Executive Summary
TSMC’s supply chain now sets the price of North Phoenix land. Three Taiwan-based suppliers paid a combined $48 million for roughly 42 acres at Mack Innovation Park in Deer Valley (about $1.15 million per acre), all buying from a single HVAC firm that had assembled the site just months earlier. Industrial-zoned dirt near the fabs is genuinely scarce, and suppliers are paying a premium to lock in a front-row position next to the $265 billion campus.
Build-to-rent keeps expanding into the growth-corridor suburbs. NexMetro opened its 26th Valley community with 214 detached rental homes in Buckeye, a submarket it is targeting on the strength of 24-plus percent population growth since 2020. With apartment deliveries slowing sharply, capital continues to favor the horizontal, single-family-style rental format that competes directly with for-sale housing.
Obsolete office is being reborn as hospitality. LaPour Partners is converting a vacant 19-story Arizona Center office tower into a 340-room JW Marriott (about $588,000 per room), and Mesa greenlit a $39 million AC Hotel by Marriott (about $260,000 per room) downtown. Adaptive reuse and public-private hotel structures are pulling dead space off the market while adding rooms in undersupplied submarkets.
Land
Three TSMC Suppliers Close $48M in Deer Valley Land Deals at Mack Innovation Park Phoenix Business Journal (August 19, 2026) Three Taiwan-based TSMC suppliers bought vacant industrial land at Mack Innovation Park on August 10, all from HVAC firm Mornstair, which had paid $59.9 million for 51.9 acres in February. Propersys Corporation took 21.48 acres, Muaqua Engineering (a Mega Union subsidiary) took 10.18 acres, and Gold Stone Development took 10.04 acres, per Vizzda. The cluster underscores how fast supplier demand is repricing dirt near the campus.
Propersys: $24,808,726 for 21.48 acres (about $1,155,000 per acre / $26.51 per land SF)
Muaqua: $11,732,324 (about $1,152,000 per acre); Gold Stone: $11,531,408 (about $1,149,000 per acre)
https://www.bizjournals.com/phoenix/news/2026/08/19/3-taiwan-firms-buy-land-at-mack-innovation-park.html
Walmart Adds Nearly 80 Acres in Buckeye Across Two Deals Phoenix Business Journal (August 13, 2026) Walmart acquired roughly 79 acres across two non-adjacent Buckeye sites along Southern Avenue for $21,375,692 combined, extending its footprint near an existing distribution center it has run for nearly 25 years. JLL brokered the 40-acre Zeitlin Capital parcel; Peak Group repped the seller on the 39-acre Cardinal Capital site. The retailer has not disclosed its plans for either site.
40-acre parcel (Zeitlin Capital): $9,556,992 (about $238,925 per acre / $5.49 per land SF)
39.09-acre parcel (Cardinal Capital): $11,818,700 (about $302,300 per acre / $6.94 per land SF)
https://www.bizjournals.com/phoenix/news/2026/08/13/walmart-buys-more-buckeye-land-az.html
Multifamily
NexMetro Opens 214-Home Avilla Marigold in Buckeye AZ Big Media (August 18, 2026) NexMetro Communities opened Avilla Marigold, its 26th Valley Avilla community, bringing 214 single-level, mostly detached cottage-style rental homes to a 19-acre site at 19765 W. Thomas Road. Pre-leasing is underway with base rents from roughly $1,399 to $1,949. The developer cites Buckeye’s 24-plus percent population growth since 2020 as durable demand.
214 homes on 19 acres (about 11.3 units per acre)
NexMetro has delivered more than 4,000 leased BTR homes across metro Phoenix
https://azbigmedia.com/real-estate/nexmetros-avilla-marigold-brings-214-rental-homes-to-buckeye/
Industrial
DHL Pre-Leases 1.14M-SF VT 303 North in Glendale Commercial Real Estate Direct (August 19, 2026) VanTrust Real Estate secured a full pre-lease on VT 303 North, a roughly 1.14-million-square-foot facility at Northern Avenue and Reems Road, reportedly to DHL, before completion in December 2026. It is the first speculative building over one million square feet in the metro to fully lease before delivery in more than three years. CBRE represented the landlord and JLL the tenant.
Roughly 1,140,000 SF, fully leased pre-completion
Half a mile from Northern Parkway and five miles from Interstate 10
https://crenews.com/2026/08/19/dhl-pre-leases-1-14mln-sf-industrial-property-in-glendale-ariz/
GO 99 North Breaks Ground as Phoenix’s Only Million-SF-Plus Opportunity GuruFocus / Business Wire (August 18, 2026) GO Industrial broke ground on GO 99 North, a 1,100,500-square-foot building at 9797 W. Buckeye Road with 40-foot clear heights and heavy power. Slated for Q2 2027, it is currently the only million-square-foot-plus opportunity available in the market and is offered for lease or sale. Cushman & Wakefield holds the exclusive listing.
1,100,500 SF, 6,000 amps expandable to 9,000 amps
Delivery targeted for Q2 2027
https://www.gurufocus.com/news/9040902/cushman-wakefield-to-lease-11-msf-industrial-facility-in-phoenix-on-behalf-of-go-industrial
CapRock Partners Buys Summit at Surprise for $37.5M AZ Big Media (August 6, 2026) CapRock Partners acquired Summit at Surprise, a newly completed 244,847-square-foot, two-building Class A park on 16.95 acres, from Velocis. The property was about 15 percent leased at closing, giving CapRock immediate lease-up upside in the West Valley. KBC Advisors brokered the sale and JLL leads leasing.
Price: $37,461,591 (about $153 per SF)
Two buildings (79,200 SF and 165,647 SF), 32-foot clear heights
https://azbigmedia.com/real-estate/big-deals/industrial/summit-at-surprise-acquired-by-caprock-partners-for-37-million/
Pivotal and Meadow Acquire Corning-Leased 53 Ten in Glendale for $26.7M citybiz (August 10, 2026) Pivotal Manufacturing Partners and Meadow Partners bought 53 Ten, a 157,523-square-foot advanced manufacturing facility on 19.6 acres at 5310 W. Camelback Road, fully leased to a Corning affiliate serving semiconductor, aerospace, and defense customers. The power-rich, infill asset marks Pivotal’s entry into Greater Phoenix. JLL represented the seller, an entity tracing to Taurus Investment Holdings.
Price: about $26.7 million (about $169.50 per SF)
Single-tenant, credit-backed (Corning, NYSE: GLW) with substantial in-place power
https://www.citybiz.co/article/886788/pivotal-manufacturing-partners-meadow-partners-acquire-phoenix-area-manufacturing-facility/
Nexus Commerce Center Delivers 273,000 SF of Tempe Infill Industrial AZ Big Media (July 28, 2026) Creation, with CrossHarbor Capital Partners and Amherst, completed Nexus Commerce Center, a three-building, 273,000-square-foot Class A park at Elliot Road and Hardy Drive. The 16-acre site converted 200,000 square feet of vacant office into shallow-bay industrial in Tempe’s I-10 corridor. Cushman & Wakefield leads leasing.
Three buildings (88,773 to 103,288 SF), 32-foot clear heights
Office-to-industrial adaptive reuse on a 16-acre infill site
https://azbigmedia.com/real-estate/big-deals/industrial/nexus-commerce-center-completes-construction/
Retail
Scottsdale Towne Center Lands $45.8M Refinancing CBRE Capital Markets (August 17, 2026) The 168,090-square-foot open-air power center at 15444 N. Frank Lloyd Wright Blvd. secured a $45.8 million, five-year, full-term interest-only life-company loan. Shadow-anchored by Target with TJ Maxx, Ross, and Mountainside Fitness inline, the center is roughly 100 percent leased after a 50,000-square-foot backfill. The interest-only structure signals strong lender conviction in stabilized Scottsdale retail.
Loan: $45,800,000 (about $272.48 per SF)
Submarket vacancy near 4.2 percent with rents above $30.20 per SF
https://www.cbre.com/press-releases/cbre-arranges-45-8-million-refinancing-for-scottsdale-towne-center
SimonCRE Sells Peoria Starbucks Pad for $3.45M AZBEX (August 18, 2026) SimonCRE sold a single-tenant Starbucks at 28379 N. El Mirage Road to two private LLCs for $3.45 million, with the tenant in place. The trade reflects continued velocity for passive, bond-like net-lease assets among 1031 and private buyers. Cushman & Wakefield represented the seller.
Price: $3,450,000, fully leased to Starbucks
NNN cap rates in the market holding roughly 5 to 6 percent
https://azbex.com/commercial-real-estate/commercial-real-estate-08-18-26/
Common Bond Plans Sprouts-Anchored Retail Center in Goodyear AZBEX (August 14, 2026) Common Bond Development Group, with Harvard Investments and the City of Goodyear, revealed a grocery-anchored center in the Estrella master plan along Estrella Parkway at North Lake. Phase 1 spans about 35,200 square feet anchored by a 23,000-square-foot Sprouts, with a future phase adding lakeside retail and restaurant space. Groundbreaking is targeted for Q1 2027.
Phase 1: about 35,200 SF (23,000-SF Sprouts, 9,200-SF inline, 3,000-SF pad)
Phase 2 adds 16,000 to 20,000 SF along the lake
https://azbex.com/planning-development/common-bond-announces-sprouts-anchored-estrella-retail-center/
Safeway Opens as Anchor of The Gilmore in Gilbert The Shelby Report (August 7, 2026) Thompson Thrift opened a roughly 64,000-square-foot Safeway anchoring The Gilmore, its 35-acre, $225 million mixed-use development at Val Vista Drive and Germann Road. The project pairs about 200,000 square feet of grocery, restaurant, and retail with 300 apartments now pre-leasing. The grocery anchor strengthens income durability for the residential component.
Safeway: about 64,000 SF anchoring a $225 million project
200,000 SF of retail plus 300 apartment homes
https://theshelbyreport.com/2026/08/07/safeway-opens-as-anchor-of-the-gilmore-in-gilbert-az/
Office
Edwards Professional Park Draws $19.96M in Acquisition Financing AZBEX (August 18, 2026) Albany Road Real Estate Partners secured $19.96 million in acquisition financing on Edwards Professional Park I & II, a two-building, 91,500-square-foot medical office portfolio at 10752 N. 89th Place and 8952 E. Desert Cove Ave. in Scottsdale. The portfolio is 91 percent leased to 47 medical and healthcare tenants, reinforcing medical office as the resilient corner of a soft office market. Cushman & Wakefield’s Healthcare Capital Markets team arranged the loan through a regional bank.
Financing: $19,960,000 (about $218 per SF)
91 percent leased to 47 healthcare tenants
https://azbex.com/commercial-real-estate/commercial-real-estate-08-18-26/
Mixed-Use
Ironwood & Ranch Mixed-Use Project Advances in San Tan Valley AZ Big Media (August 4, 2026) A roughly 23.88-acre mixed-use development is advancing at the southeast corner of Ironwood Road and Ranch Road, one of Pinal County’s fastest-growing corridors. Plans pair about 25,000 square feet of retail with a 50,000-square-foot medical building already under contract to OrthoArizona, plus pads and build-to-suit opportunities. The site fronts a road carrying nearly 34,000 vehicles per day within a 115,000-resident trade area.
About 23.88 acres: 25,000 SF retail plus a 50,000-SF medical building
Trade area average household income exceeds $150,000
https://azbigmedia.com/real-estate/big-deals/retail/ironwood-and-ranch-mixed-use-project-coming-to-san-tan-valley/
Hotels
Vacant Arizona Center Office Tower Headed for 340-Room JW Marriott AZ Big Media (August 12, 2026) LaPour Partners is converting a vacant 19-story, 351,600-square-foot Class A office tower at Arizona Center into a 340-room JW Marriott urban resort, a roughly $200 million adaptive reuse. The building’s 13-foot floor-to-floor heights and 500-plus-square-foot average room sizes make it unusually suited to conversion. The project pulls a large block of obsolete downtown office off the market while adding scarce luxury rooms near the convention center.
About $200 million redevelopment (about $588,235 per room / about $569 per SF)
340 rooms plus roughly 15,000 SF of meeting space on floors 18 and 19
https://azbigmedia.com/real-estate/jw-marriott-downtown-phoenix-converts-office-tower-to-hotel/
ASU’s Novus Corridor to Add 168-Room Tribute Portfolio Hotel KTAR / Arizona Republic (August 15, 2026) A seven-story, 116,855-square-foot Marriott Tribute Portfolio hotel is planned at Novus Innovation Corridor near University Drive and Rural Road on ASU’s Tempe campus. The 168-room property will feature a rooftop pool and bar and 2,700 square feet of meeting space, with construction slated for Q2 2027 and opening in early 2029. Okland Construction leads the project alongside Banbury Development and ASU.
168 rooms in a 116,855-SF, seven-story building
Part of ASU’s broader $150 million-plus Novus sports and venue investment
https://ktar.com/arizona-business/novus-innovation-corridor-hotel-asu-tempe
Mesa Advances $39M AC Hotel by Marriott Downtown Connect CRE (August 13, 2026) Mesa authorized a development agreement for a five-story, 85,000-square-foot AC Hotel by Marriott at Main Street and Centennial Way, with 150 rooms, an outdoor pool, and a public lounge. The $39 million project leans on public support: up to $288,000 in construction sales-tax reimbursement, a 100-space parking license projected to generate $5 million over 50 years, and a roughly $2.1 million property-tax exemption. The deal anchors downtown Mesa’s revitalization around corporate and East Valley tech travel.
$39 million project (about $260,000 per room / about $459 per SF)
150 rooms adjacent to the Center Street light-rail station
https://www.connectcre.com/stories/city-of-mesa-advancing-marriott-hotel-plans/
Connect With Us
As Phoenix land brokers and Arizona land brokers, we connect with landowners and developers across the Phoenix Metro every day. Whether you are recalibrating land basis in the far West Valley or Pinal County, buying or selling commercial land, underwriting a stabilized multifamily or power-heavy industrial acquisition, or working through entitlement, power, and water questions on a master-planned or mixed-use site, our Colliers Phoenix land brokerage team is available for confidential conversations about how the activity in this brief may affect your business and your pipeline. If you are looking for an experienced Phoenix land broker or Arizona land broker who knows Maricopa County and Pinal County dirt, reach out to start the conversation.
Ramey Peru
Senior Vice President | Land
(602) 222-5154
John Finnegan
Senior Vice President | Land
(602) 222-5152