Executive Summary
Institutional capital fully absorbed the Valley's premier logistics campus and is now funding the next generation of high-spec product. Lincoln Property Company's $170.25 million sale of the final two Park303 buildings ($152.99 per square foot) is the highest two-building industrial sale price in Arizona history and completes institutional ownership of all four buildings on the 210-acre Glendale campus. Days earlier, Creation and a Crow Holdings Capital-advised fund broke ground on the 700,000-square-foot Avondale Tech Center, explicitly aimed at advanced manufacturing, aerospace, semiconductor, and defense users rather than commodity distribution.
Entitlement, water, and power risk have become the binding constraint on Phoenix land, not capital. The Pinal County Board of Supervisors rejected Vermaland's La Osa Energy Center outright, killing a 3,300-plus-acre data center and generation campus even after the developer cut the program roughly 80 percent and added self-imposed water limits. In the same week, Vestar moved on another 20-acre Desert Ridge state trust parcel ahead of a November 5 auction, and Mesa's Planning and Zoning Board recommended converting 150 acres at Hawes Crossing from light industrial to residential and mixed-use, evidence that entitlement outcomes, more than pricing, are now determining where growth actually lands.
Capital is paying up only for best-in-class, well-leased product in both retail and office. Union Street at Norterra traded at $843 per square foot for 16,501 square feet of brand-new, fully leased restaurant retail, and Esplanade III sold for $86 million, or $385.96 per square foot, in Phoenix's largest single-building office deal of 2026. Both assets combine irreplaceable locations with income upside, whether from a captive hotel-and-residential ecosystem or from in-place rents well below the top of the Camelback Corridor market, while commodity product in the same asset classes remains illiquid.
Land
Vestar Targets 20-Acre Desert Ridge State Trust Site for Anchored Retail - ABC15 Arizona (August 25, 2026)
Phoenix-based Vestar applied for roughly 20 acres of Arizona State Land Department property at the southwest corner of Black Mountain Boulevard and Deer Valley Drive for a proposed anchored retail development. The starting bid was set after subtracting required intersection roadwork the winning bidder must fund, and the surrounding Desert Ridge area has drawn $251 million in recent bidding.
Auction date: November 5, 2026, with a $6.85 million starting bid
Implied auction floor: approximately $342,500 per acre and $7.86 per land square foot
Required intersection improvements valued at approximately $2.34 million were deducted from the opening bid
Pinal County Rejects La Osa Energy Center Rezoning South of Eloy - KJZZ (August 26, 2026)
The Pinal County Board of Supervisors voted down Vermaland’s rezoning and site plan requests for what would have been one of Arizona’s largest data center campuses, following hours of public testimony and multiple overflow rooms. The developer had already cut the project by roughly 80 percent and added self-imposed water limits and energy cost commitments, but the concessions were not enough to secure approval.
Site exceeded 3,300 acres, with approximately 2,393 acres proposed for industrial zoning and 992 acres as open space
Revised program: 11 data center buildings, a 500-megawatt natural gas plant, and battery storage supporting up to 1 gigawatt of demand
Multifamily
LV Collective Delivers 829-Bed Rambler Tempe Near Arizona State University - AZ Big Media (August 26, 2026)
LV Collective, in partnership with Kayne Anderson Real Estate, opened Rambler Tempe at 1020 E. Apache Blvd., its second Arizona development. The high-rise format and hospitality-driven amenity package reflect the continued institutionalization of purpose-built student housing in the Tempe submarket, where land constraints near campus favor vertical product.
14 stories, 552,380 square feet, 289 units, 829 beds ranging from studio to four-bedroom plans
Move-ins began July 24; Pacific Life provided debt financing
Industrial
Park303’s Final Two Buildings Trade for $170.25 Million in State-Record Deal - AZ Big Media (August 26, 2026)
Lincoln Property Company sold the last two Class A buildings at its 210-acre, 3.75 million-square-foot Park303 logistics campus along Loop 303 and Glendale Avenue, completing full institutional ownership of the project. The transaction is the highest two-building industrial sale price in Arizona history and establishes a benchmark for stabilized modern bulk product in the West Valley. Buildings feature 40-foot clear heights, up to 12,000 amps of power, and 7-inch slabs engineered for automated racking and picking systems.
Sale price: $170,250,000 across 1,112,835 square feet, or $152.99 per building square foot
Building A: 629,835 square feet, fully leased to DHL; Building B: 483,000 square feet, fully leased to Logisticus Group
Prior campus sales: Phase 1 to BentallGreenOak for $186 million in 2021; Phase 2 Building C to Dollar Tree for $147 million in 2025
Construction Begins on 700,000-Square-Foot Avondale Tech Center - KTAR News (August 23, 2026)
Creation, partnered with a real estate fund advised by Crow Holdings Capital, broke ground on a three-building Class A campus at the northwest corner of 117th Avenue and Corporate Drive along Interstate 10. The project is explicitly targeted at advanced manufacturing, research and development, pharmaceutical, aerospace, semiconductor, and defense users rather than commodity distribution, a distinction that increasingly separates Phoenix from purely logistics-driven industrial markets.
38 acres, approximately 700,000 square feet across buildings ranging from 212,184 to 254,264 square feet
36-foot clear heights, 3,000A at 480V expandable to 6,000A, completion targeted for Q3 2027
LGE Design Build serving as architect and general contractor
North Metal & Chemical Company Buys Tempe Industrial Facility for $6.1 Million - AZBEX (August 25, 2026)
The chemical manufacturer purchased a 25,800-square-foot industrial building at 1401 S. Siesta Lane in Tempe, relocating from a smaller leased facility. The 1997-vintage building includes two office areas, 18-foot clear height, truck-well and grade-level loading, and a fenced yard. Owner-user demand at this size band continues to price well above institutional bulk on a per-foot basis.
Sale price: $6.1 million across 25,807 square feet, or $236.37 per square foot
South Valley Business Park Trades in Chandler - AZBEX (August 25, 2026)
A two-building Class A industrial asset at 1710 and 1720 E. Germann Road in Chandler changed hands, with both buyer and seller undisclosed. The Germann Road corridor continues to attract capital on the strength of its proximity to the Price Road technology corridor and Chandler’s semiconductor employment base.
Total size: 143,813 square feet across two buildings
Transaction pricing was not disclosed, so no price-per-square-foot metric is available
Retail
Union Street at Norterra Sells for $843 Per Square Foot - AZ Big Media (August 24, 2026)
Two newly constructed retail buildings at the northeast corner of Norterra Parkway and Happy Valley Road sold fully leased to a curated lineup of national restaurant brands including Shake Shack, First Watch, CAVA, Tropical Smoothie Cafe, and Firebirds Wood Fired Grill. The pricing far exceeds conventional neighborhood center metrics and reflects buyers underwriting the surrounding ecosystem rather than individual tenant credit alone. The center sits adjacent to a dual-branded AC Hotel by Marriott and Element by Westin, with a second phase adding roughly 308 apartment units and a future grocery anchor.
$843 per square foot across 16,501 square feet in two buildings, implying total consideration of approximately $13.91 million
Built in 2026 and 100 percent leased at the time of sale
Positioned just off Interstate 17 in the path of TSMC-driven north Phoenix growth
EvCap Investments and Point Acquisitions Acquire Tuscani Pointe in North Phoenix - PR Newswire (August 26, 2026)
The joint venture closed off-market on a 66,000-square-foot retail center at 711 E. Carefree Highway, acquiring the property roughly 27 percent vacant. The Carefree Highway corridor sits directly in the path of residential and employment growth tied to the TSMC expansion, and the sponsors plan hands-on management focused on stabilizing occupancy and strengthening tenant mix.
66,000 square feet, approximately 27 percent vacant at closing
Transaction closed in late May 2026; pricing was not disclosed, so no price-per-square-foot metric is available
Aldi to Open Three Phoenix Stores as It Pushes Toward 50 Valley Locations - ABC15 Arizona (August 25, 2026)
The German discount grocer disclosed plans for three additional Phoenix store openings in September and October, part of a program to add at least 10 Valley locations in 2026. For retail landlords, the significance extends beyond the individual boxes: a sustained grocery rollout creates a reliable stream of anchor and neighborhood center demand in a metro where vacancy has remained structurally tight.
Three new City of Phoenix stores slated for September and October 2026
Target of 40 new Phoenix-market stores by the end of 2030
Office
Esplanade III Trades for $86 Million in Phoenix’s Largest Single-Building Office Deal of 2026 - Connect CRE (August 26, 2026)
Southwest Value Partners acquired the 10-story trophy tower at 2415 E. Camelback Road from a joint venture affiliated with Transwestern and C-III Capital Partners. The building’s pricing history is instructive: the seller acquired it for $60.2 million in an all-cash deal in July 2019, and the current trade represents a substantial recovery for well-located Camelback Corridor product. A short weighted average lease term paired with materially below-market in-place rents gives the incoming sponsor mark-to-market upside as leases roll.
$86 million across 222,820 square feet, or $385.96 per square foot
83.4 percent leased with a 4.4-year weighted average unexpired lease term
Tenants include Vestar, Vanguard Realty Advisors, Barclay Group, Velocity Retail Group, Husch Blackwell, and Pederson Group
Mixed-Use
Mesa Planning and Zoning Board Recommends Approval of Hawes Crossing Mixed-Use District - AZBEX (August 25, 2026)
Mesa’s Planning and Zoning Board recommended a general plan amendment and rezoning for Hawes Crossing Village 7 at Hawes and Elliot roads, converting land previously planned for light industrial use. The action is a clear signal that municipalities in the Loop 202 corridor are prioritizing sales-tax-generating retail and rooftops over low-employment warehousing as the district transitions from planning into sustained buildout.
150 acres total: approximately 100 acres of single-family residential and a 50-acre mixed-use district
Retail and restaurant uses concentrated along Elliot Road
Trammell Crow Completes Sprouts-Anchored CityNorth Development - Connect CRE (August 25, 2026)
Trammell Crow Company delivered an eight-acre mixed-use project near 56th Street and Loop 101 that pairs Sprouts Farmers Market’s new corporate headquarters with a flagship grocery store and additional retail. The programming, which includes a community garden, rooftop deck, fitness center, and culinary kitchens, illustrates how corporate occupiers are now using heavily amenitized real estate as a recruiting and retention tool rather than leasing commodity space.
145,000-square-foot Class A office headquarters building
25,000-square-foot flagship grocery store plus approximately 11,000 square feet of retail
Grocery store opened in July; headquarters complete and ready for occupancy
New Self-Storage and RV Development Planned in Pinal County - AZBEX (August 21, 2026)
Reverent Ventures sought a comprehensive plan amendment, rezoning to General Commercial (C-3), and a planned area development overlay for a self-storage and RV storage project on John Jacob Astor Avenue south of Casa Grande. Projects like this represent the secondary commercial wave that follows rooftop growth, capturing demand that rapid residential absorption creates but existing supply cannot serve.
8.64 acres with buildings of approximately 60,200 and 13,500 square feet
Four canopy areas slightly exceeding 32,000 square feet each, plus a 960-square-foot leasing office
Maricopa May See New Mountainside Fitness - AZBEX (August 21, 2026)
Evolve Ventures submitted pre-application materials to the City of Maricopa for a fitness facility near John Wayne Parkway and Honeycutt Avenue. The filing is another data point in Pinal County’s commercial catch-up cycle, where daily-needs and lifestyle uses are arriving well behind residential absorption.
Proposed building size: approximately 40,000 square feet
Pre-application stage; no transaction reported
Hotels
Historic Security Building Slated for $135 Million Hotel Conversion - ABC15 Arizona (August 26, 2026)
CivicGroup, led by developer Chris DeRose, and Sunflower Development are pursuing an adaptive reuse of the 1928 Security Building at Central Avenue and Van Buren Street into a full-service downtown hotel. The project addresses two sectors simultaneously, removing obsolete downtown office inventory while adding meaningful hospitality supply through change of use rather than conventional leasing.
$135 million redevelopment budget for 255 rooms, or approximately $529,412 per room; note this is a construction budget, not a property sale price, so it is not a comparable price-per-key transaction metric
Approximately 15,000 square feet of meeting space including a 5,500-square-foot ballroom, plus five food and beverage outlets
Building is owned by Maricopa County, with the development group operating under a 20-year lease
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