Executive Summary
Pinal County is becoming the Valley's next mega-scale industrial land frontier. The Arizona State Land Department is seeking I-3 industrial entitlements on 4,695.89 acres east of San Tan Valley, to be auctioned once approved. Zinke Investments is also pursuing a 1,517-acre data center, energy and industrial campus near Stanfield, and Clark Pacific has broken ground on a 110-acre manufacturing plant in Coolidge. For landowners, rail access, highway frontage and power availability are now the main factors setting land value in these corridors.
Semiconductor capital and industrial pricing both point to a premium on specialized, infill locations. Amkor raised its planned Peoria investment to about $12 billion, which should strengthen Northwest Valley demand for supplier sites. In August trades, Gilbert Spectrum Building 3 sold for about $487 per SF while the Tolleson Logistics Center sold for about $114 per SF. That spread of roughly $373 per SF shows buyers paying heavily for Southeast Valley infill product compared with commodity bulk distribution.
Capital is flowing to durable income and repositioning plays in every asset class. Ascend at Black Canyon sold for about $225,769 per unit, PGIM's healthcare partnership bought a Banner-anchored surgery center, and a $44.5 million loan will fund the repositioning of 333 N Central's office space. On the development side, The Lakefront at Scottsdale, Evergreen's Eastmark project and the Tonopah rezonings show owners and municipalities favoring mixed-use densification over single-use projects.
Land
ASLD Seeks Rezoning, Redesignation of 4,695+ Acres in Pinal County - AZBEX (September 8, 2026)
The Arizona State Land Department is requesting three approvals for vacant State Trust land north of Skyline Drive Road and Highway 79, east of San Tan Valley (4,695.89 acres across 11 contiguous parcels): a Comprehensive Plan change to Special District, I-3 industrial zoning and a Planned Area Development overlay. If the requests are approved, ASLD will auction the land before any development. The application positions the site for large employment users because it sits next to the MARRCO rail line and Highway 79. Infrastructure timing and PAD use restrictions will be the key value drivers for an offering of this scale.
Parcel sizes: 32 acres to 650 acres
PAD overlay would restrict some heavy industrial uses otherwise allowed under I-3
1,500-Acre Business and Technology Campus Planned in Pinal County - AZBEX (September 4, 2026)
Zinke Investments has requested a major Comprehensive Plan amendment for the Arizona Independent Technology Campus southeast of Porter and Barnes roads near Stanfield (1,517 acres total). The amendment would redesignate 956 acres from Moderate Low-Density Residential to Employment, and the owner will then pursue industrial rezoning. The conceptual plan puts about half the site in data centers, a quarter in supporting energy generation and a quarter in manufacturing, warehousing and general industrial uses, so power and water strategy will matter more than land pricing at this stage.
Acreage requiring redesignation: 956 acres; the remainder is already designated Employment
Planning-level estimate: 1,350 to 2,800 permanent jobs at full buildout
Elliott D. Pollack & Company Wins Approval for Massive Resi Development in Surprise - The Real Deal (September 9, 2026)
Surprise approved rezoning for Buena Vista Ranch near Pinnacle Peak Road and 227th Avenue, next to the Festival Ranch community (422 acres). The applicant entities trace to Phoenix-based consulting firm Elliott D. Pollack & Company. The development agreement requires the developer to complete roadway improvements, so absorption of the residential and employment acreage will depend on when that infrastructure is delivered.
Residential: approximately 371 acres at varying densities
Employment: approximately 32 acres; open space approximately 20 acres
Multifamily
5 Biggest Metro Phoenix Commercial Real Estate Deals From August - AZ Big Media (September 6, 2026)
Millburn and Company bought Ascend at Black Canyon, a 260-unit community at 28201 N. Black Canyon Hwy. in north Phoenix, from D.R. Horton ($58.7 million). Berkadia provided the acquisition debt. This builder-to-investor sale in the I-17 corridor near TSMC shows institutional capital continuing to buy newly delivered, merchant-built apartments.
Sale price: $58,700,000 for 260 units
Price per unit: approximately $225,769
Updated RFQ Issued for Tempe Affordable Housing - AZBEX (September 9, 2026)
The Tempe Coalition for Affordable Housing issued an updated Request for Qualifications seeking a co-developer to partner on affordable housing in Tempe. The scope may include multifamily affordable, missing-middle and infill housing. No specific site, unit count or capital requirement has been named, so this is an early partner-selection opportunity rather than a defined project.
RFQ issued: September 4, 2026
Submissions due: October 5, 2026
How Metro Phoenix Apartments Have Changed Over a Decade - AZ Big Media (September 6, 2026)
Newly built apartments across the Valley are getting smaller, although the size and pace of the decline vary by city. Scottsdale has held up best (962 SF average, down only 11 SF), while new Phoenix units fell from 916 SF to 852 SF and new Glendale and Tempe units lost 141 SF and 151 SF, respectively. Developers should underwrite unit mix by submarket rather than applying one metro-wide assumption.
Three-bedroom share of new units: Glendale fell from 17% to 8%; Tempe fell from 11% to 5%
One-bedroom units now make up half of new construction in Tempe and Phoenix
Industrial
Amkor Increases Investment in New Arizona Facility to $12 Billion - AZ Big Media (September 9, 2026)
Amkor announced Phase 2 of its Peoria advanced packaging and test campus because customer commitments exceeded the cleanroom capacity planned for Phase 1 (33,000 square meters). The expansion raises total planned investment to about $12 billion. It should add to Northwest Valley demand for supplier sites, power-ready land and specialized industrial services near the TSMC ecosystem.
Phase 2 cleanroom: approximately 60,000 square meters (roughly 646,000 SF)
Phase 2 construction start: late 2027
5 Biggest Metro Phoenix Commercial Real Estate Deals From August - AZ Big Media (September 6, 2026)
Syndicated Equities bought Gilbert Spectrum Building 3 at 1655 W. Elliot Rd. from SunCap Property Group ($56.128 million). INDUS Realty Trust bought the Tolleson Logistics Center at 670 S. 91st Ave. from Nearon Enterprises ($47.8 million). The pricing gap of roughly $373 per SF between the two shows how much more buyers will pay for Southeast Valley infill product than for West Valley bulk distribution.
Gilbert Spectrum Building 3: 115,212 SF; approximately $487.17 per SF
Tolleson Logistics Center: 417,600 SF; approximately $114.46 per SF
RED Development Pays $28.6M for Former General Electric Campus Off Interstate 17 - Phoenix Business Journal (September 9, 2026)
RED Development acquired the former General Electric office campus at I-17 and Thunderbird Road in north Phoenix ($28.6 million, approximately 28 acres). The existing office improvements will be demolished and replaced with three industrial buildings totaling more than 450,000 SF. The deal shows obsolete freeway-corridor office land being worth more under an industrial redevelopment plan than as continued office, particularly with TSMC-driven supplier demand building to the north.
Price per acre: approximately $1,021,429
Price per land SF: approximately $23.45
Clark Pacific Breaks Ground on Coolidge Manufacturing Plant - AZ Big Media (September 4, 2026)
Clark Pacific broke ground on a phased manufacturing plant for prefabricated building systems in Coolidge (110 acres at completion). The company will manufacture from a temporary facility while permanent construction continues. The finished plant will triple its production capacity, adding another heavy-industrial user to Pinal County’s growing I-10 manufacturing corridor.
Final phase completion target: spring 2027
Production capacity: expected to triple once complete
Basis Closes Surprise Land Deal, Self-Storage Venture on Way - Connect CRE (September 9, 2026)
Basis Industrial closed on land at 17140 W. Waddell Rd. in Surprise and a $20.5 million construction loan from NexBank and NexPoint for its first Arizona self-storage development. The 707-unit, climate-controlled facility sits within the Truman Ranch master-planned community, tying demand directly to new rooftops and apartments in the area. The land price was not disclosed, so no per-acre calculation is available.
Program: approximately 102,673 SF; 707 climate-controlled units; opening targeted for fall 2027
Construction loan basis: approximately $199.66 per SF of planned building area
Retail
Phoenix Retail Market Remains Tight Despite Pressure on Smaller Tenants - Real Estate Daily News (September 4, 2026)
Marcus & Millichap expects metro retail vacancy to end 2026 at 5.2%, up 30 basis points but still about 110 basis points below the 10-year average. Phoenix recorded roughly 1.1 million SF of first-half net absorption, the highest among major U.S. markets. Larger centers are tightening, while smaller shop space is loosening as restaurant and fast-food tenants face pressure from shifts in discretionary spending.
2026 deliveries: approximately 2.8 million SF, nearly 90% precommitted
Vacancy by building size: buildings over 20,000 SF fell to about 5%; smaller buildings rose to nearly 4%
Source: Real Estate Daily News
Office
Sprouts Farmers Market Celebrates Opening of New Phoenix Support Office Following Multi-Year Real Estate Journey - PR Newswire (September 9, 2026)
Sprouts opened its build-to-suit corporate headquarters at CityNorth in north Phoenix (180,000 SF). Keyser Commercial Real Estate advised on site selection, incentives, transaction management and project management. The campus combines office, a flagship Sprouts store and complementary retail, adding a major owner-occupied employer that supports nearby multifamily and retail absorption.
Campus: 7 acres at CityNorth, near 56th Street and Loop 101
Program: new office building, flagship Sprouts store and additional retail
Foundation 8 Secures $44.5 Million Financing for 333 N Central Avenue in Downtown Phoenix - PR Newswire (September 9, 2026)
Hilco Global’s Real Estate Capital practice provided a $44.5 million first mortgage on the office component of 333 N Central Avenue. The collateral is Class AA office space on the top eight floors plus ground-floor retail (249,012 SF combined). The loan refinances Foundation 8’s December 2025 acquisition debt and funds leasing, tenant improvements and capital work to convert the former single-tenant headquarters to multi-tenant use; a separately owned 242-key Westin occupies the middle of the tower.
Collateral: 246,490 SF of office plus 2,522 SF of ground-floor retail
Loan basis: approximately $178.71 per SF across the combined 249,012 SF
Two Scottsdale Airpark Office Buildings Sell for $21M as Phoenix Market Recovers; Plus More Deals - Phoenix Business Journal (September 4, 2026)
Entities associated with Wentworth Property Company sold two Scottsdale Airpark office buildings on Hartford Drive in separate transactions ($21.02 million combined). An entity associated with Gammage & Burnham bought the 66,100 SF One Scottsdale Landing, a medical office building at 8665 E. Hartford Dr. ($10.75 million), and an entity associated with Santo Dino Prato bought the 82,800 SF Two Scottsdale Landing at 8777 E. Hartford Dr. ($10.27 million). Both sold far below the replacement cost of new Airpark product, which points to value-add and owner-user opportunity in older suburban office.
One Scottsdale Landing: approximately $162.63 per SF
Two Scottsdale Landing: approximately $124.03 per SF (combined approximately $141.17 per SF across 148,900 SF)
PGIM Partnership Expands Outpatient Medical Portfolio with Banner-Anchored Phoenix Acquisition - Real Estate Daily News (September 10, 2026)
Lincoln Property Company and PGIM bought the Surgery Center of Gilbert at 6003 E. Baseline Rd. in Mesa, their first joint acquisition in metro Phoenix (13,957 SF). The single-tenant ambulatory surgery center is operated by a partnership of Banner Health, Atlas and physician partners and is secured by a long-term lease. The price was not disclosed, but the deal establishes a new institutional healthcare foothold in the East Valley.
Site: 1.77 acres near Banner Gateway Medical Center and Banner MD Anderson Cancer Center
Five-mile trade area: more than 124,000 households and a daytime population of almost 280,000
Mixed-Use
Scottsdale Lakefront 100K-SF Mixed-Use Redevelopment Set to Break Ground - Connect CRE (September 9, 2026)
Diversified Partners will break ground on The Lakefront at Scottsdale at 7501 E. McCormick Pkwy., the former Charthouse site (approximately 100,000 SF). The redevelopment will add restaurants, boutique and experiential retail, Class A office and public gathering space, and longtime office tenant Forever Living Products will stay. The project shows how dated waterfront commercial sites in infill Scottsdale can be repositioned around food and beverage.
Groundbreaking: September 24, 2026
Announced concepts: La La Land Kind Cafe, V Modern Italian and SUSHISAMBA
Evergreen Development Acquires Eastmark Site for Mixed-Use Development in Mesa - Real Estate Daily News (September 3, 2026)
Evergreen Development bought a parcel north of Signal Butte and Warner roads in Mesa’s Eastmark submarket from Brookfield (11.7 acres). The site is adjacent to Evergreen’s Safeway-anchored center. The plan pairs apartments with neighborhood-serving retail, tying commercial absorption directly to Eastmark’s rooftop growth; the price was not disclosed.
Multifamily: 261 units in nine three-story buildings; groundbreaking Q1 2027, lease-up Q2 2028
Retail: approximately 8,500 SF multi-tenant building plus a 2,360 SF freestanding Chipotle with drive-thru
Dual Plans Will Create Massive W. Valley Mixed-Use - AZBEX (September 9, 2026)
The Maricopa County Board of Supervisors approved two Arizona Land Consulting rezonings near I-10 and 411th Avenue in Tonopah on September 2. Together they could create a mixed-use cluster with data centers, warehousing, multifamily, hotels, retail, an amusement and indoor theme park, and a film production studio. Colliers Engineering & Design is providing planning and engineering, but no final development plan has been submitted yet, so power, water, access and phasing remain the critical diligence questions.
Camelback Creek: more than 300 acres, industrial and data center oriented; Balterra: 593 acres, entertainment and hospitality oriented
Estimated combined development cost: $6 billion to $10 billion
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 President | Land Senior Vice President | Land
ramey.peru@colliers.com john.finnegan@colliers.com
(602) 228-3638 (602) 405-5212