Executive Summary
Employment land is moving outward, and rail and infrastructure access are setting the price. LKY Development is pursuing industrial zoning on roughly 5,157 acres near Tonopah, while OmniTRAX paid $6.75 million for 25 rail-served acres in Casa Grande ($270,000 per acre; $6.20 per land SF) and a nearby 26-acre rail-adjacent site is seeking heavier I-3 zoning. Closer in, De Rito Partners paid $67.4 million for 130 acres in Halo Vista ($518,278 per acre; $11.90 per land SF), showing how TSMC-driven growth is lifting values for supporting commercial land in north Phoenix.
Apartment capital is active across the entire capital stack. Blackstone sold Gilbert's Cadia Crossing for $80 million ($288,809 per unit) and D.R. Horton sold Ascend at Black Canyon for $58.7 million ($225,769 per unit), while Empire Group broke ground on the 533-unit Revelry near ASU backed by a $229 million construction loan ($429,644 per unit). Lenders are also leaning into build-to-rent, with Värde Partners providing a $65.5 million refinance on the 240-unit Village at Sonoran Vista near TSMC ($272,917 per unit).
Advanced manufacturing and committed occupiers are driving the strongest industrial and office activity. Gilbert's Spectrum Building 3 traded for $56.13 million ($487.19 per SF), Northrop Grumman is adding a roughly 120,000 SF space facility in Gilbert, and AF Steel Fabricators is investing $20 million to quadruple its daily steel processing capacity. On the office side, McCarthy Building Cos. committed to 96,250 SF on Camelback Road and Dunmor Real Estate is relocating its headquarters from Los Angeles to Tempe.
Land
De Rito Partners Acquires 130 Acres in Halo Vista for North Phoenix Auto Mall - Phoenix Business Journal (September 29, 2026)
Scottsdale-based De Rito Partners bought approximately 130 acres within the Halo Vista master plan near TSMC from Mack Real Estate Group. Plans call for an auto mall with 11 dealership parcels, with the first openings targeted for 2028. The deal shows how the maturing north Phoenix employment base is creating demand for large-format commercial and service land around the semiconductor campus.
Sale price: $67,376,129 for approximately 130 acres
Price per acre: approximately $518,278
Price per land SF: approximately $11.90
Program: 11 dealership parcels; openings targeted for 2028
Denver Rail Operator Buys 25-Acre Industrial Site in Casa Grande - Phoenix Business Journal (September 30, 2026)
Denver-based OmniTRAX acquired 25 acres in Casa Grande for a rail-served industrial outdoor storage site. The purchase adds a rail operator to the growing list of users targeting Pinal County’s I-10 and Union Pacific corridor, where land basis remains a fraction of infill Maricopa County pricing.
Sale price: $6,750,000 for 25 acres
Price per acre: approximately $270,000
Price per land SF: approximately $6.20
Scottsdale Firm Seeks Rezone for 5,157-Acre Industrial Site West of Phoenix - Phoenix Business Journal (September 28, 2026)
LKY Development is advancing zoning for approximately 5,157 vacant acres generally between 347th and 371st avenues north of Indian School Road near Tonopah, land formerly part of the largely residential Belmont master-plan framework. Potential uses include logistics, warehousing, manufacturing, data centers, energy production and battery storage, and the county previously amended the comprehensive plan to Heavy Industrial. No tenants or construction schedule were announced, but the scale signals that the Far West Valley is being positioned as the region’s next large-format employment and energy node.
Size: approximately 5,157 acres
Comprehensive plan designation: Heavy Industrial
Rezoning Could Enhance Uses for 26-Acre Pinal County Site - AZBEX (September 29, 2026)
Brady & Brady Properties is seeking to rezone a 26-acre site at the northeast corner of Burris and Clayton roads, south of the Maricopa-Casa Grande Highway and the Union Pacific Railroad, from I-2 to I-3 Industrial. The change would broaden allowable industrial and rail-oriented uses; a prior concept contemplated a roughly 20,000 SF building, but no end user has been identified. The request remains under review.
Size: 26 acres
Zoning request: I-2 General Industrial to I-3 Industrial
Multifamily
Blackstone Entity Sells Gilbert Apartments for $80 Million After Seven-Year Hold - Phoenix Business Journal (September 29, 2026)
A Blackstone entity sold Cadia Crossing, a 2017-built community at 230 E. Civic Center Drive in Gilbert, to Mesirow in a deal that closed September 23. The property sits on 13.18 acres and was approximately 94.6% occupied at the time of reporting. The trade provides a clean current benchmark for stabilized, newer-vintage Southeast Valley apartments.
Sale price: $80,000,000 for 277 units
Price per unit: approximately $288,809
Unit mix: 121 one-bedroom, 112 two-bedroom and 44 three-bedroom units
D.R. Horton Sells 260-Unit Ascend at Black Canyon in North Phoenix - Real Estate Daily News (September 25, 2026)
Millburn & Company acquired the 2024-built community at 28201 N. Black Canyon Highway in the Deer Valley area from D.R. Horton, with Institutional Property Advisors representing the seller and procuring the buyer. The I-17 corridor asset sits in a renter pool supported by TSMC’s supplier ecosystem and nearby employers including HonorHealth, PetSmart, Honeywell Aerospace and American Express.
Sale price: $58,700,000 for 260 units
Price per unit: approximately $225,769
Site: more than 10 acres
Average household income within one mile: $163,500
Empire Group Breaks Ground on $288M Luxury Tower Project Near ASU - Phoenix Business Journal (September 29, 2026)
Empire Group broke ground September 28 on Revelry, a 533-unit project with 15- and 17-story towers at 965 E. University Drive, directly adjacent to ASU’s Tempe campus. The development will include 16,300 SF of ground-floor retail and more than 100,000 SF of amenities, financed in part by a $229 million construction loan from Mavik. Securing nine-figure construction debt in this rate environment shows lenders still back high-barrier, campus-adjacent infill.
Project cost: $288,000,000 (approximately $540,338 per unit)
Construction loan: $229,000,000 (approximately $429,644 per unit)
Density: 533 units on approximately 2.18 acres (approximately 244 units per acre)
Empire Lands $65.5M Refi on Phoenix BTR Community - Connect CRE (September 25, 2026)
Värde Partners provided Empire Group a floating-rate loan to refinance Village at Sonoran Vista, a 240-unit build-to-rent community at 30825 N. North Valley Parkway completed in January 2026. The loan carries a three-year initial term plus two one-year extensions to support lease-up, and the 34-acre property sits within three miles of TSMC’s campus.
Loan amount: $65,500,000
Debt per unit: approximately $272,917
Site: 240 units on 34 acres
Development Team Pursuing 376-Unit Tempe Apartment Venture - Connect CRE (September 28, 2026)
Widewaters and Trammell Crow are seeking approvals for five four-story apartment buildings on approximately 12 acres at the southwest corner of Ruby and Priest drives, next to the Emerald Center mixed-use project and IKEA. The unit mix skews heavily toward one-bedroom units, targeting local workforce renters. A Tempe City Council rezoning vote was expected October 15.
Program: 376 units on approximately 12 acres (approximately 31 units per acre)
Unit mix: 37 studios, 207 one-bedroom, 117 two-bedroom and 15 three-bedroom units
Industrial
Gilbert Spectrum Building 3 Sells for $56.1 Million - Gilbert Independent (September 2026)
An entity associated with Syndicated Equities purchased the 115,212 SF Spectrum Building 3 at 1655 W. Elliot Road in Gilbert. The building’s unusually high parking count points to advanced manufacturing, R&D or other employee-intensive use rather than conventional warehousing, which explains pricing far above typical distribution comps.
Sale price: $56,130,000 for 115,212 SF
Price per SF: approximately $487.19
Financing: $33,680,000 from Old National Bank
Northrop Grumman Expands Space Operations in Gilbert - ABC15 Arizona (October 1, 2026)
Northrop Grumman is expanding its Gilbert space-operations campus with a new facility to support growing satellite programs. The expansion strengthens the East Valley’s aerospace cluster and adds demand for specialized, high-power industrial product.
New facility: approximately 120,000 SF
Steel Fabrication Company Invests $20M to Open Second East Valley Factory - Phoenix Business Journal (September 25, 2026)
AF Steel Fabricators is investing in a second East Valley manufacturing operation, with demand tied in part to data center and semiconductor construction. The expansion is a direct example of how mega-project construction is generating secondary industrial demand from suppliers.
Investment: approximately $20,000,000
Processing capacity: approximately 60 tons per day expanding to 240 tons per day
Palm Gateway Logistics Center Lands $68.3 Million Refinance - Commercial Search (September 29, 2026)
Logistics Property Co. secured a refinancing loan from PCCP for its four-building, LEED Silver campus at 8130 E. Pecos Road near Phoenix-Mesa Gateway Airport, retiring a $62.9 million construction loan from 2022. The speculative park reached 52.4% occupancy by early 2026, anchored by Hims at roughly 289,000 SF through 2036. Refinancing a partially leased spec project shows lenders will still back well-located Mesa Gateway product with a credible anchor.
Loan amount: $68,300,000 on 614,544 SF (approximately $111.14 per SF loan basis)
Occupancy: 52.4% as of early 2026
Clear heights: 28 to 36 feet
Outfront Media Sells Black Canyon Highway Flex and Outdoor Storage Property - AZBEX (September 29, 2026)
Outfront Media sold a 5.26-acre flex property at 6250 N. Black Canyon Highway with 14,900 SF of office and 7,000 SF of warehouse. Infill sites with large outdoor storage yards are difficult to replicate under current zoning, which supports pricing well above what the building alone would justify.
Sale price: $6,250,000 for 21,900 SF on 5.26 acres
Price per building SF: approximately $285.39
Price per land SF: approximately $27.28
Retail
Cohen & Steers REIT Acquires Phoenix Shopping Center - Commercial Search (October 1, 2026)
Cohen & Steers Income Opportunities REIT, in a joint venture with Sterling Organization, acquired Grand Canyon Crossing at Bethany Home Road and 35th Avenue from Goldman Sachs Asset Management. The 2005-built center is anchored by a Walmart Supercenter, sits about 1.5 miles from Grand Canyon University and was 99% occupied at sale. Institutional buyers continue to treat infill, Walmart-anchored centers as defensive, necessity-based income.
Size: approximately 303,000 SF on approximately 33 acres
Occupancy: 99%
Anchor: approximately 207,000 SF Walmart Supercenter
Sale price: not disclosed
Multiple New Buckeye Restaurants Set to Open at Verrado Marketplace - Phoenix Business Journal (September 29, 2026)
Vestar’s Verrado Marketplace has multiple restaurants scheduled to open by year-end as the West Valley project continues its tenant rollout. Restaurant absorption in Buckeye reflects retailers following rooftop growth along the I-10 corridor.
Office
Dunmor Real Estate Moves Headquarters to Tempe - Tempe Independent (September 30, 2026)
Los Angeles-based private real estate lender Dunmor Real Estate signed the first announced lease in Horizon Bay’s speculative suite program at 1337 E. Rio Salado Parkway in the Novus Innovation Corridor. CBRE represented landlord Silver Creek Development, which is also adding a 2027 amenity package with an executive boardroom, lounge and training room for more than 100 people. The deal shows move-in-ready spec suites are winning relocating corporate users.
Lease size: 9,365 SF
Delivery: first quarter of 2027
General Contractor More Than Doubles Valley Office Space - Phoenix Business Journal (September 28, 2026)
Several major contractors are expanding their Valley office footprints as construction pipelines tied to semiconductors, data centers and infrastructure keep growing. McCarthy Building Cos. signed a large lease on Camelback Road, Alston Construction more than doubled its Tempe space, and Kitchell and Okland are also expanding.
McCarthy Building Cos.: 96,250 SF at 3133 E. Camelback Road
Alston Construction: approximately 10,000 SF in Tempe
Old Town Scottsdale Office Redevelopment Work Continues with Cafe to Open in November - Phoenix Business Journal (September 30, 2026)
George Oliver Cos. is moving Arbor Old Town, a multi-building redevelopment including 7272 E. Indian School Road, toward completion with additional speculative office suites under construction. A cafe and cocktail bar amenity is scheduled to open in November, reinforcing the hospitality-style amenities that differentiated office product needs to compete.
Healthcare
Three-Building Medical Office Portfolio Sells for $12.8 Million - Press Release (September 29, 2026)
CBRE facilitated the sale of three medical office buildings across Glendale, Phoenix and Chandler. MCR Companies acquired the Glendale and Chandler assets as part of a 1031 exchange, while Empower College Prep purchased the Phoenix building for owner occupancy. The blended pricing points to a value-add basis, and the education buyer shows alternative users are absorbing older medical office space.
Sale price: $12,800,000 for 98,477 SF (approximately $129.98 per SF blended)
Properties: 5891 W. Eugie Avenue, Glendale (35,845 SF); 2302 N. 75th Avenue, Phoenix (44,000 SF); 1717 W. Chandler Boulevard, Chandler (18,632 SF)
Site: approximately 9.3 acres combined
Mixed-Use
Buckeye P&Z Recommends 2,771-Acre Cascade Master Plan - AZBEX (September 25, 2026)
The Buckeye Planning and Zoning Commission unanimously recommended Mattamy Homes’ master-plan amendment and PAD rezoning for The Cascade, roughly two miles north of I-10 between the Bethany Home Road and Thomas Road alignments and between Turner Road and Sun Valley Parkway. The plan spans six villages with single-family, multifamily, build-to-rent, commercial, mixed-use and educational uses. City Council action is still required.
Size: approximately 2,771 acres
Residential capacity: up to 11,600 units (approximately 4.2 units per gross acre)
Nonresidential: approximately 30 to 115 acres
What This All Means for You
As Phoenix land brokers and Arizona land brokers, we connect with landowners, developers, homebuilders and institutional capital across the Phoenix Metro every single day. Whether you are recalibrating land basis in the far West Valley or Pinal County, buying or selling commercial land in Maricopa County, underwriting a stabilized multifamily or power-heavy industrial acquisition, or working through entitlement, water and power questions on a master-planned, data center 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.
Common questions we help answer: What is my land worth today? How do recent data center denials and annexations change my entitlement timeline and risk premium? Should I sell entitled dirt to a homebuilder or carry it through horizontal construction? What are current comparable sales for industrial land, multifamily sites, retail pads and hotel parcels across Maricopa and Pinal counties?
If you are looking for experienced Phoenix land brokers or Arizona land brokers who know Maricopa County and Pinal County dirt, reach out to start the conversation.
Until Next Time,
Ramey Peru & John Finnegan
Senior Vice Presidents | Land
ramey.peru@colliers.com | john.finnegan@colliers.com
(602) 228-3638 | (602) 405-5212
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