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Ramey Peru

Senior Vice President | Land

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

Ramey — 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

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 - 7/30/2026

Ramey — 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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Ramey Peru

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(602) 222-5154

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

Ramey — 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 — 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 — 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 — 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 — 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 — 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 — 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 — 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 — 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.

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: The Phoenix Business Journal

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

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

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: Shopping Center Business

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

The Phoenix CRE Brief - 6/4/2026

Ramey — Thu, 04 Jun 2026 12:42:28 GMT

Executive Summary

1. Capital is moving decisively into income-producing and well-located assets. The five largest Metro Phoenix deals of May, all reported this week, were led by the $103 million sale of the University of Phoenix Riverpoint office campus and by major industrial trades, including The Hub @ 202 at $135 million and West Summit at Surprise at $63.9 million. Buyers are paying premiums for stabilized cash flow and clear redevelopment optionality.

2. Multifamily is rebalancing, not retreating. Colliers' Q1 2026 report shows Phoenix absorbing its supply wave, with occupancy at 94.4 percent (up 0.4 points year over year) even as average effective rent slipped 4.8 percent. Conviction in the metro held firm this week, with a $141 million construction loan for the 245-unit IKONIC Scottsdale tower and the $95.3 million institutional sale of Mesa's 339-unit Longbow Luxury Apartments.

3. Community and infrastructure pressures are reshaping land strategy. Pinal County's proposed La Osa data center, once slated to be Arizona's largest, was cut roughly 80 percent after public opposition; the Goldwater Institute sued to block a discounted downtown land sale to an affordable-housing developer on Gift Clause grounds; and patient capital pushed outward with Arizona Public Service's $38.9 million purchase of 1,260 acres in Gila Bend.

Land

Arizona Public Service Buys 1,260 Acres in Gila Bend for $38.9 Million - AZ Big Media (June 3, 2026) Arizona Public Service acquired a 1,260.27-acre tract of agricultural land in Gila Bend, one of the metro's five largest commercial real estate deals in May. Parcels of this scale along the Interstate 8 and State Route 85 corridor are increasingly targeted for utility, energy, and long-horizon industrial conversion as closer-in West Valley land is absorbed.

Sale price: $38,943,172 for 1,260.27 acres (about $30,901 per acre, roughly $0.71 per land SF)
Sellers: Cheryl Banning and Robert L. Van Hofwegen

Arizona's Largest Proposed Data Center Scaled Back 80 Percent After Opposition - KJZZ (May 28, 2026) Vermaland's La Osa Energy Center near Eloy, once positioned as the largest data center project in the state, will be dramatically downsized after a wave of resident opposition focused on water and power. At a May 27 Pinal County Board of Supervisors hearing, the developer requested a continuance to submit smaller plans, deferring the rezoning decision to August 26, 2026.

Building count cut from 59 to 11 data centers (about an 80 percent reduction)
Site spans roughly 3,300 acres; energy demand capped near 1 gigawatt

Source: KJZZ

Goldwater Institute Sues Phoenix to Block Discounted Downtown Land Sale - AZ Free News (June 2026) The Goldwater Institute filed suit against the City of Phoenix in Maricopa County Superior Court to stop the sale of a city-owned parcel at 1016 N. 2nd Street, just north of Roosevelt Row, to developer Pennrose, LLC. The complaint argues that selling land appraised at about $4.8 million for roughly $1.5 million violates the Gift Clause of the Arizona Constitution, which requires governments to receive a direct and proportionate return on public assets. Pennrose's proposal pairs about 60 affordable housing units with a Bezos Academy early childhood education program as the offered public benefit. The outcome could reshape how Phoenix municipalities use discounted public land to underwrite affordable and workforce housing.

Proposed sale price: about $1.5 million (~$86/SF), against a 2023 appraised value of roughly $4.8 million (~$274/SF, an approximate $3.3 million discount)
Site: city-owned downtown parcel at 1016 N. 2nd Street

Source: AZ Free News

Multifamily

Longbow Luxury Apartments in Mesa Trades for $95.3 Million - AZ Big Media (June 3, 2026) The 339-unit Longbow Luxury Apartments at 2950 N. Recker Rd. sold in one of May's five biggest deals, commanding a premium for its position adjacent to the Longbow Golf Club and within Mesa's Falcon Field aerospace and advanced-manufacturing employment corridor.

Sale price: $95,250,000 for 339 units (about $280,973 per unit)
Seller: DR Horton; buyer: Millburn and Company

IKONIC Scottsdale Secures $141 Million Construction Loan for 245-Unit Tower - GlobeNewswire (June 3, 2026) Developer The Hampton Group closed a $141 million construction financing package for IKONIC Scottsdale, a 14-story ultra-luxury rental tower at 16640 N. Scottsdale Rd. near The Promenade and Kierland Commons. The financing, anchored by a senior mortgage and a mezzanine tranche, signals continued lender conviction in the North Scottsdale high-net-worth renter base. Completion is targeted for 2028.

Financing: $141,000,000 for 245 units (about $575,510 per unit)
Residences average roughly 1,062 SF across one-, two-, and three-bedroom plans

Source: GlobeNewswire

Colliers Q1 Report: Phoenix Multifamily Enters a 'Rebalancing' Phase - AZBEX (June 2, 2026) Colliers' Q1 2026 United States Multifamily report describes a market shifting from recalibration to rebalancing, with Phoenix absorbing its heavy delivery pipeline better than many bearish models predicted. Easing supply, slowing construction starts, and persistent for-sale affordability gaps continue to support renter demand.

Phoenix inventory: 461,783 units; occupancy 94.4 percent (up 0.4 points year over year)
Average effective rent: $1,479 per month (down 4.8 percent year over year)

Industrial

Machine Investment Group Joint Venture Buys The Hub @ 202 for $135 Million - AZ Big Media (June 2, 2026) A joint venture led by Machine Investment Group, with Miramar Capital and Axonic Capital, acquired The Hub @ 202, a 10-building, 1.27 million SF industrial park in Mesa's Southeast Valley, from Affinius Capital. The group plans to invest further to build out move-in-ready suites, capturing demand driven by nearby projects including TSMC's expansion and LG Energy Solution's $5.5 billion Queen Creek battery complex.

Sale price: $135,000,000 for 1,271,390 SF (about $106 per SF)
Ten buildings ranging from roughly 65,000 to 270,000 SF

US Merchants Pays $63.9 Million for West Summit at Surprise Warehouse - AZ Big Media (June 3, 2026) Consumer-goods manufacturer US Merchants purchased Building One at West Summit at Surprise (13401 W. Sweetwater Ave.) for its second Metro Phoenix location. The fully air-conditioned, 36-foot-clear facility sits along the BNSF Railroad with rail-spur potential and a Foreign Trade Zone designation, features that command a premium over standard dry warehouse product.

Sale price: $63,887,560 for 453,960 SF (about $140.73 per SF)
Seller and developer: Mohr Capital

Belkorp Acquires Phoenix Industrial Building Near Sky Harbor for $44.2 Million - AZ Big Media (June 3, 2026) Belkorp purchased a 129,528 SF industrial property at 3809 E. Watkins St., within the Sky Harbor International Airport logistics corridor, in another of May's five largest deals. The trade underscores continued liquidity for core infill industrial assets despite elevated borrowing costs.

Sale price: $44,150,000 for 129,528 SF (about $340.85 per SF)
Seller: Oxford Properties Group

Retail

SimonCRE Buys 10 Acres in Surprise for Whole Foods-Anchored Prasada East - REBusinessOnline (June 1, 2026) Developer SimonCRE acquired roughly 10 acres in Surprise to build Prasada East, a 98,000 SF open-air center complementing the adjacent Village at Prasada and Prasada North. The defensive, necessity-driven tenant mix is anchored by a 35,100 SF Whole Foods Market, with additional confirmed tenants including Barnes and Noble, Paddy O' Furniture, Flower Child, and Hammer and Nails. Groundbreaking is planned for this spring.

Land price: $3,783,200 for about 10 acres (roughly $378,320 per acre, about $8.69 per land SF)
Center size: 98,000 SF; grocery anchor 35,100 SF

Source: REBusinessOnline

STK Steakhouse Opens 500-Seat Downtown Phoenix Location - Business Wire (June 3, 2026) The ONE Group Hospitality opened STK Steakhouse at 201 E. Washington St., Suite 114, steps from downtown's sports and entertainment corridor. The high-energy "vibe dining" concept, with a central bar, private dining spaces, and indoor-outdoor design, illustrates the continued strength of experiential retail in the increasingly dense urban core.

Capacity: up to 500 guests
Located adjacent to the downtown arena and convention district

Source: Business Wire

Office

University of Phoenix Riverpoint Campus Sells for $103 Million - AZ Big Media (June 3, 2026) A 628,192 SF, multi-building Class A office campus on S. Riverpoint Pkwy., leased to the University of Phoenix and located adjacent to Interstate 10, sold to LXP Industrial Trust. Ranking as the largest Phoenix office sale by price since 2022, the deal pairs in-place income with long-term redevelopment optionality on the 37-acre infill site, a textbook covered-land play.

Sale price: $103,000,000 for 628,192 SF (about $163.96 per SF)
Site: approximately 37 acres adjacent to I-10

SkySong Signs More Than 28,000 SF in New Leases and Expansions - AZ Big Media (May 29, 2026) SkySong, the ASU Scottsdale Innovation Center, posted another wave of leasing across its office buildings as it marks its 20th anniversary, reinforcing the flight to quality in amenitized, university-affiliated environments. Colliers represented NexGen Financial in its 5,351 SF lease of a new speculative suite in SkySong 2.

More than 28,000 SF across new leases and extensions
Tenants include Flare (13,487 SF extension), NexGen Financial (5,351 SF), and New American Funding (4,699 SF)

Fairmount Place Midtown Office Building Sells for $11.5 Million - Connect CRE (June 1, 2026) Albuquerque SNF LLC acquired Fairmount Place, an 87,030 SF, four-story multi-tenant garden office building at 4001 N. 3rd St. in Midtown Phoenix, from First & Center LLC. The seller had built out nearly all of the building's 31 suites as move-in-ready spec suites in batches following its 2019 acquisition, a strategy credited with driving rapid lease-up and keeping occupancy in the 90 to 100 percent range. The asset was about 92 percent leased at closing.

Sale price: $11,500,000 for 87,030 SF (about $132 per SF)
31 suites, four stories; small-tenant focus

George Oliver's Bond Hits 98 Percent Committed on the Camelback Corridor - AZ Big Media (June 1, 2026) Developer George Oliver's experiential office redevelopment Bond, at 3200 E. Camelback Rd., reached 98 percent committed after more than 137,000 SF of new leasing, underscoring the flight to quality in amenitized Class A office. The largest commitments came from Banner Health, which expanded its headquarters lease by 12,000 SF to a total 80,000 SF (relocating from Phoenix Plaza in Midtown), and RSM US LLP, taking roughly 25,000 SF (relocating from within the Camelback Corridor). The activity also included more than 33,000 SF of additional mid-sized leases, exhausting the project's latest round of spec suites.

More than 137,000 SF of new leasing, bringing the project to 98 percent committed
Anchors: Banner Health (80,000 SF total) and RSM US LLP (about 25,000 SF)

Mixed-Use

Diversified Partners Closes on McCormick Ranch Site for The Lakefront at Scottsdale - AZ Big Media (June 3, 2026) Diversified Partners closed on a roughly 100,000 SF waterfront property just east of Scottsdale Road off McCormick Parkway, originally developed in 1978, to create The Lakefront at Scottsdale. The two-phase redevelopment will deliver signature restaurants, boutique and experiential retail, wellness tenants, and Class A office around an activated waterfront. Construction is expected to begin in the third quarter of 2026.

Property size: approximately 100,000 SF (reported at about $25.5 million, roughly $255 per SF)
Phase two anticipated to begin in early 2027

Hotels

No Phoenix Metro hotel or resort transaction meeting this brief's reporting threshold closed during the week. The marquee hospitality project on the radar remains the downtown Atari Hotel, a 91-room, gaming-themed concept from developer Intersection Development at 840 N. Central Ave., which continues to advance toward a 2026 construction start.

Projected cost: about $124 million for 91 rooms (roughly $1.36 million per room, a figure inflated by the integrated 60,000 SF immersive entertainment, esports, and event complex)

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 - 5/28/2026

Ramey — Thu, 28 May 2026 13:54:18 GMT

Executive Summary

Three key takeaways from new Phoenix Metro commercial real estate activity for the week of May 21 to May 28, 2026:

The West Valley land grab for data centers and semiconductors intensified. Amkor added 67 acres in north Peoria (just under $32.5 million) to expand its $7 billion advanced-packaging campus, Arizona Land Consulting bought 956 acres in Tonopah for $25 million (about $26,150 per acre) to build out a data center corridor that now approaches 4,000 acres, and Prime Data Centers broke ground on its $3 billion, 240 MW PHX01 campus in Avondale. Tech-driven land demand is now the dominant force shaping the metro's growth.
Large-format industrial momentum held firm. Lovett Industrial and Peakline broke ground on the 1.14 million SF North Park Logistics Center in Glendale on a fully speculative basis, while Prologis paid $28 million for a 138.6-acre site ($202,020.20 per acre, $4.64 per land SF) and plans roughly 2.16 million SF of industrial and office space, stepping into the developer role on one of the larger Phoenix land plays of the week.
Urban high-rise housing advanced, and a marquee office lease signaled selective strength. Empire Group broke ground on the 328-unit, 24-story Whitney ($170 million, about $518,292.68 per unit) using a complex $131.2 million capital stack, the once-stalled One Camelback conversion is back under construction toward Q4 2026, and the rebranded Arro is set to become Arizona's tallest building (541 feet, 380 units). On the office side, Consumer Cellular signed the metro's largest lease of 2026 (123,340 SF on a 15-year term in north Scottsdale), a bright spot in an otherwise soft market.

Source: Phoenix Business Journal

Land

Prologis Acquires 138.6-Acre Innovation Centre Commerce Park Site for $28M Phoenix Business Journal (May 21, 2026) Global logistics developer Prologis acquired the 138.6-acre Innovation Centre Commerce Park in Phoenix from Crow Holdings and will step into the developer role, with plans for roughly 2.16 million SF of industrial and office space. The deal hands a premier institutional developer a large, well-located land position to anchor a major logistics and office campus.

Purchase price: $28,000,000 for 138.6 acres (6,037,416 land SF)
Land basis: $202,020.20 per acre ($4.64 per land SF)
Planned build-out: approximately 2.16 million SF of industrial and office use

Arizona Land Consulting Buys 956 Acres in Tonopah for $25M to Expand Data Center Holdings ABC15 (May 26, 2026) Arizona Land Consulting acquired 956 acres in Tonopah, in the far West Valley, on May 20, lifting its holdings in the area to roughly 4,000 acres across three sites. The parcel was previously entitled for a master-planned community that never materialized, and the firm now plans to rezone it for industrial and data center use as it assembles a multi-campus data center corridor west of Phoenix.

Purchase price: $25,000,000 for 956 acres
Land basis: approximately $26,150 per acre (about $0.60 per land SF)
Strategy: rezoning from residential to industrial and data center use

Amkor Technology Adds 67 Acres in Peoria for $7B Semiconductor Campus KTAR (May 2026) Amkor Technology acquired an additional 67-acre parcel adjacent to its existing Peoria Innovation Core site, growing the planned campus from 104 to 171 acres. The land gives Amkor room to scale its $7 billion advanced semiconductor packaging and testing campus, which is expected to deliver more than 750,000 SF of cleanroom space across two phases and bring as many as 3,000 jobs as the West Valley cements its position in the national chip supply chain.

Land purchase: just under $32,500,000 for 67 acres (about $485,000 per acre, roughly $11.13 per land SF)
Campus: more than 750,000 SF of cleanroom space across two phases, up to 3,000 jobs
Timeline: first facility targeted for mid-2027 completion, production in early 2028

Source: KTAR

Multifamily

Empire Group Starts Work on $170M Phoenix Apartment Tower Connect CRE (May 27, 2026) Empire Group closed financing and broke ground on The Whitney, a 24-story, 328-unit tower at the southwest corner of Central Avenue and McDowell Road, directly in front of the McDowell Road light rail station. The capital structure reflects today's tight lending market, pairing senior debt with a sizable mezzanine tranche, and the developer is targeting premium rents through a heavy amenity package (rooftop pickleball court, fitness center, coworking lounges) and more than 22,000 SF of ground-floor retail.

Total development cost: approximately $170,000,000 (about $518,292.68 per unit across 328 units)
Financing: $131.2 million package, including an $84.7 million senior loan and a $46.5 million mezzanine loan
Transit-oriented: adjacent to McDowell Road light rail, one stop from Roosevelt Row

From Stalled to Rising: One Camelback Moves Closer to Reality AZ Big Media (May 2026) The long-stalled office-to-residential conversion at Central Avenue and Camelback Road, acquired and rescued by Kinella Capital under developer TK Stratton, has reached major construction milestones and is back on track for a fourth-quarter 2026 delivery. The reset shows how well-capitalized secondary sponsors can extract value by acquiring stalled conversion infrastructure at a reduced basis and driving it to completion. Crews have re-engineered fire-life-safety, plumbing and technology systems, and the rooftop pool and amenity deck are nearing completion.

Status: active construction, delivery targeted for Q4 2026
Scope: office-to-residential adaptive reuse with ground-floor retail being curated

Industrial

Lovett Industrial and Peakline Break Ground on 1.1M SF North Park Logistics Center Business Wire (May 27, 2026) Lovett Industrial and Peakline Real Estate Funds broke ground on the first phase of North Park Logistics Center, a Class A cross-dock facility in Glendale built entirely on speculation, with a master-planned second phase of roughly 623,000 SF to follow. Building at this scale without a tenant in hand reflects the structural shortage of modern large-format product in the Southwest Valley.

Phase one: 1,140,584 SF on approximately 55.68 acres, delivery anticipated in Q2 2027
Specifications: 40-foot clear heights, 197 dock-high doors, truck court depths up to 367 feet
Access: immediate connectivity to Northern Parkway, Loop 303 and Interstate 10

Source: Business Wire

Prime Data Centers Breaks Ground on Three Buildings at its 240MW Phoenix Campus Business Wire (May 21, 2026) Prime Data Centers broke ground on the first three buildings of its PHX01 hyperscale campus in Avondale, the opening phase of a planned $3 billion, five-building development. All three initial buildings are already committed to a single, unnamed hyperscaler. To bypass grid congestion the campus includes a dedicated on-site substation, and a closed-loop cooling system engineered for zero process water use insulates the project from Colorado River shortage concerns.

Investment: approximately $3,000,000,000 across 1.3 million SF (about $2,307.69 per SF of embedded infrastructure)
Capacity: 240 MW of critical IT load across five buildings on 66.5 acres; first three buildings at 267,000 SF and 48 MW each
Power: dedicated on-site substation, with Phase 1 delivering 144 MW

Source: Business Wire

Trumark Real Estate Management Buys Multi-Tenant Industrial Building in Peoria for $20.7M REBusinessOnline (May 26, 2026) Trumark acquired a newly built, fully occupied multi-tenant industrial building at 8700 N. 91st Ave. in Peoria as part of a 1031 exchange, a sign that private and middle-market capital continues to seek shelter in stabilized, high-quality industrial product. The 2024-built asset targets the underserved small-to-medium bay segment often skipped by big-box developers.

Sale price: $20,700,000 for 75,549 SF ($273.99 per SF)
Features: grade-level doors to each bay, shared loading docks, Loop 101 frontage
Structure: acquired via 1031 tax-deferred exchange

Source: REBusinessOnline

Retail

Gilbert Town Council Approves 128,660 SF Target at Higley and Ocotillo ABC15 (May 23, 2026) The Gilbert Town Council voted 4 to 3 on May 19 to approve the rezoning needed for a 128,660 SF Target at the southeast corner of Higley and Ocotillo roads, clearing a 16-acre parcel that had sat vacant for more than two decades. Developer SimonCRE can now proceed despite neighborhood opposition over traffic and scale, with the owner and developer pointing to jobs and tax revenue. The site plan also contemplates a sit-down restaurant and a financial institution pad.

Approval: 4 to 3 council vote on May 19 rezoning a 16-acre site
Anchor: 128,660 SF Target, plus restaurant and bank pads
Owner: GB Investments (Basha family); developer SimonCRE

Avondale Toyota Expands Service Center by 56,000 SF AZ Big Media (May 22, 2026) Family-owned Avondale Toyota completed a 56,000 SF service-center expansion, nearly doubling its bays and reflecting the broader shift that has made fixed operations (parts and service) the primary profit center for auto retailers. The added capacity is built to capture recurring service revenue from the surging West Valley population.

Expansion: 56,000 SF, increasing service bays from 36 to 70
Investment: approximately $15 million; daily service capacity rising from 210 to 410 appointments
Capability: bays equipped to service hybrid and EV vehicles

Office

Consumer Cellular Signs the Valley's Largest Office Lease of 2026 KTAR (May 26, 2026) Wireless carrier Consumer Cellular signed the metro's largest office lease of the year to date, taking the entire 123,340 SF building at 8501 E. Raintree Drive in north Scottsdale on a 15-year term. The company will consolidate call-center, marketing, technical, executive and administrative teams that are currently scattered across the Valley, with occupancy slated for the third quarter of 2027. The long-duration commitment is a notable bright spot for Class A space in an otherwise soft office market.

Lease: entire 123,340 SF building, 15-year term
Location: 8501 E. Raintree Drive, north Scottsdale
Use: consolidated headquarters and call center, occupancy targeted Q3 2027

Source: KTAR

Rosendin Electric Acquires Chandler Regional Headquarters AZBEX (May 26, 2026) Rosendin Electric acquired Allred Park Place Building 4 in Chandler as a new regional headquarters, consolidating fragmented Tempe and Phoenix operations under one roof. Colliers represented Rosendin in the transaction. The heavy interior investment, paired with a clear flight to quality, shows that leading corporations remain willing to spend on workplaces that enhance collaboration and retention even as commodity office struggles.

Building: 100,622 SF, two-story, near Loop 101 and Loop 202
Tenant improvements: approximately $25,000,000 (about $248 per SF), supporting up to 400 employees
Occupancy targeted: first quarter of 2027

Mixed-Use

Abandoned North Phoenix Project Gets New Life as $190 Million Sports Complex AZ Big Media (May 24, 2026) A long-abandoned concrete-and-steel shell near I-17 and Sonoran Desert Drive, adjacent to the TSMC campus, is being resurrected by SSS Partners into the $190 million, 250,000 SF Fire 'N Ice complex, combining two NHL-regulation ice rinks, NBA-grade courts and the accredited SSS Academy for student-athletes. The Phoenix Industrial Development Authority issued the bonds that made the highly specialized project financeable, a model of public finance backing developments with civic and educational benefit. The sponsor spent roughly 18 months and close to $65 million on remediation alone.

Project: $190,000,000, 250,000 SF on 17.5 acres (extreme adaptive reuse)
Financing: $185 million in educational facilities revenue bonds, plus separate hotel revenue bonds
Programming: two NHL-regulation rinks, multi-sport courts, 2,500-seat event configuration

Arro Project Brings Tallest Building in Arizona to Downtown Phoenix AZ Big Media (May 23, 2026) Empire Group's Aspirant Development rebranded its downtown high-rise (formerly Astra) as Arro, a roughly 1.8 million SF mixed-use project anchored by a 541-foot north tower set to become the state's tallest building. The north tower will hold 380 Class A+ residential units alongside a luxury hotel and rooftop restaurant, while the south tower adds large-floorplate office, retail and a co-living component.

Scale: approximately 1.8 million SF; 541-foot north tower (tallest in Arizona) and 425-foot south tower
Residential: 380 Class A+ units in the north tower, plus a 275-unit co-living component in the south tower
Office and retail: about 150,000 SF of Class A office and 30,000 SF of retail and restaurant space

Hotels

The Optimist: 250-Key Luxury Hotel Planned for Arro's North Tower AZ Big Media (May 23, 2026) As part of the Arro development, the north tower will include The Optimist, a 250-key luxury lifestyle hotel expected to carry a major global flag to be announced later. Pairing a full-service luxury hotel with 380 high-end residences elevates the tower's overall positioning and helps address a downtown shortage of high-end rooms.

Program: 250 keys, luxury lifestyle concept integrated into the north tower
Flag: a major global hospitality brand expected, not yet announced

Fire 'N Ice Hotel Anchors North Phoenix Sports Complex AZ Big Media (May 24, 2026) Integrated into the Fire 'N Ice complex, the Fire 'N Ice Hotel is a demand-driven, sports-tourism play financed in part by hotel revenue bonds from the Phoenix Industrial Development Authority. With tournaments, showcases and competitions hosted on the attached campus, the hotel relies on captive, on-site demand from traveling teams and families, insulating occupancy from broader tourism swings. The developer has indicated intent to fly a Hilton flag, though the brand has not confirmed.

Rooms: 96 rooms and suites, financed in part by $15.2 million in hotel revenue bonds
Demand model: captive sports tourism tied to the attached arena and academy
Flag: Hilton intended by the developer, unconfirmed by the brand

Cannon Beach Hotel Plans Filed for Mesa Surf Park KTAR (May 24, 2026) Documents filed with the city of Mesa detail the proposed Cannon Beach Hotel, a four-star, five-story, 148-room property planned as the signature hospitality component of the 60-acre Cannon Beach surf park at Power and Warner roads. Part of Hilton's Tapestry Collection, the hotel would feature a signature restaurant, meeting and event space, a resort-style pool and an experiential lobby, capitalizing on the project's sports tourism and leisure draw. The developer is seeking a special use permit for a building height up to 75 feet.

Hotel: 110,000 SF, five stories, 148 rooms (Hilton Tapestry Collection)
Setting: signature component of the 60-acre Cannon Beach surf park in Mesa
Entitlement: special use permit requested for height up to 75 feet

Source: KTAR

Connect With Us

We connect with landowners and developers across the Phoenix Metro every day. Whether you are recalibrating land basis, weighing an office-to-residential or office-to-industrial redevelopment play, underwriting a stabilized industrial or multifamily acquisition, or working through entitlement, power delivery and infrastructure 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

The Phoenix CRE Brief - 5/21/2026

Ramey — Thu, 21 May 2026 15:53:36 GMT

Executive Summary

Three key takeaways from new Phoenix Metro commercial real estate activity for the week of May 14 to May 21, 2026:

Industrial transaction velocity stayed robust at both ends of the size spectrum. US Merchants closed a $63.9 million owner-user acquisition in Surprise (453,960 SF at $140.74 per square foot), Belkorp Industries paid $44.15 million for an airport-adjacent infill Phoenix manufacturing facility (174,800 SF at $252.57 per square foot), and Dollar Tree took occupancy of a 1.2 million-square-foot West Valley distribution hub valued at roughly $147 million ($122.50 per square foot). The barbell pricing confirms institutional capital is willing to pay a steep premium for specialized infill power and air-cargo proximity while still underwriting mega-box logistics at or near replacement cost.
Office fundamentals quietly inflected positive even as institutional capital targeted obsolete stock at deep discounts. The Colliers Q1 2026 office report shows a second consecutive quarter of positive net absorption (approximately 432,379 SF), direct vacancy down 60 basis points to 14.5 percent, Class A direct vacancy down 40 basis points to 19.1 percent, and more than 335,000 SF removed from inventory across three buildings sold for repurposing. Trophy product continued to clear, with Biltmore Fashion Park's repositioned office building reaching 100 percent occupancy, while LXP Industrial Trust paid $103 million ($163.96 per square foot) for the 628,192-square-foot former University of Phoenix headquarters campus, a long-duration covered-land play priced well below replacement cost.
The TSMC gravity well continues to reshape North Valley land and hospitality demand. Common Bond Development Group unveiled The Shops at Halo Vista (11 acres of retail anchored by a 253-key dual-branded Marriott) immediately adjacent to TSMC, while the Goodyear City Council unanimously approved a four-story dual-branded Hilton on 35 acres at McDowell and Bullard. Both signal a clear pivot from concept to vertical execution on the hospitality side of the West Valley industrial story.

Land

Mattamy Homes Acquires 70 Homesites at Del Rio Ranch in Avondale for $6.37M Brief Glance (May 18, 2026) North America's largest family-owned homebuilder added 70 finished lots within the established Del Rio Ranch master plan in Avondale, reinforcing the Southwest Valley's role as the residential support node for the Goodyear and Buckeye industrial corridors.

Sale price: $6,370,000 for 70 homesites
Price per finished lot: $91,000
Source: Brief Glance

First Model Homes Open at Teravalis AZ Big Media (May 15, 2026) Howard Hughes opened the first model homes at Teravalis, marking initial vertical activation of one of the largest land assemblages in the United States and an important milestone for West Valley land basis comparables.

Multifamily

NexMetro Debuts 229-Unit Avilla Bella Camino Build-to-Rent Community in San Tan Valley Connect CRE (May 15, 2026) NexMetro Communities launched pre-leasing on Avilla Bella Camino, a 229-home luxury build-to-rent community on 22 acres near Gantzel Road and Bella Vista Road. The horizontal-format project features one-, two-, and three-bedroom detached homes ranging from 690 to 1,265 square feet and underscores how institutional capital is pushing BTR deeper into Pinal County as the inner East Valley becomes land-constrained.

Program: 229 units across 22 acres
Density: approximately 10.4 units per acre
Source: Connect CRE

Avala Luxury Rental Home Community Breaks Ground in Scottsdale AZ Big Media (May 20, 2026) A new Class A horizontal-format rental community broke ground in Scottsdale, targeting the affluent renter-by-choice demographic that has absorbed Class A high-rise product across the north Scottsdale corridor.

Sonora West Development Launches Two Luxury For-Sale Communities AZ Big Media (May 19, 2026) Two new gated luxury for-sale communities launched in the Scottsdale and Paradise Valley trade area, with home pricing ranging from $2.5 million to $10 million. The launches confirm that ultra-luxury for-sale absorption remains a viable thesis at the top of the housing stack and provides directional support for adjacent Class A rental product.

Chandler Records Sharpest Drop in Renter Mobility Among the Top 100 U.S. Cities AZ Big Media (May 20, 2026) A PropertyShark study found Chandler posted the steepest renter mobility decline of any major U.S. city, a 7.46 percentage-point drop. The structural drop in turnover is a meaningful underwriting input for stabilized Class A and B Chandler owners, supporting renewal pricing discipline and reduced concession reliance.

Renter mobility decline: 7.46 percentage points, the largest among the 100 largest U.S. cities
Source: AZ Big Media

Major Changes Submitted for Mixed-Use Site at 59th Avenue and Dobbins in South Phoenix AZBEX (May 19, 2026) RAI Holdings is seeking to modify the existing zoning stipulations on the 38.96-gross-acre site originally entitled in 2022 as Matrix at Dobbins. The revised plan, now branded 59th & Dobbins, calls for 360 traditional multifamily units on the residential parcel (Lot 2) at a density of approximately 24.83 units per acre, plus a retained retail town center on Lot 1.

Program shift: from 207 apartments plus 197 BTR units to 360 traditional apartments
Density: approximately 24.83 dwelling units per acre
Source: AZBEX

NexMetro Communities Continues Phoenix Expansion AZ Big Media (May 16, 2026) NexMetro confirmed continued Phoenix-area expansion with additional community deliveries and a forward pipeline aimed at filling the supply gap created as Q1 2026 multifamily deliveries hit a four-year low.

Industrial

US Merchants Pays $63.9M for 453,960-SF Industrial Building in Surprise AZ Big Media (May 20, 2026) Consumer goods and packaging manufacturer US Merchants acquired Building One at West Summit at Surprise from developer Mohr Capital for its second Phoenix metro location. The building delivers 36-foot clear heights, 101 dock doors, 144 trailer parking stalls, BNSF rail service, and Foreign Trade Zone status.

Sale price: $63,887,560 for 453,960 SF
Price per square foot: approximately $140.74
Address: 13401 W. Sweetwater Avenue, Surprise
Source: AZ Big Media

Belkorp Industries Acquires 174,800-SF Phoenix Industrial Property for $44.15M Commercial Real Estate Direct (May 20, 2026) Vancouver-based Belkorp Industries purchased a 174,800-square-foot advanced manufacturing facility at 3809 E. Watkins Street in the Sky Harbor submarket from LBA Realty. The property, built in 1996 and renovated in 2018, is fully occupied on a corporate-guaranteed lease and features heavy 8,000-amp power supporting advanced manufacturing and pharmaceutical distribution operations.

Sale price: $44,150,000 for 174,800 SF
Price per square foot: approximately $252.57
Address: 3809 E. Watkins Street, Phoenix
Source: Commercial Real Estate Direct

Dollar Tree Opens 1.2-Million-SF West Phoenix Distribution Center at Park303 Connect CRE (May 18, 2026) Dollar Tree took occupancy of a 1.2-million-square-foot regional distribution center in the West Valley valued at approximately $147 million, serving roughly 700 stores across Arizona, Colorado, Nevada, New Mexico, and Utah. The asset sits within the 3.8-million-square-foot Park303 logistics park and includes outdoor employee amenity areas designed to support recruitment and retention in a tight blue-collar labor market.

Transaction value: approximately $147,000,000 for 1.2 million SF
Price per square foot: approximately $122.50
Address: 7200 N. Sarival Avenue, Phoenix
Source: Connect CRE

Pecos 17 Neighborhood Flex Bay Campus Nears Completion in Mesa AZ Big Media (May 2026) Scottsdale-based Cavan Commercial is wrapping construction on Pecos 17, a 12-building, 168,000-square-foot for-sale neighborhood flex-bay campus along East Pecos Road within the Pecos Advanced Manufacturing Zone. The project offers 21 individual units between 6,338 and 15,802 interior square feet, private outdoor owner yards up to 75,204 square feet, multiple grade-level doors, heavy power, and shared truckwells, targeting owner-users among local trades and small-to-medium manufacturers.

Project: 168,000 SF across 12 buildings (21 units)
Format: for-sale small-bay industrial for owner-users
Source: AZ Big Media

KPPC Advanced Chemicals Breaks Ground on $120M Casa Grande Campus AZ Big Media (May 19, 2026) KPPC Advanced Chemicals broke ground on a $120 million advanced chemicals manufacturing campus in Casa Grande, reinforcing Pinal County's role as the southern anchor of the semiconductor supply-chain corridor along I-10.

Project value: $120,000,000
Location: Casa Grande, Pinal County
Source: AZ Big Media

Sundt Construction Acquires Industrial Power Solutions AZ Big Media (May 19, 2026) Tempe-based general contractor Sundt closed on the acquisition of Industrial Power Solutions, an Arizona electrical contractor. The vertical-integration move is squarely aimed at controlling the power-delivery bottleneck that now sets the rate-limiting schedule on industrial and data center projects across the Valley.

Midyear Outlook for Phoenix Industrial Investment AZ Big Media (May 14, 2026) A new midyear market outlook reaffirms Phoenix as a top-tier U.S. industrial market, citing semiconductor-driven absorption, declining vacancy, and a contracting new-construction pipeline as the dominant themes for the balance of 2026.

Retail

Toy Barn Breaks Ground on 8th Valley Location in North Phoenix AZ Big Media (May 18, 2026) Specialty automotive retail and storage operator Toy Barn broke ground on its eighth Valley location along the Dove Valley Road corridor in North Phoenix, immediately adjacent to the Halo Vista and TSMC commercial ecosystem. The new location is targeted to open in July 2026.

Opening target: July 2026
Location: Dove Valley Road corridor, North Phoenix
Source: AZ Big Media

Bella Storia Commercial Component Reviewed in Gilbert AZBEX (May 19, 2026) Municipal review advanced on the commercial component of the Bella Storia master plan in Gilbert. Integrating walkable, community-scale retail into large suburban master plans is increasingly standard practice in the East Valley as municipalities push to localize the tax base and reduce vehicular dependency.

Office

Biltmore Fashion Park Office Building Reaches 100 Percent Occupancy AZ Big Media (May 20, 2026) The repositioned 30,000-plus-square-foot Class A office building at 24th Street and Camelback Road, located above The Capital Grille, Ralph Lauren, and Herman Miller, reached full occupancy. VanTrust took the second floor in a relocation from existing Phoenix space, and Phoenix Design One (PDO) joined the roster alongside existing tenants Smead Capital Management and the asset's owner.

Building size: more than 30,000 SF Class A
Status: 100 percent occupied
Source: AZ Big Media

Strong Leasing and Inventory Reductions Fuel Phoenix Office Market Health AZ Big Media (May 19, 2026) Expanded coverage of the Colliers Q1 2026 Phoenix office report confirms a second consecutive quarter of positive net absorption (approximately 432,379 SF), direct vacancy down 60 basis points to 14.5 percent, and Class A direct vacancy down 40 basis points to 19.1 percent. Three buildings sold during Q1 are slated for repurposing, removing more than 335,000 SF from inventory once construction starts. Q1 2026 office sales volume reached $353 million, down 33.3 percent quarter over quarter but up 53.7 percent year over year, anchored by a 5-property suburban Class A portfolio trade at $61.5 million (296,663 SF, approximately $207 per square foot) and the Thirty 03 office tower at $32.25 million.

Direct vacancy: 14.5 percent (down 60 basis points)
Class A direct vacancy: 19.1 percent (down 40 basis points)
Q1 sales volume: $353 million (up 53.7 percent year over year)
Inventory removed in Q1: more than 335,000 SF across three buildings
Source: AZ Big Media

Phoenix Office Market Shows Strength: Q1 2026 Colliers Report Connect CRE (May 18, 2026) The Colliers Q1 2026 office report confirms continued capital concentration in premium Class A nodes (Camelback, Tempe Town Lake, Scottsdale Quarter, and the Esplanade) alongside accelerating removal of obsolete commodity stock for residential or industrial conversion. The shrinking denominator is now visible in the headline vacancy figure rather than relying on rent growth in the existing stock as the recovery mechanism.

LXP Industrial Trust Acquires Former University of Phoenix Headquarters for $103M Hoodline (May 20, 2026) LXP Industrial Trust executed an all-cash $103 million acquisition of the former University of Phoenix headquarters campus, a 628,192-square-foot, six-building Class A complex at Broadway Road and 32nd Street built in 2006 on 37.11 acres. The University of Phoenix remains a reduced-footprint tenant in approximately 82,000 SF. The pricing reflects a steep discount to current replacement cost on mid-rise structured-parking office product, providing meaningful long-duration optionality for re-tenanting, holding, or future adaptive reuse.

Sale price: $103,000,000 for 628,192 SF
Price per square foot: approximately $163.96
Implied land basis: approximately $2.77 million per acre, or roughly $63.72 per land square foot, on 37.11 acres
Source: Hoodline

Mixed-Use

Common Bond Development Group Announces The Shops at Halo Vista AZ Big Media (May 18, 2026) Common Bond Development Group unveiled The Shops at Halo Vista, an 11-acre retail and hospitality destination at the northwest corner of I-17 and Dove Valley Road, immediately adjacent to TSMC and the broader 2,300-acre Halo Vista master plan being developed by Mack Real Estate Group and McCourt Partners. The program features curated lifestyle retail, patio-oriented dining, and a 253-key dual-branded Marriott (Courtyard and Residence Inn). Vertical construction on the hotel and retail components is targeted for November 2026.

Site: 11 acres
Hotel program: 253 keys, dual-branded Courtyard and Residence Inn by Marriott
Construction start: November 2026 (targeted)
Source: AZ Big Media

How the Development Boom Gave New Life to Downtown Phoenix AZ Big Media (May 20, 2026) A long-form feature documents the residential, retail, and office activity reshaping Downtown Phoenix, contextualizing the Empire Group Arro twin-tower project and the broader high-rise pipeline currently underway in the urban core.

Hotels

Hospitality Capital Partners Acquires 5-Hotel Sonesta Portfolio for $72M AZ Big Media (May 19, 2026) Hospitality Capital Partners closed on a five-hotel Sonesta-branded portfolio for $72 million, the largest hotel trade reported in the Phoenix metro during the week. The acquisition signals scale-driven entry by a new sponsor. Per-key and per-property valuation metrics are not yet disclosed in published coverage.

Portfolio size: 5 Sonesta-branded hotels
Aggregate sale price: $72,000,000
Source: AZ Big Media

Goodyear City Council Approves Dual-Branded Hilton in Downtown Corridor Your Valley (May 20, 2026) The Goodyear City Council unanimously approved rezoning to allow a four-story, dual-branded Hilton project (Homewood Suites and Hilton Garden Inn) on a 35-acre site at the northeast corner of McDowell Road and Bullard Avenue. Developer Wealth Hospitality benefits from a height entitlement increase to 56 feet, opening capacity to serve a market that is currently underserved relative to its rapid commercial and spring-training-driven demand.

Site: 35 acres at McDowell Road and Bullard Avenue, Goodyear
Program: two Hilton-family flags side by side (Homewood Suites and Hilton Garden Inn)
Source: Your Valley

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 an office-to-industrial or office-to-residential redevelopment play, underwriting a stabilized industrial, retail, or multifamily acquisition, or working through entitlement, power delivery, and infrastructure 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

The Phoenix CRE Brief - 5/14/2026

Ramey — Thu, 14 May 2026 16:09:37 GMT

Executive Summary

Three key takeaways from new Phoenix Metro commercial real estate activity for the week of May 7 to May 14, 2026:

The office-to-industrial conversion trade accelerated sharply. Panattoni acquired the former State Farm regional headquarters in Tempe for $37.5 million to build a roughly 355,000-square-foot industrial project, a Nuveen Real Estate affiliate paid $23.2 million for the 19-acre Sky Harbor Innovation Park for a similar redevelopment, and Lincoln Property Company broke ground on the two-building Sky Harbor Logistics campus. Industry tracking now counts more than seven million square feet of Valley office product slated for industrial redevelopment.
Large-scale land assembly continues to define the West Valley and Pinal County growth corridors. The week was headlined by the introduction of the 2,500-acre Grand View Arizona industrial mega-site in Buckeye and the 1,940-acre Solstice Foothills master-planned community in Goodyear, alongside a $4,700,000, 29-acre trade near San Tan Valley ($162,069 per acre) that tracks the southward march of suburban demand toward the planned Florence Tech Park.
Capital remained liquid for stabilized, daily-needs retail and Class A suburban multifamily. The $69,600,000 sale of the 100 percent leased Vineyard Towne Center in Queen Creek ($267.69 per square foot) and the $110,000,000 trade of the 396-unit Country Brook Apartments in Chandler ($277,778 per unit), financed with sub-5 percent agency debt, both cleared during the window, even as developers brought $275 million projects such as Verrado Marketplace online in the exurbs.

Land

Grand View Arizona Brings a 2,500-Acre Industrial Mega-Site to Buckeye AZ Big Media (Reported week of May 7, 2026) A 2,500-acre industrial mega-site, Grand View Arizona, was introduced in Buckeye, bordered by Broadway Road, MC85, Dean Road, and Perryville Road. The site is more than twice the size of the TSMC campus in North Phoenix and is marketed to generate over $1 billion in total economic impact, leveraging 2.75 miles of Union Pacific rail frontage and proximity to the future Loop 303 and State Route 30 interchange.

Site size: 2,500 acres
Targeted users: data center operators, aerospace and defense, advanced manufacturing
Source: AZ Big Media

Solstice Foothills Master-Planned Community Advances in Goodyear AZ Big Media (Reported week of May 7, 2026) Harvard Investments advanced its 1,940-acre Solstice Foothills master-planned community in Goodyear (previously known as King Ranch and Rio 1900), slated to deliver 5,800 planned residences. The site was assembled through sequential acquisitions of adjacent Arizona State Land Department parcels along the Gila River corridor, with first homes projected for 2030.

Site size: 1,940 acres
Planned residences: 5,800, with first deliveries projected for 2030
Source: AZ Big Media

29-Acre Land Sale Near San Tan Valley Signals Continued Pinal County Growth SanTanValley.com (Reported week of May 7, 2026) A 29-acre parcel at the southeast corner of Felix Road and Arizona Farms Road sold for $4,700,000, acquired by Entitlements, LLC from Aspen Nevada SPE LLC and Dolores Darnold. The parcel sits directly across Felix Road from the planned Florence Tech Park employment center and is expected to undergo rezoning to maximize density ahead of vertical construction.

Sale price: $4,700,000 for 29 acres
Price per acre: $162,069; price per land square foot: $3.72
Source: SanTanValley.com

Multifamily

Covenant Capital Group Acquires 396-Unit Country Brook Apartments in Chandler for $110M Multi-Housing News (Reported week of May 7, 2026) Covenant Capital Group acquired the 396-unit Country Brook Apartments in Chandler from MG Properties for $110,000,000. The deal was financed with a non-recourse, $76.7 million Fannie Mae loan arranged by Colliers Mortgage at a 4.97 percent fixed rate. The multi-phase community last traded for $74 million in 2018, and the sub-5 percent agency execution underscores institutional lender confidence in high-income Southeast Valley submarkets.

Sale price: $110,000,000 for 396 units
Price per unit: $277,778
Source: Multi-Housing News

Orsett Properties Shifts Underperforming Gilbert Office Site to Residential AZBEX (Reported week of May 7, 2026) Orsett Properties is pivoting a 4.9-gross-acre infill site at the Reserve at San Tan campus on the Germann Road corridor in Gilbert. Originally entitled for a third office building, with existing office occupancies between 38 and 78 percent, the site will instead deliver 121 multifamily units branded the Residences at the Reserve, using three-story and two-story carriage-style buildings plus 20-foot landscape buffers to address adjacent homeowners.

Program: 121 multifamily units replacing entitled office
Existing office occupancy cited: 38 to 78 percent
Source: AZBEX

Hotel-to-Multifamily Adaptive Reuse Planned in Tempe AZBEX (Reported week of May 7, 2026) Plans were announced for a hotel-to-multifamily conversion in land-constrained Tempe. Unit counts and renderings remain in the municipal planning phase, but the project reflects the same economics driving suburban office conversions: acquiring functionally obsolete commercial assets in desirable, land-locked submarkets to bypass the cost and delay of ground-up entitlement.

Status: municipal planning phase
Source: AZBEX

Pulte Advances 80-Unit Townhome Community Adjacent to TSMC Phoenix Business Journal (April 30, 2026) National homebuilder Pulte is advancing an 80-unit townhome community directly adjacent to the TSMC semiconductor plant in North Phoenix. The development targets the highly compensated engineering and manufacturing workforce relocating to a micro-market with a severe deficit of residential supply.

Program: 80 townhomes adjacent to TSMC
Source: Phoenix Business Journal

300-Unit Luxury Apartment Complex Planned Near Westgate in Glendale AZ Central (April 29, 2026) New details emerged on a 300-unit luxury apartment complex in Glendale positioned near the Westgate Entertainment District. The project imports the live-work-play model into a suburban setting by placing high-density residential directly adjacent to stadiums, arenas, and retail.

Program: 300 luxury units near Westgate
Source: AZ Central

P.B. Bell Marks 50 Years in Arizona Multifamily AZ Big Media (Reported week of May 7, 2026) P.B. Bell celebrated its 50th anniversary, having developed or acquired more than 11,500 units and managed over 55,000 units across Arizona since 1976. The milestone provides historical context to the current cycle, with Metro Phoenix recently ranked fourth nationally for new home construction volume.

Track record: more than 11,500 units developed or acquired; more than 55,000 managed
Source: AZ Big Media

Industrial

Panattoni Acquires Former State Farm Regional HQ in Tempe for $37.5M Connect CRE (May 7, 2026) Panattoni Development Company acquired the former State Farm regional headquarters campus at the southwest corner of Priest Drive and Alameda Drive in Tempe from JDM Partners for $37,500,000. The 25-acre site holds roughly 462,000 square feet of office across six buildings, which Panattoni will demolish to build a two-building industrial project, branded Tempe Exchange, of approximately 355,000 square feet, retaining one parking garage for covered employee parking.

Sale price: $37,500,000 for 462,000 square feet of existing improvements
Price per square foot: $81.17
Source: Connect CRE

Lincoln Property Company Breaks Ground on Sky Harbor Logistics Commercial Property Executive (Reported week of May 7, 2026) Lincoln Property Company broke ground on Sky Harbor Logistics, a two-building Class A logistics campus on an infill Tempe site that previously held an aging office building and parking garage. The roughly 254,000-square-foot project is scheduled for completion in spring 2027 and benefits from proximity to Sky Harbor International Airport and Arizona State University engineering talent.

Project size: approximately 254,000 square feet across two buildings
Targeted completion: spring 2027
Source: Commercial Property Executive

Nuveen Affiliate Acquires Sky Harbor Innovation Park in Tempe for $23.2M Connect CRE (May 12, 2026) A Nuveen Real Estate affiliate acquired the approximately 19-acre Sky Harbor Innovation Park at 1920 W. University Drive in Tempe from The Opus Group for $23,200,000. Plans call for demolishing the existing office park and building an approximately 300,000-square-foot, three-building industrial campus, with about 20 percent (roughly 60,000 square feet) retained as office.

Sale price: $23,200,000 for approximately 19 acres
Price per acre: approximately $1,221,053; price per land square foot: approximately $28.03
Source: Connect CRE

Valley Office-to-Industrial Conversion Pipeline Tops 7 Million Square Feet Bisnow (May 11, 2026) Industry tracking now identifies more than seven million square feet of Valley office product slated for redevelopment or conversion to industrial use. Market reports cited in the coverage indicate roughly 3.3 million square feet across 37 buildings has already been converted or removed since 2024, with another 4.1 million square feet proposed, placing Phoenix among the most active office-to-industrial redevelopment pipelines nationally.

Tracked pipeline: more than 7 million square feet
Converted or removed since 2024: roughly 3.3 million square feet across 37 buildings, with about 4.1 million more proposed
Source: Bisnow

United Foods International Cuts Ribbon on Second Phoenix Facility AZ Big Media (Reported week of May 7, 2026) United Foods International held a ribbon-cutting for its second Valley facility, a 129,172-square-foot food-grade manufacturing site at 6363 W. Dobbins Road in the Loop 202 corridor. The tenant improvement required roughly 127,000 square feet of insulated metal panels for cook rooms, dryer rooms, freezers, and coolers, with process piping and conduit routed underground ahead of the floor slab pour.

Facility size: 129,172 square feet
Location: Loop 202 corridor, Phoenix
Source: AZ Big Media

Retail

Vineyard Towne Center in Queen Creek Sells for $69.6M Connect CRE (Reported week of May 7, 2026) The 260,000-square-foot Vineyard Towne Center at the northwest corner of Gantzel Road and Combs Road in Queen Creek, developed by Vestar at a cost of roughly $100 million, sold to Fidelity Core Real Estate Operating Partnership for $69,600,000. The center was 100 percent leased at sale, anchored by a 145,000-square-foot Target and a Sprouts Farmers Market, with the developer retaining the property management contract in a capital recycling maneuver.

Sale price: $69,600,000 for 260,000 square feet
Price per square foot: $267.69; occupancy at sale: 100 percent
Source: Connect CRE

Empire Group Brings On SimonCRE to Oversee Carefree Quarter Connect CRE (May 11, 2026) Empire Group of Companies restructured its development partnership for the Carefree Quarter retail center, bringing on SimonCRE to complete the buildout after tenant-delivery complications with a prior partner. The $60 million, 120,000-square-foot project at the northeast corner of Carefree Highway and Cave Creek Road includes a 30,000-square-foot grocery anchor with an attached 16,000-square-foot building, three multi-tenant shop buildings, and eight pad sites. Empire acquired the land in 2017 for $6.5 million, and groundbreaking is anticipated in early 2027.

Project cost: $60 million for 120,000 square feet
Land basis: $6.5 million, acquired in 2017
Source: Connect CRE

Verrado Marketplace Opens in Buckeye AZ Big Media (Reported week of May 7, 2026) Anchors Target, Marshalls, and HomeGoods opened in mid-May 2026 at Verrado Marketplace, the 500,000-square-foot, $275 million regional retail destination at 1355 N. Verrado Way developed by Vestar. With more than 55 retailers, restaurants, and entertainment venues, the center captures consumer spending that previously leaked to Goodyear and Avondale.

Center size: 500,000 square feet; development cost: $275 million
Tenant base: more than 55 retailers, restaurants, and entertainment venues Source: AZ Big Media

Off The Record Singalong Bar Opens in Downtown Phoenix AZ Big Media (May 2026) The Off The Record singalong bar opened at 829 N. First Avenue in Downtown Phoenix. The venue replaces traditional stages and microphones with whole-room group participation, an example of experiential, hospitality-driven retail designed to maximize dwell time and discretionary spending in dense urban settings.

Location: 829 N. First Avenue, Downtown Phoenix
Source: AZ Big Media

Sable Boulangerie Opens in Downtown Gilbert AZ Big Media (Reported week of May 7, 2026) Sable Boulangerie opened as a hyper-focused French pastry concept in a small walk-up building next to Liberty Market in downtown Gilbert. The opening illustrates how extreme product specialization can anchor small-footprint retail in walkable, affluent suburban downtown districts.

Format: small-footprint walk-up space in downtown Gilbert
Source: AZ Big Media

Office

Dignity Health Signs 25,330-Square-Foot Lease Expansion at Park Central AZ Big Media (Reported week of May 7, 2026) Dignity Health signed a 25,330-square-foot lease expansion on the first floor of the Burgbacher Building at Park Central in Midtown Phoenix. The space will be renovated into an advanced outpatient cardiology center with 39 exam rooms, dual echocardiogram facilities, a nuclear medicine room, and an infusion suite, reinforcing Park Central's position as a hub of the Phoenix Medical Quarter.

Lease size: 25,330 square feet
Use: outpatient cardiology center with 39 exam rooms
Source: AZ Big Media

Rosendin Electric Acquires 100,622-Square-Foot Chandler Building for Regional HQ AZ Big Media (Reported week of May 7, 2026) Rosendin Electric acquired the 100,622-square-foot Allred Park Place Building 4 at 1450 S. Spectrum Blvd in Chandler, at the Loop 101 and Loop 202 interchange, to serve as its Mountain West regional headquarters. The owner-user acquisition, in which Colliers represented the firm, consolidates engineering, technology, analytics, and Building Information Modeling teams under one roof with a training center and innovation lab.

Building size: 100,622 square feet, owner-user acquisition
Use: Mountain West regional headquarters
Source: AZ Big Media

Mixed-Use

Mack Real Estate and McCourt Partners Break Ground on $7B Halo Vista in North Phoenix REBusinessOnline (Reported week of May 7, 2026) Mack Real Estate Group and McCourt Partners broke ground on horizontal infrastructure for Halo Vista, a $7 billion mixed-use development spanning 2,300 acres adjacent to the TSMC campus in North Phoenix. The master plan calls for nearly 30 million square feet of industrial, office, retail, residential, and educational uses, with early commitments from Costco and Marriott and a planned 10-dealership auto mall.

Development value: $7 billion across 2,300 acres
Program: nearly 30 million square feet of mixed uses
Source: REBusinessOnline

Hotels

Luxury Hotel Proposed for Cannon Beach Surf Park in Mesa AZBEX (Reported week of May 7, 2026) Proposals advanced for a luxury hotel integrated directly into the Cannon Beach surf park development in Mesa. Affixing lodging to an artificial wave basin and action-sports retail hub creates a captive-audience ecosystem intended to lift average daily rate and revenue per available room by converting a standard stay into a multi-day resort experience.

Concept: luxury hotel integrated with a surf park and action-sports retail
Source: AZBEX

Caliber Companies Advances 114-Room Hyatt Studios Hotel in North Phoenix AZBEX (Reported week of May 7, 2026) A Caliber Companies subsidiary advanced plans for a four-story, 114-room Hyatt Studios hotel on a 2.28-acre commercial pad near 29th Avenue and Sonoran Desert Drive, part of a broader 40-acre master plan. The upscale extended-stay format targets long-term corporate lodging, engineering relocations, and contractor housing tied to the adjacent TSMC ecosystem.

Hotel: 114 rooms across four stories on 2.28 acres
Format: upscale extended-stay (Hyatt Studios)
Source: AZBEX

Connect With Us

We connect with landowners and developers across the Phoenix Metro every day. Whether you are recalibrating a land basis in Buckeye or Pinal County, weighing an office-to-industrial redevelopment play near Sky Harbor, underwriting a stabilized retail or multifamily acquisition, or working through entitlement and infrastructure 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

The Phoenix CRE Brief - 5/7/2026

Ramey — Thu, 07 May 2026 13:05:40 GMT

Executive Summary

Three key takeaways from Phoenix Metro commercial real estate activity for the week of April 30 to May 7, 2026:

The Desert Ridge State Trust Land auction cleared at $180 million, blowing past its $108.3M minimum bid by 66%. The 293.498-acre tract sold for $613,292 per acre ($14.08 per land square foot) to Desert Ridge 293 LLC (a Blandford Homes affiliate), resetting the institutional pricing floor for large-scale, master-planned land in northeast Phoenix.
Capital markets bifurcation in multifamily is widening sharply. Blackstone closed an 18% loss on the 412-unit Arrowhead Summit in Glendale ($101.4M, $246,116 per unit), while MetLife paid $327,500 per unit ($45.85M total) for the 140-unit Grandstone at Sunrise build-to-rent community in Peoria. Stabilized BTR product is trading at near-Class-A multifamily metrics, while floating-rate-burdened value-add product is repricing downward.
Phoenix industrial posted its strongest quarter on record with approximately $3.2 billion in Q1 2026 investment volume and 4.4 million SF of direct net absorption, headlined by Amazon Web Services' 1.2 million SF lease at Southern Industrial Center in Buckeye. Power-and-water infrastructure constraints are now the binding variable on future absorption, prompting vertical integration moves like Sundt Construction's acquisition of Industrial Power Solutions.

Land

Desert Ridge State Trust Land Auction Closes at $180 Million AZBEX / Phoenix Business Journal (April 30, 2026) The Arizona State Land Department's auction of a 293.498-acre tract (T4N, R4E, Secs. 18 and 19) within the Desert Ridge master-planned area closed after a roughly 90-minute bidding war at $180,000,000, far above the statutory $108.3M minimum. The winning entity, Desert Ridge 293 LLC (a Blandford Homes affiliate), now controls one of the last contiguous large-scale tracts north of Loop 101 capable of supporting institutional density.

Total acreage: 293.498
Final bid: $180,000,000
Price per acre: $613,292
Price per land square foot: $14.08
Source: AZBEX

Hassayampa Ranch (Tonopah) and Casa Grande Rezoning Approvals Advance AZ Big Media (April 30, 2026) Arizona Land Consulting, led by Anita Verma-Lallian, secured two consequential entitlement approvals in the Phoenix Metro region. The Maricopa County Board of Supervisors granted final zoning to the Hassayampa Ranch AI-focused data center project outside Tonopah, and the City of Casa Grande approved a 273-acre rezoning at I-10 and Florence Boulevard for a master-planned residential and commercial program. Both approvals reflect community-engagement-heavy entitlement strategies and underscore the West Valley and Pinal corridors' continued absorption of data center and master-planned residential demand.

Source: AZ Big Media

Land Prices Up 77% Since the Pandemic; Inventory Remains Below Pre-Pandemic Levels AZ Big Media (Reported during the week) Realtor.com released its first-ever analysis of U.S. land listings, finding land prices nationally have climbed 77% since the pandemic with active inventory still well below pre-pandemic levels. The dynamic continues to constrain housing supply in Phoenix Metro's growth corridors and reinforces the pricing pressure observed at the Desert Ridge auction.

National land price growth since pandemic: +77%
Source: AZ Big Media

10 Water and Energy Takeaways from the 2026 AZRE Forum AZ Big Media (Reported during the week) At the 2026 AZRE Forum at The Camby in Phoenix, panelists framed water assurance and electrical load capacity as the dominant variables shaping land development viability across Arizona, particularly along the West Valley and Pinal County semiconductor and data center corridors. Anita Verma-Lallian was among the speakers who emphasized that infrastructure capacity, not zoning, has become the primary bottleneck for institutional capital deployment.

Source: AZ Big Media

Multifamily

Phoenix Apartment Supply Wave Eases as Vacancies Decline (Q1 2026) CRE News (May 5, 2026) Phoenix apartment deliveries totaled approximately 3,854 units in Q1 2026, the lowest quarterly volume in more than four years and a 20% decline from Q4 2025. The slowdown allowed vacancies to drop to a roughly two-year low while net absorption held steady. More than 26,000 units remain under construction across Greater Phoenix, with nearly half slated to deliver before year-end 2026, keeping localized oversupply risk live in select submarkets.

Q1 2026 deliveries: 3,854 units (lowest in 4+ years)
Quarter-over-quarter delivery decline: 20%
Units under construction: 26,000+
Source: CRE News

Blackstone Sells Arrowhead Summit in Glendale at 18% Discount to NALS Apartment Homes Multi-Housing News / Connect CRE (Reported week of May 5, 2026) Blackstone closed the disposition of the 412-unit Arrowhead Summit at 18330 N. 79th Avenue in Glendale to NALS Apartment Homes for $101.4M, an approximate 18% discount to the firm's 2021 cost basis (originally acquired as part of a 17-property portfolio recapitalization backed by a $1.2B CMBS loan). Built in 1999 on 22+ acres adjacent to Loop 101, the property was 93% occupied at closing. The trade is emblematic of distress among 2021-vintage syndications facing expiring rate caps and is one of the largest Phoenix multifamily transactions of the year so far.

Total units: 412
Sale price: $101,400,000
Price per unit: $246,116
Discount to 2021 basis: ~18%
Source: Multi-Housing News

MetLife Acquires 140-Unit Grandstone at Sunrise BTR Community in Peoria for $45.85M CRE News / Connect CRE (April 30, 2026) MetLife Investment Management acquired Grandstone at Sunrise, a 140-unit, 2021-vintage build-to-rent community at 24701 N. Lake Pleasant Parkway in Peoria, from developer Thompson Thrift for $45,850,000. Average unit size is approximately 1,069 SF; the asset includes 70 residential buildings, a resort-style pool, and an amenity building, and benefits from direct Loop 303 access to TSMC and Amkor Technology campuses. The pricing of $327,500 per unit confirms institutional capital's willingness to underwrite stabilized BTR at near-Class-A multifamily metrics due to longer tenant tenure and bond-like cash flows.

Total units: 140
Sale price: $45,850,000
Price per unit: $327,500
Year built: 2021
Source: CRE News

Hidden Lakes Apartments (483 Units, 1974-Vintage) Trades to Living Well Homes Colliers (May 6, 2026) Colliers brokered the sale of the 483-unit Hidden Lakes Apartments from CORE Realty Holdings Management to Living Well Homes. Pricing was undisclosed. The transaction underscores ongoing demand for value-add workforce housing in Phoenix where new ownership can execute targeted interior and exterior capital programs to drive net operating income on aged inventory.

Total units: 483
Year built: 1974
Sale price: Undisclosed

Wood Partners Begins Pre-Leasing at Alta Dove Valley (380 Units) in North Phoenix Industry Report (May 6, 2026) Wood Partners launched pre-leasing at Alta Dove Valley, a 380-unit luxury community at 2725 W. Dove Valley Road. The project is notable as the first wrap-style development in North Phoenix, where residential units encircle a central parking structure to deliver climate-shielded, same-floor parking access (a meaningful competitive advantage in summer). The community offers one-, two-, and three-bedroom layouts, 12-foot ceilings, and a soundproofed coworking space tailored to hybrid workforce demand. Move-ins begin May 2026.

Total units: 380
Configuration: First wrap-style community in North Phoenix
Move-in: May 2026

Corsica Villas at 20th Street Opens in South Phoenix (Rockefeller Group's First Arizona BTR) AZ Big Media (Reported week of May 5, 2026) Rockefeller Group's debut Arizona build-to-rent platform, Corsica Villas at 20th Street, began resident move-ins on May 5. The two-property Corsica Villas program totals 152 two-story townhomes across 16.5 acres in the Baseline Road corridor; the 20th Street site contains 68 two- and three-bedroom townhomes (each with attached two-car garages), and the sister site at Euclid and 7th Street will deliver 84 residences in the coming weeks. Promotional rents through May 15 range $1,991 to $2,093 for select three-bedroom townhomes and start at $2,017 for two-bedroom carriage units. Floor plans range 1,126 to 1,525 SF.

Total program: 152 townhomes across two sites
Site acreage: 16.5 acres
Unit range: 1,126 to 1,525 SF
Source: AZ Big Media

One Camelback Office-to-Residential Conversion Resumes Active Construction AZ Big Media (Reported week of May 5, 2026) Kinella Capital, LLC (TK Stratton) restarted construction at 1 E. Camelback Road, the long-stalled Uptown office tower being converted to a 163-unit luxury rental community averaging 980 SF per unit. Rooftop pool and amenity areas are nearing completion, with project delivery targeted for Q4 2026. The redevelopment includes 10,725 SF of ground-floor retail and a five-level subterranean garage. Pre-leasing is expected to begin soon and ground-floor retail tenant announcements are anticipated in the coming months.

Total units: 163
Average unit size: 980 SF
Ground-floor retail: 10,725 SF
Targeted completion: Q4 2026
Source: AZ Big Media

Willetta 15 Boutique Apartment Community Opens in Downtown Phoenix AZ Big Media (Reported week of May 5, 2026) JAG Development (principals Allan and Benjamin Gutkin) opened Willetta 15, a 15-unit boutique community at the corner of Willetta and 7th Street within the East Evergreen Historic District. Each one-bedroom unit measures 826 SF with starting rents of $1,899 per month. The project marks the fourth and final phase of JAG's 20-year, $15 million Willetta and 7th Street campus, designed by architect Rob Paulus.

Total units: 15
Unit size: 826 SF (one-bed/one-bath)
Starting rent: $1,899/month
Source: AZ Big Media

TBBG Investments and Titan Development Break Ground on 132-Unit BTR in Laveen Corridor AZ Big Media (Reported week of May 5, 2026) A partnership between Phoenix-based TBBG Investments and Albuquerque-based Titan Development broke ground on Southern Grand Townhomes, a 132-unit two-story attached-garage build-to-rent community at 35th Avenue and Southern Avenue in South Phoenix. The 7.8-acre site was acquired roughly two years ago for approximately $3.8 million, equating to approximately $487,179 per acre or roughly $11.18 per land square foot.

Total units: 132
Site acreage: 7.8 acres
Land basis: $3.8 million ($487,179 per acre, $11.18 per land SF)
Source: AZ Big Media

Industrial

Amazon Web Services Leases 1.2 Million SF at Southern Industrial Center in Buckeye Commercial Real Estate Direct / Phoenix Business Journal (Reported week of April 29, 2026) Amazon Web Services executed a 1,200,000-SF lease at the Southern Industrial Center, 24105 W. Southern Avenue in Buckeye, the largest single industrial lease in the metro area during Q1 2026. The 2023-built facility was developed by Parklane Development Group and Miramar Industrial Partners. Buckeye permitting filings indicate AWS will install specialized high-pile storage racking. The lease materially expands Amazon's already substantial Phoenix Metro footprint (which includes 1.2M SF blocks each at The Cubes in Glendale, Prologis 303 in Goodyear, and Mesa, plus 1M SF at Paloma Vista in Buckeye) and structurally suppresses big-box vacancy in the West Valley.

Lease size: 1,200,000 SF
Submarket: Buckeye / West Valley
Tenant: Amazon Web Services (cloud computing)
Source: Commercial Real Estate Direct

Metro Phoenix Posts Strongest Quarter of Industrial Investment on Record (Q1 2026) AZ Big Media (Reported week of May 5, 2026) According to a report released by Colliers, Greater Phoenix industrial recorded its strongest quarter on record for investment sales volume in Q1 2026 at approximately $3.2 billion. Net absorption exceeded 1 million SF for the 20th consecutive quarter. West Valley submarkets (Glendale, Goodyear, West Phoenix) led both leasing and pipeline activity, anchored by mega-scale logistics and manufacturing tenants.

Q1 2026 investment volume: ~$3.2 billion
Q1 net absorption: >1 million SF
Consecutive quarters of >1M SF gross absorption: 20
Source: AZ Big Media

Phoenix Industrial Q1 2026 Snapshot: 7.5M SF Leasing, 4.4M SF Net Absorption AZ Big Media (Reported week of May 5, 2026) Q1 2026 leasing activity reached 7.5 million SF with direct net absorption of 4.4 million SF. Glendale, North Chandler/Gilbert, and Goodyear led activity, driven by manufacturing and distribution expansion. Industrial vacancy is forecast to continue declining through year-end 2026, although West Phoenix remains a hotbed for warehouse development that may temporarily expand the construction pipeline.

Q1 leasing: 7.5 million SF
Q1 direct net absorption: 4.4 million SF
Source: AZ Big Media

Phoenix Industrial Demand Pivoting to Semiconductor, Data-Center Supply Chain, and Advanced Manufacturing In Business Magazine (May 2026) Phoenix's industrial demand profile is shifting from e-commerce-led distribution toward semiconductor, data-center supply-chain, and advanced-manufacturing tenants. A reported 824,000 SF Phase II spec project across three buildings completed at year-end 2025 is now approximately 73% leased, demonstrating that high-spec speculative product is being absorbed quickly even at higher rents.

Phase II project size: ~824,000 SF (three buildings)
Current lease-up: ~73%
Source: In Business Magazine

Sundt Construction Acquires Industrial Power Solutions, Vertically Integrating Electrical Capability AZ Big Media / Sundt (May 6, 2026) Tempe-based Sundt Construction acquired Phoenix-based Industrial Power Solutions (IPS), a full-service industrial electrical contractor founded in 2008 with operations in Tempe and Glendale. IPS will operate as a wholly owned subsidiary, more than doubling Sundt's skilled electrical workforce. IPS leadership, including Lucas Bruxvoort, remains in place. While not a real estate transaction, the acquisition is a significant signal: as power delivery becomes the rate-limiting input for Phoenix industrial development, large general contractors are bringing electrical capability in-house to insulate project pipelines from subcontractor labor shortages.

IPS notable projects: Deer Valley, Union Hills, and 24th Street water treatment plants
Strategic rationale: vertical integration to control power delivery on industrial / advanced facilities builds
Source: AZ Big Media

Retail

Ninety Nine Ave Grocery-Anchored Retail Center Sells for $30.7M All-Cash ($650.41/SF) Shopping Center Business / REBusinessOnline (Reported week of May 5, 2026) A private buyer acquired the 47,201-SF, 2024-built Ninety Nine Ave at 99th Avenue and McDowell Road in West Phoenix from the developer for $30,700,000 in an all-cash transaction. The 5.3-acre center was 100% leased at sale to a curated mix of internet-resistant tenants including Sprouts Farmers Market, CAVA, Hand & Stone, and Mountain Mike's Pizza. The all-cash structure is highly indicative of current capital markets dynamics: private high-net-worth buyers are bypassing leverage to secure stabilized, daily-needs retail.

Building size: 47,201 SF
Site area: 5.3 acres
Sale price: $30,700,000 (all-cash)
Price per SF: $650.41
Year built: 2024
Source: Shopping Center Business

Pecan Plaza Shops in Queen Creek Trade Off-Market for $13.35M ($656.83/SF) REBusinessOnline (Reported May 5, 2026) The 20,325-SF, 2022-built Pecan Plaza Shops at the northwest corner of Ellsworth and Riggs Roads in Queen Creek sold off-market for $13,350,000. The shadow-anchored multi-tenant center was 100% leased at closing to a service-based tenant mix anchored by entertainment and fitness concepts. The pricing closely tracks the Ninety Nine Ave benchmark, confirming a clear core-retail valuation band of approximately $650 to $660 per SF for fully stabilized, daily-needs and experiential centers.

Building size: 20,325 SF
Sale price: $13,350,000
Price per SF: $656.83
Year built: 2022
Source: REBusinessOnline

Elliot & Ellsworth Retail Development Announced in Southeast Mesa AZ Big Media (Reported week of May 5, 2026) Diversified Partners (developer) and BPR Companies (general contractor) announced the Elliot & Ellsworth retail project, a 17-acre, six-building center at the intersection of Elliot Road and Ellsworth Road in Southeast Mesa. Confirmed tenants include Starbucks, Aveda, Afterburn, Hand & Stone, Port of Subs, Senor Taco, and Zeitouna. Project Manager Quentin Gomez of BPR is leading site execution. The site benefits from positioning within the Mesa Tech Corridor near Apple, Edgecore, and the future Google site.

Site area: 17 acres
Buildings: 6
Source: AZ Big Media

Barclay Group Pursues 178,155-SF Fry's-Anchored Retail Project at Harvest Grove (Gilbert) Local Reporting (May 6, 2026) The Barclay Group is seeking Gilbert Planning Commission approval for a 178,155-SF retail program across 13 buildings within the 311-acre Harvest Grove development at Val Vista Drive and Germann Road. The plan would be anchored by a 99,000-SF Fry's grocery, plus a 5,400-SF gas station with 16 pumps, a convenience store, a credit union, multiple restaurants, and a high-capacity car wash. The horizontal multi-pad ecosystem reflects modern suburban retail design but will require exhaustive municipal coordination given projected vehicular traffic.

Total retail SF proposed: 178,155 SF (13 buildings)
Anchor: 99,000 SF Fry's grocery
Status: Planning Commission review

Queen Creek Residents Force Continuance on Proposed Circle K at Ocotillo and Meridian Local Reporting (May 5, 2026) Organized resident opposition cited concerns over traffic, loitering, and environmental impacts to push back against a proposed 5,200-SF Circle K convenience store, 4,600-SF canopy, and seven fuel pumps at the northwest corner of Ocotillo and Meridian Roads in Queen Creek. Despite preliminary Planning and Zoning Commission approvals, the developer requested a continuance from Town Council, delaying a final decision until May 20.

Convenience store: 5,200 SF
Fuel canopy: 4,600 SF (7 pumps)
Status: Continuance to May 20, 2026

Yee Family Trust Pursues 11,047-SF Commercial Project at Seventh Street and Maryland (Phoenix) Local Reporting (May 5, 2026) A rezoning request for a 1.15-acre commercial development east of the northeast corner of Seventh Street and Maryland Avenue advanced toward Phoenix City Council. The Yee Family Trust plans to construct an 11,047-SF building. Adjacent residents lobbied at the planning commission stage for stipulations requiring advanced air filtration "vent scrubbers" for any future restaurant tenant, illustrating the persistent NIMBY friction now embedded in even modest Phoenix infill retail entitlements.

Site area: 1.15 acres
Building size: 11,047 SF
Status: Advancing to City Council

National Retail Asking Rent Growth Moderates; Phoenix Continues to Outperform CoStar (May 4, 2026) A national retail forecast from CoStar noted U.S. retail asking rent growth has moderated to +1.9% year-over-year, but specific Sun Belt markets continue to materially outperform the national baseline. Phoenix was explicitly named as a market posting solid year-over-year rent gains, supported by population influx and household formation that insulate local landlords from broader spending normalization.

U.S. retail asking rent growth: +1.9% YoY
Phoenix: identified as outperforming the national baseline

Office

Metro Medical Plaza Sells for $10.4M ($179.31/SF) in Northwest Phoenix Industry Reports (May 6, 2026) The eight-building, 58,000-SF Metro Medical Plaza at 3201 W. Peoria Avenue sold for $10,400,000. The asset was 90% leased to a synergistic medical tenant mix including dentistry, family medicine, orthopedics, physical therapy, and diagnostic imaging. Albuquerque SNF, LLC acquired the asset from Helix Properties (Phoenix Metro, LLC). The property is positioned within walking distance of The Metropolitan, the approximately $850 million mixed-use redevelopment underway on the former Metrocenter Mall site, and is the only medical office complex within the immediate three-mile catchment, providing meaningful long-term rent growth optionality as the residential redevelopment delivers.

Total SF: 58,000 (8 buildings)
Sale price: $10,400,000
Price per SF: $179.31
Occupancy at sale: 90%

Phoenix Office Bifurcation Persists; Broker Sentiment Index at 62.7 AZ Big Media (Reported week of May 5, 2026) The most active office storyline in this window remained the conversion of legacy commodity office to residential use (exemplified by One Camelback). Pure-office investment activity remained limited. Premium Class A nodes (Camelback, Tempe Town Lake, Scottsdale Quarter, the Esplanade) continue to firm on occupancy and rent, while older commodity space carries elevated vacancy. The W. P. Carey Center for Real Estate and Finance's Commercial Broker Sentiment Index registered 62.7, indicating moderate optimism heading into the back half of 2026.

W. P. Carey CBSI: 62.7 (moderate optimism)
Source: AZ Big Media

Mixed-Use

Empire Group Rebrands Downtown Phoenix Twin-Tower Megaproject from "Astra" to "Arro" AZ Big Media (Reported week of May 5, 2026) Empire Group of Companies, through luxury division Aspirant Development, formally rebranded its Downtown Phoenix high-rise project to Arro. The estimated $675 million development will span approximately 1.8 million SF on 2.18 acres between 2nd Avenue and the Van Buren / Fillmore corridor. Components include a 541-foot, 45-story north tower (slated to be the tallest building in Arizona, surpassing Chase Tower's 483 feet) with 380 Class A+ residences and the 250-key Optimist luxury lifestyle hotel; a 425-foot, 36-story south tower with approximately 150,000 SF of Class A office, 30,000 SF of retail and restaurant, and a 275-unit luxury co-living component; and a roughly 16,000 SF rooftop dining and nightlife concept on the top two floors operated by Pretty Decent Concepts. Permit-ready by year-end 2026, with approximately three years of construction thereafter.

Estimated cost: $675 million
Total program: ~1.8 million SF on 2.18 acres
North tower: 541 ft / 45 stories (tallest in Arizona)
Hotel: 250 keys (The Optimist)
Office and retail: ~150,000 SF office, 30,000 SF retail
Source: AZ Big Media

The Vine @ Skyline Rezoning Advances in San Tan Valley Local Reporting (May 5, 2026) Pinal County officials are reviewing a rezoning and Special Area Plan amendment for The Vine @ Skyline, a 7.7-acre parcel at the northwest corner of Gary Road and Skyline Drive originally entitled for grocery-anchored retail. Developer The Cravath Whole Life Communities, LLC is seeking to convert the program to a mixed-use format featuring 118 residential units (90 apartments and 28 three-bedroom townhomes) plus commercial frontage along Gary Road for three restaurants, a daycare, a bank, and a convenience store. The project illustrates the broader regional trend of downzoning over-allocated retail acreage in favor of missing-middle housing.

Site area: 7.7 acres
Residential program: 118 units (90 apartments, 28 townhomes)
Commercial frontage: restaurants, daycare, bank, convenience store

Queen Creek Files for $24M to $28M Sossaman and Germann Intersection Improvements Local Reporting (May 6, 2026) The Town of Queen Creek filed an application with the Arizona Corporation Commission for major improvements at the Sossaman and Germann intersection, an estimated $24 million to $28 million project funded through Maricopa County Proposition 479. The intersection straddles the limits of Queen Creek, Mesa, and Maricopa County and includes a Union Pacific Railroad crossing, with traffic projected to exceed 54,300 vehicles per day by 2030. Mayor Julia Wheatley emphasized the project's role in unlocking residential, commercial, industrial, school, and Mesa Gateway Airport-adjacent development. Public works investments of this scale are profound leading indicators for adjacent land valuations in the Southeast Valley.

Project cost: $24M to $28M
Funding source: Maricopa County Proposition 479
Projected 2030 traffic: 54,300+ vehicles/day

Hotels

Fire 'N Ice Arena, Hotel & SSS Academy Restarts Construction at 2727 W. Bronco Butte Trail (North Phoenix) AZ Big Media (Reported week of May 5, 2026) The 250,000-SF, nearly $190 million multi-sport, hotel, and academy complex on 17.5 acres in North Phoenix (near I-17 and Sonoran Desert Drive, adjacent to TSMC) is back under active construction following an ownership and financing reset under SSS Partners CEO Shubham Pandey. Components include Fire 'N Ice Arena (two NHL-size ice rinks and a 2,500-seat multi-use arena), the SSS Academy school, and a hotel that the developer indicates is targeted as a Hilton flag (Hilton has not yet confirmed). The arena is targeted for an August 15 grand opening (hard deadline September 1); the hotel is described as opening within roughly two months of the report. Financing includes $185 million in educational facilities revenue bonds (SSS Academy) and $15.2 million in hotel revenue bonds (Fire 'N Ice Hotel) issued through the Phoenix Industrial Development Authority. SSS has signed a partnership with Entertainment Events Inc. to program more than 100 ticketed events in year one, alongside Arizona's first NA3HL junior hockey team, the Phoenix Inferno, launching in August.

Total project size: 250,000 SF
Total project value: ~$190 million
Site area: 17.5 acres
Hotel financing: $15.2M revenue bonds (room count not yet disclosed)
Education financing: $185M revenue bonds
Source: AZ Big Media

Connect with Us

We connect with landowners and developers across the Phoenix Metro on a daily basis. Whether you are sizing up a Desert Ridge or Pinal County land basis after the latest auction comparables, recalibrating a multifamily exit in the West Valley as 2021-vintage debt resets, underwriting a build-to-rent disposition or acquisition, weighing the implications of a 1.2 million SF lease on neighboring industrial rents, or working through entitlement and infrastructure friction on a mixed-use site, we are available for confidential conversations on how the activity in this brief may affect your business and your pipeline. Reach out to start the dialogue.

John Finnegan

Senior Vice President | Land

(602) 222-5152

Ramey Peru

Senior Vice President | Land

(602) 222-5154

Source: Arizona State Land Department

The Phoenix CRE Brief - 4/30/2026

Ramey — Thu, 30 Apr 2026 16:45:56 GMT

Executive Summary

Three key takeaways from Phoenix Metro commercial real estate activity over the past week:

Maricopa County trust land auction sets a new pricing floor. The Arizona State Land Department staged a 293-acre auction (T4N, R4E) with a $108.3M minimum bid, establishing a benchmark of $368,997 per acre and $8.47 per land square foot. The willingness to underwrite nine-figure raw land at this basis signals continued institutional conviction in long-duration Phoenix Metro land plays despite elevated capital costs.
Country Brook Apartments traded in Chandler for $109.5M ($276,515 per unit), the week's largest closed multifamily transaction. Colliers Mortgage arranged $76.7M of non-recourse Fannie Mae financing at a 4.97 percent fixed rate, demonstrating that stabilized East Valley product remains liquid when paired with agency debt.
Infrastructure capacity is emerging as the primary gatekeeper for development. Coolidge authorized planning for a $90M+ wastewater treatment plant expansion, and an Arizona court ruled certain Arizona Department of Water Resources groundwater policies illegal on April 24, injecting fresh regulatory risk into greenfield entitlements across both Maricopa and Pinal Counties.

Land

Arizona State Land Department Stages 293-Acre Maricopa County Trust Land Auction Arizona State Land Department (April 30, 2026) The ASLD conducted a public auction for a 293.498-acre raw land parcel in Maricopa County, legally described as T4N, R4E, Secs. 18 and 19. The minimum bid sets a hard, non-negotiable floor for comparable unentitled land in the submarket. State trust land auctions are constitutionally bound to maximize revenue for permanent funds benefiting K through 12 public education, so the resulting clearing price will materially shape future land valuations in the area.

Total acreage: 293.498
Minimum bid: $108,300,000
Price per acre: $368,997
Price per land square foot: $8.47

Coolidge Council Authorizes Planning for $90M+ Wastewater Treatment Plant Expansion AZBEX (April 24, 2026) The Coolidge City Council voted unanimously to begin planning and design for a major expansion of the city's wastewater treatment facility. The current plant operates at roughly 55 percent of its 2.0 MGD capacity and will transition from a lagoon-type system to a fully mechanical plant. Construction is slated for 2029, with cost projections expected to climb before groundbreaking due to civil engineering inflation. For developers targeting Pinal County, the progression of this expansion is a vital prerequisite for future zoning approvals and signals municipal readiness to support the next decade of industrial and residential absorption.

Current capacity: 2.0 MGD
Expansion trigger: 1.8 MGD (90 percent of current capacity)
Estimated cost: $90,000,000+
Construction timeline: 2029

Source: Multi-Housing News

Multifamily

Country Brook Apartments Trades in Chandler for $109.5M Multi-Housing News (Reported during the week of April 23, 2026) A Tennessee-based investor acquired the 396-unit luxury garden-style multifamily community across 17 acres and 32 buildings. Built in three phases between 1986 and 1996, units range from 695 to 1,201 square feet. Colliers Mortgage arranged a non-recourse $76.7M Fannie Mae loan at a 4.97 percent fixed rate, illustrating the central role of agency debt in moving high-quality East Valley product in today's constrained lending environment.

Total units: 396
Site area: 17 acres
Sale price: $109,500,000
Price per unit: $276,515
Financing: $76.7M Fannie Mae at 4.97 percent fixed
Submarket: Chandler

Phoenix Authorizes Additional $4.5M for Super 8 Conversion to Affordable Senior Housing Your Valley (April 27, 2026) The Phoenix City Council authorized an additional $4.5M to finalize the comprehensive renovation of a former Super 8 motel northwest of Interstate 17 and Northern Avenue into transitional affordable housing for seniors exiting homelessness. Combined with the $9.1M land basis (April 2023) and the $2.6M initial renovation allocation, total project capital now stands at $16.2M. The cost overrun illustrates the difficulty of hospitality to residential adaptive reuse, including hidden structural deficiencies, plumbing overhauls for kitchenettes, and mechanical retrofits to meet residential code. The project effectively removes obsolete economy lodging inventory while providing critical workforce housing.

Land basis (April 2023): $9,100,000
Initial renovation allocation: $2,600,000
Additional April 2026 authorization: $4,500,000
Total project capital: $16,200,000

Source: Your Valley

Industrial

Hines Secures Joint Venture Equity for 572,282-SF Cactus 303 Industrial Park in Surprise Industry Trade Publication (April 23, 2026) Hines secured joint venture equity for the development of Cactus 303, a shovel-ready industrial park along the Loop 303 corridor on Cactus Road in Surprise. The 36.8-acre project will deliver three Class A buildings: a 395,000-SF cross-dock facility optimized for high-velocity regional distribution, plus two rear-load buildings (102,000 SF and 75,000 SF) targeting mid-market last-mile users. Architectural specifications include 32 to 36-foot clear heights, ESFR (Early Suppression, Fast Response) sprinkler systems, 144 dock-high doors, and extensive trailer parking. Access to Interstate 10, Interstate 17, and the Northern Parkway positions the site as a key capillary node in the regional supply chain.

Total size: 572,282 SF (3 buildings)
Site area: 36.8 acres
Building configurations: 395,000 SF cross-dock; 102,000 SF and 75,000 SF rear-load
Submarket: Surprise / Loop 303 corridor

Colliers Phoenix Bolsters Industrial Tenant Representation Platform Colliers (April 30, 2026) Colliers announced the strategic acquisition of an experienced industrial tenant representation team for its Phoenix operations. The team brings deep expertise in labor analytics for site selection and operational planning, reflecting a fundamental shift in industrial commercial real estate: corporate site decisions are increasingly driven by workforce availability, hourly cost, and retention metrics rather than traditional metrics like rental rates and clear heights. In Phoenix's hyper-competitive market for warehouse, logistics, and advanced manufacturing talent, the ability to advise on human capital alongside real estate has become essential to executing institutional mandates.

Source: Colliers Phoenix

Retail

Trader Joe's Confirms New 13,500-SF Chandler Location at 3961 S. Arizona Ave. Trader Joe's Expansion Coverage (April 24, 2026) Trader Joe's confirmed a new 13,500-SF store at 3961 S. Arizona Ave. in Chandler. The expansion reflects targeted demographic strategy capitalizing on Chandler's affluent consumer base and tech-driven population growth. The well-documented "Trader Joe's effect" historically lifts leasing velocity, tenant quality, and triple-net rental rates on adjacent in-line shop space. Grocery-anchored centers continue to be a preferred risk-averse asset class for institutional investors due to the non-discretionary nature of food and beverage spending.

Address: 3961 S. Arizona Ave., Chandler
Lease size: 13,500 SF
Tenant: Trader Joe's
Submarket: East Valley / Chandler

Source: Trader Joe's Expansion Coverage

Office

Thirty 03 Office Tower Trades for $32.2M in Midtown Phoenix Industry Reports (April 28, 2026) The Thirty 03 office tower in Midtown Phoenix sold for $32.2M, underscoring the "flight to quality" paradigm dictating today's office sector. Employers mandating return-to-office policies require highly amenitized Class A environments to attract and retain talent, and well-positioned urban product continues to find institutional bidders, albeit at adjusted bases reflecting the new cost of debt. Class B and C product without modernization continues to face mounting pressure, with residential conversion or demolition emerging as the most likely outcome for many obsolete buildings. Building size was not disclosed in publicly available reporting; price per square foot is therefore not calculable.

Sale price: $32,200,000
Submarket: Midtown Phoenix

Connect With Us

We connect with landowners and developers across the Phoenix Metro on a daily basis. Whether you are evaluating an entitlement strategy in Pinal County, recalibrating a multifamily exit in the West Valley, repositioning aging office in the urban core, or sizing up the implications of a new wastewater capacity expansion or hydrology ruling on your land basis, we are available for confidential conversations on how the activity in this brief may affect your business and your pipeline. Reach out to start the dialogue.

John Finnegan

Senior Vice President | Land

(602) 222-5152

Ramey Peru

Senior Vice President | Land

(602) 222-5154

The Phoenix CRE Brief - 4/23/2026

Ramey — Thu, 16 Apr 2026 23:09:57 GMT

Executive Summary

Three key takeaways from this week's Phoenix commercial real estate activity:

1. Greater Phoenix Records Strongest Industrial Investment Quarter on Record at $990.8 Million: First-quarter 2026 data confirmed Phoenix logged the highest industrial investment sales volume on record, up 24.0% year-over-year, with average sale pricing climbing to $245.48 per SF (up 17.4% year-over-year). All five of the quarter's top transactions involved Class A assets constructed within the past four years, reflecting intense institutional appetite for core product.

2. Arro to Become Arizona's Tallest Building in Downtown Phoenix: Developer Empire Group rebranded its previously announced "Astra" project as "Arro," a ~1.8 million SF two-tower development anchored by a 541-foot north tower (the state's future tallest structure) and a 425-foot south tower. The program includes 380 Class A+ residential units, a 250-key luxury Optimist hotel, approximately 150,000 SF of Class A office, 30,000 SF of retail, a 275-unit co-living component, and a 16,000 SF rooftop restaurant.

3. Pinal County Emerges as the Valley's Hyperscale Data Center Frontier: The Pinal County Planning and Zoning Commission voted 7 to 2 recommending approval of a rezoning for a 3,300-acre Vermaland LLC site near Eloy that would host the La Osa Energy Center, housing up to 59 data center buildings, two gas-fired power plants, and battery storage.

Market Overview

Activity this week confirmed that the Valley's center of gravity is migrating north and west, away from legacy Central Corridor office and toward TSMC-adjacent Deer Valley, Halo Vista, and Loop 303 industrial corridors, with Pinal County emerging as a new hyperscale frontier. Industrial remains the thesis-setter, now backed by record quarterly investment volume and single-digit vacancy even as deliveries collapse. Water, power, and entitlement velocity, not capital, are now the binding constraints on growth. The 12th Annual AZRE Forum on April 16 at The Camby Phoenix Biltmore, themed "Water and Power: The Building Blocks of Growth," centered on these infrastructure constraints, with panels addressing the hyperscale data center thesis in the West Valley.

Land

Pinal County P&Z Recommends Approval for 3,300-Acre La Osa Energy Center Near Eloy - KTAR News (April 20, 2026)

The Pinal County Planning and Zoning Commission voted 7 to 2 to recommend approval of a rezoning for a 3,300-acre Vermaland LLC site off Picacho Highway near Eloy. The La Osa Energy Center would house up to 59 data center buildings, two gas-fired power plants, and battery storage, positioning Pinal County as the Valley's newest hyperscale frontier.

Site size: 3,300 acres
Proposed use: Up to 59 data center buildings, two gas plants, battery storage
Commission vote: 7 to 2 in favor

ViaWest Group Acquires 53.1 Acres at Camelback Road and Loop 303 for Class A Industrial Development - AZ Big Media (April 21, 2026)

ViaWest Group closed on a 53.1-acre site at Camelback Road and Loop 303 in Goodyear, located less than a mile from a full-diamond interchange offering frictionless connectivity to I-10 and I-8. The developer is preserving optionality by simultaneously marketing the site for build-to-suit opportunities and evaluating multiple configurations ranging from a single 850,000 SF cross-dock facility to a four-building layout totaling 900,000 SF.

Site size: 53.1 acres (2,313,036 SF of land)
Maximum programmed capacity: 900,000 SF across up to 4 buildings
Location: Camelback Rd & Loop 303, Goodyear

Creation and Crow Holdings Capital Close on 38-Acre Avondale Tech Center Site - AZ Big Media (April 21, 2026)

Creation, partnered with a fund advised by Crow Holdings Capital, closed on a 38-acre site at the northwest corner of 117th Avenue and Corporate Drive in Avondale. The planned Avondale Tech Center will deliver approximately 700,000 SF across three buildings, featuring 36-foot clear heights and 3,000-amp/480V power expandable to 6,000 amps, engineered to accommodate advanced manufacturing tenants.

Site size: 38 acres
Programmed building area: ~700,000 SF across 3 buildings
Clear height: 36 feet
Power: 3,000 amps/480V (expandable to 6,000 amps)

Game-Changing Approvals Clear the Way in Casa Grande and Tonopah - AZ Big Media (April 22, 2026)

Casa Grande City Council approved a 273-acre rezoning at the northwest corner of I-10 and Florence Boulevard, with WinCo Foods in escrow as the anchor. The zoning explicitly prohibits data centers, high-density residential, and truck stops, reflecting negotiated conditions to address community concerns. Separately, the Maricopa County Board of Supervisors unanimously approved industrial use on 2,000 unincorporated acres in Tonopah (Hassayampa Ranch) for a ~1 gigawatt data center corridor, a $25 billion project with a $51 million land basis.

Casa Grande site: 273 acres (mixed-use commercial and light industrial)
Tonopah site: 2,000 acres (Hassayampa Ranch)
Tonopah land basis: $51,000,000
Tonopah project value: ~$25,000,000,000
Tonopah power envelope: ~1 GW

Banner Health Acquires 18.81 Acres at I-17 and Jomax Road for $22.13 Million - AZBEX (April 2026)

Banner Health acquired an 18.81-acre parcel at the southeast corner of Interstate 17 and Jomax Road for $22.13 million. The land-banking play front-runs the demographic density expected from the semiconductor ecosystem, with Banner positioning institutional-grade healthcare infrastructure ahead of the TSMC-driven population wave.

Sale price: $22,130,000
Acreage: 18.81 acres
Price per acre: $1,176,501.86
Price per land SF: $27.01
Buyer: Banner Health

Multifamily

Sunbelt Holdings and Mosaic Complete Phase 1 of The Hillburn Near TSMC - AZ Big Media (April 22, 2026)

Sunbelt Holdings and Mosaic completed the first phase of The Hillburn, a 283-unit build-to-rent community in North Phoenix's Sonoran Foothills directly in the TSMC orbit. The community features 3-bedroom townhomes (1,729 to 2,291 SF) and 2-, 3-, and 4-bedroom detached homes (1,323 to 2,338 SF), anchored by a 6,200 SF clubhouse.

Total units: 283
Townhome range: 1,729 to 2,291 SF
Detached home range: 1,323 to 2,338 SF
Clubhouse: 6,200 SF
Location: Sonoran Foothills, North Phoenix

ColRich Acquires Downtown Phoenix's Camden Copper Square for $77 Million - REBusiness Online (April 2026)

San Diego-based ColRich acquired Camden Copper Square, a 332-unit gated community at 901 E. Van Buren Street in Downtown Phoenix, from Camden Property Trust for $77 million. Built in 2000 on roughly eight acres, the asset includes two parking structures, swimming pools, and coworking space. The acquisition represents a textbook core-plus execution, with the basis well below the replacement cost for new mid- or high-rise construction in the downtown core.

Sale price: $77,000,000
Total units: 332
Price per unit: $231,927.71
Year built: 2000
Site: ~8 acres

Weidner Investment Group Acquires 220-Unit Paradise Falls for $10.4 Million - Multi-Housing News (April 2026)

Weidner Investment Group acquired the 220-unit Paradise Falls, located at 15434 N. 32nd Street in Phoenix, for $10.4 million. The 1986-vintage asset (expanded in 1997) trades at a striking basis that insulates the buyer against further downside risk and positions the operator to reposition the community for the Valley's underserved workforce housing demographic.

Sale price: $10,400,000
Total units: 220
Price per unit: $47,272.72
Year built: 1986 (expanded 1997)

Canyon Place Trades Alongside Paradise Falls in Combined $18 Million Multifamily Sale - Multi-Housing News (April 2026)

The 288-unit Canyon Place property in Phoenix traded for approximately $7.6 million as part of a combined $18 million multifamily sale that also included Paradise Falls. The implied per-unit pricing underscores the extreme bifurcation present in the Valley's multifamily market between newer infill Class A product and older suburban assets carrying deferred maintenance or functional obsolescence.

Sale price: ~$7,600,000 (implied)
Total units: 288
Price per unit: ~$26,388.88

City of Phoenix Breaks Ground on $30 Million, 80-Unit Helen Drake Village for Seniors - The Center Square (April 21, 2026)

The City of Phoenix broke ground on Helen Drake Village, an $30 million, 80-unit senior affordable community (74 one-bedroom units and 6 two-bedroom units) for adults 55 and older earning between 30% and 60% of area median income. The project is rising on city-owned land adjacent to the Helen Drake Senior Center, with Phoenix providing $5 million in loans and 40 project-based vouchers. Co-developer is The Richman Group, with EOS Builders serving as general contractor and Biltform Architects. Completion is targeted for 2027.

Project cost: $30,000,000
Total units: 80 (74 one-bed, 6 two-bed)
Cost per unit: $375,000
Income targeting: 30% to 60% AMI
City contribution: $5 million in loans plus 40 vouchers

New Multifamily Component Added to Village at Prasada in Surprise - AZBEX (April 22, 2026)

A new multifamily component is being added to the 700,000 SF Village at Prasada master-planned retail center at Loop 303 and Waddell Road in Surprise, positioned within the broader 3,355-acre Prasada master plan. The addition reflects the accelerating convergence of lifestyle retail and residential components in West Valley master-planned communities.

Retail center size: 700,000 SF
Master plan acreage: 3,355 acres
Location: Loop 303 & Waddell Road, Surprise

Industrial

Greater Phoenix Posts Strongest Quarter of Industrial Investment on Record at $990.8 Million - AZ Big Media (April 21, 2026)

First-quarter 2026 market data surfaced this week confirmed Phoenix posted $990.8 million in industrial investment sales, a record quarterly total and a 24.0% increase year-over-year, with the average sale price climbing to $245.48 per SF, up 17.4% year-over-year. Net absorption ran more than 3.5 times the 1.38 million SF of new supply, pushing vacancy down to 9.2%. Companion coverage attributed leadership to the Halo Vista groundbreaking and strength in the Glendale, North Chandler/Gilbert, and Goodyear submarkets.

Q1 investment sales: $990,800,000 (record; +24.0% YoY)
Average sale price: $245.48 per SF (+17.4% YoY)
Net absorption: ~4.4 million SF (+200% YoY)
Deliveries: 1.4 million SF (lowest since Q1 2019)
Vacancy: 9.2% (down 80 bps QoQ)
Asking rent: $1.06 NNN (+6.0% YoY)

Burlington Stores 2 Million SF Distribution Center Advances at Westpark 360 in Buckeye - AZ Big Media (April 20, 2026)

The Burlington Stores 2 million SF distribution center at Westpark 360 Industrial Park in Buckeye continued to lead West Valley coverage this week, cementing Burlington's role as one of the anchor tenants driving the West Valley's big-box absorption cycle. The project reinforces Buckeye's emergence as the region's primary logistics submarket serving the broader Southwest and Southern California supply chains.

Size: 2,000,000 SF
Location: Westpark 360 Industrial Park, Buckeye
Category: Distribution center

Arizona Corporation Commission Workshop Highlights Data Center Load Pressure - AZCC (April 20, 2026)

The Arizona Corporation Commission held an April 16 workshop focused on large-load customers. Salt River Project currently serves 59 large-load customers totaling approximately 7,000 megawatts, while Arizona Public Service projects peak large-customer demand to reach approximately 13.1 gigawatts in 2026. The workshop underscored power availability as the binding constraint on industrial and data center development across the Valley.

SRP large-load customers: 59
SRP large-load capacity served: ~7,000 MW
APS 2026 peak large-customer demand: ~13.1 GW

Data Centers Drive Construction Backlog as Industry Confidence Holds High - AZBEX (April 17, 2026)

AZBEX reported that data centers are now the dominant driver of construction backlog in Arizona, with industry confidence remaining at elevated levels. The structural shift reflects the degree to which hyperscale and mission-critical infrastructure demand has eclipsed more traditional commercial and residential project pipelines in shaping statewide contractor activity.

Trend: Data centers now dominant driver of construction backlog
Industry sentiment: High confidence holding

Prologis Acquires Cotton 303 Logistics Center for $104 Million - AZ Big Media (April 2026)

Prologis acquired the Cotton 303 Logistics Center for $104 million during the first quarter, reinforcing the institutional preference for core, Class A logistics product in the West Valley's Loop 303 corridor. The transaction illustrates the continued flight to quality, with buyers underwriting aggressive forward rent growth assumptions to justify cap rate compression in the submarket.

Sale price: $104,000,000
Buyer: Prologis
Asset class: Class A logistics (Loop 303 corridor)

Retail

Rialto Capital and Capital Development Southwest Acquire The Wells in Maricopa - AZ Big Media (April 22, 2026)

Rialto Capital, partnered with Capital Development Southwest, acquired The Wells at 41650 W. Maricopa-Casa Grande Highway, a 122-acre site with 61 acres of remaining development opportunity. The shopping center is ringed by 20 active housing developments (17,000+ homes built and 5,500+ lots in planning), and the acquisition resets the land basis below prior ownership, positioning the partnership to recruit retail, restaurants, hotels, offices, and multifamily.

Site size: 122 acres (61 acres developable)
Surrounding housing context: 17,000+ homes built, 5,500+ lots planned
Buyer: Rialto Capital / Capital Development Southwest
Location: 41650 W. Maricopa-Casa Grande Hwy, Maricopa

Scottsdale Clears Way for First-Ever Costco on Tribal Land - AZ Big Media (April 20, 2026)

Scottsdale officials cleared the way for the first-ever Costco located on tribal land, establishing a notable precedent for large-format retail development on sovereign parcels within the metro. The approval positions the big-box operator to serve a demographic catchment traditionally underserved by its conventional siting strategy.

Concept: First-ever Costco on tribal land
Market: Scottsdale

Aardex Completes 27,000 SF Adaptive Reuse Renovation of One West Madison in Downtown Phoenix - Shopping Center Business (April 2026)

Denver-based Aardex completed the comprehensive renovation of One West Madison, a century-old 27,000 SF adaptive reuse project at 1 W. Madison Street in Downtown Phoenix. The transformation delivers roughly 13,500 SF of ground-floor retail alongside "The Vault on Madison," a climate-controlled self-storage concept activating the basement level. The dual-use configuration creates a yield-blending strategy, using self-storage economics to subsidize competitive retail lease rates for experiential food and beverage tenants.

Total renovation: 27,000 SF
Ground-floor retail: ~13,500 SF
Subterranean concept: "The Vault on Madison" self-storage
Location: 1 W. Madison St., Downtown Phoenix

Smalls Sliders Signs 15-Unit Phoenix Metro Franchise Agreement Using Modular Units - Shopping Center Business (April 2026)

Atlanta-based cheeseburger concept Smalls Sliders signed a 15-unit franchise agreement for the Phoenix Metro, with the first Arizona locations slated to open later in the year. The concept exclusively utilizes prefabricated modular units known internally as "Cans," drastically reducing construction timelines, lowering capital expenditures, and accelerating speed to revenue in a high-cost construction environment.

Franchise commitment: 15 units in Phoenix Metro
Format: Prefabricated modular ("Cans")
First openings: Later in 2026

Office

ASU Health Headquarters Breaks Ground on $200 Million, 175,000 SF Medical Facility in Downtown Phoenix - AZBEX (April 17, 2026)

Arizona State University broke ground on ASU Health Headquarters, a 5-story, 175,000 SF, $200 million facility at 620 N. Fifth Street in Downtown Phoenix. The project will house the John Shufeldt School of Medicine and Medical Engineering, with McCarthy Building Companies serving as general contractor and DFDG/CO Architects leading design. Completion is targeted for summer 2028.

Total cost: $200,000,000
Building size: 175,000 SF
Cost per SF (construction basis): $1,142.86
Stories: 5
Target completion: Summer 2028

Phoenix Office Market Shows Positive Absorption for First Time Since 2020 - Bisnow (April 16, 2026)

Ahead of its upcoming Phoenix Office Forum, Bisnow cited data showing Phoenix office is posting its first positive net absorption since 2020, with Maricopa County vacancy easing to roughly 15%. The shift is credited to TSMC-driven expansion and ongoing flight-to-quality migration into Class A buildings.

Maricopa County office vacancy: ~15%
Trend: First positive net absorption since 2020
Driver: TSMC expansion and flight to quality

City of Maricopa to Convert Former Police HQ into $2.9 Million Civic Center Office - AZBEX (April 17, 2026)

The City of Maricopa committed $2.9 million to convert its former police headquarters into a civic-center office for Development Services and Economic Opportunity. The adaptive reuse reflects the broader trend of municipal governments repositioning legacy public-sector facilities to consolidate services and avoid new ground-up construction costs.

Conversion cost: $2,900,000
New use: Development Services and Economic Opportunity office
Strategy: Adaptive reuse of former police headquarters

Mixed-Use

Empire Group Rebrands Astra to Arro; Downtown Phoenix Tower to Become Arizona's Tallest - AZ Big Media (April 21, 2026)

Empire Group, via Aspirant Development, rebranded its Downtown Phoenix project from "Astra" to "Arro." The approximately 1.8 million SF, two-tower development will be anchored by a 541-foot north tower, set to become Arizona's tallest building, paired with a 425-foot south tower. The program includes 380 Class A+ residential units, a 250-key luxury Optimist hotel, approximately 150,000 SF of large-floorplate Class A office, 30,000 SF of retail and restaurant space, a 275-unit co-living component, and a 16,000 SF rooftop restaurant. Arro targets permit-ready status by year-end 2026 with a three-year build.

Total project size: ~1,800,000 SF
North tower height: 541 feet (Arizona's future tallest)
South tower height: 425 feet
Residential units: 380 Class A+ (plus 275 co-living)
Hotel keys: 250 (Optimist)
Office: ~150,000 SF Class A
Retail: 30,000 SF
Permit-ready target: Year-end 2026

Hatteras Sky Completes 605,000 SF, $150 Million Saiya Mixed-Use in Downtown Phoenix - Building Design + Construction (April 17, 2026)

Hatteras Sky completed Saiya, a 605,000 SF, $150 million two-tower mixed-use project delivering 389 residential units around the historic McKinley Club on 2nd Avenue. The project combines a 23-story concrete tower with a 5-over-1 wood-frame structure, with JE Dunn serving as general contractor and Shepley Bulfinch as design architect.

Total size: 605,000 SF
Project cost: $150,000,000
Cost per SF: $247.93
Total units: 389
Cost per unit: $385,604
Structure: 23-story concrete tower plus 5-over-1 wood frame

Mack Real Estate and McCourt Partners Detail $7 Billion, 2,300-Acre Halo Vista Master Plan - AZ Big Media (April 17, 2026)

Mack Real Estate Group and McCourt Partners detailed the $7 billion, 2,300-acre Halo Vista master plan adjacent to TSMC, which will deliver approximately 30 million SF of industrial, retail, office, research, healthcare, and hotel space. Announced anchors include Costco, dual-branded Courtyard and Residence Inn hotels, and a DeRito Partners auto mall with 10 to 11 dealerships. The developer projects $33 billion added to the regional economy and 60,000 to 80,000 workers at full 15- to 20-year buildout.

Total investment: $7,000,000,000
Site size: 2,300 acres
Programmed area: ~30 million SF (industrial, retail, office, research, healthcare, hotel)
Projected economic impact: $33 billion
Projected workforce at buildout: 60,000 to 80,000
Buildout horizon: 15 to 20 years

Scottsdale Approves $3.8 Million Early-Works Contract for Old Town Parking Garage Expansion - AZBEX (April 17, 2026)

Scottsdale City Council approved a $3.8 million early-works contract with Chasse Building Team on a 5-to-2 vote to begin the Old Town Scottsdale Parking Garage at 1st Street and Brown Avenue. The three-above-ground-level structure will add 186 new spaces for a total of 412 on a $20.9 million total budget, translating to approximately $97,000 per space compared with a $25,000 Phoenix-metro average. Construction starts summer 2026 with delivery targeted for spring training 2027.

Early-works contract: $3,800,000
Total budget: $20,900,000
New parking spaces: 186 (total of 412)
Cost per space: ~$97,000 (vs. $25,000 Phoenix-metro average)
Construction start: Summer 2026

BEX LMS Event Details Major Public Works Projects Across the Valley - AZBEX (April 17, 2026)

AZBEX's BEX LMS public works recap detailed several significant regional infrastructure initiatives, including the $114.4 million Estrella Bridge, the $32.3 million Bullard Wash Trail Extension, and the $34.5 million Municipal Operations Complex. The event also noted the acceleration of two I-10 interchanges originally slated for 2040 through 2045 delivery into more near-term construction windows.

Estrella Bridge: $114,400,000
Bullard Wash Trail Extension: $32,300,000
Municipal Operations Complex: $34,500,000
I-10 interchanges: Pulled forward from 2040 to 2045 schedule

Hotels

Caliber Advances Hyatt Studios Extended-Stay Development at Scottsdale Riverwalk - GlobeNewswire (April 22, 2026)

Caliber (Nasdaq: CWD) announced it is advancing its Hyatt Studios extended-stay development platform across three markets, including a Scottsdale Riverwalk site controlled via long-term ground lease. Design review and conditional use permit approvals are in process with targeted entitlement completion by Q3 2026. The upper-midscale extended-stay concept is purpose-built to capture corporate and project-driven demand tied to the region's industrial and semiconductor projects.

Developer: Caliber (Nasdaq: CWD)
Location: "The Riverwalk," Scottsdale
Brand: Hyatt Studios (upper-midscale extended-stay)
Site control: Long-term ground lease
Entitlement target: Q3 2026

Scottsdale Undergoes Resort Repositioning Wave with Multiple Renovations and New Openings - AZ Big Media (April 20, 2026)

Scottsdale's hospitality market remained the epicenter of Phoenix Metro investment this week. SkyPlus Hotel broke ground on a dual-branded property at SkyBridge Arizona, and the Westin Kierland Resort & Spa launched a multi-phase renovation. The Hilton Scottsdale Resort & Villas continued its $24 million renovation including new 2-bedroom private-pool villas and the Salt & Sol Mediterranean poolside restaurant. New villas are also being added at the JW Marriott Camelback Inn.

New ground-up: SkyPlus Hotel (dual-branded, SkyBridge Arizona)
Westin Kierland Resort & Spa: Multi-phase renovation launched
Hilton Scottsdale Resort & Villas: $24,000,000 renovation
JW Marriott Camelback Inn: New villa additions

Scottsdale's New Era of Hotels Delivers Kimpton, AC Old Town, and JW Marriott Transformation - Experience Scottsdale (April 2026)

The Scottsdale hospitality pipeline continues to deliver high-profile repositionings, including the Kimpton Miralina Resort & Villas (260 redesigned rooms on a 40-acre foothills site), a $25 million spa transformation at the JW Marriott Camelback Inn, and the 168-room AC Hotel Scottsdale Old Town opened by PEG Companies with Gensler and Edge ID leading design and Okland Construction as general contractor.

Kimpton Miralina Resort & Villas: 260 rooms on 40 acres
JW Marriott Camelback Inn spa transformation: $25,000,000
AC Hotel Scottsdale Old Town: 168 rooms (delivered by PEG Companies)

Let's Connect

We connect with landowners and developers across the Phoenix Metro on a daily basis. If you'd like to discuss how any of these transactions, rezonings, or development announcements may affect your land, your portfolio, or your next project, we would welcome the conversation. Reach out anytime.

This digest is compiled for informational purposes and reflects publicly reported commercial real estate activity in the Phoenix metropolitan area for the week of April 16 to April 23, 2026.

John Finnegan

Senior Vice President | Land

(602) 222-5152

Ramey Peru

Senior Vice President | Land

(602) 222-5154

AZRE Forum Coverage | Connect Phoenix Multifamily 2026

The Phoenix CRE Brief - 4/16/2026

Ramey — Thu, 16 Apr 2026 13:41:16 GMT

Executive Summary

Three key takeaways from this week's Phoenix commercial real estate activity:

1. Phoenix Industrial Market Posts 4.9 Million SF of Net Absorption in Q1, Up 200% Year-Over-Year: Updated first-quarter data confirms the industrial sector has decisively exited its supply-driven correction. Three separate leases exceeding 1 million SF were executed in a single quarter, entirely exhausting the market's available inventory of contiguous million-SF blocks. Vacancy compressed 80 basis points to 10.2%, and asking rents climbed 6% year-over-year to $1.06 NNN.

2. Phoenix Ranks Second Nationally for New Hotel Room Deliveries in 2026: The Valley is on pace to open 3,650 new hotel rooms across 22 properties this year, trailing only New York City and representing a 117% increase over 2025 deliveries. The supply wave is strategically distributed into outer suburbs including Goodyear, Peoria, Tolleson, and the Mesa Gateway corridor to capture transient corporate workforce demand tied to TSMC, Amkor, and LG Energy projects.

3. Phoenix Office Market Sustains Recovery as Vacancy Falls to 20.3%: The office sector posted a sixth consecutive quarter of positive absorption with 135,807 SF of gains in Q1 2026, while overall vacancy declined from 23.9% in Q1 2024 to 20.3%. Class B product led leasing momentum at 314,836 SF of absorption, and Tempe emerged as the strongest submarket with 166,031 SF of net absorption.

Market Overview

The commercial real estate landscape across the Phoenix Metropolitan Area continues to navigate a profound structural evolution. Between 2019 and 2025, the local economy added more than 250,000 jobs, representing an 11% increase and positioning the region as one of the fastest-growing employment hubs in the United States. At the 2026 AZRE Forum held on April 16 at The Camby Hotel, industry leaders noted that the availability of water and power has eclipsed zoning and capital costs as the primary gatekeeper for future commercial growth. At the Connect Phoenix Multifamily 2026 conference on April 14, institutional capital was characterized as abundant but deploying with extreme selectivity, with investors demanding higher equity return thresholds and closely monitoring submarket-level supply overhangs.

Land

ReDiscover Industrial Park Advances on 2,300-Acre Buckeye Assemblage - Commercial Search (April 2026)

Developers are targeting a 2,300-acre land assemblage in Buckeye for the proposed "ReDiscover Industrial Park," a premier regional industrial hub. The scale of the land play matches the footprint of the largest innovation districts currently underway in North Phoenix and signals strong municipal alignment with the strategy of positioning Buckeye as the dominant logistics and distribution gateway between the ports of Southern California and the broader Southwest.

Site size: 2,300 acres
Location: Buckeye, West Valley
Strategic positioning: Logistics gateway between Southern California ports and the Southwest

Deer Valley Infill Land Assembly Targets Semiconductor Supplier Ecosystem - Rose Law Group Reporter (April 2026)

A Michigan-based developer closed on a 4.5-acre parcel at 2117 West Whispering Wind Drive in the land-constrained Deer Valley submarket as part of a broader 15-acre, $100 million initiative to develop small-bay industrial projects. The surgical infill strategy targets premium, expensive land directly adjacent to the nearby semiconductor fabrication plants to capitalize on the immediate need for localized supplier space.

Parcel size: 4.5 acres (part of 15-acre, $100M assemblage)
Total investment: $100,000,000
Strategy: Small-bay industrial adjacent to TSMC fabrication campus

State Trust Right-of-Way Auction Signals Pinal County Infrastructure Mobilization - Arizona State Land Department (April 16, 2026)

The Arizona State Land Department scheduled a State Trust land auction for April 16, 2026 focused on a perpetual right-of-way easement in Pinal County. While the specific 0.236-acre parcel is limited in scope, the minimum bid of $2,400 represents the type of strategic right-of-way acquisition being actively secured by developers and utility providers to run high-capacity transmission lines, fiber optic networks, and water conveyance systems to previously inaccessible development sites.

Parcel size: 0.236 acres
Minimum bid: $2,400
Implied price per acre: $10,169.49
Implied price per land SF: $0.23

Multifamily

Sanctuair Deer Valley Breaks Ground on 363-Unit Class A Eco-Conscious Community - In Business Phoenix (April 2026)

Sunbelt Investment Holdings broke ground on Sanctuair Deer Valley, a 363-unit Class A multifamily community at the northwest corner of 19th Avenue and West Grandview, directly across from Turf Paradise and strategically east of the Interstate 17 employment corridor. Positioned on 18 acres at a density of 20.16 units per acre, the project features unit sizes ranging from 737 to 1,802 SF. The developer is pursuing a National Green Building Standard Silver rating and integrating premium amenities including a cold plunge, golf simulator, meditation room, and citrus orchard, with delivery targeted for Q3 2027.

Total units: 363
Site: 18 acres (20.16 units per acre)
Unit range: 737 to 1,802 SF
Target delivery: Q3 2027
Certification target: NGBS Silver

X Phoenix Developer Hit With $39.9 Million Judgment; Project Interest Ordered Sold - AZBEX (April 9, 2026)

On April 9, 2026, the Maricopa County Superior Court issued a summary judgment in favor of the general contractor on the stalled second phase of the X Phoenix development at 2nd Avenue and Van Buren Street. The court awarded $31.6 million for unpaid work, along with $8.3 million in accrued interest, and authorized the Maricopa County Sheriff's Office to execute the sale of the developer's interest in the planned 25-story, 592-bed tower. The legal outcome underscores the severe capital market vulnerabilities for large-scale urban infill projects operating without fully secured capital stacks.

Judgment amount: $31,600,000 (plus $8,300,000 in accrued interest)
Project: 25-story, 592-bed tower
Location: 2nd Avenue and Van Buren Street, Downtown Phoenix

Phoenix Launches Public-Private Partnership Repurposing School District Land for Affordable Housing - City of Phoenix (April 2026)

The City of Phoenix initiated a program to repurpose underutilized school district land for affordable residential development, addressing the Valley's estimated 59,000-unit shortage for households earning at or below 50% of area median income. The initiative has facilitated the planned development of Wild Rose Flats (72 units) and Salamanca Square (192 units), providing 264 total affordable units targeted at households earning 80% or less of AMI. Construction is set to begin in 2026.

Total units: 264 (72 + 192)
Income targeting: 80% or less of area median income
Market context: 59,000-unit affordable housing deficit
Construction start: 2026

Industrial

Phoenix Industrial Q1 2026: Net Absorption Surges 200% as Vacancy Compresses - Real Estate Daily News (April 2026)

First-quarter 2026 research reports highlight a profound resurgence in tenant demand. The Phoenix industrial market recorded 4.9 million SF of net absorption, a 200% increase year-over-year and nearly 41% above the preceding quarter. Only 1.4 million SF of new space was delivered, the lightest quarterly delivery volume since Q1 2019. Overall vacancy compressed 80 basis points to 10.2%, and average asking rents climbed 6% year-over-year to $1.06 NNN per SF. The big-box segment alone accounted for 5.1 million SF of net absorption, with three separate leases exceeding 1 million SF entirely exhausting the market's inventory of contiguous million-SF blocks.

Q1 net absorption: 4.9 million SF (up 200% YoY)
Q1 deliveries: 1.4 million SF (lowest since Q1 2019)
Vacancy rate: 10.2% (down 80 bps QoQ)
Average asking rent: $1.06 NNN (up 6.0% YoY)
Under construction: 14.0 million SF (26% preleased)

Olive Logistics Center Source | Big-Box Leasing Figures

Three Million-SF-Plus Leases Execute in Southwest Valley During Q1 - Real Estate Daily News (April 2026)

The Southwest Valley submarket served as the epicenter of Q1 leasing activity. Amazon executed a new lease for 1,063,000 SF. DHL signed two massive agreements totaling 1,661,000 SF (1,031,000 SF and 630,000 SF, respectively). Logistics Property Co. secured a tenant for 1,000,000 SF across two buildings at the Olive Logistics Center at 17210 and 17240 West Olive Avenue in Glendale. The LEED Gold campus features 40-foot clear heights, massive solar carport systems, and 190-foot truck courts. Additional notable deals included Tilebar (345,000 SF) and Kenco Group (289,000 SF), both in the Southwest Valley.

Amazon: 1,063,000 SF (new lease)
DHL: 1,661,000 SF combined across two transactions
Logistics Property Co. (tenant): 1,000,000 SF (Olive Logistics Center, Glendale)
Tilebar: 345,000 SF
Kenco Group: 289,000 SF

LG Energy Solution Leases 597,357 SF at CapRock West 202 Logistics - AZBEX (April 14, 2026)

LG Energy Solution leased 597,357 SF across two freestanding warehouses at CapRock West 202 Logistics - Phase 2. Colliers provided leasing advisory services for the transaction, which supports the broader expansion of battery and electric vehicle manufacturing in Arizona.

Lease size: 597,357 SF
Tenant: LG Energy Solution
Property: CapRock West 202 Logistics - Phase 2
Advisory: Colliers (leasing)

Chandler Bay Breaks Ground as $25.3 Million Class A Shallow-Bay Industrial Project - AZ Big Media (April 14, 2026)

A Class A shallow-bay industrial project broke ground at 1820 East Germann Road in Chandler. The 110,481 SF facility is engineered to support high-tech manufacturing, featuring a 5,000-amp power capacity (roughly double the standard for comparable structures) and flexible bay configurations starting around 9,000 SF.

Building size: 110,481 SF
Project cost: $25,300,000
Implied cost per SF: $228.99
Power capacity: 5,000 amps (approximately 2x standard)
Bay configurations: Starting at ~9,000 SF

Chandler Innovation Park Begins Construction on 327,776 SF Across Three Buildings - City of Chandler (April 2026)

Construction began on the Chandler Innovation Park at 19051 South Arizona Avenue. The 21-acre development will provide 327,776 SF across three buildings, featuring 28- to 32-foot clear heights designed for light industrial and logistics users looking to capitalize on proximity to Chandler Municipal Airport and the Loop 202 freeway.

Total size: 327,776 SF
Site area: 21 acres
Building count: 3
Clear heights: 28 to 32 feet

Developer Pursues Entitlements for 1.3 Million SF Warehouse in Buckeye - Connect CRE (April 2026)

A developer is working to secure zoning approval for a 1.3 million SF warehouse project on an 85-acre parcel at State Route 85 and Interstate 10 in Buckeye. The proposed project reinforces the West Valley's consolidation as the region's primary big-box logistics submarket.

Proposed size: 1,300,000 SF
Site area: 85 acres
Location: SR 85 and I-10, Buckeye

Retail

Westwood Financial Acquires Paradise Hills Shopping Center in Phoenix - REBusiness Online (April 2026)

Westwood Financial acquired the Paradise Hills Shopping Center at 10604 to 10622 North 32nd Street and 3110 to 3116 East Shea Boulevard in Phoenix. Colliers represented the seller in the transaction. Positioned on 7.5 acres, the 83,787 SF center is fully occupied by 16 diverse tenants including Ace Hardware, Pet Supplies Plus, and Uptown Jungle, alongside a robust mix of localized food and beverage operators. The transaction exemplifies the liquidity available for well-located, fully leased neighborhood retail assets serving daily consumer needs.

Building size: 83,787 SF
Site area: 7.5 acres
Tenant count: 16
Occupancy: 100%
Brokerage: Colliers (seller representation)

Trader Joe's and Aldi Expand Footprints in North Phoenix - Rise48 Equity (April 2026)

The influx of high-income engineering and technology professionals associated with the TSMC development has triggered aggressive grocer expansion in North Phoenix. Trader Joe's confirmed expansion into the North Phoenix corridor, while Aldi is securing its footprint in the area as the primary retail anchor for the proposed Bell 17 development in Deer Valley.

Market driver: TSMC-related demographic growth
New entrants: Trader Joe's (North Phoenix), Aldi (Bell 17 anchor)

Din Tai Fung to Make Arizona Debut in Scottsdale - Rise48 Equity (April 2026)

Internationally acclaimed culinary brand Din Tai Fung is preparing to make its Arizona debut in Scottsdale, signaling the market's rising profile in the luxury retail landscape. The announcement reflects the broader trend of experiential dining operators clustering into the Valley's high-income corridors.

Market: Scottsdale (Arizona's first location)
Category: Luxury experiential dining

Perry's Steakhouse & Grille to Open First Arizona Location in Gilbert - AZ Big Media (April 2026)

Perry's Steakhouse & Grille announced plans to open its first Arizona location in Gilbert, slated for a June 2026 delivery. The debut continues the trend of upscale national restaurant brands using Gilbert and the East Valley's SanTan corridor as entry points into Arizona.

Market: Gilbert (Arizona's first location)
Expected delivery: June 2026

Harkins Theatres Rolls Out 4D Immersive Experience Across Three Valley Theaters - Connect CRE (April 2026)

Arizona-based cinema chain Harkins Theatres announced the rollout of an immersive 4D sensory experience across three local theaters. The concept integrates synchronized motion seating and environmental cues, reflecting the retail sector's broader mandate to offer compelling, out-of-home experiences that cannot be replicated digitally.

Rollout: 3 Valley theaters
Concept: Synchronized motion seating and environmental cues

Otra Pizzeria and Better Days Bar to Open in Historic Phoenix Building - WhatNow Phoenix (April 9, 2026)

Otra Pizzeria and Better Days bar are opening inside a revitalized historic building in Phoenix, blending high-quality Neapolitan culinary offerings with neighborhood-centric entertainment programming. The adaptive reuse project illustrates the continuing momentum of historic structure revitalization across the urban core.

Concept: Neapolitan pizza and craft bar
Strategy: Adaptive reuse of historic structure

Office

Phoenix Office Market Extends Recovery in Q1 2026; Vacancy Falls to 20.3% - Real Estate Daily News (April 2026)

The Phoenix office sector posted 135,807 SF of positive net absorption in Q1 2026, extending a stabilization streak that contrasts with the severe contractions observed in 2023. Overall vacancy declined to 20.3%, a significant improvement from 23.9% in Q1 2024. Sublease availability fell 30 basis points quarter-over-quarter to 4.2%. Class B properties drove leasing momentum with 314,836 SF of positive absorption, while Class A and Class C assets experienced negative quarterly absorption (though Class A has absorbed nearly 891,000 SF over the trailing four quarters). Tempe led all submarkets with 166,031 SF of net absorption.

Q1 net absorption: +135,807 SF
Vacancy rate: 20.3% (down from 23.9% in Q1 2024)
Sublease availability: 4.2% (down 30 bps QoQ)
Class A asking rent: $42.02 FSG per SF
Class B asking rent: $30.29 FSG per SF
Top submarket: Tempe (+166,031 SF)

Local Investor Acquires Black Canyon Corridor Office Building for $5.35 Million - Real Estate Daily News (April 16, 2026)

A local investor acquired a two-story, 56,042 SF office building at 2225 West Peoria Avenue for $5.35 million. Colliers handled the transaction, providing representation and leasing expertise to the seller. Positioned less than one mile from the $850 million redevelopment of the former Metrocenter Mall, the transaction reflects the stabilization of values for well-located suburban office assets as older, uncompetitive structures are systematically removed from the submarket.

Sale price: $5,350,000
Building size: 56,042 SF
Price per SF: $95.46
Brokerage: Colliers (seller representation)
Location: 2225 W. Peoria Ave., Phoenix (Black Canyon Corridor)

Mixed-Use

Bell 17 Advances as 82-Acre Mixed-Use Campus in Deer Valley - Hoodline (April 2026)

A major mixed-use campus branded "Bell 17" is advancing at the southwest corner of 19th Avenue and Bell Road. Spanning roughly 82 to 93 acres and originally acquired at a state land auction for $26.5 million, the developer envisions a 1 million SF business and residential park. The site plan incorporates general industrial buildings, flex and corporate office space, high-density apartments, and retail pads, with Aldi secured as a primary retail anchor.

Site size: 82 to 93 acres
Land basis: $26,500,000 (state auction)
Implied price per acre: $284,946 to $323,171
Programmed capacity: 1,000,000 SF
Retail anchor: Aldi

Globe Approves "Marigold," the City's First Mixed-Use Development on 58 Acres - AZBEX (April 9, 2026)

The Globe City Council approved a planned area development modification on April 9, 2026 for a 58-acre mixed-use project on Highway 60 named "Marigold." Demonstrating the outward push of institutional development into historically rural tertiary markets, the master plan will deliver a diverse housing stock and commercial amenities across three phases. Phase I includes 120 single-family housing units on 16.52 acres, while Phases II and III will introduce 600 mid-rise multifamily units, a 300-room hospitality asset, and a convention hall across 18.28 acres.

Total site: 58 acres
Phase I: 120 single-family units (16.52 acres)
Phases II & III: 600 multifamily units, 300-room hotel, convention hall (18.28 acres)

Source | Submarket Distribution

Hotels

Phoenix Ranks Second Nationally for 2026 Hotel Room Deliveries with 3,650 New Rooms - Orion Investment Real Estate (April 2026)

The Phoenix Metro is on track to open 3,650 new hotel rooms across 22 properties in 2026, ranking second nationally behind only New York City and representing a 117% increase over 2025 deliveries. The supply wave is strategically distributed beyond luxury Scottsdale resorts and downtown convention properties, with developers aggressively building extended-stay and limited-service product in outer suburbs including Goodyear, Peoria, Tolleson, and the Mesa Gateway Airport corridor. The geographic strategy is explicitly designed to capture transient corporate workforce demand tied to TSMC, Amkor, and LG Energy mega-projects.

New rooms in 2026: 3,650
Properties opening: 22
National ranking: #2 (behind NYC)
Year-over-year growth: +117%

164-Room AC Hotel by Marriott Approved for Downtown Mesa - AZBEX (April 10, 2026)

On April 10, 2026, the Mesa Board of Adjustment approved critical variances necessary for the construction of an AC Hotel by Marriott at 104 East Main Street, on the northeast corner of Main Street and Centennial Way. The five-story, 88,900 SF property will feature 164 rooms and a pedestrian-oriented courtyard. The city's willingness to grant variances regarding floor depths and courtyard dimensions demonstrates a proactive approach to facilitating dense, urban infill development aligned with the revitalization goals of Downtown Mesa.

Rooms: 164
Building size: 88,900 SF
Stories: 5
Implied SF per room: ~542
Location: 104 E. Main Street, Downtown Mesa

114-Room Hyatt Studios Proposed for North Phoenix Master Plan Near TSMC - AZBEX (April 2026)

A Scottsdale-based developer's subsidiary is seeking a zoning stipulation modification to advance a four-story, 114-room Hyatt Studios hotel in the North Phoenix corridor. Located on a 2.28-acre commercial pad near 29th Avenue and Sonoran Desert Drive, the project is part of a broader 40-acre master plan that includes multifamily and retail components. The proposal requires the removal of an existing 25-foot height limitation. The Hyatt Studios brand, an upscale extended-stay concept, is tailored to capture long-term corporate lodging demand generated by the adjacent TSMC ecosystem.

Rooms: 114
Stories: 4
Hotel site: 2.28 acres (within 40-acre master plan)
Brand: Hyatt Studios (upscale extended-stay)

Let's Connect

We connect with landowners and developers across the Phoenix Metro on a daily basis. If you'd like to discuss how any of these developments, transactions, or market trends may affect your land, your portfolio, or your next project, we'd welcome the conversation. Reach out anytime.

This digest is compiled for informational purposes and reflects publicly reported commercial real estate activity in the Phoenix metropolitan area for the week of April 9 to April 16, 2026.

John Finnegan

Senior Vice President | Land

(602) 222-5152

Ramey Peru

Senior Vice President | Land

(602) 222-5154