Executive Summary
Trophy resort pricing is resetting the luxury hospitality benchmark. Braemar Hotels & Resorts agreed to sell the Four Seasons Resort Scottsdale at Troon North for $372 million ($1,771,429 per room). The deal reflects a 6.2% cap rate including planned capital spending and comes in roughly 39% above the 2022 purchase price. West Valley select-service supply is also growing, with a 135-room AC Hotel breaking ground at GSQ in Goodyear.
Industrial development is getting more specialized, and infill pricing spreads are widening. Dermody launched 1,213,930 SF at LogistiCenter at Copperwing with the Valley’s first 42-foot clear speculative buildings, and VanTrust started a 463,079 SF cross-dock at VT101 in Glendale. On the investment side, a 69,000 SF West Phoenix property traded for about $446 per SF, a 12-building rail-served park sold for about $107 per SF, and Nox Group paid $137.50 per SF for a Tempe building it will convert into its headquarters.
The residential land pipeline is being reset, not abandoned. The Arizona State Land Department reports that its trust land auctions and zoning support more than 90,000 housing units. New Phoenix BTR plans have fallen from 52 in 2021 to five so far in 2026, even as BTR trades average about $430,000 per unit. Obsolete office continues to feed housing supply: Trammell Crow Residential filed for 319 apartments on a Kierland office site, and more than 2 million SF of Valley office was removed through demolition or redevelopment in the year ended June.
Land
Arizona Prepares for More Than 90,000 Housing Units as State Land Auctions Surge - ABC15 Arizona (October 9, 2026)
The Arizona State Land Department’s recent auctions and zoning actions have built a statewide pipeline of more than 90,000 housing units. Land already sold supports about 4.1 units per acre, and land zoned but not yet auctioned supports about 5.4 units per acre. That points to steady trust land supply for homebuilders over the next several years.
Auctioned FY2023 to FY2026: more than 7,650 acres supporting 31,724 housing units
Zoned for residential, not yet auctioned: 11,295 acres allowing up to 61,174 additional units
Source: ABC15 Arizona
Dominium Pays $11M for Avondale Land, Plans 291 Affordable Rental Townhomes - Hoodline (October 12, 2026)
Minnesota-based affordable housing developer Dominium closed on 25.86 acres at 1020 N. 4th Street in Avondale for Rosilian Villas, a build-to-rent community with completion expected in 2029. ABI Multifamily represented both Dominium and the Indiana-based seller. All 291 townhomes (145 three-bedroom and 146 four-bedroom) will be reserved for households earning at or below 60% of AMI, funded through 4% Low-Income Housing Tax Credits and tax-exempt private activity bonds.
Sale price: $11,000,000 for 25.86 acres
Price per acre: approximately $425,367
Price per land SF: approximately $9.77
Land cost per planned unit: approximately $37,801
Source: Hoodline
San Tan Valley P&Z Recommends Approval for One Project, Denial for Another - AZBEX (October 12, 2026)
The San Tan Valley Planning and Zoning Commission unanimously recommended rezoning a 27-acre Diversified Partners site near the southeast corner of Hunt Highway and Stone Creek Drive from Multifamily Residential to Community Commercial. The concept includes a large retail anchor or wholesale retailer, a drive-thru and a multi-pump fueling station on land once approved for a 153-unit BTR community that was never built. In the same meeting, the commission recommended denial of a separate 3.3-acre commercial request at Gantzel Road and Lone Star Lane, mainly over traffic concerns.
Approved site: 27 acres (Multifamily Residential to Community Commercial)
Adjacent land: State Trust land to the north and east planned for a 3,200-acre master-planned community
Denied request: 3.3 acres with two 9,500 SF commercial buildings
Source: AZBEX
Multifamily
Trammell Crow Residential to Build Apartments in Scottsdale - The Real Deal (October 13, 2026)
Trammell Crow Residential filed plans for a five-story apartment community at 14646 N. Kierland Boulevard, replacing an office building on a site next to the Westin Kierland golf course. The project picks up an office-to-residential plan previously entitled by The Related Group. It is another case of older suburban office land being repriced for residential use in a high-rent submarket.
Program: 319 units with about 13,000 SF of amenities on 5.4 acres
Existing improvements: 80,000 SF office building built in 2000
Prior site basis: $32,000,000 (approximately $100,313 per planned unit)
Source: The Real Deal
After Slowdown and Shocks, Phoenix BTR Market Is Poised for Comeback - AZBEX (October 9, 2026)
New BTR proposals in metro Phoenix have collapsed from their 2021 peak, while Northmarq data shows vacancy improving as deliveries slow. Only a handful of BTR properties traded in the first half of 2026, but pricing rose sharply. With about 3,640 units under construction, supply and demand may approach balance after 2027, which could reopen demand for BTR-zoned land.
New BTR plans: 52 (2021) to 5 (2026 year to date)
Vacancy: 8.8% (down 100 basis points in six months); average rent $1,969 (down 1.7% YoY)
Average transaction price: approximately $430,000 per unit in H1 2026 (up 25% from 2025)
Deliveries: fewer than 1,400 units in H1 2026, versus more than 5,000 per year from 2023 to 2025
Source: AZBEX
18-Unit North Central Phoenix Apartment Community Sells for $3.8 Million - Press Release (October 8, 2026)
Turney Villas, an 18-unit community in North Central Phoenix, sold in a transaction brokered by ABI Multifamily. Small infill assets in the central core continue to trade even while larger new-construction product works through concessions.
Sale price: $3,800,000 for 18 units
Price per unit: approximately $211,111 ($247.57 per SF as reported)
Source: Press Release
Industrial
LogistiCenter at Copperwing Begins Phase II Construction - AZ Big Media (October 14, 2026)
Dermody started Buildings 3 and 4 at LogistiCenter at Copperwing in El Mirage, inside an approved Foreign Trade Zone about 27 minutes from TSMC, with delivery targeted for Q3 2027. They will be the first 42-foot clear speculative buildings in the Phoenix market, adding a full pallet level and about 17% more cubic racking volume than a 40-foot clear building. Phase II follows full lease-up of the 284,421 SF Building 6.
Program: 1,213,930 SF (Building 3: 693,760 SF; Building 4: 520,170 SF), combinable into 1,319,962 SF
Specs: 42-foot clear; 6,000 amps per building; 124 and 86 dock doors
Park: 961 acres with capacity for more than 7 million SF
Source: AZ Big Media
VanTrust Starts Construction on Phase II at VT101 in Glendale - AZ Big Media (October 14, 2026)
VanTrust Real Estate began the third building at VT101, 6091 N. Ballpark Boulevard, along Loop 101 next to Glendale’s sports and entertainment district. Phase I’s two 153,000 SF buildings drew heavy tenant interest and produced two transactions. That response prompted a larger building aimed at logistics and manufacturing users needing about 450,000 SF.
Building: 463,079 SF Class A cross-dock
Specs: 40-foot clear, 100 dock doors, 80 trailer stalls
Source: AZ Big Media
3Z Brands Completes Glendale Expansion; West Phoenix Industrial Property Trades for $30.75 Million - Phoenix Business Journal (October 9, 2026)
Mattress manufacturer 3Z Brands completed a major expansion of its Glendale campus, adding to West Valley manufacturing capacity. In the same roundup, Dayton Street Partners acquired an industrial property at 67th Avenue and Buckeye Road from Lorenzen Land Company. That pricing is roughly four times the per-SF basis of the rail-served park sold at 27th Avenue and Thomas Road the same week.
Dayton Street acquisition: $30,750,000 for approximately 69,000 SF (approximately $446 per SF)
3Z Brands Glendale footprint: approximately 965,821 SF after the expansion
Source: Phoenix Business Journal
Rail-Served 12-Building Industrial Park at 27th Avenue and Thomas Road Sells for $30.25 Million - AZBEX (October 13, 2026)
An entity linked to Reich Brothers Properties bought the rail-served park at the southeast corner of 27th Avenue and Thomas Road from Atkore, an electrical infrastructure manufacturer. The buyer secured new debt from Elkridge that exceeds the purchase price, which points to planned reinvestment in the central Phoenix asset.
Sale price: $30,250,000 for 282,800 SF on 21.7 acres
Price per SF: approximately $106.97
New debt: $31,800,000
Source: AZBEX
Valley Construction Firm Buys New HQ, Eyes $1 Billion in Revenue - ABC15 Arizona (October 12, 2026)
Nox Group, a contractor focused on data centers, semiconductor plants and water infrastructure, bought a full building at 1255 W. Washington Street in The Arroyo complex in Tempe. It plans to convert the industrial space into its headquarters. The firm has absorbed more than 200,000 SF of Valley real estate in the past year as it approaches $1 billion in 2026 revenue.
Sale price: $17,600,000 for 128,000 SF
Price per SF: approximately $137.50
Planned improvements: approximately $30 million
Source: ABC15 Arizona
DSV Leases 251,200 SF at Litchfield Palms Logistics Park in Goodyear - AZBEX (October 13, 2026)
Global logistics firm DSV signed a large lease at 150 N. Litchfield Road in Goodyear, with Johnson Development Associates as landlord. CBRE represented ownership and Lee & Associates represented DSV. The deal adds to steady big-box absorption along the I-10 West Valley corridor.
Lease: 251,200 SF
Park: three buildings totaling 856,000 SF, completed in 2023
Source: AZBEX
Broadway Road Shop Building on 2.1 Acres Sells for $2.95 Million - AZBEX (October 13, 2026)
A 3,300 SF shop building with a canopy at 2435 W. Broadway Road in Phoenix sold to an undisclosed buyer. With a small building on a large lot, the pricing reflects the value of usable infill yard land more than the improvements.
Price per building SF: approximately $893.94
Price per acre: approximately $1,404,762; price per land SF: approximately $32.25
Source: AZBEX
Fujifilm Will Expand Production Capacity at Mesa Facility - AZ Big Media (October 14, 2026)
Fujifilm is expanding copper interconnect CMP slurry production at its FUJIFILM Electronic Materials U.S.A. site in Mesa. It will also add multi-product lines serving advanced logic, memory and packaging applications. The investment deepens the East Valley semiconductor materials supply chain tied to AI-driven chip demand.
Investment: $18 million
Operations start: 2027
Source: AZ Big Media
Retail
Whataburger, Express Oil and Scottsdale Retail Building Trade in Net-Lease Deals - AZBEX (October 13, 2026)
Three retail trades closed across the Valley, two of them tied to 1031 exchanges, which shows continued private-investor appetite for single-tenant net-lease assets. A Whataburger at 4280 W. Bell Road in Glendale sold as the first leg of an exchange. The Express Oil Change & Tire Engineers at 14234 N. Litchfield Road in Surprise sold in a 20-year absolute-net sale-leaseback.
Whataburger (Glendale): $3,200,000 (building size not disclosed)
Express Oil Change (Surprise): $3,200,000; 20-year absolute-net lease
7710 E. McDowell Road (Scottsdale): $2,750,000 for 7,800 SF (approximately $352.56 per SF)
Source: AZBEX
The Original Tavern Will Come to High Street at City North in 2027 - AZ Big Media (October 14, 2026)
Square One Concepts, the group behind Cold Beers & Cheeseburgers and Bourbon & Bones, will open The Original Tavern at 5350 E. High Street in north Phoenix. The upscale neighborhood tavern will include an indoor/outdoor bar, an LED video wall and a golf simulator. It adds another destination food-and-beverage user to the High Street and CityNorth corridor as north Phoenix households grow around the TSMC employment base.
Size: more than 8,000 SF, including a patio
Opening: 2027
Source: AZ Big Media
Time Mission to Open First Arizona Location in Scottsdale - Daily Independent (October 12, 2026)
The immersive time-travel entertainment concept will open its first Arizona venue at 15745 N. Hayden Road, developed by franchisee LOL Entertainment. Experiential tenants keep backfilling larger-format space in the Scottsdale Airpark area.
Size: approximately 10,000 SF
Opening: late spring or summer 2027
Source: Daily Independent
J. Alexander’s Will Open New Gilbert Restaurant in November - AZ Big Media (October 14, 2026)
The upscale wood-fired dining operator confirmed a November opening for its Gilbert restaurant. National full-service operators continue to target high-income Southeast Valley trade areas.
Opening: November 2026
Source: AZ Big Media
Office
Phoenix Firm Pays $30.5M for Chandler Office Park Next to Intel’s Fabs - Hoodline (October 12, 2026)
An entity affiliated with Phoenix-based RBC Devco acquired Chandler Commons, a 10-building, single-story office park at 5500-5530 W. Chandler Blvd., from Boston-based North Beacon Capital. The 2007-built, multi-tenant park sits next to Intel’s 1.3 million SF Ocotillo campus and was 94.4% leased at sale. CBRE’s Private Capital Partners team represented the seller, which bought the property about five years ago for $26.8 million, so the resale came in roughly 14% higher in a difficult office market.
Sale price: $30,500,000 for 120,305 SF
Price per SF: approximately $253.52 (versus approximately $222.77 at the prior purchase)
Chandler office average: $159.71 per SF across 2025 sales
Occupancy: 94.4% leased
Source: Hoodline
Taipei Economic and Cultural Office Opens in Phoenix - AZ Big Media (October 14, 2026)
Taiwan opened its 14th U.S. Taipei Economic and Cultural Office in Phoenix to support Taiwanese companies setting up operations in Arizona and to provide consular services. The opening ceremony was held October 5. It follows the Taiwan Trade & Investment Center’s opening in May 2026 and adds an institutional anchor for the TSMC-driven supplier base that keeps generating office and industrial demand across the Valley.
Arizona-Taiwan trade: more than $21.2 billion last year, making Taiwan Arizona’s second-largest trading partner
Arizona exports to Taiwan: $4.5 billion (up 243% year over year)
Source: AZ Big Media
Phoenix Office Market Shows Uneven Recovery Signs, Report Shows - AZ Big Media (October 13, 2026)
Marcus & Millichap’s Q4 2026 Phoenix office report finds recovery confined to select submarkets and newer buildings. Inventory removals, not broad leasing gains, drove most of the vacancy decline. The Camelback Corridor and North Scottsdale led, while Central Corridor vacancy rose 300 basis points to 26.5%.
Vacancy: down 20 basis points year to date through June; forecast 18.5% at year-end 2026 (down 30 basis points)
Post-2010 buildings over 50,000 SF: about 22% vacancy (about 600 basis points below the 2024 peak)
Large leases (50,000 SF or more): about 5 signed through August, versus about 15 a year earlier
Inventory removed: more than 2 million SF in the year ended June
Asking rent forecast: $26.60 per SF (up 0.5%)
Source: AZ Big Media
Healthcare
Phoenix Medical Office CRE Market Update, 3Q 2026 - Market Research Report (October 8, 2026)
Kidder Mathews data shows Phoenix medical office leasing held mostly steady, with positive absorption for a second straight quarter and no new deliveries. Sales slowed from a busy Q2 but ran well ahead of Q3 2025. Year-to-date volume is already near last year’s full-year total.
Direct vacancy: 15.2% (up from 15.1%); average direct rent $34.21 per SF full service (about 5% above a year ago)
Net absorption: 38,803 SF; leasing: 146,187 SF across 46 deals
Sales volume: $64.1 million in Q3; nearly $300 million year to date
Pipeline: about 405,000 SF across 8 buildings under construction
Source: Market Research Report
Hospitality
Four Seasons Resort Scottsdale Will Sell for $372 Million - AZ Big Media (October 14, 2026)
Braemar Hotels & Resorts agreed to sell the Four Seasons Resort Scottsdale at Troon North to Evergreen Acquisitions LLC, with closing expected October 22. The sale is part of Braemar’s asset sales ahead of its move to a self-managed REIT, and the buyer posted a $10 million nonrefundable deposit. The pricing sets a new per-key benchmark for North Scottsdale luxury resorts.
Sale price: $372,000,000 for 210 rooms
Price per room: approximately $1,771,429 (versus approximately $1,275,238 at the 2022 purchase)
Cap rate: 6.2% on trailing 12-month NOI, including $23 million of planned capital spending
Source: AZ Big Media
AC Hotel Breaks Ground in Downtown Goodyear - Litchfield Park Independent (October 13, 2026)
Construction began October 12 on an AC Hotel by Marriott at GSQ, overlooking the 2-acre Civic Square Park in downtown Goodyear. The hotel adds lodging to a district with growing restaurant, retail, office, health care and education uses.
Rooms: 135, with more than 1,200 SF of meeting space
Opening: early 2028
Source: Litchfield Park Independent
3 Major Hotel Projects Advancing in Phoenix - AZBEX (October 14, 2026)
Aperture Hotels bought the historic Ellis Building at 2nd Avenue and Monroe Street in downtown Phoenix from Equus Development Corporation and plans to convert it into a Tribute Portfolio by Marriott hotel. Equus bought the six-story building from the City of Phoenix in 2019 for about $2.3 million and started an office renovation, then a residential conversion it never finished. The deal is another downtown office-to-hotel conversion aimed at convention center demand.
Sale price: $10,300,000 for approximately 61,000 SF
Price per SF: approximately $168.85
Price per planned room: approximately $98,095 to $108,421 (95 to 105 rooms)
Source: AZBEX
Turning This Week’s Phoenix Market Signals Into Your Next Land Decision
Our team works with landowners, developers, homebuilders and investors across Maricopa County and Pinal County every day. That gives us a real-time read on how state trust land auctions, build-to-rent pricing, infill industrial demand and office-to-residential conversions are shaping Phoenix land values. If you own land along growth corridors such as Loop 303, Hunt Highway, Loop 101 or I-17, you may be asking:
How will new state land auctions affect pricing and absorption near my property?
Are buyers paying a premium for infill industrial sites with yard space?
Could my older office or retail site be worth more as residential, industrial or mixed-use land?
We are available for confidential conversations about how this week’s Phoenix commercial real estate activity may affect your property, your development timeline and your business. Reply to this email or reach out directly to set up a time to talk, and subscribe to The Phoenix CRE Brief for weekly Phoenix land and commercial real estate insights.
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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