrial broke ground on GO|99 North, an approximately 1.1 million square foot speculative building at 9797 W. Buckeye Road in Tolleson, roughly 14 miles west of downtown Phoenix on 75 acres. The building will offer 40-foot clear heights, 190 dock-high doors, 245-foot all-concrete truck courts and 3,600 amps of expandable power, with targeted completion in the second quarter of 2027. It is being marketed as the market's only current 1 million square foot-plus opportunity, which is the entire thesis behind starting it without a tenant.

Program: approximately 1,100,500 square feet on 75 acres; 40-foot clear heights, 190 dock-high doors, 1,200 car and 113 trailer stalls
No price disclosed; available for sale or lease, complementing GO|99 South at approximately 1.3 million square feet
Source: Commercial Real Estate Direct

Formation Park 10 Phase II Breaks Ground in Goodyear - AZBEX (July 31, 2026)
Formation Interests, in venture with a Crescent Real Estate affiliate, broke ground on Phase II of Formation Park 10 at Bullard Avenue and Celebrate Life Way along the I-10 frontage in Goodyear. Phase II adds 261,168 square feet across three buildings within a park planned at roughly 689,000 square feet across five buildings on 44 acres. The building program is deliberately split to serve both single-tenant users above 100,000 square feet and flexible 15,000 to 25,000 square foot requirements, a hedge against the shallow-bay and bulk demand curves diverging.

Phase II: 261,168 square feet across three buildings; full park approximately 689,000 square feet on 44 acres
No Phase II price disclosed; earlier coverage cited approximately $100 million of overall park investment, with completion expected spring 2027
Source: AZBEX

Clark Pacific Planning Coolidge Concrete Plant - AZBEX (August 5, 2026)
Clark Pacific is planning a precast concrete manufacturing plant on a 160-acre site near the northwest corner of Highway 87 and Hanna Road in Coolidge, following City Council rezoning from Agricultural to General Industrial. The company manufactures structural precast, prefabricated power infrastructure, insulated wall panels and parking structures, and its published materials cite more than 30 data centers totaling over 13 million square feet. Water will come from two registered on-site wells now moving through ADWR redesignation from agricultural to industrial use, which is itself a useful template for Pinal County industrial buyers.

Site: 160 acres rezoned from Agricultural to General Industrial; approximately 100 to 150 local jobs expected
No price disclosed, so per-acre metrics are not available; water via two on-site wells pending ADWR redesignation
Source: AZBEX

Retail

New Entertainment Venue The Nox Will Break Ground in Mesa - AZ Big Media (August 6, 2026)
The Bongiorno family, associated with Potato Barn, is developing The Nox, a two-level entertainment venue near Ray and Sossaman roads in Southeast Mesa with capacity for up to 2,000 people. The program includes food and beverage service, bars and kitchens on each floor rather than a single concessions model. Groundbreaking is expected this fall with a targeted first-quarter 2028 opening, and privately capitalized entertainment anchors of this scale are increasingly the demand driver behind Southeast Valley pad and outparcel absorption.

Program: two-level theater with capacity up to 2,000, food and beverage programming on both floors
Timeline: fall 2026 groundbreaking, Q1 2028 target opening; cost not disclosed
Source: AZ Big Media

EoS Fitness Opens 60,000 SF Chandler Location - AZBEX (July 31, 2026)
EoS Fitness opened a 60,000 square foot club at 2100 N. Dobson Road in Chandler on July 21, its fourth Chandler location and 45th in Arizona. Value-tier fitness continues to be the most dependable backfill for second-generation big-box space in the Valley. For landlords holding vacant junior anchor boxes, this is the demand profile currently clearing at scale.

Size: 60,000 square feet; fourth Chandler location and 45th statewide
No transaction price disclosed
Source: AZBEX

Office

Charles Schwab Files $11.7 Million Permit for Scottsdale Office Renovations - Bisnow (August 3, 2026)
Charles Schwab and Co. filed a permit for $11.7 million of tenant improvements at Two Scottsdale Landing, a nearly 84,000 square foot office complex at 8701 E. Hartford Drive in North Scottsdale. The scope covers mechanical, plumbing and electrical work on the second-floor interior with no structural changes noted, and the filing awaits a second review. Spending roughly $139 per square foot on interiors is a meaningful vote on the flight-to-quality thesis, particularly against metro office vacancy of 14.2 percent in the second quarter versus 15.2 percent a year earlier.

Investment: $11,700,000 of tenant improvements across nearly 84,000 square feet, or approximately $139 per square foot
Market context cited: metro office vacancy 14.2 percent, positive absorption of 402,000 square feet, no new deliveries and 184,500 square feet under construction
Source: Bisnow

Office Park Rezone Approved in South Phoenix - AZBEX (July 31, 2026)
The Maricopa County Board of Supervisors unanimously approved a Commercial Unit Plan of Development rezoning on 4.35 acres at the northeast corner of Southern and 43rd avenues, a county island previously carrying mixed single-family and commercial zoning. Elite Civil Construction plans a two-story, 31,200 square foot office building plus a 5,700 square foot employee center and a 4,800 square foot maintenance building with indoor and outdoor storage, housing roughly 80 employees. New suburban office entitlement runs against the national grain, but administrative and engineering space serving the surrounding logistics and construction base is a different product than commodity multi-tenant office.

Program: 4.35 acres, 31,200 square foot two-story office, 5,700 square foot employee center, 4,800 square foot maintenance building
No price disclosed; primary access from 43rd Avenue within City of Phoenix jurisdiction
Source: AZBEX

The Signal: August 2026 Phoenix Office Leasing and Investment Sales - Colliers (August 5, 2026)
Three office investment sales and three leases closed in the metro, with pricing ranging from $192.38 to $374.13 per square foot depending on asset quality and location. The spread between the Osborn Road execution and the Gilbert Ranch execution is the entire flight-to-quality story compressed into three data points on a single page. Leasing activity remained concentrated in Scottsdale and the Southeast Valley in the 5,000 to 12,000 square foot range.

Sales: Edwards Professional Park, $25,500,000 for 82,278 square feet, or $309.92 per square foot; 702 E. Osborn Rd., $6,800,000 for 35,346 square feet, or $192.38 per square foot; The Forum at Gilbert Ranch, $6,124,101 for 16,369 square feet, or $374.13 per square foot
Leases: Cemex, 11,665 square feet at Raintree Corporate Center; One Claim Solution, 10,408 square feet at The Reserve at San Tan Building 2; Wheeler Orthotics and Prosthetics, 5,183 square feet at The Stearman
Source: Colliers

Mixed-Use

Life Time Living Celebrates Topping Out at PV in North Phoenix - AZ Big Media (August 5, 2026)
RED Development, Life Time and Clayco topped out Life Time Living at PV, an 11-story, 327-unit luxury residential building totaling approximately 650,000 square feet adjacent to the Life Time athletic club at 12900 N. Tatum Blvd. The tower is a component of PV, the more than $2 billion redevelopment of the former Paradise Valley Mall across roughly 100 acres. Every residence carries an included Life Time Signature membership, an amenity structure that is effectively a rent premium mechanism embedded in the lease rather than a capital improvement.

Program: 11 stories, 327 units, approximately 650,000 square feet with one-, two- and three-bedroom floorplans; opening targeted 2027
District: 100-acre PV redevelopment valued at more than $2 billion; designed by Lamar Johnson Collaborative, built by Clayco
Source: AZ Big Media

Hotels

Arizona Boardwalk Breaks Ground on 142-Room Hyatt Place at Talking Stick - AZBEX (July 31, 2026)
Arizona Boardwalk broke ground on a four-story, 142-room Hyatt Place adjacent to the entertainment destination within the Salt River Pima-Maricopa Indian Community. Layton Construction is the general contractor and Deutsch Architecture Group designed the project, with opening scheduled for late 2027. The hotel is positioned as the gateway to nearly 50 additional acres planned for future entertainment, dining and retail, which is the more consequential number for anyone underwriting land or pad sites in the Talking Stick corridor.

Program: four stories, 142 rooms, approximately 230 parking spaces; late 2027 opening
No price disclosed, so price per room is not available
Source: AZBEX

New 122-Room Hyatt Studios Planned at SRPMIC - AZBEX (July 31, 2026)
CaliberCos, through Caliber Hospitality Development, is advancing a 122-room Hyatt Studios extended-stay hotel on 2.81 acres along Dobson Road within the Salt River Pima-Maricopa Indian Community, branded to Riverwalk and Scottsdale. The apartment-style suites include in-room kitchens alongside a fitness center, meeting space and limited food service, with the Community Council vote scheduled for August. Extended-stay is the correctly calibrated product for a metro absorbing thousands of contract engineers and construction managers on multi-month assignments, and the project is part of a broader Caliber and Hyatt plan for 15 Hyatt Studios properties.

Program: 122 rooms on 2.81 acres, approximately 43 rooms per acre; four stories
No price disclosed, so price per room is not available; a second Hyatt Studios is planned at 29th Avenue and Sonoran Desert Drive in north Phoenix
Source: AZBEX

Great Wolf Lodge Expansion Could Boost Arizona's Family Tourism Market - AZ Big Media (August 4, 2026)
Great Wolf Lodge is seeking entitlements for a connected six-story tower with 24 three-bedroom guest suites at its 18.6-acre resort at 7333 N. Pima Road in the Talking Stick Entertainment District. The addition would match the existing 78-foot height and connect by ground-floor walkway, with a separate two-story parking structure proposed. The resort is requesting a dimensional variance before the proposal advances to the SRPMIC Community Council, so this remains early exploratory work rather than a committed project.

Program: six-story tower with 24 three-bedroom suites at 78 feet, plus a proposed two-story parking garage
Existing resort: 350 rooms and an 85,000 square foot indoor water park on 18.6 acres, opened 2019 as an $89 million build
No expansion cost disclosed, so price per room is not available
Source: AZ Big Media

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John Finnegan

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Ramey Peru

Senior Vice President | Land

(602) 222-5154

Phoenix CRE Brief | Phoenix & Arizona Land Broker Insights - 7/30/2026

Ramey Peru — Thu, 30 Jul 2026 13:09:55 GMT

Executive Summary

The semiconductor supply chain, not the fabs themselves, drove the week's leasing. Amkor Technology and NVIDIA announced a $1.5 billion partnership to expand advanced chip packaging and testing at Amkor's planned $2 billion north Peoria facility, onshoring capacity historically located overseas. In Deer Valley, two supply-chain users committed to a combined 236,741 square feet, with Okland Construction signing 85,241 square feet at more than $6 million in aggregate lease value and Marketech International taking 151,500 square feet on Rose Garden Lane. Tenant demand is now concentrated in the I-17 and Loop 303 corridors, where construction contractors, equipment integrators and chemical suppliers are chasing space within trucking distance of the north Phoenix campus.
Institutional pricing held firm on industrial and infill retail, but sponsors are refusing to lock in long-term debt. Four industrial trades cleared between $184.05 and $255.55 per square foot (Airgate in Mesa at $193.41, a six-building Phoenix portfolio at $184.05, a Mesa flex building at $255.55), while Costco bought a 155,100-square-foot Grand Avenue box from Kimco Realty at a land basis of roughly $26.63 per land square foot. On the debt side, both major multifamily capital events of the week used short-duration structures: a $73.1 million three-year bridge loan on the 334-unit Merrick on Camelback build-to-rent community and a $718.5 million two-year floating-rate CMBS refinancing across 3,321 units. That reluctance to fix rate for five or ten years remains the single clearest signal of where sponsors think the yield curve is headed.
Municipalities and state agencies are now active market participants, and the entitlement pipeline keeps growing. Arizona is auctioning a 3,897-acre state trust parcel south of Buckeye for a 350 MW solar and storage project at a $43.1 million opening bid (about $11,062 per acre), while ADOT liquidates surplus right-of-way parcels and Tempe demolishes a former grocery store on land it bought for $10.7 million specifically to prevent market-rate luxury development. Mesa approved an eight-year, $2.1 million GPLET abatement to land a 150-room AC Hotel by Marriott downtown. Meanwhile more than 1.6 million square feet of industrial entitlements advanced in Glendale, Buckeye and El Mirage, even as Rentometer data showed Phoenix three-bedroom single-family asking rents down 2.2 percent year over year, a caution flag for build-to-rent underwriting.

Land

3,897-Acre State Trust Parcel South of Buckeye Heads to Auction for 350 MW Solar and Storage Project - ABC15 Arizona (July 28, 2026) Charlottesville, Virginia-based Apex Clean Energy applied to the Arizona State Land Department for a 30-year commercial lease on roughly 3,897 acres of state-owned land west of State Route 85, approximately 13 miles south of Interstate 10. The plan calls for a 350 MW utility-scale solar plant paired with battery energy storage. Utility-scale energy users are now competing directly with industrial and residential developers for large West Valley land positions, and they can underwrite long ground-lease terms that most merchant builders cannot.

Auction date August 18, 2026, with a $43,112,000 starting bid
Implied opening value of about $11,062 per acre, or roughly $0.25 per land square foot
Source: ABC15 Arizona

ViaWest Group Acquires Ahwatukee Golf Club for $5.3 Million - AZBEX (July 28, 2026) ViaWest Group purchased the 18-hole public Ahwatukee Golf Club in Ahwatukee Foothills from Free Drop LLC for $5.3 million in an off-market transaction, the firm's first golf and recreation acquisition. Planned phased improvements include upgrades to the driving range, irrigation infrastructure and clubhouse, with the course remaining open during construction. Large contiguous recreational tracts inside built-out, affluent submarkets carry optionality that raw pricing does not capture, and irrigation modernization protects both operating cost and long-term water-use credibility with the municipality.

Sale price: $5,300,000; total acreage and building size not disclosed, so per-acre metrics cannot be calculated from reported data
Seller represented by Insight Land and Investments
Source: AZBEX

Maricopa County Weighs 11.45-Acre Commercial Rezone at Happy Valley Parkway in Peoria - AZBEX (July 24, 2026) The Maricopa County Planning and Zoning Commission considered a request to rezone an 11.45-acre county island parcel at the northeast corner of Happy Valley Parkway and 115th Avenue from Rural 43 to C-3 with a Conditional Use Planning District overlay. Aroundtown Developers is proposing a self-storage-anchored commercial project including vehicle storage, a convenience store and fuel, a car wash, office and a drive-thru restaurant. County staff recommended approval over opposition from eight nearby homeowners, a reminder that county islands surrounded by Peoria rooftops remain the path of least resistance for service commercial.

Program: approximately 95,000 square feet of self-storage plus vehicle storage, 5,800 square feet of office and 5,400 square feet of drive-thru restaurant
Entitlement path: Rural 43 to C-3 CUPD; planning and civil by EPS Group, legal by Rose Law Group
Source: AZBEX

ADOT Auctions Surplus Vacant Land and Commercial Properties in Phoenix - Arizona Department of Transportation (auction held July 30, 2026) The Arizona Department of Transportation held an in-person public auction of vacant land and commercial properties from its right-of-way inventory at the ADOT Engineering Building in Phoenix. These dispositions recycle dormant public parcels into taxable private use and occasionally produce odd-shaped infill sites at basis levels the open market will not offer. Buyers should expect access, easement and remnant-geometry issues that require underwriting well before the bid date.

Format: in-person public auction, pricing set by competitive bid
Asset type: surplus right-of-way vacant land and improved commercial parcels
Source: Arizona Department of Transportation

Wickenburg Golf Training Facility Sells to PGA Professional - AZ Big Media (July 29, 2026) The Range Boss, a golf instruction and training facility in Wickenburg, sold to a PGA professional who rebranded the operation as White Rose Golf and Training Center. New ownership is adding 24-hour member access, TrackMan bays, junior camps, custom fitting and expanded retail. The deal was structured as a combined business and real property acquisition, a format that is becoming more common as owner-operators buy their way into recreational real estate at basis levels institutions ignore.

Price not disclosed; combined business and real estate transaction
Repositioning includes 24-hour access, TrackMan bays and expanded retail
Source: AZ Big Media

Multifamily

Merrick on Camelback Build-to-Rent Community Lands $73.1 Million Bridge Loan - Bisnow (July 28, 2026) California-based Golden Horizon Enterprises secured a $73.1 million bridge loan from Lument, an Orix Corp. USA subsidiary, originated by Arcus Real Estate Capital, to finance its acquisition of Merrick on Camelback, formerly Bungalows on Camelback. The 334-unit gated build-to-rent community in Phoenix's West Valley submarket was purchased earlier in July for $112.5 million. Pricing above $335,000 per unit for horizontal rental product signals that institutional capital is now underwriting detached build-to-rent as a substitute for single-family portfolios rather than a premium apartment variant.

Acquisition price: $112,500,000 for 334 units, or $336,826 per unit
Loan: $73,100,000 ($218,862 per unit) on a three-year term with two one-year extension options
Source: Bisnow and Connect CRE

Southwest Rental Portfolio Including Three Arizona Communities Refinanced for $718.5 Million - Connect CRE (July 2026) Keller Investment Properties closed a $718.5 million CMBS refinancing across a 13-property Southwest portfolio that includes three Arizona rental communities alongside assets in Utah and Nevada. The two-year, floating-rate, interest-only loan from a Nomura affiliate applies roughly $696.3 million to retiring existing debt, with about $22.2 million to reserves and closing costs. A two-year floating structure on 2000s-vintage workforce product tells you sponsors are buying time rather than resetting basis, and the servicing structure reflects how much oversight bondholders now demand.

Loan: $718,500,000 across 3,321 units, or approximately $216,350 per unit
Portfolio: 12 conventional multifamily communities plus one student housing asset, weighted-average construction year 2004 and weighted-average rent of $1,632 per unit
Source: Connect CRE

Tempe Demolishes Former Grocery Store to Clear Site for 400-Unit Dorsey Station - YourValley (July 2026) The City of Tempe began demolition of a former Food City at Dorsey Lane and Apache Boulevard to make way for Dorsey Station, a city-owned mixed-use project planned for more than 400 housing units including senior and below-market affordable units plus a 10,000-square-foot grocery component. Mayor Corey Woods stated the city bought the 4.2-acre site for $10.7 million in late 2021 specifically to prevent private construction of luxury market-rate apartments along the Apache corridor. Municipal land banking at this basis, followed by city-controlled development with permanent affordability covenants, is a materially different competitive dynamic for private developers pursuing transit-adjacent sites.

Land basis: $10,700,000 for 4.2 acres, or approximately $2,547,619 per acre and $58.48 per land square foot
Program: more than 400 units plus 10,000 square feet of grocery, phased opening targeted for 2029
Source: YourValley

Market Report: Arizona Single-Family Rents Continue to Soften Through 2026 - AZ Big Media (July 30, 2026) Rentometer data on Arizona three-bedroom single-family rentals found that 75 percent of Arizona cities posted flat or declining asking rents year over year, one of the widest rent-softness spreads nationally, with a statewide median of $2,150. Metro Phoenix results were mixed to negative, with Phoenix at $2,200 (down 2.2 percent) and Glendale at $2,125 (down 1.2 percent), against modest gains in Mesa and Tempe. Increased apartment supply, concessions, build-to-rent deliveries and accidental landlords are all cited as holding rents in check, which argues for conservative rent growth assumptions on any horizontal rental underwriting.

Metro Phoenix asking rents: Phoenix $2,200 (down 2.2 percent), Scottsdale $3,500 (flat), Mesa $2,265 (up 0.9 percent), Chandler $2,385 (down 0.4 percent), Gilbert $2,295 (down 0.2 percent), Glendale $2,125 (down 1.2 percent), Tempe $2,500 (up 0.2 percent)
National single-family rents fell 1.6 percent in the first half of 2026
Source: AZ Big Media

Industrial

Amkor and NVIDIA Announce $1.5 Billion Chip Packaging Partnership in Peoria - KJZZ (July 25, 2026) NVIDIA and Tempe-based Amkor Technology announced a $1.5 billion partnership to expand advanced semiconductor packaging and testing at Amkor's planned $2 billion facility in north Peoria. The agreement onshores packaging capacity that has historically sat offshore, extending the Valley's semiconductor footprint from wafer fabrication into back-end processing. Packaging and test operations pull a different and generally denser supplier set than fabs, which should sustain demand for high-power, mid-bay industrial product along the Loop 303 corridor.

Partnership value: $1,500,000,000 within a planned $2 billion Peoria facility
Strategic effect: onshoring of advanced packaging and test capacity supporting AI chip supply resilience
Source: KJZZ

Okland Construction Signs 85,241-SF Deer Valley Industrial Lease - Real Estate Daily News (July 27, 2026) Okland Construction signed a five-year lease for a newly built 85,241-square-foot industrial property at 2525 W. Corporate Drive within 17 North Corporate Center, the Ryan Companies-owned campus at I-17 and Pinnacle Peak roughly two miles from Loop 101. The transaction was disclosed at more than $6 million in aggregate value and supports Okland's expanding role in the TSMC construction ecosystem. More than half of the 355,498-square-foot campus is now leased, following Fox Factory's earlier 111,676-square-foot commitment, evidence that contractor and integrator demand is absorbing new Deer Valley product ahead of pro forma.

Lease: 85,241 square feet on a five-year term, more than $6,000,000 in aggregate value (roughly $14.08 per square foot over the term)
Campus: 355,498 square feet total, now more than 50 percent leased
Source: Real Estate Daily News

TSMC Supplier Marketech International Leases 151,500 SF in Deer Valley - AZBEX (July 28, 2026) Marketech International Corporation, a technology service provider and contractor supporting TSMC's Phoenix operations, finalized a lease for a 151,500-square-foot warehouse at 950 W. Rose Garden Lane in the Deer Valley submarket. The space will support semiconductor supply chain operations tied to the north Phoenix campus. Combined with the Okland commitment, Deer Valley absorbed more than 236,000 square feet of semiconductor-driven demand in a single week, tightening a submarket that had been carrying meaningful new delivery risk.

Lease size: 151,500 square feet at 950 W. Rose Garden Lane
Tenant profile: TSMC supply chain contractor and technology service provider
Source: AZBEX

Ship Daddy Leases 79,420 SF at Surprise Railplex in Deal Brokered by Colliers - AZ Big Media (July 24, 2026) Omnichannel fulfillment provider Ship Daddy leased 79,420 square feet at Level Crossing 3, a 150,615-square-foot building at the Silver Creek and Hardy World Surprise Railplex on the Loop 303 corridor. The building offers 32-foot clear heights, ESFR, 3,000-amp service, dock-high and drive-in loading and potential yard space. Northwest submarket vacancy has compressed 800 basis points year over year to 8.1 percent, and with second-quarter average lease size near 64,000 square feet, this deal sits comfortably above the market's current absorption profile.

Lease: 79,420 square feet within a 150,615-square-foot building
Northwest submarket vacancy improved from 16.1 percent to 8.1 percent year over year
Source: AZ Big Media

Airgate in Mesa Sells for $27.6 Million - AZBEX (July 28, 2026) EastGroup Properties acquired Airgate, a 142,700-square-foot industrial building at 7353 E. Ray Road in Mesa, from MIG Real Estate for $27.6 million. The property was fully leased to a third-party logistics provider at closing. Pricing near $193 per square foot for stabilized, single-tenant Southeast Valley product confirms that public REIT capital is still clearing at pre-rate-hike basis when the rent roll is credit and in place.

Sale price: $27,600,000 for 142,700 square feet, or $193.41 per square foot
Status: 100 percent leased to a third-party logistics user at closing
Source: AZBEX

Six-Building Phoenix Industrial Portfolio Trades for $24 Million - AZBEX (July 28, 2026) An entity tracing to John Lee (B and L79 LLC) sold six Phoenix industrial buildings totaling 130,400 square feet near Interstate 10, 40th Street and Broadway Road to Karney Properties for $24 million. The portfolio is classic infill shallow-bay product serving contractors, distributors and service users. At $184.05 per square foot, small-bay infill is now trading within roughly five percent of institutional bulk product, which is a meaningful repricing of a formerly overlooked asset type.

Sale price: $24,000,000 for 130,400 square feet across six buildings, or $184.05 per square foot
Location: infill Phoenix near I-10, 40th Street and Broadway Road
Source: AZBEX

Mesa Industrial Flex Building at 4220 E. McDowell Road Sells for $5.25 Million - Real Estate Daily News (July 30, 2026) A 20,544-square-foot industrial flex building on 2.37 acres at 4220 E. McDowell Road in Mesa sold for $5.25 million. Built in 2006, the property includes roughly 15,494 square feet of office, a 14-by-14 grade-level door, a secured yard and 18 covered parking spaces, and the seller is pursuing a 1031 exchange. The $255.55 per square foot execution shows how much premium office-heavy flex with secured yard commands over pure warehouse in the current market.

Sale price: $5,250,000 for 20,544 square feet, or $255.55 per square foot
Land basis: 2.37 acres (approximately 103,050 square feet), or roughly $50.95 per land square foot and $2,215,190 per acre
Source: Real Estate Daily News

Nexus Commerce Center Delivers 273,000 SF of Class A Industrial in Tempe - AZ Big Media (July 29, 2026) Creation, in partnership with CrossHarbor Capital Partners and Amherst, completed Nexus Commerce Center, a three-building, 273,000-square-foot Class A industrial park at Elliot Road and Hardy Drive in Tempe's I-10 corridor. The 16-acre site previously held Elliot Corporate Center, roughly 200,000 square feet of vacant office. Buildings range from 88,773 to 103,288 square feet with 32-foot clear heights, targeting light manufacturing, assembly, research and development and fulfillment users, and the project is a working template for converting failed suburban office land to industrial.

Delivery: three buildings totaling 273,000 square feet on 16 acres, sized 88,773 to 103,288 square feet
Prior use: approximately 200,000 square feet of vacant office demolished for redevelopment
Source: AZ Big Media

105,800-SF El Mirage Warehouse Wins Planning Commission Recommendation - AZBEX (July 24, 2026) The El Mirage Planning and Zoning Commission voted 4 to 1 to recommend approval of a conditional use permit for IDM Companies to build a 105,800-square-foot warehouse on a vacant 9.42-acre parcel at 9105 N. El Mirage Road, north of Olive Avenue. The plan includes a 3.2-acre secured outdoor storage yard, roughly 5,000 square feet of office and 97 parking stalls, with no distribution use proposed. Entitled outdoor storage is the scarce commodity in this cycle, and a 3.2-acre secured yard inside a maturing municipality is difficult to replicate.

Program: 105,800 square feet with a 3.2-acre (138,900-square-foot) secured yard on 9.42 acres, 50-foot building height where 66 feet is allowed
Next step: El Mirage City Council consideration scheduled August 17, 2026
Source: AZBEX

Glendale Reviews 1.1 Million-SF Cotton 303 Industrial Request - AZBEX (July 2026) Glendale planners are evaluating Cotton 303 Industrial, a 1.1 million-square-foot proposal from Iron Rock Development II LLC involving annexation and rezoning of agricultural land to a Planned Area Development. Design intent from Ware Malcomb calls for one or two mid-sized warehouse buildings covering roughly 60 percent of the site with extensive north and south-facing loading. Annexation-plus-PAD requests of this scale indicate developers still see a multi-year runway for Loop 303 bulk product despite elevated construction and debt costs.

Program: approximately 1,100,000 square feet, one or two buildings at roughly 60 percent site coverage
Entitlement path: annexation and rezoning of agricultural land to Planned Area Development
Source: AZBEX

Buckeye Reviews Sunrise Commerce Center and Old Dominion Cross-Dock Terminal - AZBEX (July 2026) The Buckeye Planning and Zoning Commission is reviewing multiple projects that together could add more than 650,000 square feet of development, led by Sunrise Commerce Center, a five-building light industrial and logistics park designed by Cawley Architects. Separately, Old Dominion Freight Line is pursuing a conditional use permit for its fifth Arizona facility, a 72-acre logistics and cross-dock terminal at the southwest corner of Yuma and Johnson roads. Small-bay logistics and LTL freight terminals moving into Buckeye simultaneously is a strong indicator that the far West Valley has reached the population density required to support last-mile and regional freight operations.

Sunrise Commerce Center: five buildings ranging from 42,583 to 92,588 square feet, roughly 381,000 square feet total
Old Dominion: 72-acre cross-dock terminal, the carrier's fifth Arizona facility
Source: AZBEX

Retail

Costco Buys 155,100-SF Grand Avenue Building from Kimco Realty for $14.19 Million - AZBEX (July 28, 2026) Costco acquired a 155,100-square-foot building on 12.23 acres near Grand Avenue and Indian School Road in Phoenix from Kimco Realty for $14.19 million. The building traded at $91.49 per square foot, a figure that reflects the depreciated value of an older shell rather than the underlying dirt. The real story is a land basis of roughly $26.63 per land square foot for 12.23 commercially zoned acres on a high-traffic infill corridor, which is exactly the defensive position well-capitalized operators are buying while ground-up sites of this size no longer exist in the corridor.

Sale price: $14,190,000 for 155,100 square feet, or $91.49 per building square foot
Land basis: 12.23 acres, approximately $1,160,261 per acre and $26.63 per land square foot
Source: AZBEX

Grand Village Center in Surprise Sells for $10.7 Million as Cadence Capital Enters Arizona - Real Estate Daily News (July 28, 2026) Greenwood Village, Colorado-based Cadence Capital Investments entered the Arizona market with two acquisitions, including the 52,685-square-foot Grand Village Center at the southeast corner of Reems Road and U.S. Route 60 in Surprise for $10.7 million. The seller was represented by Phoenix Commercial Advisors. At $203.10 per square foot for a West Valley multi-tenant center, out-of-state private capital is paying replacement-cost-adjacent pricing for stabilized suburban retail, which is consistent with a metro retail vacancy rate that has stayed below five percent.

Sale price: $10,700,000 for 52,685 square feet, or $203.10 per square foot
Companion acquisition: three buildings totaling 24,290 square feet at Gladden Farms Commercial Center in Marana for $16.8 million, outside the Phoenix Metro geography
Source: Real Estate Daily News

Net-Leased Starbucks in Wickenburg Sells for $2.25 Million - AZBEX (July 28, 2026) The Starbucks at 515 E. Wickenburg Way in Wickenburg sold to 515 Wickenburg LLC for $2.25 million. Building size was not disclosed, so a price per square foot cannot be calculated from reported data. Single-tenant credit coffee in a tertiary Maricopa County market still clears above $2 million, which speaks to how much 1031 and private capital is competing for small net-leased product with drive-thru income.

Sale price: $2,250,000; building size not disclosed
Buyer represented by ORION Investment Real Estate; seller Coakley Investment Company represented by Cushman and Wakefield
Source: AZBEX

Tempe Marketplace Adds Five National Retailers - AZ Big Media (July 29, 2026) Vestar announced five new leases at Tempe Marketplace: Carhartt has opened its first standalone Phoenix-metro store at 6,000 square feet, KUIU is opening its first Arizona location at 6,000 square feet, and Coach (4,500 square feet), Tommy Hilfiger (nearly 6,000 square feet) and Glo Tanning (3,000 square feet) are slated for late 2026. The mix pushes an already dominant power center further toward lifestyle and specialty apparel. Established, high-traffic open-air centers continue to capture first-to-market brand entries that would previously have gone to enclosed mall space.

New leases: approximately 25,500 square feet across five tenants
Two first-to-market concepts: Carhartt's first Phoenix-metro standalone and KUIU's first Arizona store
Source: AZ Big Media

Five North at Vistancia Selects Main Street Developer for 9.65-Acre Retail Corridor - AZ Big Media (July 29, 2026) Vistancia Development LLC contracted with Scottsdale-based Lyfe Companies to develop Phase I of the main-street retail and restaurant corridor on 9.65 acres within the 320-acre Five North at Vistancia district in Peoria. The site sits at Loop 303 and Lone Mountain Parkway, roughly 10 minutes from the TSMC campus, with IHP Capital Partners and Varde Partners owning Vistancia in joint venture. The commercial core inside Vistancia is now being programmed around semiconductor employment rather than purely residential rooftops.

Phase I scope: 9.65 acres of main-street retail and restaurant development within a 320-acre district
Location: Loop 303 and Bob Stump Memorial Parkway at Lone Mountain Parkway, Exit 127
Source: AZ Big Media

Crunch Fitness to Open Five Phoenix-Area Locations - WhatNow Phoenix (July 29, 2026) Franchisee Southwest Fitness Holdings, a subsidiary of CR Fitness Holdings, plans five new Crunch Fitness clubs across the Valley, with four opening by the end of 2026 in Ahwatukee, Arcadia, Paradise Valley and Mesa, and a Peoria location in 2027. The clubs are part of a 20-club buildout representing roughly $100 million of investment targeted for completion by the end of 2027. Value-tier fitness remains one of the most reliable backfill users for second-generation big-box space, and a commitment of this scale gives landlords a credible alternative to soft-goods retail.

Buildout: 20 clubs and approximately $100,000,000 of investment through 2027
Near-term sites: 5021 E. Ray Rd. and 4533 E. Thomas Rd. and 10665 N. Tatum Blvd. in Phoenix, 1655 S. Stapley Dr. in Mesa, and 8195 W. Bell Rd. in Peoria in 2027
Source: WhatNow Phoenix

Cavender's to Open Gilbert Store in Former Big Lots Space - AZ Big Media (July 30, 2026) Texas-based western lifestyle retailer Cavender's Boot City confirmed plans to open at 2817 S. Market St. in Gilbert, taking former Big Lots space next to Ulta, with additional Valley stores targeted in Tempe and Goodyear by year end. Regional apparel chains continue to find their best economics in recycled junior-anchor boxes rather than new construction. For landlords holding vacant 15,000 to 25,000-square-foot boxes, this is the demand profile currently clearing.

Location: 2817 S. Market St., Gilbert, in former Big Lots space
Pipeline: additional Tempe and Goodyear locations targeted by the end of 2026
Source: AZ Big Media

Office

Vertical Construction Begins on $20.1 Million Queen Creek Medical Office Condominium Project - AZ Big Media (July 29, 2026) A.T. Craft broke ground on The Collective on Ocotillo, a four-building, approximately 47,919-square-foot Class A medical office condominium development in Queen Creek near Banner Ironwood Medical Center, budgeted at $20.1 million. Buildings range from 9,612 to 17,967 square feet with suites available for lease or purchase from 2,500 square feet to full-building. Purchase and sale agreements are out on roughly 13,000 square feet with another 25,000 square feet in negotiation before foundations are poured, which is exceptional pre-commitment for a condominium format and reflects physician demand to fix occupancy cost rather than absorb future rent inflation.

Project cost: $20,100,000 for approximately 47,919 square feet, or roughly $419.46 per square foot to build
Pre-sales: purchase and sale agreements on approximately 13,000 square feet with 25,000 square feet in negotiation, delivery targeted first quarter 2027
Source: AZ Big Media

Arizona Commerce Authority Relocating Headquarters to Bank of America Tower - Real Estate Daily News (July 27, 2026) The Arizona Commerce Authority is moving its headquarters to the Bank of America Tower at 201 E. Washington St. in downtown Phoenix, occupying more than 40,000 square feet across the 17th and 18th floors. The new space is roughly 5,000 square feet larger than its current 100 N. Seventh Avenue office, where the lease expired July 31. State agency expansion into Class A downtown space is a modest but real datapoint for a central business district that has depended on conversions rather than leasing for its recent vacancy improvement.

Lease: more than 40,000 square feet on the 17th and 18th floors
Expansion: approximately 5,000 square feet larger than the prior headquarters
Source: Real Estate Daily News

Market Report: Arizona Splits Nationally in 2026 Office Investing Rankings - AZ Big Media (July 29, 2026) LoopNet's national office investing scorecard placed Tucson first in the country on the strength of a top-three income-to-price ratio and $35.59 per square foot asking rents, while Scottsdale ranked 35th and Phoenix 36th. Scottsdale posted strong rents at $35.77 per square foot but was held back by sale pricing near $325 per square foot, and Phoenix was weighed down by $27.74 per square foot rents and a 42.7 percent Class C share. The Class C overhang is the operative number for the Phoenix ranking, and it will not improve through leasing alone.

Rankings: Tucson first nationally, Scottsdale 35th, Phoenix 36th
Phoenix drag: 42.7 percent Class C inventory share against $27.74 per square foot asking rents
Source: AZ Big Media

Sacramento Industrial Developer Opens First Southwest Office in Scottsdale - Hoodline (July 29, 2026) Sacramento-based industrial acquisition and development firm LDK Ventures opened a permanent Scottsdale office, its first outside Northern California, to lead expansion across Arizona, Texas and Nevada. Walker Durant was appointed Regional Vice President for the Southwest Division. The firm cited tight Kierland and Airpark office fundamentals in choosing the location, and out-of-state developers establishing local offices generally precedes acquisition activity by two to four quarters.

Expansion: first office outside Northern California, covering Arizona, Texas and Nevada
Leadership: Walker Durant named Regional Vice President, Southwest Division
Source: Hoodline

Mixed-Use

Diversified Partners Advancing 23.88-Acre Mixed-Use Project at Ironwood and Ranch in San Tan Valley - Connect CRE (July 23, 2026) Scottsdale-based Diversified Partners is advancing a roughly 23.88-acre mixed-use development at the southeast corner of Ironwood Road and Ranch Road in San Tan Valley. The plan pairs approximately 25,000 square feet of inline retail with a 50,000-square-foot medical building under contract to OrthoArizona, plus multiple shop buildings, a hard-corner drive-thru pad, two additional pad sites and a ground-lease or build-to-suit opportunity. Pinal County's growth has finally pushed San Tan Valley past bedroom-community status, and anchoring with orthopedics rather than grocery is a bet on captive daytime healthcare demand within a trade area exceeding 115,000 residents inside five miles.

Program: approximately 25,000 square feet of retail plus a 50,000-square-foot medical building on 23.88 acres
Trade area: more than 115,000 residents within a five-mile radius
Source: Connect CRE

Toy Barn Files Plans for 205,000-SF Luxury Garage Condominium Flagship in North Scottsdale - Hoodline (July 27, 2026) Toy Barn filed plans for a 205,000-square-foot, six-building luxury garage condominium complex at Mack Innovation Park along Loop 101 and Bell Road at 9000 E. Bell Road, designed by DLR Group as the company's Valley flagship. The program offers deeded, customizable suites with 20-foot ceilings, climate control and clubhouse amenities aimed at collectors. The project still requires design review approval and joins several competing collector-garage concepts near WestWorld, a niche that has moved from experimental to genuinely competitive in north Scottsdale.

Program: 205,000 square feet across six buildings of deeded garage condominiums
Status: plans filed, design review approvals still required
Source: Hoodline

Hotels

Phoenix Metro Leads the U.S. in 2026 Hotel Openings - CRE Market Beat (July 28, 2026) Lodging Econometrics' second-quarter 2026 U.S. Construction Pipeline Trend Report shows Phoenix Metro leading all major U.S. markets in hotel openings for 2026, with 26 projects and 3,615 rooms expected to deliver before year end. New York and Dallas each project 20 openings, ahead of the Inland Empire at 12 and Austin at 11. Near-term openings include 233 Suites Unscripted by Hyatt at The Grid in downtown Mesa with 76 extended-stay rooms, AC Hotel Scottsdale Old Town with 168 rooms, and the 236-room Denu Hotel and Spa at 1 E. Adams St. in Phoenix in mid-September.

2026 openings: 26 projects and 3,615 rooms, first nationally
Pipeline position: Phoenix ranks fifth nationally for total hotel construction pipeline with 115 projects, behind Dallas (183), Atlanta (157), Nashville (122) and Austin (116)
Source: CRE Market Beat

Mesa Approves GPLET Deal for 150-Room AC Hotel by Marriott in Downtown Mesa - YourValley (July 2026) The Mesa City Council voted 7 to 0 on July 27 to approve a development agreement for a five-story, 85,000-square-foot AC Hotel by Marriott at the northeast corner of Main Street and Centennial Way, developed by OCAP Main St LLC with 150 rooms, at least 1,500 square feet of meeting space, an outdoor pool and a 2,000-square-foot public restaurant and lounge. The city authorized a Government Property Lease Excise Tax agreement providing an eight-year abatement valued at roughly $2.1 million, under which title conveys to the city and is leased back to the developer before reverting at term end. In exchange the city secures a 10 percent block of guest rooms for municipal events, rent-free meeting space access and Main Street streetscape improvements, with the site adjacent to the Center Street light rail station and 100 licensed spaces in the city's Hibbert garage.

Estimated project cost: $45,000,000 for 150 rooms and 85,000 square feet, or approximately $300,000 per room and $529.41 per square foot
Public participation: eight-year GPLET abatement valued at approximately $2,100,000 against projected gross sales tax revenues of $59.8 million over 35 years and roughly $4 million per year in secondary visitor spending
Source: YourValley

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John Finnegan

Senior Vice President | Land

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Ramey Peru

Senior Vice President | Land

(602) 222-5154

Phoenix CRE Brief | Phoenix & Arizona Land Broker Insights - 7/23/2026

Ramey Peru — Thu, 23 Jul 2026 13:45:11 GMT

Executive Summary

Semiconductor demand drove the week's largest capital commitments. TSMC confirmed an additional $100 billion Arizona investment, bringing its total state commitment to roughly $265 billion across 10 fabs, and the supply chain followed immediately, with Taiwan-based Uangyih paying $20.4 million for a Surprise warehouse and Cica-Huntek investing $8 million in a Phoenix cleanroom-ready plant. Creation began construction on the 700,000-square-foot Avondale Tech Center targeting semiconductor, aerospace and defense users, while Willmeng started work on the 1.1 million-square-foot GO|99 North speculative box in Tolleson. Power availability also became a visible constraint, with Pinal County postponing the 215-acre Project Midway data center rezoning.
Multifamily capital markets reopened at both ends of the quality spectrum. MacNaughton paid $142.5 million, or $491,379 per unit, for the 290-unit Residences Kierland in Scottsdale, while Millburn & Co. paid $95.25 million, or $280,973 per unit, for the 339-unit Ascend at Longbow Highpoint in Mesa. Debt markets were equally active, with a $51.8 million senior refinancing on a 97 percent leased Gilbert asset and a floating-rate bridge refinancing on a 530-bed Tempe student housing high-rise. Crescent Communities closed on 8.5 acres in north Phoenix for $11.69 million to start the 248-unit Novel Norterra, a land basis of about $47,137 per planned unit.
Office is repairing itself through supply removal while retail stays the tightest sector in the Valley. Newmark data showed Phoenix office vacancy falling for a third straight quarter to 23.4 percent on 167,000 square feet of positive absorption, with no office breaking ground in the second quarter and 3.3 million square feet converted or demolished since 2024. Well-located suburban and medical product still trades, including the 101,397-square-foot Arrowhead Executive Center at $25.25 million and a Scottsdale Airpark boutique building at $347.35 per square foot. Retail vacancy held at 4.7 percent with asking rents up 4.8 percent year over year, and grocery and entertainment users continued to chase rooftops in Chandler, north Phoenix and southeast Mesa.

Land

Scannell Properties Acquires 130-Acre Buckeye Parcel for $32.5 Million - CoStar (July 16, 2026)
Indiana-based Scannell Properties purchased a nearly 130-acre land parcel in Buckeye from a seller group for approximately $32.5 million. The site is positioned for industrial development in the Southwest Valley, the metro's most active absorption submarket.

Sale price: $32,500,000 for approximately 130 acres
Price metrics: about $250,000 per acre and about $5.74 per land square foot
Source: CoStar

Mountainside Fitness Buys Commercial Pad at Five North at Vistancia in Peoria - Real Estate Daily News (July 23, 2026)
Mountainside Fitness acquired a 4.1-acre commercial pad and took the first position in Five North at Vistancia, the commercial core of Peoria's 7,100-acre Vistancia master plan. The regional operator serves more than 150,000 members and the site will become its 25th metropolitan location, establishing a daily-needs anchor that de-risks surrounding pads for food, beverage and service retail.

Sale price: $3,013,808 for 4.10 acres (178,596 square feet)
Price metrics: $735,075 per acre and $16.88 per land square foot
Source: Real Estate Daily News

Coronado National Forest Acquires 694 Acres Near Oracle for $2.08 Million - Real Estate Daily News (July 2026)
The U.S. Forest Service acquired 693.77 acres in the northern Santa Catalina Mountains near Oracle in Pinal County, in a transaction facilitated by the Trust for Public Land and funded through the Land and Water Conservation Fund. Conservation takedowns of this type set the hard edge of future suburban expansion in Pinal County and support the watershed protection underpinning Assured Water Supply designations.

Sale price: $2,080,000 for 693.77 acres
Price metrics: $2,998 per acre and $0.07 per land square foot
Source: Real Estate Daily News

San Tan Valley Holds First Annexation Hearing for Gantzel Road Commercial Corner - Pinal Post (July 17, 2026)
The newly incorporated Town of San Tan Valley held its first annexation public hearing for a vacant 3.33-acre corner at Gantzel Road and Lone Star Lane, currently zoned Suburban Ranch. Lone Star Partners LLC is seeking concurrent C-2 commercial zoning, with retail, restaurant and possible medical office uses described.

Site: 3.33 acres at the southwest corner of Gantzel Road and Lone Star Lane
Entitlement path: annexation plus rezoning from Suburban Ranch to C-2
Source: Pinal Post

Multifamily

Residences Kierland Sells for $142.5 Million in Scottsdale - Commercial Real Estate Direct (July 16, 2026)
MacNaughton paid $142.5 million for the 290-unit Residences Kierland, buying the six-story 2022-vintage asset from Quarterra Multifamily. The pricing is the clearest evidence this cycle that core capital will still underwrite peak basis for irreplaceable Scottsdale locations adjacent to Kierland Commons and Scottsdale Quarter.

Sale price: $142,500,000 for 290 units
Price per unit: $491,379
Source: Commercial Real Estate Direct

Ascend at Longbow Highpoint in Mesa Trades for $95.25 Million - Commercial Real Estate Direct (July 16, 2026)
Salt Lake City-based Millburn & Co. paid $95.25 million for the 339-unit Ascend at Longbow Highpoint at 2950 N. Recker Road in Mesa, acquiring the 2025-built community from homebuilder D.R. Horton. The buyer placed a $61.55 million Fannie Mae mortgage on the asset, a roughly 65 percent loan-to-value execution that signals agency debt is again clearing at scale in the East Valley.

Sale price: $95,250,000 for 339 units
Price per unit: $280,973, with $61,550,000 in Fannie Mae financing
Source: Commercial Real Estate Direct

Everly at Morrison Ranch in Gilbert Lands $51.8 Million Refinancing - Connect CRE (July 21, 2026)
PCCP provided a $51.8 million senior loan to Phoenix Capital Management and P.B. Bell to refinance Everly at Morrison Ranch, a 236-unit Class A garden community at 4353 E. Elliot Road. The 2025-delivered property reached 97 percent occupancy in its first year, and the sponsors elected to recapitalize rather than sell, replacing construction debt with stabilized senior financing.

Loan amount: $51,800,000 across 236 units, or $219,491 per unit
Property: 36 two-story buildings averaging 986 square feet per unit, 97 percent leased
Source: Connect CRE

Atmosphere Tempe Student Housing High-Rise Refinanced - Multi-Housing News (July 20, 2026)
Trinitas Ventures and Harrison Street Asset Management secured a floating-rate bridge loan through PGIM to refinance Atmosphere Tempe, a 530-bed, 252-unit tower at 707 S. Forest Avenue. The 20-story, 2021-delivered property sits within walking distance of Arizona State University and includes nearly 5,000 square feet of ground-floor retail. The loan amount was not disclosed.

Property: 252 units and 530 beds across 20 stories, delivered 2021
Prior debt included a $63.5 million loan from BMO Bank and a $53.2 million PNC construction loan
Source: Multi-Housing News

Crescent Communities Closes Land and Starts 248-Unit Novel Norterra - Connect CRE (July 21, 2026)
Crescent Communities closed on an 8.5-acre site for $11.69 million within the 600-acre Norterra master plan near Interstate 17 and Jomax Road, roughly five miles from the TSMC campus. The four-story, 248-unit community broke ground immediately with first move-ins targeted for spring 2028, and amenities include a clubhouse, pool and spa, shaded pickleball court and dog park.

Land basis: $11,690,000 for 8.5 acres, or about $1,375,294 per acre and $31.57 per land square foot
Land cost per planned unit: about $47,137
Source: Connect CRE

Market Report: 2026 Mid-Year Review Shows Vacancy Improving in Every Sector - Real Estate Daily News (July 20, 2026)
A mid-year analysis built on CoStar data found year-over-year vacancy improvement across multifamily, industrial, office and retail. Multifamily demand reached record levels as trailing twelve-month absorption of 21,491 units outpaced 20,429 units delivered, compressing vacancy from 12.3 percent to 11.5 percent. Industrial deliveries fell 53 percent to 14.8 million square feet while absorption accelerated to 22.7 million square feet.

Multifamily sales volume: $4.7 billion over twelve months, up 24 percent year over year, with value-add buyers targeting 1980s and 1990s product at $150,000 to $225,000 per unit
Industrial sales volume: $5.2 billion for the twelve months ending Q1 2026, up 13 percent year over year
Source: Real Estate Daily News

Industrial

TSMC Commits Another $100 Billion to Arizona Chipmaking - CoStar (July 16, 2026)
TSMC announced an additional $100 billion U.S. investment likely to fund up to four more Arizona fabrication plants at 2 nanometer and below, on top of the existing $165 billion program. Total Arizona commitment now stands at roughly $265 billion across 10 fabs, two advanced packaging facilities and an R&D center. The expansion effectively guarantees structural demand for high-power, specification-heavy industrial space across the north and west Valley for the next decade.

Total Arizona commitment: approximately $265 billion
Location: north Phoenix, south of Loop 303 and west of Interstate 17
Source: CoStar

Salt River Pima-Maricopa Indian Community Signs 99-Year Ground Lease for 1 Million-SF Industrial Park - Connect CRE (July 16, 2026)
Majestic Realty Co. and the Salt River Pima-Maricopa Indian Community agreed to a 99-year ground lease supporting a light industrial park of up to eight Class A buildings totaling just under 1 million square feet. The 59-acre site sits at the northeast corner of Pima Road and McDonald Drive between Talking Stick Resort and Scottsdale Community College, delivering infill land and Loop 101 access that no longer exists in neighboring Scottsdale. Groundbreaking is anticipated in 2027.

Program: up to eight buildings from 63,000 to nearly 200,000 square feet on 59 acres, divisible to about 20,000 square feet
Approved uses include food processing, bottling, printing, machine shop and distribution
Source: Connect CRE

Construction Begins on 1.1 Million-SF GO|99 North in Tolleson - AZ Big Media (July 22, 2026)
Willmeng Construction started work on GO|99 North, a 1.1 million-square-foot Class A speculative warehouse for GO Industrial on 75 acres in the Estrella Park neighborhood, roughly three minutes from Interstate 10. It is the developer's second project on the 99th Avenue corridor, following GO|99 South, which sold in 2023 for $165 million.

Specifications: 40-foot clear height, 190 dock-high doors, 245-foot truck courts, 1,200 auto and 113 trailer stalls
Comparable: adjacent GO|99 South totaled 1.28 million square feet and sold for $165 million in 2023
Source: AZ Big Media

Avondale Tech Center Breaks Ground as 700,000-SF Advanced Manufacturing Campus - The Arizona Republic (July 23, 2026)
Creation began construction on Avondale Tech Center, a three-building, 700,000-square-foot campus at Avondale Boulevard and Corporate Street aimed at pharmaceutical, aerospace, semiconductor and defense users. The developer acquired the land for $18 million in January 2025 and secured a business-park rezone in December 2025.

Projected impact: roughly $30 million in tax revenue and about 1,000 jobs over the next decade
Land basis: $18,000,000 acquired in January 2025
Source: The Arizona Republic

Taiwan Semiconductor Supplier Buys Surprise Warehouse for $20.4 Million - CoStar (July 21, 2026)
Taiwan-based Uangyih Industrial Co. paid $20.4 million for a 107,400-square-foot industrial building at 13280 W. Rioglass Solar Road in the Loop 303 corridor. The purchase is an owner-user commitment by a TSMC supplier and reflects the foreign direct investment now following the fab campus into West Valley industrial product.

Sale price: $20,400,000 for 107,400 square feet
Price per square foot: $189.94
Source: CoStar

The Base Industrial Campus in Glendale Secures $122 Million Financing - AZ Big Media (July 17, 2026)
Partners Group and ViaWest Group secured $122 million in bridge financing from Pacific Life Insurance Company for The Base, a newly constructed seven-building campus totaling 1,182,865 square feet at Litchfield Road and Bethany Home Road. Heavy power and proximity to Luke Air Force Base position the campus for defense, aerospace and advanced manufacturing tenants.

Financing: $122,000,000 across 1,182,865 square feet, or about $103.14 per square foot
Specifications: 32 to 36-foot clear heights, 3,000 to 6,000 amps, 222 dock-high doors
Source: AZ Big Media

Cica-Huntek Chemical Technology Opens $8 Million Phoenix Facility - AZ Big Media (July 21, 2026)
Taiwan-based Cica-Huntek invested approximately $8 million to purchase and open a 25,880-square-foot high-specification manufacturing and office plant serving the North American semiconductor market. The building includes warehousing and planned cleanrooms for local assembly.

Purchase price: $8,000,000 for 25,880 square feet
Price per square foot: about $309.12
Source: AZ Big Media

Formation Park 10 Phase II Breaks Ground in Goodyear - REBusinessOnline (July 2026)
A joint venture between Formation Interests and an affiliate of Crescent Real Estate broke ground on a three-building, 261,168-square-foot second phase at Formation Park 10. At completion in spring 2027 the 44-acre park will total nearly 689,000 square feet across five buildings, with suites sized from 15,000 to 100,000 square feet to serve the mid-market users that mega-box product cannot accommodate.

Phase II: 261,168 square feet across three buildings, delivering spring 2027
Park total at buildout: nearly 689,000 square feet on 44 acres
Source: REBusinessOnline

Pinal County Postpones 215-Acre Project Midway Data Center Rezoning - Pinal Post (July 20, 2026)
The Pinal County Planning and Zoning Commission postponed the Project Midway rezoning and a companion case on July 16, delaying a proposed 215-acre, five-building data center southwest of Casa Grande along Interstate 8. The application sought a change from General Rural to Industrial I-3 with a planned area development overlay, and contemplated on-site generation using natural gas engines or fuel cells. Power siting and community opposition are becoming the binding constraint on Pinal County's data center pipeline.

Site: 215 acres with five buildings and on-site power generation
Requested entitlement: General Rural to Industrial I-3 with a PAD overlay
Source: Pinal Post

Retail

Chandler Marketplace Sells for $5.75 Million - AZBEX (July 21, 2026)
Southwest Investments, LLC purchased Chandler Marketplace, a multi-tenant retail property at the northwest corner of Chandler Boulevard and Kyrene Road, for $5.75 million in a 1031 exchange. Building size was not disclosed, so a price per square foot cannot be calculated from the reported data.

Sale price: $5,750,000
Structure: 1031 exchange acquisition at a hard-corner Chandler intersection
Source: AZBEX

Sprouts Farmers Market Signs 15-Year Lease at Deer Valley Towne Center - AZBEX (July 21, 2026)
Sprouts Farmers Market committed to approximately 24,000 square feet in the former Michaels space at 2829 Agua Fria Freeway, backfilling a soft-goods box with a daily-needs grocer. Landlord Sterling Organization expects the store to open in 2027, extending the pattern of grocery users absorbing second-generation big-box space.

Lease: approximately 24,000 square feet on a 15-year term
Opening targeted for 2027
Source: AZBEX

The Nox Entertainment Venue Reveals Opening Date in Southeast Mesa - Connect CRE (July 22, 2026)
The Nox, a 70,000-square-foot live music and entertainment venue near Ray and Power roads, announced its opening date and will operate year-round for concerts, comedy, festivals, dinner theater and corporate events. Capacity runs up to 2,000 people, adding an experiential anchor to a Southeast Valley trade area that has grown residentially far faster than its entertainment inventory.

Size: 70,000 square feet with capacity up to 2,000 people
Location: near Ray Road and Power Road, southeast Mesa
Source: Connect CRE

Black Rock Coffee Bar Opens Glendale Drive-Thru Location - GlobeNewswire (July 16, 2026)
Black Rock Coffee Bar opened a new Glendale store at 5937 N. 91st Ave. on July 20, targeting the traffic patterns generated by the Westgate Entertainment District and State Farm Stadium corridor. Drive-thru capable pads in high-visibility locations continue to command premium triple-net rents across the Valley.

Address: 5937 N. 91st Ave., Suite 130, Glendale
Opening date: July 20, 2026
Source: GlobeNewswire

Market Report: Phoenix Retail Q2 2026 - Matthews (July 21, 2026)
Phoenix retail remained among the nation's tightest markets, with vacancy at 4.7 percent and roughly 941,000 square feet of net absorption in the quarter. Grocery-anchored and suburban-corridor centers led performance, and a decade of limited speculative construction continues to hand pricing power to landlords.

Vacancy 4.7 percent, with average asking rents of $27.20 per square foot, up 4.8 percent year over year
About 1.0 million square feet delivered over the prior year against roughly 2.7 million square feet under construction
Source: Matthews

Office

Arrowhead Executive Center in Glendale Sells for $25.25 Million - YourValley (July 22, 2026)
An entity operating as 17235 Piedmont LLC acquired the 101,397-square-foot office and medical campus at 17235 N. 75th Ave., directly across from Arrowhead Towne Center. The asset was 94 percent leased at closing with a mix of medical and traditional office tenants, but the underlying value is the 12-plus acres of infill land at Loop 101 and Bell Road. The land basis of roughly $48 per square foot gives the buyer long-term optionality for higher-density redevelopment as leases roll.

Sale price: $25,250,000 for 101,397 square feet, or $249.02 per building square foot
Land basis: just over $48 per land square foot across 12-plus acres, 94 percent occupied at sale
Source: YourValley

Boutique Scottsdale Airpark Office Building Trades for $4.7 Million - Real Estate Daily News (July 17, 2026)
A Midwest-based firm establishing a permanent Phoenix base purchased the 13,531-square-foot two-story building at 7020 E. Acoma Drive from Kraken Holdings LLC. The deal closed at 95.2 percent of asking price after going under contract in 21 days and included a furniture, fixtures and equipment package. The Northeast Valley continues to post the lowest office vacancy in the metro as owner-users compete for premium micro-locations.

Sale price: $4,700,000 for 13,531 square feet, or $347.35 per square foot
Deal velocity: under contract in 21 days at 95.2 percent of ask
Source: Real Estate Daily News

Lucid Private Offices Leases 20,000 SF on North Scottsdale Road - AZBEX (July 21, 2026)
Lucid Private Offices signed for 20,000 square feet at 4800 N. Scottsdale Road, with landlord Principal Asset Management. Flexible-workspace operators continue to expand into quality suburban product where traditional full-floor demand remains uneven.

Lease size: 20,000 square feet
Landlord: Principal Asset Management
Source: AZBEX

Market Report: Phoenix Office Vacancy Declines for Third Consecutive Quarter - Bisnow (July 22, 2026)
Newmark data showed second-quarter office vacancy falling to 23.4 percent from 25.4 percent a year earlier on 167,000 square feet of positive absorption, driven largely by conversions rather than a leasing surge. No office broke ground in the quarter, and since 2024 some 3.3 million square feet has been converted or demolished, more than the prior decade combined, with over 4 million additional square feet proposed. Recent redevelopment plays include the purchase of Lakefront at Scottsdale and the acquisition of the vacant Scottsdale Perimeter building for auto storage.

Vacancy 23.4 percent with asking rents up 2.2 percent year over year to $31.70 per square foot
3.3 million square feet converted or demolished since 2024, with 4 million-plus square feet of further projects proposed
Source: Bisnow

Market Report: Phoenix Medical Office Poised for a Boom - Investing In CRE (July 16, 2026)
Greater Phoenix medical office posted 6.1 percent year-over-year rent growth at mid-year, with first-quarter vacancy falling to 12.6 percent and a record development pipeline exceeding 353,000 square feet. National medical office cap rates dipped below 7.0 percent for the first time since 2024 as investment volume rose sharply, confirming that clinical product remains the one office subtype immune to remote work.

Vacancy 12.6 percent with asking rents of $26.52 per square foot NNN
National medical office cap rates at 6.9 percent in Q1 2026, with investment volume up 78 percent year over year
Source: Investing In CRE

Mixed-Use

The Switchyard Breaks Ground as $120 Million Queen Creek Mixed-Use Project - Shopping Center Business (July 2026)
Creation and Horizon Real Estate Ltd. broke ground on The Switchyard, a 10-acre, $120 million project that will be Queen Creek's first walkable mixed-use development. The program pairs 54,000 square feet of restaurant, retail and office space with a 215-unit apartment community, and committed tenants include Postino, Snooze and Shake Shack. First deliveries are slated for phased opening beginning in mid-2026.

Program: 54,000 square feet of commercial space plus 215 apartment units on 10 acres
Total investment: $120,000,000
Source: Shopping Center Business

Wonderview at Highland Receives Infrastructure Site Plan Approval in Uptown Phoenix - AZBEX (July 21, 2026)
Venue Projects received initial infrastructure site plan approval for the roughly 2.6-acre former RV park at the southwest corner of Highland Avenue and 14th Place, restarting a project idle for two years. The PUD-zoned site is planned in three phases across two multifamily parcels and one office and commercial parcel, with the most recent concept calling for about 34 residential units plus a small food and beverage component. The property remained listed for sale at $3.95 million as of July 20.

Site: approximately 2.6 acres, PUD zoned, phased across three parcels
Listed for sale at $3,950,000 as of July 20, 2026
Source: AZBEX

Phoenix Advances Land Use Policy to Kickstart Salt River Corridor Development - Connect CRE (July 20, 2026)
The city of Phoenix is firming up land use policies and identifying target sites within a roughly 4,000-acre corridor along the Salt River, an area currently dominated by service yards, sand and gravel operations and vacant desert. The city owns only one of the target sites, a 30-acre parcel at the southeast corner of Central Avenue and Park Drive near a light rail station and future pedestrian bridge, where a mixed-use campus with businesses and a community building is envisioned.

Corridor: approximately 4,000 acres along the Salt River
City-owned site: 30 acres at Central Avenue and Park Drive, transit adjacent
Source: Connect CRE

Connect With Us

John Finnegan

Senior Vice President | Land

(602) 222-5152

Ramey Peru

Senior Vice President | Land

(602) 222-5154

Phoenix CRE Brief | Phoenix & Arizona Land Broker Insights - 7/16/2026

Ramey Peru — Thu, 16 Jul 2026 12:57:56 GMT

Executive Summary

Multifamily capital stayed active but split by strategy. Camden Property Trust acquired the 320-unit The Tyler in Gilbert's Agritopia district for $124.5 million (about $389,063 per unit) in a clear flight-to-quality move, while Nitya Capital picked up the 274-unit former Tides on McDowell asset for $41 million (about $149,635 per unit) as a value-add repositioning. New supply is still working through the system, with Mill Creek breaking ground on the 330-unit Modera City North in Desert Ridge. Metro rents turned marginally positive for the first time since May 2024 (average asking rent $1,528, up 0.2 percent over the trailing three months), even as year-over-year rents remain down 2.7 percent.
Industrial remained the market's anchor, tilting toward specialized manufacturing and infill. Boeing advanced a roughly 268,000-square-foot fabrication center expansion in Mesa, Dimension Financial moved ahead on a three-building, roughly 453,000-square-foot speculative park near the semiconductor corridor, and SunCap broke ground on the final building at Gilbert Spectrum. Smaller infill trades priced strongly, including a 26,900-square-foot Phelan Business Park building at $7.6 million (about $283 per square foot) and a Phoenix industrial outdoor storage property at $4.75 million. CBRE reported second-quarter vacancy tightening 70 basis points to 9.6 percent on 4.7 million square feet of net absorption.
Retail and office both benefited from years of limited new supply. Retail landlords held pricing power, with Bethany Marketplace trading at $14.05 million (about $213 per square foot), a small El Mirage drive-thru pad at nearly $3,935 per square foot, and new development from SimonCRE in Peoria, a Target at Medina Station in Mesa, and Vestar's Laveen Towne Center. On the office side, CBRE recorded vacancy tightening 120 basis points quarter over quarter to 19.1 percent, McCarthy Building Companies committed to roughly 100,000 square feet for a new Camelback Corridor headquarters, and notable investment sales included Copper Point Business Park at $51.5 million (about $552 per square foot) and Stapley Medical Center at $48 million.

Land

ViaWest Group Acquires Ahwatukee Golf Club for $5.3M - AZ Big Media (July 15, 2026) Phoenix-based ViaWest Group bought the 18-hole Ahwatukee Golf Club in the Ahwatukee Foothills in an off-market deal, its first golf and recreation investment. The seller was Free Drop LLC, with Insight Land and Investments representing the seller.

Sale price: $5,300,000 (160 acres, $33,125/acre)
Off-market transaction and the buyer's first golf and recreation asset
Source: AZ Big Media

Basha Family Sells 12-Acre Chandler Site for TEN56 Industrial Project - Arizona Digital Free Press (July 13, 2026) The Basha family sold a 12-acre site at the southwest corner of 56th Street and Chandler Boulevard to a joint venture of Becknell Industrial and STAG Industrial, which plans a 184,424-square-foot rear-load building. Cushman and Wakefield's Phoenix industrial team represented the seller, with construction expected to begin in the third quarter of 2026.

Site size: 12 acres, with a planned 184,424-SF building (32-foot clear, 33 dock-high doors)
Sale price: $16,325,000 | $31.00 per land square foot
Source: Arizona Digital Free Press

Multifamily

Camden Property Trust Acquires 320-Unit The Tyler in Gilbert - Connect CRE (July 14, 2026) Camden Property Trust bought The Tyler, a 320-unit luxury community in Gilbert's Agritopia and Epicenter district, from developer StreetLights Residential for $124,500,000, with CBRE representing the seller. The walkable, heavily amenitized asset reflects continued institutional demand for best-in-class suburban product in a high-barrier submarket.

Sale price: $124,500,000 for 320 units (studio, one-, two-, and three-bedroom)
Price per unit: $389,063
Source: Connect CRE

Nitya Capital Buys 274-Unit Phoenix Complex for $41M - AZBEX (July 14, 2026) Nitya Capital acquired a 274-unit, 27-building apartment complex at 4620 W. McDowell Road from Tides Equities in a value-add play, with plans for a comprehensive renovation. Northmarq represented the seller.

Sale price: $41,000,000 for 274 units (about $149,635 per unit)
Workforce-housing value-add in the McDowell Road corridor
Source: AZBEX

Mill Creek Breaks Ground on 330-Unit Modera City North - MultifamilyBiz (July 14, 2026) Mill Creek Residential broke ground on Modera City North, a 330-unit wrap community at 20711 N. 54th Street in Desert Ridge, within the 100-acre City North mixed-use master plan. The project targets NGBS Silver certification, with first move-ins in summer 2028.

Size: 330 units (up to 1,450 SF), with first move-ins targeted for summer 2028
Part of the 100-acre, 2 million-SF City North master plan
Source: MultifamilyBiz

Market Report: New Deliveries Keep Pressure on Phoenix Multifamily Rents - AZBEX (July 10, 2026) Metro Phoenix rents ticked up for the first time since May 2024, but heavy deliveries continue to weigh on fundamentals. Stabilized occupancy held near 93 percent as construction remained elevated.

Average asking rent $1,528 (up 0.2 percent trailing three months, down 2.7 percent year over year)
25,756 units under construction, with about 100,000 units in planning and permitting
Source: AZBEX

Industrial

Dimension Advances Three-Building Spec Industrial Park in North Phoenix - Connect CRE (July 10, 2026) Dimension Financial Realty and Investments is moving ahead on a three-building speculative park on more than 40 acres near I-17 and Thunderbird Road, aimed at suppliers tied to the semiconductor ecosystem. The buildings are sized to capture tier-one and tier-two users that do not need million-foot boxes.

Three buildings of 62,268 SF, 152,899 SF, and 237,735 SF (about 452,902 SF total)
Located within the 160-acre Metro North Corporate Park
Source: Connect CRE

Boeing Plans 268,000-SF Mesa Fabrication Center Expansion - AZBEX (July 14, 2026) Boeing is advancing a 267,761-square-foot fabrication center expansion on its Mesa campus, tied to a July 14 Design Review Board meeting. The single-story, 60-foot facility would fabricate specialized carbon military parts across two shifts.

Size: 267,761 SF, adjacent to an existing 158,500-SF fabrication center
Up to 500 daily employees, with the central utility plant and liquid-nitrogen farm set to roughly double
Source: AZBEX

26,900-SF Phelan Business Park Building Sells for $7.6M - AZBEX (July 14, 2026) Ribera-Balko Enterprises and a family limited partnership bought Building E at Phelan Business Park near Mesa Gateway Airport from 7212 E Mesa Gateway LLC. The building sits within the five-building, 195,600-SF park.

Sale price: $7,600,000 for 26,900 SF (about $282.53 per SF)
Located near Mesa Gateway Airport
Source: AZBEX

Phoenix Industrial Outdoor Storage Property Sells for $4.75M - AZBEX (July 14, 2026) A 1.92-acre industrial outdoor storage property at 22444 N. 19th Ave., leased long term to three tenants, traded for $4.75 million. Rein and Grossoehme represented both sides.

Sale price: $4,750,000 (about $409.48 per building SF across 11,600 SF, or about $2,473,958 per acre)
1.92-acre site leased long term to three tenants
Source: AZBEX

SunCap Breaks Ground on Final Gilbert Spectrum Building - AZBEX (July 10, 2026) SunCap Property Group and Inclenberg Investments broke ground on the eighth and final building at Gilbert Spectrum Business Park, a 101,000-square-foot speculative project. Delivery is targeted for the second quarter of 2027.

Size: 101,000 SF speculative industrial
Final building in the master-planned park, with delivery in Q2 2027
Source: AZBEX

Market Report: Phoenix Industrial Q2 2026 Figures - CBRE (July 10, 2026) Phoenix industrial vacancy tightened in the second quarter as absorption stayed strong and the construction pipeline continued to taper. Southwest Valley leasing led the market.

Vacancy 9.6 percent (down 70 basis points quarter over quarter), with net absorption of 4.7 million SF
Average asking rent $1.09 per SF, with about 18.4 million SF under construction
Source: CBRE

Retail

Bethany Marketplace Shopping Center Sells for $14.05M - AZBEX (July 14, 2026) Southwestern Investments sold the 66,000-square-foot Bethany Marketplace at the northeast corner of I-17 and Bethany Home Road. Rein and Grossoehme represented the seller.

Sale price: $14,050,000 for 66,000 SF (about $212.88 per SF)
Infill Phoenix location at I-17 and Bethany Home Road
Source: AZBEX

El Mirage Drive-Thru Coffee Pad Sells for $2.44M - AZBEX (July 14, 2026) A newly built 620-square-foot single-tenant coffee and drive-thru building at 12443 NW Grand Ave. in El Mirage traded for $2.44 million. Cushman and Wakefield represented the seller.

Sale price: $2,440,000 for 620 SF (about $3,935.48 per SF)
Single-tenant net-leased drive-thru pad
Source: AZBEX

Peoria Rezoning Would Enable New SimonCRE Retail Center - AZBEX (July 14, 2026) A rezoning request at Happy Valley Road and Lake Pleasant Parkway would allow a 6.16-acre commercial center with a specialty grocer and a drive-through restaurant, plus a 50-lot residential community. The Peoria Planning and Zoning Commission was set to hear the request July 16.

Program: a 6.16-acre commercial center (specialty grocery plus one drive-through) and a 15.54-acre, 50-lot residential community
Prospective commercial owner under contract: SimonCRE
Source: AZBEX

First Retail at Medina Station: 148,000-SF Target to Open - AZBEX (July 10, 2026) The first retail at the 64.5-acre Medina Station in Mesa, a 148,000-square-foot Target, is set to open July 26. Medina Station will hold about 300,000 SF of retail at full buildout.

First delivery: a 148,000-SF Target opening July 26
Master-planned mixed-use site totaling about 300,000 SF of retail at buildout
Source: AZBEX

Vestar Advances Laveen Towne Center Amid West Valley Retail Boom - Arizona Republic (July 11, 2026) Vestar plans to start construction in late fall on Laveen Towne Center at 59th Avenue and Dobbins Road, with committed tenants including First Watch, Club Pilates, Costa Vida, and Tropical Smoothie Cafe. Separately, Target committed to a new location near 59th Avenue and Baseline Road, with SimonCRE expected to break ground next year.

Laveen Towne Center: a mixed retail development at 59th Avenue and Dobbins Road, with construction starting late fall
A new Target committed near 59th Avenue and Baseline Road, developed by SimonCRE
Source: Arizona Republic

Office

Midtown Phoenix Office Building Sells for $6.8M - Real Estate Daily News (July 10, 2026) An entity tied to Avrek Law bought a two-story, 35,346-square-foot office building at 702 E. Osborn Road, across from the Phoenix Country Club, with LevRose Commercial Real Estate representing the seller and Newmark the buyer. The owner-user pricing underscores demand from professional-service firms to control their real estate.

Sale price: $6,800,000 for 35,346 SF (about $192.38 per SF)
Roughly 83 percent occupied, with 138 parking spaces
Source: Real Estate Daily News

McCarthy Building Companies Leases ~100,000 SF for New Camelback HQ - AZ Big Media (July 13, 2026) McCarthy Building Companies is relocating its Southwest region headquarters to nearly the entire 100,000-square-foot building at 3133 E. Camelback Road. The commitment reflects the flight-to-quality trend concentrating large occupiers in the Camelback Corridor.

Size: about 96,300 to 100,000 SF, or nearly the full building
Landlord Reliance Management, with occupancy targeted for late 2027
Source: AZ Big Media

Market Report: Phoenix Office Vacancy Tightens in Q2 2026 - Real Estate Daily News (July 14, 2026) Phoenix office vacancy improved again as leasing momentum built and no new space delivered in the quarter. Asking rents edged higher year over year.

Overall vacancy 19.1 percent (down 120 basis points quarter over quarter, and 270 basis points year over year)
Average direct asking rate $32.30 per SF FSG, with second-quarter net absorption of about 490,000 SF
Source: Real Estate Daily News

Notable Phoenix Office and Medical-Office Investment Sales - Colliers (July 14, 2026) Colliers' July market update highlighted several second-quarter investment sales across the metro's office and medical-office segments, signaling renewed institutional appetite for well-leased assets. The largest trades were in the Southeast Valley.

Copper Point Business Park (3530 S. Val Vista Dr.): $51.5M for 93,262 SF (about $552.21 per SF)
Stapley Medical Center (1840 and 1910 S. Stapley Dr.): $48.0M for 181,710 SF (about $264.16 per SF)
8010 E. McDowell Rd.: $10.0M for 43,368 SF (about $230.58 per SF)
Source: Colliers

Mixed-Use

District 59 Mixed-Use Development Advances in Laveen - Arizona Republic (July 11, 2026) District 59, planned at 59th Avenue and Dobbins Road in Laveen, is set to begin construction in the second quarter of 2027. The project blends retail, restaurants, and residential around community open space.

Program: nearly 25 acres of retail and restaurants (about 115,000 SF) plus nearly 15 acres of apartments (360 units)
Construction start targeted for the second quarter of 2027
Source: Arizona Republic

Hotels

Phoenix Hospitality Pipeline Ranks Among Nation's Most Active - Arizona Escrow and Financial (July 15, 2026) A mid-year update reported that Phoenix's hospitality development pipeline is up 19 percent year over year, among the most active in the country. Activity is concentrated downtown, in North Phoenix near the TSMC campus, and in the West Valley.

Hospitality pipeline up 19 percent year over year
Concentrations in Downtown Phoenix, North Phoenix near TSMC, and the West Valley
Source: Arizona Escrow and Financial

Connect With Us

John Finnegan

Senior Vice President | Land

(602) 222-5152

Ramey Peru

Senior Vice President | Land

(602) 222-5154

Why Land Escrows are Strange

Ramey Peru — Tue, 14 Jul 2026 13:02:44 GMT

Most people don’t wake up one morning, decide to sell their property, and think, “Great. Can’t wait to close in 2028.”

But in land, that’s not crazy.

Over the last two decades, we’ve had escrows as short as 45 days and as long as four years. Most aren’t that extreme, thankfully, because we enjoy keeping at least some of our hair. But if entitlements are involved, a 12- to 18-month escrow is pretty normal.

How long our deals take is actually somewhat of a running joke around here.

The buyer may be willing to pay a strong price, but they need time to confirm they can actually build what they want to build. Zoning, site plan approval, final plat, engineering, traffic, drainage, city comments, public hearings. It all takes time.

The seller hears the same timeline and has a very different reaction.

They’re usually not thinking about the entitlement process. They’re thinking, “You want me to lock up my dirt and take it off the market for a year and a half, and then maybe you close?”

Let's be honest, it's a massive ask.

The buyer wants time. The seller wants certainty.

This is one of the bigger challenges in land brokerage. The buyer wants time. The seller wants certainty. Somewhere in the middle is a deal that can actually close.

The mistake is pretending those concerns aren’t in conflict. They are. If nobody deals with that tension directly, the transaction usually gets worse over time.

A seller’s biggest fear is pretty simple - they don’t want to get strung along.

In the seller’s mind, the buyer might tie up the property, spend 18 months “working on entitlements,” and then blow up the deal near the end. Meanwhile, the seller’s been off the market the whole time.

A few things start running through the seller’s head:

Maybe values changed.
Maybe another buyer came and went.
Maybe we turned down hard money from a backup offer because we believed the first buyer was going to close.
Maybe the buyer was never as committed as they said they were.

That’s a lot of brain damage to ask a seller to absorb while they wait.

Pursuit costs are real, but the seller needs to see progress

From the buyer’s side, it can feel like the seller has zero appreciation for the money being burned.

By the time a serious buyer even gets close to the finish line, they’ve already bled hundreds of thousands of dollars on ALTA surveys, Phase I environmental reports, attorneys fighting over drainage issues, and endless civil engineering revisions.

But if the seller doesn’t see any of that, they just assume the buyer is kicking the tires.

That’s why vague updates like “we’re still working on it” don’t cut it during long escrows. The seller needs to hear the actual friction points. Tell them that the city of Buckeye just kicked back the traffic study for the third time, or that the ALTA survey flagged an old easement, or that the Planning and Zoning hearing is finally on the docket for August.

Those details are the proof of life a seller needs. They show the buyer is moving and that real money is being spent to get the deal across the finish line. A buyer who communicates the pain points usually gets a more cooperative seller, because the seller sees the real effort being expended.

The contract can’t be a black hole

A 365-day due diligence period with no real milestones is going to make a seller nervous, and rightly so. If the buyer can go dark for a year and the seller has no way to require updates or measure progress, the seller is carrying all the risk.

That doesn’t mean the contract should be full of unrealistic deadlines either.

Buyers are rightly concerned about milestone language that gives the seller too much room to cancel. If a buyer is heavily invested in entitlements, they don’t want the seller looking for a technical default just because someone else came along with a better offer.

The better answer is usually some version of reasonable milestones, notice requirements, and cure periods.

That might include requirements for the buyer to submit an application by a certain date, respond to city comments within a specific window, and keep the seller in the loop on hearing dates and major submittals.

That structure works because it focuses on what the buyer can actually control. The buyer can’t control how fast the city reviews a submittal, but they can control whether they respond to the city's comments in a reasonable amount of time.

A seller shouldn’t be trapped forever if the buyer disappears, runs out of money, gets sideways internally, or quietly decides the project is no longer a priority. At the same time, the buyer shouldn't risk losing the deal just because a final plat gets stuck in municipal purgatory or a Pinal County utility provider is dragging their feet.

A well-papered deal bridges that exact gap.

Get people on the phone before the deal gets weird

The other thing that helps, and we realize this is a radical concept, is getting people on the phone. Or even crazier, getting them in the same room.

Some of the ugliest deal moments happen when everyone is trading redlines by email and assuming the worst. Every edit looks aggressive. Every comment feels like a trap. Every attorney note makes someone think, “What exactly are they trying to pull here?”

One of our favorite clients has a better approach.

They take one turn of redlines. Before sending the next version back, they get everyone on a call. Buyer, seller, attorneys, brokers.

It changes the tone immediately. Once people hear each other, the deal becomes less theoretical. The seller stops being an obstacle, and the buyer stops being just a group begging for extensions. The attorneys aren’t just competing to see who can make the purchase agreement longer (although we’re not ruling that out entirely…maybe…).

Most of the time, everyone’s trying to solve the same basic problem: How do we protect both sides enough that the deal can move forward?

That’s where good attorneys are worth a lot. The ones we like to work with don’t just say, “This is how we always do it.” They understand what their client needs, recognize what the other side needs, and then find language that gives both sides enough protection without making the deal unworkable.

A contract can be so protective that it kills the deal. It can also be so loose that one side is taking too much risk. Neither version does anyone any good.

Long escrows run on trust

Long land escrows are hard because they require both sides to stay committed through a long stretch of uncertainty.

The seller has to accept that the closing date may be much farther out than they wanted. The buyer has to accept that the seller needs more than promises. And the brokers have to keep the deal from drifting into silence, suspicion, and resentment.

Price matters. Earnest money matters. Due diligence matters. Entitlement timing matters. But on a long land escrow, trust is usually what keeps the deal alive.

Real trust comes from clear communication, visible progress, fair contract milestones, and people willing to have a real conversation before assuming the other side is trying to pull a fast one.

Land deals already take long enough. No need to make them harder by acting like strangers for 18 months.

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John Finnegan

Senior Vice President | Land

Connect with John on LinkedIn

(602) 222-5152

Ramey Peru

Senior Vice President | Land

Connect with Ramey on LinkedIn

(602) 222-5154

Phoenix CRE Brief | Phoenix & Arizona Land Broker Insights - 7/9/2026

Ramey Peru — Thu, 09 Jul 2026 12:25:17 GMT

Executive Summary

Land near the semiconductor corridor is repricing upward, fast. An East Coast investor won a North Phoenix state land auction adjacent to TSMC for roughly $88M (about $239,130 per acre), while two Arizona Farms corridor land trades in Pinal County closed for a combined $7.4M and the San Manuel copper property consolidation advanced. Power, water, and proximity to advanced manufacturing are now the pricing drivers.
Multifamily stayed liquid despite supply pressure. The week produced the largest single-asset build-to-rent sale in metro history (Bungalows at Camelback, $112.5M, about $336,826 per unit), a $21.7M North Phoenix value-add acquisition, and a $4.75M Biltmore infill trade, alongside fresh pipeline activity in Deer Valley and a Tempe student-housing tower topping out.
Industrial and power infrastructure remain the core thesis. An 85,241 SF North Phoenix lease, a 59-acre Salt River 99-year ground lease planned for nearly 1M SF, Taiwan's clearance of TSMC's $20B Arizona capital injection, and Pinal County's approval of a 400 MW battery storage project all reinforce the semiconductor, logistics, and energy story.

Land

East Coast Investor Wins $88M North Phoenix Land Auction Near TSMC - KTAR News / Phoenix Business Journal (July 2026)
Taicoon Property Partners, through Dove Valley Phoenix, LLC, placed the winning bids at a June 26 Arizona State Land Department auction for two connecting parcels totaling about 368 acres just east of the TSMC campus, between I-17 and Carefree Highway. The basis roughly tops what TSMC itself paid earlier in 2026, underscoring how quickly land near the semiconductor corridor is re-rating.

Sale price: approximately $88M for about 368 acres (about $239,130 per acre, about $5.49 per land SF)
Two adjoining sites won at $43M and $45M over competing bids from Vestar and Mack Real Estate Group
Source: KTAR News

CRE8 Advisors Closes $4.7M Purchase of 28 Acres in Florence - Real Estate Daily News (July 2, 2026)
AZ Farms 28, LLC acquired 28 acres at Arizona Farms Road and Felix Road in Florence from Aspen Nevada SPE, LLC in an all-cash deal, positioning the site near the SRP Abel Substation for future data center and advanced-industrial demand tied to power availability and the planned Dobson Tech Park.

Sale price: $4.7M for 28 acres (about $167,857 per acre, about $3.85 per land SF)
Buyer represented by Rommie Mojahed and Kevin Smith of CRE8 Advisors
Source: Real Estate Daily News

18-Acre Queen Creek Land Deal Closes for $2.7M Off Arizona Farms Boulevard - Real Estate Daily News (July 7, 2026)
An 18-acre parcel at Arizona Farms Boulevard and Apollo Road traded in an all-cash structure, targeting a future mix of multifamily, light industrial, and retail pad uses roughly one mile from the planned Dobson Tech Park. The deal adds another Southeast Valley comp in a rapidly densifying corridor near Hunt Highway.

Sale price: $2.7M for 18 acres (about $150,000 per acre, about $3.44 per land SF)
Structured as an all-cash acquisition, bypassing current debt markets
Source: Real Estate Daily News

BHP and Faraday Copper Sign Definitive San Manuel Deal, Creating a Pinal County Copper District - AZ Big Media (July 2026)
Faraday Copper executed definitive agreements to acquire BHP's historic San Manuel property in Pinal County, adjacent to Faraday's Copper Creek project, in a move that could form one of the largest undeveloped copper districts in the United States. Rather than a cash sale, BHP receives an equity stake, so the transaction is a strategic land and infrastructure consolidation rather than a conventional per-acre trade.

BHP to receive roughly a 30% fully diluted stake in Faraday (approximately 32.5% including a March 2026 placement)
Closing expected in the quarter ending September 30, 2026, subject to shareholder and regulatory approval
Source: AZ Big Media

Multifamily

Cavan Cos. Closes Largest Single-Asset Build-to-Rent Sale in Phoenix History at $112.5M - Multi-Housing News (July 7, 2026)
Cavan Cos. sold The Bungalows on Camelback, a 334-unit build-to-rent community at 4747 N. 99th Ave. on more than 29 acres, to an affiliate of Golden Horizon Enterprises. The price set a metro record for a single-asset BTR trade, clearing roughly 13% above the prior title holder.

Sale price: $112.5M for 334 units (about $336,826 per unit)
Completed in 2022, buyer secured a $73.13M mortgage
Source: Multi-Housing News

Rise48 Equity Acquires 108-Unit North Phoenix Community for $21.7M - Connect CRE (July 2026)
Rise48 Equity bought the community at 17840 N. Black Canyon Highway from Tailwind Investment Group, pre-empting the marketed process with a full-price, non-refundable Day 1 offer. The Deer Valley asset will be rebranded Rise at the Northern and taken through a light value-add renovation across all units.

Sale price: $21.7M for 108 units (about $200,926 per unit)
Built 1983 on 3.62 acres; roughly 20% of units already renovated at sale
Source: Connect CRE

Fireside Apartments Trades for $4.75M in Biltmore-Area Off-Market Deal - Marcus & Millichap (July 2026)
Fireside Apartments, a 20-unit, 1962-vintage community at 4202 N. 27th St. near the Biltmore, sold in an all-cash transaction from Anna and Mike Brennen to Aurora Palms LLC. The buyer plans a comprehensive interior and exterior renovation, betting on low-density vintage product insulated from new mid-rise supply.

Sale price: $4.75M for 20 units (about $237,500 per unit)
Single-story, two-bedroom floor plans on nearly 1.5 acres
Source: Marcus & Millichap

Garrett Companies Plans 336-Unit Deer Valley Multifamily Community - AZBEX (July 7, 2026)
The Garrett Companies is seeking a rezoning and density waiver for a 336-unit, four-story community at the southwest corner of I-17 and Rose Garden Lane, replacing a prior medical-office-centric concept. The Deer Valley Village Planning Committee took up the request July 6, with a conceptual plan showing seven four-story buildings on Safeway-owned land.

Program: up to 336 units across seven four-story buildings
Site sits within the I-17 corridor influenced by downstream TSMC demand
Source: AZBEX

27-Story Astria Tempe Student-Housing Tower Tops Out Near ASU - Tempe Independent (July 2026)
Astria Tempe, a 27-story tower at 211 E. 7th St. developed by a Trinitas Ventures and Mitsui Fudosan America joint venture, placed its final beam to become one of Tempe's tallest buildings. The project targets ASU-driven demand steps from campus and the Mill Avenue district.

Program: 380 units and 701 beds, with ground-floor retail and seven parking levels
Completion and first move-ins planned for summer 2027
Source: Tempe Independent

Industrial

Okland Construction Signs 85,241 SF Lease at 17 North Corporate Center - AZ Big Media (July 8, 2026)
A Ryan Companies and Standard Real Estate Investments joint venture leased the entirety of Building D at 2525 W. Corporate Center Drive to Okland Construction, which will use the space primarily to expand prefabrication capacity for technology-sector clients. The commitment signals continued strength in the Deer Valley industrial submarket.

Lease size: 85,241 SF (full-building) within a two-building, 186,000-plus SF Class A complex
One freestanding building remains available; CBRE represented ownership, DAUM the tenant
Source: AZ Big Media

Majestic Realty Signs 99-Year Salt River Ground Lease for Nearly 1M SF Industrial Project - AZ Big Media (July 7, 2026)
Majestic Realty Co. entered its first tribal-community ground lease with the Salt River Pima-Maricopa Indian Community for 59 acres at North Pima Road and East McDonald Drive, with direct access to the Loop 101. The project positions a large light-industrial development for logistics demand near a supply-constrained submarket.

Site: 59 acres planned for up to eight Class A buildings totaling just under 1M SF
99-year ground lease; groundbreaking anticipated in 2027 (financial terms undisclosed)
Source: AZ Big Media

Taiwan Clears TSMC's $20B Capital Injection Into TSMC Arizona - Focus Taiwan (July 2, 2026)
Taiwan's Ministry of Economic Affairs approved a $20B capital injection into TSMC Arizona to fund construction of a 12-inch wafer fab and an advanced packaging plant. The clearance brings cumulative approved TSMC U.S. investment to $44B and reinforces the North Phoenix land, supplier, and industrial-demand thesis.

Capital commitment: up to $20B into the North Phoenix fab complex
Sixth approval of TSMC U.S. investment; supports the broader $165B site plan
Source: Focus Taiwan

Pinal County Approves NextEra's 400 MW Valley Farms Battery Storage Project - Pinal Post (July 2026)
The Pinal County Board of Supervisors voted 4-0 on July 1 to approve NextEra Energy Resources' Valley Farms Energy Center, a 400 MW battery storage facility on 68.77 acres east of Coolidge, reversing a prior denial of a larger solar-inclusive version. The approval underscores how grid capacity is shaping the region's development hierarchy.

Project: 400 MW battery energy storage on 68.77 acres; about 300 construction jobs
Estimated $9M in additional local revenue over 20 years; operations targeted before summer 2028
Source: Pinal Post

Retail

Grand Village Center in Surprise Sells for $10.7M - Shopping Center Business (July 2026)
A multi-tenant retail center in Surprise traded at a robust per-foot price, anchored by an internet-resistant, necessity-based tenant roster and located directly across from Banner Del Webb Medical Center. The captive medical-campus traffic supports the daily-needs thesis driving retail's sub-5% metro vacancy.

Sale price: $10.7M for 52,685 SF (about $203.09 per SF)
97% leased at sale; built 2005
Source: Shopping Center Business

Office

Newmark Brings 545,000 SF of Class A Valley Office to Market - Connect CRE (July 2026)
Three fully stabilized Class A office buildings totaling about 545,000 SF were listed for sale across Chandler, Scottsdale, and Phoenix, a notable test of institutional appetite as vacancy and rent trends begin to stabilize. Eventual clearing prices will serve as a benchmark for top-tier office valuations in the current rate environment.

Assets: One Chandler Corporate Center, Northsight Corporate Center, and The Summit
Spans the East Valley, Scottsdale Airpark, and central Phoenix corridors
Source: Connect CRE

Valleywise Health Details $898M Prop 409 Development Program - AZBEX (July 2026)
Valleywise Health's governing council received a July 1 update on how the voter-approved $898M Proposition 409 bond will fund inpatient, outpatient, behavioral-health, and Roosevelt Campus improvements. The program represents one of the metro's largest healthcare and medical-office development pipelines.

Allocation: nearly $501M outpatient, about $220M behavioral health, nearly $177M inpatient and Roosevelt Campus
A design-build request for the first parking garage has already been issued
Source: AZBEX

Connect With Us

John Finnegan

Senior Vice President | Land

(602) 222-5152

Ramey Peru

Senior Vice President | Land

(602) 222-5154

Phoenix CRE Brief | Phoenix & Arizona Land Broker Insights - 7/2/2026

Ramey Peru — Thu, 02 Jul 2026 13:12:16 GMT

Executive Summary

Land pricing is sharply bifurcated across the metro. Raw, utility-dependent Buckeye acreage traded for roughly $9,000 per acre (310 acres near Woods Road and US 85), while entitled Southeast Valley land near Meridian and Germann in Queen Creek commanded about $432,000 per acre, a reminder that proximity, entitlements, and infrastructure heavily dictate land basis.
Industrial demand stayed broad-based across leasing, small-bay sales, and the TSMC-driven pipeline. Health-tech firm Fullscript took 171,862 SF of new Class A space in Chandler, small-bay and outdoor-storage assets in Tempe and Deer Valley traded (525 S. McClintock for $5.75 million), and the development pipeline advanced with Ten56's 180,000-plus-SF Chandler spec project and The Forge, a proposed roughly 800,000-SF industrial project at Halo Vista aimed at Taiwan Semiconductor suppliers.
Power and utility infrastructure has become the primary land-use driver in the growth corridors. Buckeye's roughly 1,948-acre Westpark master plan is organized around a $1 billion-plus Arizona Public Service substation complex rated up to 16 gigawatts, while Mesa's SR-24 and Signal Butte corridor keeps drawing retail and mixed-use activity (Destination at Gateway, Target at Medina Station).

Land

LW Land Group Sells 310 Acres at Woods Road and US 85 in Buckeye for Nearly $2.8 Million - AZBEX (June 30, 2026) A 310-acre parcel at the northwest corner of Woods Road and US 85 in Buckeye traded for just under $2.8 million, with LW Land Group as the seller and the buyer undisclosed. The pricing reflects the deep-discount basis still available on raw, utility-dependent land at the far western edge of the metro.

Sale price: approximately $2,800,000 for 310 acres (about $9,000 per acre, roughly $0.21 per land SF)
Northwest corner of Woods Road and US 85, Buckeye
Source: AZBEX

BC Invest Acquires 16.13 Acres at Meridian and Germann in Queen Creek for $6.97 Million - AZBEX (June 30, 2026) BC Invest purchased a 16.13-acre parcel at Meridian Road and Germann Road in Queen Creek from Superstition View Ranchettes, LLC. The per-acre pricing shows how much more closer-in Southeast Valley land commands relative to the far West Valley.

Sale price: $6,970,000 for 16.13 acres (about $432,000 per acre, roughly $9.92 per land SF)
Meridian Road and Germann Road, Queen Creek
Source: AZBEX

Multifamily

108-Unit North Phoenix Community Acquired, to Be Rebranded Rise at the Northern - REBusinessOnline (June 29, 2026) A 108-unit community at 17840 N. Black Canyon Highway was acquired and will be repositioned as Rise at the Northern. Pricing was not disclosed.

108 units at 17840 N. Black Canyon Highway, Phoenix
Value-add repositioning and rebrand; price undisclosed
Source: REBusinessOnline

Avilla Foothills Opens with 108 Build-to-Rent Homes in Surprise - AZ Big Media (July 1, 2026) Avilla Foothills opened at 12350 N. Cotton Lane in Surprise, adding 108 build-to-rent homes on a 9.3-acre site and underscoring continued build-to-rent delivery in the Northwest Valley.

108 build-to-rent homes on 9.3 acres
12350 N. Cotton Lane, Surprise
Source: AZ Big Media

Industrial

Fullscript Leases 171,862 SF at Chandler Airpark 202 - AZBEX (June 30, 2026) Health-tech company Fullscript leased a newly built Class A facility at Chandler Airpark 202, relocating employees from a Phoenix location.

171,862 SF lease
Newly delivered Class A space in Chandler
Source: AZBEX

Item America Leases 62,700 SF at Elliot 96 in Southeast Mesa - AZBEX (June 30, 2026) Item America LLC, a subsidiary of Item Industrietechnik GmbH, leased space at the two-building Elliot 96 project in southeast Mesa, which also houses third-party logistics tenant Retroship.

62,700 SF lease
Two-building project in southeast Mesa
Source: AZBEX

Stos Partners Acquires 40,023 SF Small-Bay Warehouse in Tempe for $5.75 Million - AZ Big Media (July 1, 2026) Stos Partners bought a 40,023-SF small-bay industrial warehouse at 525 S. McClintock Drive in Tempe from a private owner, on 2.65 acres.

Sale price: $5,750,000 for 40,023 SF (about $143.67 per SF)
525 S. McClintock Drive, Tempe
Source: AZ Big Media

Deer Valley Industrial Outdoor Storage Site Sells for $4.75 Million - AZBEX (June 30, 2026) An industrial outdoor storage investment at 9801 N. 19th Ave. in Phoenix's Deer Valley area sold, comprising multiple structures totaling 7,100 SF on 2.67 acres.

Sale price: $4,750,000 on 2.67 acres (about $1.78 million per acre, roughly $40.83 per land SF)
7,100 SF of structures across 2.67 acres of outdoor-storage land
Source: AZBEX

Ten56 Brings More Than 180,000 SF of Speculative Industrial to Chandler - AZ Big Media (June 30, 2026) Ten56 will deliver more than 180,000 SF of speculative industrial space at the southwest corner of 56th Street and Chandler Boulevard in the West Chandler employment corridor.

More than 180,000 SF, built speculatively
Southwest corner of 56th Street and Chandler Boulevard, Chandler
Source: AZ Big Media

The Forge Proposes About 800,000 SF of Industrial at Halo Vista - AZBEX (June 26, 2026) The first industrial development in the 2,400-acre Halo Vista master plan (Mack Real Estate Group and McCourt Partners) was submitted to the City of Phoenix. Called The Forge, the three-phase, roughly 800,000-SF project on 55 acres at the northwest corner of 43rd Avenue and Dove Valley Road targets Taiwan Semiconductor Manufacturing Company suppliers.

About 800,000 SF across three phases on 55 acres
Designed to serve TSMC suppliers
Source: AZBEX

Retail

Diversified Partners Advances 163-Acre Destination at Gateway Power Center in Mesa - Connect CRE (June 25, 2026) Diversified Partners is moving ahead with Destination at Gateway at Signal Butte Road and SR-24 in Mesa, combining an approximately 80-acre auto mall ("24 Auto Row," eight parcels) with an adjacent retail power center. West-side site work is targeted for completion in Q3 2026, with visibility to more than 62,000 vehicles daily.

163 acres total; roughly 80-acre auto mall plus a retail power center
Site work targeted for Q3 2026 completion
Source: Connect CRE

Redeemer Bible Church Buys Former Fry's Grocery Store in Gilbert for $10.15 Million - AZBEX (June 30, 2026) Redeemer Bible Church acquired a 61,800-SF former Fry's grocery store near Val Vista Drive and Baseline Road in Gilbert from Lakeview Village Corporation.

Sale price: $10,150,000 for 61,800 SF (about $164 per SF)
Adaptive reuse of a former grocery box near Val Vista and Baseline
Source: AZBEX

Target to Anchor the New Medina Station Center in Mesa - Phoenix Business Journal (June 25, 2026) Target will open an approximately 148,000-SF store at 1517 S. Signal Butte Road in Mesa, becoming the first retailer to open at the new Medina Station center on the Signal Butte corridor just north of U.S. 60.

Approximately 148,000 SF; opening slated for late July 2026
1517 S. Signal Butte Road, Mesa
Source: Phoenix Business Journal

Burlington Leases 22,000 SF on East Camelback Road in Phoenix - AZBEX (June 30, 2026) Burlington Stores Inc. is leasing 22,000 SF at 1919 E. Camelback Road in Phoenix, backfilling space formerly occupied by Off Broadway Shoe Warehouse.

22,000 SF lease
Backfill of a former shoe-warehouse box on Camelback
Source: AZBEX

Office

Rose Garden Medical Campus in Phoenix Trades to a Private Investor - AZBEX (June 30, 2026) A private investor acquired the Rose Garden Medical Campus, an 18,000-SF, three-building medical outpatient campus at 2915 to 2925 W. Rose Garden Lane and 20950 N. 29th Ave. that is 100 percent leased and anchored by City of Hope. The price was not disclosed.

18,000 SF across three buildings; 100 percent leased
Anchored by City of Hope; price undisclosed
Source: AZBEX

Biltmore Fashion Park Office Building Reaches Full Occupancy - AZ Big Media (July 1, 2026) The office building at Biltmore Fashion Park in Phoenix is now fully leased after filling more than 30,000 SF, a positive read for well-located, amenity-rich office.

More than 30,000 SF absorbed to reach full occupancy
Office component above the Biltmore Fashion Park retail
Source: AZ Big Media

Travel and Loyalty Technology Firm Renews 42,521 SF at Scottsdale Quarter - Phoenix Business Journal (June 29, 2026) A Scottsdale-based travel and loyalty technology company renewed a 42,521-SF office lease at Scottsdale Quarter, a vote of confidence in premier mixed-use office.

42,521 SF office renewal
Scottsdale Quarter, Scottsdale
Source: Phoenix Business Journal

Mixed-Use

Buckeye Commission Recommends Approval of Roughly 1,948-Acre Westpark Master Plan Anchored by a $1 Billion-Plus APS Project - AZBEX (June 30, 2026) The Buckeye Planning and Zoning Commission recommended approval of a roughly 1,948-acre master plan uniting the Westpark, Silver Rock, and former Westwind community master plans. It is anchored by TS35, a 120-acre, $1 billion-plus Arizona Public Service transmission and substation complex engineered to deliver up to 16 gigawatts at the southwest corner of Lower Buckeye and Turner roads. Plans envision about 19 data centers, dozens of industrial buildings, regional commercial, and up to 991 multifamily units. Colliers Engineering and Design is providing planning and engineering.

Roughly 1,948 acres; TS35 substation complex rated up to 16 gigawatts
Economist Elliott Pollack estimates 23,000 to 30,000 new jobs and $613.9 million to $823 million for the City of Buckeye
Source: AZBEX

Long-Dormant Planned Area Development Returns in Coolidge - AZBEX (June 30, 2026) A previously stalled planned area development is re-entering the entitlement process in Coolidge, another sign of renewed development interest in Pinal County.

Stalled planned area development returning to entitlement in Coolidge (Pinal County)
Source: AZBEX

Hotels

The Walden Group Buys Three Metro Phoenix Golf Courses for $57 Million - AZ Big Media (July 1, 2026) The Walden Group, a New Jersey-based investment firm, acquired three metro golf courses from Thompson Golf Group for a combined $57 million, with Thompson Golf Management retaining operations under a multi-year agreement. This special-use, leisure trade was the window's only hospitality-adjacent transaction; no conventional lodging-hotel sale closed in-window, and per-room pricing does not apply to golf assets.

Longbow Golf Club, Mesa ($23,504,600); Power Ranch Golf Club, Gilbert ($17,106,850); Dove Valley Ranch Golf Club, Cave Creek ($16,388,550)
Combined $57 million; operations retained by Thompson Golf Management
Source: AZ Big Media

Connect With Us

John Finnegan

Senior Vice President | Land

(602) 222-5152

Ramey Peru

Senior Vice President | Land

(602) 222-5154

The Phoenix CRE Brief - 6/25/2026

Ramey Peru — Thu, 25 Jun 2026 12:54:48 GMT

Executive Summary

Institutional multifamily capital is concentrating on new, stabilized Class A product. Goldman Sachs paid $81.4 million (about $315,406 per unit) in an all-cash purchase of the 2025-vintage, 258-unit Broadstone Seventh Street, the week's clearest investment sale and a marker of where the institutional bid now sits.
Large, new West Valley industrial continues to draw both users and lenders. Glendale's Luke Field reached full occupancy on a single 1.1 million-square-foot lease, while the newly built 1,182,865-square-foot campus known as The Base secured $122 million in bridge refinancing, underscoring an active in-window debt market.
The office narrative is shifting from distress to repositioning. May vacancy of 16.4% came in below the national 17.6%, and a fast-growing conversion and demolition pipeline (3.3 million square feet removed since 2024, with another 4.1 million square feet proposed) is steadily pulling obsolete stock out of inventory.

Multifamily

Goldman Sachs Pays $81.4 Million for Broadstone Seventh Street in Phoenix - Multi-Housing News (June 24, 2026)
Goldman Sachs & Co. acquired Broadstone Seventh Street, a 258-unit Phoenix community, from developer Alliance Residential Co. in an all-cash transaction. Alliance delivered the asset in 2025, with ORB Architecture as designer. The trade sets a clear institutional benchmark for newly stabilized Class A product in the metro.

Sale price: $81.4 million for 258 units (about $315,406 per unit)
All-cash purchase of 2025-vintage product
Source: Multi-Housing News

Industrial

Luke Field Reaches Full Occupancy With 1.1 Million-SF Lease - AZ Big Media (June 24, 2026)
A single user leased both Building A (695,750 square feet) and Building B (454,761 square feet) at Luke Field, a 140-acre development at Litchfield Road and Northern Avenue in Glendale, taking the project to full occupancy. Developed by Lincoln Property Company with Goldman Sachs, the campus features 40-foot clear heights, 3,000 amps of expandable power, and LEED Gold certification.

Lease size: approximately 1,150,511 square feet across two buildings (lease, no sale price)
Cited as Arizona's highest-scoring LEED industrial building
Source: AZ Big Media

$122 Million Refinancing Fuels The Base Industrial Campus in Glendale - AZ Big Media (June 22, 2026)
Partners Group and Phoenix-based ViaWest Group secured $122 million in bridge financing from Pacific Life Insurance Company for The Base, a newly built seven-building campus totaling 1,182,865 square feet at Litchfield Road and Bethany Home Road in Glendale. Completed in early 2026, the campus offers 32 to 36-foot clear heights, 3,000 to 6,000 amps, ESFR sprinklers, and 222 dock-high doors. The sponsors used bridge debt to stabilize during lease-up rather than lock in permanent financing.

Financing: $122 million on 1,182,865 square feet (about $103 per square foot debt basis)
Previously received $96.5 million in construction financing in September 2023
Source: AZ Big Media

Paladin Envirotech Acquires 93,000-SF Processing Facility in Phoenix - AZ Big Media (June 24, 2026)
Paladin Envirotech acquired an existing shredding and mechanical processing facility of roughly 93,000 square feet in Phoenix, its first Southwest location, to serve Arizona, Nevada, Southern California, and New Mexico. The company expects to create about 50 Phoenix jobs over 12 months.

Facility size: approximately 93,000 square feet (purchase price not disclosed)
First Southwest location for the company
Source: AZ Big Media

Cavan Commercial Breaks Ground on Signal Butte and Germann in Mesa - AZ Big Media (June 24, 2026)
Scottsdale-based Cavan Commercial broke ground on a three-building, Class A light-industrial development at 7423 S. Signal Butte Road in Mesa. The 4.1-acre project delivers three freestanding buildings of 15,007 square feet each, each on its own legal parcel, with completion expected in June 2027.

Project size: 45,021 square feet on 4.1 acres (groundbreaking, no sale price)
Each building sits on its own legal parcel
Source: AZ Big Media

Retail

Mesa Grand Power Center Lands $38 Million Refinancing - REBusinessOnline (June 22, 2026)
A private investor refinanced Mesa Grand, a 224,000-square-foot regional power center in Mesa, with a $38 million, five-year, fixed-rate, full-term interest-only loan that included cash-out proceeds, arranged by mortgage-banking firm Gantry. Tenants include Famous Footwear, Burlington, Michaels, Dollar Tree, Texas Roadhouse, Starbucks, Chili's, and an incoming Crunch Fitness.

Loan: $38 million on 224,000 square feet (about $170 per square foot debt basis)
Five-year, fixed-rate, full-term interest-only structure with cash-out
Source: REBusinessOnline

Office

Phoenix Office Market Shows Encouraging Signs of Recovery - AZ Big Media (June 18, 2026)
Per CommercialCafe's May 2026 report, Phoenix posted a 16.4% office vacancy rate in May, below the national 17.6% and improved 100 basis points year over year. Office sales reached $521 million through the first five months of 2026, among the strongest in the West behind only the San Francisco Bay Area and Los Angeles, with a disciplined pipeline of roughly 600,000 square feet under construction.

May vacancy: 16.4% (national 17.6%), improved 100 basis points year over year
Office sales of $521 million year to date; about 600,000 square feet under construction
Source: AZ Big Media

Office Conversions Surge as Housing and Industrial Demand Climbs - Bisnow (June 24, 2026)
Since 2024, 3.3 million square feet of office space has been converted or demolished in metro Phoenix, more than the previous 10 years combined, with another 4.1 million square feet proposed, placing the metro among the most active conversion and demolition pipelines in the country. Featured projects include the One Camelback residential conversion and Caliber Co.'s redevelopment of a distressed two-building office complex at 25th and Dunlap avenues into the 376-unit Canyon Village, with first units expected in 2026.

3.3 million square feet converted or demolished since 2024; 4.1 million square feet proposed
Canyon Village will deliver 376 units, with first units expected in 2026
Source: Bisnow

Connect With Us

We connect with landowners and developers across the Phoenix Metro every day. Whether you are recalibrating land basis in the West Valley or Pinal County, underwriting a stabilized industrial or multifamily acquisition, weighing an adaptive-reuse or office-conversion play, or working through entitlement, power, and water friction on a development site, we are available for confidential conversations about how the activity in this brief may affect your business and your pipeline. Reach out to start the conversation.

John Finnegan

Senior Vice President | Land

(602) 222-5152

Ramey Peru

Senior Vice President | Land

(602) 222-5154

The Phoenix CRE Brief - 6/18/2026

Ramey Peru — Thu, 18 Jun 2026 12:39:04 GMT

Executive Summary

Development and groundbreakings led the week, with industrial and master-planned land setting the pace. A 1.14 million-SF Class A logistics groundbreaking in Glendale (North Park Logistics Center) and a $63 million, 274-acre master-planned land buy in Peoria (Pulte and Tri Pointe) underscore that capital is still aggressively positioning for West Valley growth even as the broader pipeline thins.
Multifamily investment is rebalancing toward stabilized and income-producing product. An $81.6 million Gilbert apartment trade (Alta Rise, roughly $293,525 per unit) and a record-setting $109 million senior-housing sale in Scottsdale (Acoya Shea, about $740,000 per unit) show institutional buyers continuing to underwrite newly delivered Class A and durable, income-generating assets in supply-constrained submarkets.
Industrial remains the metro's dominant engine, and the data confirms it. New reporting shows Q1 2026 industrial leasing of 7.5 million SF and 4.4 million SF of net absorption, with vacancy compressing 120 basis points to 12.4% and rents up 5% to $1.18 PSF NNN, even as new deliveries fell 82% year over year and power, electrical-gear lead times, and tariff-driven cost inflation bind the construction pipeline.

Land

Pulte Homes and Tri Pointe Homes Buy 274 Acres in Peoria for $63 Million - AZ Big Media (June 16, 2026)
A 50/50 joint venture between Tri Pointe Homes and Pulte Homes acquired the final 274 gross acres within the Aloravita master-planned community, located along Westwing Parkway north of Happy Valley Road in Peoria. The deal followed a successful Arizona State Land Department auction and is planned for roughly 568 homesites (275 for Tri Pointe, 293 for Pulte), with site grading anticipated in summer 2026 and model construction targeted for Q4 2027.

Sale price: $63,000,000 for 274 gross acres (approximately $229,927 per acre, about $5.28 per land SF)
Planned for approximately 568 homesites
Source: AZ Big Media

Scannell Properties Acquires Roughly 130 Acres in Buckeye for $32.5 Million - Connect CRE (June 17, 2026)
Indiana-based Scannell Properties acquired close to 130 acres at State Route 85 and Southern Avenue in Buckeye, a site previously approved for a 2 million-SF speculative industrial campus. The purchase is a land-positioning move tied to an already entitled industrial concept in the I-10/SR-85 logistics corridor, and the transaction includes a structured earn-out payable to the seller upon completion of the first vertical building. Scannell is navigating the Town of Buckeye's administrative review for its site plan.

Sale price: $32,493,473 for approximately 130 acres (approximately $249,950 per acre, about $5.74 per land SF)
Site carries prior approvals for a 2 million-SF industrial campus
Source: Connect CRE

Elliott Pollack Consortium Proposes 422-Acre Master Plan in Surprise - AZBEX (June 2026)
A consortium tracing back to Arizona real estate economist Elliott Pollack (Buena Vista Holdings, 100 Acres Partners, and TMP Investment Properties) initiated a rezoning of 422 acres in Surprise, bounded by the CAP Canal, Pinnacle Peak, the Happy Valley Road alignment, and the 227th Avenue alignment. The plan allocates 370 acres to residential, 32 acres to general industrial employment, and 12 acres to open space, with densities dictated by the Luke Air Force Base Auxiliary 1 Field "Graduated Density Concept." The project advances to the Surprise Planning and Zoning Commission with a staff recommendation for approval.

Total acreage: 422 acres (370 residential, 32 industrial/employment, 12 open space)
Developers required to fund roadway construction for 227th Avenue and Foothills Boulevard
Source: AZBEX

Multifamily

Wood Partners Sells Alta Rise in Gilbert for $81.6 Million - Connect CRE (June 12, 2026)
Wood Partners sold Alta Rise, at 80 N. McQueen Road in Gilbert, to DWS Group. The community was built on 9.44 acres and delivered in 2025 with an average unit size of roughly 867 SF. The trade confirms that buyers and lenders will underwrite newly delivered Class A product in supply-constrained Southeast Valley submarkets.

Sale price: $81,600,000 across approximately 278 units (approximately $293,525 per unit)
Delivered 2025 on 9.44 acres; average unit roughly 867 SF
Source: Connect CRE

Acoya Shea Senior Community Trades for Record $740,000 Per Unit in Scottsdale - Connect CRE (June 12, 2026)
Acoya Shea, a 147-unit senior-living community at 7373 E. Shea Blvd. in Scottsdale, sold for $109 million, described as a regional per-unit record. Sellers were Harrison Street Asset Management and Cogir Senior Living; the buyer was Stonepeak. The deal underscores deep investor appetite for income-producing seniors-housing assets. (Flagged as senior living rather than conventional multifamily.)

Sale price: $109,000,000 for 147 units (approximately $740,000 per unit)
Regional per-unit record for the asset class
Source: Connect CRE

21-Story Tower Advances in Roosevelt Row - AZBEX (June 2026)
Banner Real Estate Group (operating as Portland Street Phoenix Apartments LLC) received preliminary site plan approval for a 493,000-SF, 21-story multifamily tower at 1101 N. 1st St. in the Roosevelt Row Arts District. The high-rise will deliver 320 residential units atop 5,500 SF of ground-floor retail and four levels of structured parking on a constrained 1.6-acre parcel currently owned by JRG Capital Partners, which acquired the site in 2021 for $7.75 million. Amenities are distributed across the first, fifth, and twenty-first floors.

Building size: 493,000 SF; 320 units on 1.6 acres
Underlying land acquired in 2021 for $7,750,000
Source: AZBEX

Industrial

North Park Logistics Center Breaks Ground in Glendale - AZ Big Media (June 17, 2026)
Lovett Industrial, in partnership with Peakline Real Estate Funds, broke ground on a 1,140,584-SF Class A cross-dock facility on roughly 55.68 acres in Glendale, with access to Northern Parkway, Loop 303, and I-10. Built speculatively, the facility features 40-foot clear heights, 197 dock-high doors, and truck courts 185 to 367 feet deep, with delivery anticipated in Q2 2027 and a planned second phase adding roughly 623,000 SF. Bank OZK is senior construction lender, Willmeng Construction is general contractor, and HPA is architect.

Building size: 1,140,584 SF on approximately 55.68 acres
Phase two would add approximately 623,000 SF; delivery targeted Q2 2027
Source: AZ Big Media

Lowe's-Leased Distribution Center at The Cubes at Mesa Gateway Sells for $116 Million - Bisnow (June 16, 2026)
A 1.2 million-SF Class A distribution center (Building C of The Cubes at Mesa Gateway, at 7111 S. Crismon Rd. in Mesa) traded off-market to an entity named Aris Mesa LLC, with developer CRG as seller. Completed in 2023 on an 85.8-acre site, the facility is 100% leased to Lowe's through 2033 and ranks among the year's largest single-building industrial transactions in metro Phoenix.

Sale price: $116,000,000 for approximately 1.2 million SF (approximately $96.70 per SF)
100% leased to Lowe's through 2033; completed 2023 on 85.8 acres
Source: Bisnow

WareSpace Approved for North Phoenix Adaptive Reuse Micro-Warehousing - YourValley (June 2026)
The Phoenix Planning Commission approved a rezoning to convert a vacant call center northeast of Interstate 17 and Paradise Lane into a micro-warehousing facility operated by WareSpace. The model targets the underserved sub-5,000-SF bay segment with flexible six- and twelve-month leases, marking WareSpace's second Valley location and demonstrating the viability of repurposing defunct back-office stock into fragmented industrial nodes serving the micro-logistics economy.

Adaptive reuse of an obsolete call-center building into micro-warehousing
WareSpace's second location in the Valley
Source: YourValley

Phoenix Reports Record Industrial Leasing and TI Surge Amid Construction Pressures - AZ Big Media (June 18, 2026)
A market-data release citing LGE Design Build's Q2 2026 Construction Delivery Outlook reported strong Q1 2026 fundamentals alongside binding supply-side constraints. Submarket leaders were Glendale, North Chandler/Gilbert, and Goodyear, with West Phoenix most active for new warehouse construction. The report flagged a tenant-improvement surge and constraints from power availability, long electrical-gear lead times (cited at 42 to 52 weeks in Arizona), and tariff-driven metals inflation (steel up 20.7% year over year). The same report noted office vacancy easing to 22.8% with asking rents near $31.40 per SF, and metro retail vacancy at 4.5% with rents up nearly 7% year over year to $1.73 PSF per month.

Q1 2026 industrial: 7.5 million SF leased, 4.4 million SF absorbed, vacancy down 120 bps to 12.4%, rents up 5% to $1.18 PSF NNN
New industrial deliveries down 82% year over year to 1.2 million SF
Source: AZ Big Media

Retail

Hinkson Co. Secures $30 Million Refinancing for Casa Grande Mall - Connect CRE / Commercial Property Executive (June 11, 2026)
Hinkson Co. secured a $30 million refinancing loan from Natixis for Casa Grande Mall, a 221,328-SF retail asset at 1226 E. Florence Blvd. in Casa Grande, replacing a prior $15.4 million renovation loan. Hinkson acquired the then-vacant property in 2024 for $7.7 million, executed a comprehensive renovation, and stabilized the rent roll with national credit anchors including Hobby Lobby (54,027 SF) and EoS Fitness (39,133 SF). Coverage also cited a record-low Q1 metro retail vacancy of 4.3%.

Refinance loan: $30,000,000 on 221,328 SF (approximately $135.55 per SF on a loan basis)
Acquired vacant in 2024 for $7,700,000; anchored by Hobby Lobby and EoS Fitness
Source: Connect CRE

Curbline Properties Buys Arrowhead Shops in Glendale for $10.2 Million - CoStar (June 17, 2026)
Curbline Properties acquired Arrowhead Shops, a 13,247-SF multitenant retail center at 7708 W. Bell Road in Glendale, from a private investor in an off-market deal. The premium pricing reflects the metro's tightest, lowest-vacancy commercial sector.

Sale price: $10,200,000 for 13,247 SF (approximately $770 per SF)
Off-market acquisition of a fully leased center
Source: CoStar

Two Under-Construction 7-Eleven Stores Sell to Private Investor for $17.82 Million - CoStar (via Hoodline) (June 12, 2026)
Developer Vequity, LLC sold two new 7-Eleven convenience-store sites, one in Mesa (near Power Road and Elliot Road) and one in North Phoenix (near Pinnacle Peak Road), in a combined all-cash deal, moving both projects off the developer's balance sheet while still in buildout. The Mesa site includes a 4,650-SF convenience store with fuel pumps, reflecting the premium for well-located, net-leased convenience assets.

Combined sale price: $17,820,000 for two sites (roughly $1,900 per SF of building area)
All-cash transaction; both stores in buildout
Source: Hoodline

Buc-ee's Sets June 22 Opening for First Arizona Megastore in Goodyear - Phoenix New Times (June 16, 2026)
Texas-based travel-center chain Buc-ee's will open its first Arizona location in Goodyear on June 22, 2026. The 74,000-SF store sits on a 22-acre site at 1001 N. Bullard Ave. with 120 fuel pumps, marking a major large-format convenience-retail entry into the West Valley.

Store size: 74,000 SF with 120 fuel pumps on 22 acres
First Arizona Buc-ee's location
Source: Phoenix New Times

Scottsdale Fashion Square Adds First-in-Arizona Tenants Amid Palm Court Renovation - Greater Phoenix In Business Magazine (June 11, 2026)
Scottsdale Fashion Square added first-in-Arizona BALMAIN and ZEGNA stores plus a new Athleta while continuing its Palm Court renovation. The leasing and renovation activity reflects sustained merchandising momentum and tenant-upgrade investment at one of the metro's highest-profile mall assets.

First-in-Arizona BALMAIN and ZEGNA, plus new Athleta
Ongoing Palm Court renovation
Source: Greater Phoenix In Business Magazine

Festival Ranch Could Gain Safeway-Anchored Commercial Project in Buckeye - YourValley (June 13, 2026)
Festival Ranch in Buckeye could add a grocery-anchored development near Surprise, expected to include a Safeway plus space for retail, restaurants, and service businesses along Sun Valley Parkway. The project reflects west-Valley retail infill following rooftop growth deeper into the suburban edge.

Anchored by a planned Safeway with additional retail, restaurant, and service space
Located along Sun Valley Parkway in Buckeye
Source: YourValley

Office

RX Health & Science Trust Acquires Stapley Medical Center in Mesa for $48 Million - Commercial Property Executive (June 11, 2026)
RX Health & Science Trust acquired Stapley Medical Center, a two-building, 181,710-SF medical office campus at 1840 and 1910 S. Stapley Drive in Mesa, from a joint venture between Harbert Management Corp. and Cypress Office Properties. The campus, delivered in 2007 along the U.S. Route 60 healthcare corridor, is 63% leased with anchor tenants including HonorHealth and Abrazo Healthcare. The seller pair had acquired the asset in June 2021 for $37 million and added more than 60,000 SF of new leasing during the hold.

Sale price: $48,000,000 for 181,710 SF (approximately $264 per SF)
63% leased; delivered 2007; prior 2021 acquisition at $37,000,000
Source: Commercial Property Executive

Mixed-Use

One Scottsdale Master Plan Revised to Add Condos and a Possible Third Hotel, Removing Retail - YourValley (June 2026)
In a unanimous vote, the Scottsdale City Council approved a major revision to the 130-acre One Scottsdale mixed-use project near Scottsdale Road and Loop 101, allowing master developer DMB to eliminate nearly 1.4 million SF of previously entitled commercial space in favor of 350 for-sale condominiums and a boutique hotel pad of up to 113 rooms on a 27-acre segment. The developer cited declining demand for traditional retail and office space; the pivot is modeled to cut site water consumption by 31% and weekday traffic by 92%.

Removes approximately 1.4 million SF of commercial space; adds 350 condominiums
Provides for a possible third hotel of up to 113 rooms
Source: YourValley

Connect With Us

We connect with landowners and developers across the Phoenix Metro every day. Whether you are recalibrating land basis in the West Valley or Pinal County, weighing a covered-land or adaptive-reuse play, underwriting a stabilized industrial, multifamily, or seniors-housing acquisition, or working through entitlement, power, and water friction on a master-planned or mixed-use site, we are available for confidential conversations about how the activity in this brief may affect your business and your pipeline. Reach out to start the conversation.

John Finnegan

Senior Vice President | Land

(602) 222-5152

Ramey Peru

Senior Vice President | Land

(602) 222-5154

The Warrior and the Monk

Ramey Peru — Thu, 11 Jun 2026 16:38:25 GMT

As I often do, I was running on the canal the other day.

I had planned to run fairly slowly because I’ve been dealing with some soreness in my knee. Nothing heroic. Nothing fast. Just one of those mature, responsible, adult runs where you listen to your body and make good long-term decisions.

So naturally, that lasted about halfway, until some guy passed me.

He didn’t say anything. He didn’t bump me. He probably didn’t even notice me. But in my mind, and I fully admit this did not actually happen, he looked back, smirked, and kept going.

At first, I told myself what any reasonable person would say - “Relax. You’re taking it easy. Your knee hurts. This guy has nothing to do with you. Let him go.”

That was quickly followed by - “Yeah, but who does this guy think he is? He clearly sped up just to pass me. He probably thinks he’s faster than me. I could dust this guy.”

Followed by a more reasonable voice - “Don’t be dumb. This doesn’t matter. Stick to what you set out to do.”

So what did I do?

Of course, I dropped the hammer, passed him back, and kept pushing until I got back to my house feeling an interesting mix of pride and embarrassment.

Very mature. Very peaceful. The knee loved it.

But it did get me thinking about a sort of modern version of the angel and devil on the shoulder. I don’t really think of it in those terms. For me, it feels more like the warrior and the monk.

The warrior wants to win. He wants to push, fight, improve, compete, close the deal, make the extra call, negotiate the last point, and prove there’s more in the tank. The warrior is useful. Without him, not much gets built. He is the reason we train when we don’t feel like it, make the uncomfortable phone call, ask for the business, and keep going after getting told no.

The warrior is not the problem.

The problem is when the warrior grabs the steering wheel all the time.

That version of the warrior turns everything into a contest. A casual run becomes a race. A disagreement becomes a battle. A negotiation becomes a personal test of strength. A business goal becomes a scoreboard that never stops updating.

That gets tiring. Worse, it can make you do stupid things.

The monk has a different job.

The monk says, slow down. Pay attention. You do not have to win every exchange. You do not have to respond to every slight, real or imagined. You do not have to prove your value today by running faster than a stranger on the canal who was probably just trying to get home.

The monk reminds you what actually matters.

Health. Family. Integrity. Peace. Long-term direction. The ability to enjoy the thing you worked so hard to build.

The monk is also useful. Very useful.

But the monk has his own downside. Taken too far, the monk can become passive. He can dress up fear as contentment. He can say, “Everything is fine,” when the truth is you need to make a decision, have a hard conversation, or get moving.

That is where the balance matters.

The goal is not to kill the warrior. I don’t want to live with no ambition, no edge, no drive, and no desire to get better. That sounds less like wisdom and more like a very comfortable rut.

The goal is also not to silence the monk. If the warrior is the only voice you listen to, you end up chasing things that don’t matter, winning arguments you should have let go, and measuring your life against people who were never even racing you.

The better answer is to let both voices have a seat at the table.

Let the warrior set the standard. Let him push you to prepare, compete, improve, and do the work other people avoid.

Let the monk set the context. Let him remind you which races are worth running, which fights are worth having, and which wins actually mean something.

I think this shows up in business all the time.

The warrior wants the listing. The warrior wants the deal. The warrior wants to win the negotiation and protect the client. You need that. In brokerage, passive does not usually get rewarded. The best opportunities often go to the people who are willing to make the call, ask the hard question, and stay with a deal when it gets messy.

But the monk matters just as much.

The monk says not every deal is worth your reputation. Not every client is worth the headache. Not every point in a purchase agreement needs to become World War III. Not every delay is a disaster. Sometimes the best move is patience. Sometimes the best answer is no. Sometimes the thing you are trying to force is telling you something.

Most of us probably swing too far one way or the other depending on the season.

There are times when I probably need more monk. I can turn small things into contests. Apparently, that includes imaginary disrespect from recreational joggers.

There are also times when I need more warrior. It is easy to call something “contentment” when it is really just comfort. It is easy to tell yourself you are being patient when you are actually avoiding the next hard step.

The sweet spot is disciplined ambition.

Push hard, but know why you are pushing. Compete, but don’t make everything personal. Build, grow, improve, and chase the next thing, but keep the real things in your primary field of vision.

That is the version I’m aiming for.

Some days I get it right.

Some days I chase down a random guy on the canal and then spend the rest of the morning pretending my knee does not hurt.

I’m still not sure whether warrior and monk is the perfect analogy, but it’s the best one I’ve found so far. If you’ve got a better one, I’d genuinely like to hear it.

Ramey Peru

Senior Vice President | Land

(602) 222-5154

The Phoenix CRE Brief - 6/11/2026

Ramey Peru — Thu, 11 Jun 2026 13:02:24 GMT

Executive Summary

Big-tech and autonomous vehicle capital is planting flags in the Phoenix Metro at scale. Waymo's $220 million purchase of a 5,458-acre proving grounds in Surprise and Microsoft's acquisition of a 100-acre Goodyear data center site for more than $130 million signal that the Valley's land market extends well beyond traditional CRE buyers and into technology infrastructure investment.
Multifamily momentum is alive across the price spectrum. Quarterra's sale of the 290-unit Residences Kierland in Scottsdale (backed by a $90 million acquisition loan) and the opening of the 157-unit Villas on McQueen affordable community in Chandler ($58 million total development cost) demonstrate that institutional capital and public-private partnerships are both active in the market simultaneously.
Industrial supply is coming from conversion and infill, not just greenfield. With Tempe/Sky Harbor industrial vacancy at just 7.5% at the end of Q1 2026 and metro net absorption reaching 6.9 million SF in Q1 (the fifth-largest quarter in Phoenix history), the TenSixty Interchange groundbreaking in Tempe and the Ten56 delivery announcement in Chandler reflect a market solving its supply constraints through redevelopment and infill rather than peripheral land.

Source: The Phoenix Business Journal

Land

Waymo Acquires 5,458-Acre Proving Grounds in Surprise for $220 Million - Phoenix Business Journal / The Real Deal (June 8, 2026)

Alphabet's autonomous vehicle unit Waymo purchased a former Chrysler and Apple automotive proving grounds in the far northwest Surprise area, near 211th Avenue and Dove Valley Road. The acquisition confirms Waymo's long-term commitment to the Phoenix region and provides substantial runway for expansion of its autonomous vehicle testing operations. The deal closed June 5, with Waymo confirming the purchase June 8.

Sale price: $220,000,000 for 5,458 acres (approximately $40,300 per acre, about $0.93 per land SF)

Source: The Real Deal

Microsoft Acquires 100-Acre Goodyear Site for Data Center Expansion - Connect CRE (June 8, 2026)

Microsoft spent more than $130 million on a 100-acre parcel in Goodyear, adding to its growing data center footprint in the West Valley. The acquisition reflects continued institutional appetite for large, power-proximate sites along the I-10 corridor, even as Arizona's data center incentive environment undergoes scrutiny.

Sale price: more than $130,000,000 for approximately 100 acres (minimum $1,300,000 per acre, over $29.84 per land SF)

Source: Connect CRE

Gilbert Megachurch Wins Auction for 19-Acre Santan Village Parcel at $9 Million - Phoenix Business Journal (June 10, 2026)

A city-owned 19-acre parcel at the northeast corner of Ray Road and Santan Village Parkway in Gilbert, adjacent to Topgolf and other established retail amenities, sold at public auction to a prominent local church for $9 million. The site had been vacant for decades before the Town of Gilbert brought it to market to spur development in the corridor.

Sale price: $9,000,000 for approximately 18.9 acres (roughly $476,000 per acre, about $10.93 per land SF)

Multifamily

Residences Kierland Trades in Scottsdale Backed by $90 Million Acquisition Loan - Multi-Housing News (June 9, 2026)

Quarterra Multifamily sold the 290-unit, six-story Residences Kierland at 15825 N. 71st St. in Scottsdale to MacNaughton. Built in 2023, the community spans approximately four acres with unit sizes ranging from 691 to 2,025 SF. Nationwide provided a $90 million, five-year acquisition loan. The sale price was not disclosed, making a price-per-unit calculation unavailable; this was the property's first trade.

Acquisition financing: $90,000,000
Units: 290; average size 691 to 2,025 SF

Source: Multi-Housing News

Villas on McQueen Opens in Chandler as City's First RAD Public Housing Conversion - AZ Big Media (June 10, 2026)

The City of Chandler and Gorman & Company officially opened Villas on McQueen at 77 N. McQueen Road, a 157-unit affordable housing community representing Chandler's first public housing project converted under HUD's Rental Assistance Demonstration program. The $58 million development replaced two 1972-era public housing communities, rehousing 78 legacy households and adding 79 new Low Income Housing Tax Credit units serving residents at or below 60% of Area Median Income. The project broke ground June 27, 2024 and includes one- through five-bedroom configurations.

Total development cost: $58,000,000 for 157 units (approximately $369,427 per unit)
Seven funding sources including Arizona Department of Housing, Maricopa County, the City of Chandler, RBC Community Investments, Stonehenge Capital, Capital One, and Cedar Rapids Bank and Trust

One Camelback Opens Pre-Leasing for Office-to-Residential Conversion in Midtown Phoenix - AZ Big Media (June 10, 2026)

The 163-unit, 11-story office-to-apartment conversion of the former BMO building at 1 E. Camelback Rd. opened pre-leasing targeting early-September move-ins. Kinella Capital, a Mesa-based firm, acquired the vacant property out of foreclosure for $36 million before executing the conversion. The project features an iconic 150-foot open atrium, rooftop pool, gym, and co-working lounge. It is being positioned as a catalyst for further office-to-residential conversions in the urban core.

Rents range from approximately $1,850 for a studio to $10,000 for the penthouse
Floor plans range from 532 to 1,898 SF across 163 units

Zanjero III Apartments Planned for Glendale's Westgate Entertainment District - Copper Courier (June 6-8, 2026)

Plans are advancing for Zanjero III Apartments, a 301-unit, four-story luxury residential community on 8.3 acres near 91st and Glendale Avenues within the Westgate entertainment district. The project is adjacent to Tanger Outlets and the NFL and NHL venues that anchor the area. Updated renderings were revealed in early June, with completion expected in 2026.

Units: 301; site area 8.3 acres
Located within the Westgate entertainment district near major retail and sports anchors

Source: Copper Courier

Industrial

Reyes Beverage Group Acquires RNDC Phoenix Distribution Center for $42.6 Million - ABC15 (June 5, 2026)

Reyes Beverage Company completed the purchase of Republic National Distributing Company's 282,000 SF warehouse at 402 S. 54th Place in Phoenix's distribution corridor as part of a multi-state transaction transferring RNDC's operations in 11 states to Reyes. The acquisition provides clarity on continued operations following earlier announced potential layoffs of 211 Phoenix employees.

Sale price: $42,600,000 for approximately 282,000 SF (approximately $151 per SF)
Located near University Drive and 52nd Street in Phoenix's established distribution corridor

Source: ABC15

TenSixty Interchange Breaks Ground on Office-to-Industrial Conversion in Tempe - AZ Big Media (June 10, 2026)

Stevens-Leinweber Construction broke ground on TenSixty Interchange at 4415 S. Wendler Drive in Tempe, a 58,250 SF Class A small-bay office-to-industrial redevelopment on 4.54 acres for developers Alidade Capital and Pine Creek Real Estate Partners. The project targets the chronically undersupplied small-bay tenant segment with 24-foot clear heights, 3,000 amps of power, 16 dock doors, and divisibility down to approximately 9,700 SF. Completion is slated for Q1 2027. Per JLL research, combined industrial vacancy in the Tempe and Sky Harbor Airport submarkets stood at just 7.5% at the end of Q1 2026, and metro Q1 net absorption reached 6.9 million SF, the fifth-largest quarter in Phoenix industrial history.

Building size: 58,250 SF on 4.54 acres; divisible to approximately 9,700 SF
Available for lease or sale; Q1 2027 targeted delivery

Source: Shopping Center Business

Ten56 to Deliver 180,000 SF of Speculative Industrial Space in West Chandler - City of Chandler (June 10, 2026)

Ten56 will deliver 180,000 SF of speculative Class A industrial space at the southwest corner of 56th Street and Chandler Boulevard in the West Chandler employment corridor, less than one mile from the I-10 and Loop 202 interchange. The project adds institutional-quality supply to one of the Southeast Valley's most active industrial submarkets.

Building size: 180,000 SF
Located less than one mile from the I-10 / Loop 202 interchange

Source: City of Chandler

Arizona Data Center Incentives Freeze Prompts Development Pause - AZ Central (June 2026)

Arizona's data center tax incentive moratorium is tempering new project momentum across the metro as the industry absorbs changes in state tax policy and addresses community concerns around water usage and energy demand. Stakeholders are watching closely as the sector recalibrates, with projected data center capacity in the region approaching 3.75 gigawatts by 2031.

Projected regional data center capacity: 3.75 gigawatts by 2031
Incentive changes are driving developers to reassess site selection criteria and water efficiency requirements

Source: AZ Central

Retail

Trader Joe's Plans New 15,000 SF Store at Arcadia Crossing in Central Phoenix - ABC15 (June 8, 2026)

Trader Joe's has filed city applications to occupy a 15,000 SF former OfficeMax space at Arcadia Crossing, 4519 E. Thomas Road at 44th Street. The center is anchored by Target, Fry's, and Costco. A liquor license application filed with the city in early June confirms the intended location. This will be Trader Joe's second location in central Phoenix as part of an ongoing Valley-wide expansion.

Store size: 15,000 SF within the Arcadia Crossing power center
Anchored center with Target, Fry's, and Costco co-tenancy

Source: ABC15

Sprouts Farmers Market Sets July 24 Opening for First Buckeye Location - Copper Courier (June 2026)

Sprouts Farmers Market announced its first Buckeye store will open July 24, 2026 at the Mix on Roosevelt development, marking a significant retail milestone for the fast-growing West Valley suburb and underscoring the depth of grocery demand in newly platted residential corridors.

Opening: July 24, 2026 at the Mix on Roosevelt development in Buckeye
First Sprouts location in Buckeye

Source: Copper Courier

Single-Tenant Chipotle in North Phoenix Sells for $4.4 Million - Shopping Center Business (June 9, 2026)

An Arizona-based LLC acquired a 2,458 SF single-tenant net-lease Chipotle restaurant building at 2975 W. Dove Valley Road in Phoenix in an off-market transaction. The building was constructed in 2025.

Sale price: $4,400,000 for 2,458 SF (approximately $1,790 per SF)
Off-market transaction; building constructed 2025

Mixed-Use

Phoenix City Council Advances RFP for Mixed-Use Transit-Oriented Redevelopment at Christown Mall Site - Phoenix Business Journal (June 10, 2026)

The City of Phoenix is moving to redevelop 10.2 city-owned acres at the southeast corner of 19th Avenue and Montebello Avenue, adjacent to the Christown Spectrum Mall and light rail. A City Council subcommittee was set to vote June 10 on issuing a formal Request for Proposals seeking a developer for a mixed-use, transit-oriented project blending housing, commercial, and civic uses. The move reflects a growing municipal strategy of repositioning underutilized mall-adjacent and transit-served properties into higher-density community anchors.

Site: 10.2 city-owned acres at 19th Avenue and Montebello Avenue adjacent to light rail
RFP to seek developer for housing, commercial, and civic mixed-use program

Source: Rose Law Group Reporter

Maricopa Entertainment Center Advances at Copper Sky Regional Park - AZ Big Media (June 9, 2026)

Plans progressed for the Maricopa Entertainment Center adjacent to Copper Sky Regional Park near John Wayne Parkway and Martin Luther King Boulevard. The Maricopa City Council was set to approve an approximately $2.24 million land sale (approximately $311,000 per acre, about $7.14 per land SF) to entrepreneur Scott Bartle. Phase one plans call for approximately 25,000 SF of indoor attractions including miniature golf, duckpin bowling, an arcade, a ropes course, and a cafe. Phase two would add bumper boats and go-karts. The development team is also exploring an adjacent hotel or restaurant opportunity.

Land sale price: approximately $2,240,000 for approximately 7.2 acres (roughly $311,000 per acre, about $7.14 per land SF)
Phase one programming: approximately 25,000 SF of indoor and outdoor entertainment

Surprise Police Department Breaks Ground on First-Ever Substation - AZ Big Media (June 10, 2026)

Willmeng Construction and the City of Surprise broke ground on the Surprise Police Department's first substation, located at the northwest corner of 163rd Avenue and San Ysidro. The civic investment reflects the continued buildout of public infrastructure in the rapidly expanding West Valley.

Location: northwest corner of 163rd Avenue and San Ysidro in Surprise
First substation in Surprise Police Department history

Hotels

No Phoenix Metro hotel or resort transaction, financing, groundbreaking, or opening was published within the June 4-11 reporting window. The most closely watched hospitality development in the pipeline remains the DoubleTree Resort Paradise Valley's ongoing $40 million renovation, which is currently seeking a minor Special Use Permit amendment from the Town of Paradise Valley to add 4,580 SF of outdoor event space and convert 7,700 SF of basement meeting space beneath the Forum Ballroom, resulting in a net gain of 4,078 SF of premium event area.

Renovation budget: $40,000,000; property located at 5401 N. Scottsdale Road, Paradise Valley
Net new meeting and event space: 4,078 SF

Connect With Us

We connect with landowners and developers across the Phoenix Metro every day. Whether you are recalibrating land basis in the far West Valley or Pinal County, weighing a covered-land or office-to-industrial redevelopment play, underwriting a stabilized industrial or multifamily acquisition, or working through entitlement, power, and water friction on a mixed-use site, we are available for confidential conversations about how the activity in this brief may affect your business and your pipeline. Reach out to start the conversation.

John Finnegan

Senior Vice President | Land

(602) 222-5152

Ramey Peru

Senior Vice President | Land

(602) 222-5154