Executive Summary
Leased, credit-backed assets are setting new pricing benchmarks. Park303’s final two fully leased Glendale logistics buildings sold for $170.25 million ($152.99 per SF), a reported Arizona record for a two-building industrial sale. Esplanade III became the Valley’s largest single-building office sale of 2026 at $86 million ($387.39 per SF). Both deals show institutional buyers paying a premium for well-located, income-producing product, even while overall office fundamentals are still recovering.
Downtown Phoenix high-rise capital stacks are heading in two directions: foreclosure and recapitalization. X Phoenix’s 330-unit first phase is headed to a December 10 trustee sale on a defaulted $128 million loan ($387,879 per unit). Saiya, by contrast, secured $130 million of bridge debt ($334,190 per unit) to carry its 389 units through lease-up. In suburban office, River Corporate Center in ASU Research Park faces a December 2 foreclosure auction that should help establish what late-1990s office product is worth today.
Homebuilders and cities are securing the next wave of Southeast and West Valley growth. D.R. Horton paid about $363,467 per acre ($141,000 per lot) for the final Lucero homesites at Estrella, and Lennar paid about $135,135 per lot near TSMC. Mesa also unanimously approved the roughly $3 billion Legacy Park and Gateway Crossing project. Retail continues to follow new rooftops, with six new leases at GSQ in Goodyear, a completed Sprouts-anchored Eastmarket in Mesa and a Cheesecake Factory commitment at Village at Prasada.
Land
D.R. Horton Acquires 232 Homesites at Estrella in $32.7 Million Deal - Real Estate Daily News (September 11, 2026)
D.R. Horton bought the final 232 homesites in the Lucero village of Estrella in Goodyear from Harvard Investments, which completes residential lot sales in Lucero. The builder plans single- and two-story homes of roughly 1,300 to 2,400 SF, with model homes expected in fall 2027, about half a mile from a planned Sprouts-anchored retail center. Estrella’s ownership has also cut the maximum number of future residential units from 8,400 to 6,034 to preserve open space, which reduces the supply of remaining lots in the master plan.
Sale price: $32,712,000 for approximately 90 acres (232 lots)
Price per acre: approximately $363,467; price per land SF: approximately $8.34
Price per lot: approximately $141,000
Source: Real Estate Daily News
Lennar Pays $60M for 444 Lots Near TSMC Development - Phoenix Business Journal (September 16, 2026)
Lennar purchased 444 homebuilding lots near TSMC’s North Phoenix semiconductor campus. The deal shows production builders moving to capture housing demand tied to the north Phoenix semiconductor employment corridor. Acreage was not disclosed, so price per acre and per land SF cannot be calculated.
Sale price: approximately $60,000,000 for 444 lots
Price per lot: approximately $135,135
Source: Phoenix Business Journal
San Tan Valley Explores Dual-Use Infrastructure as Park Land Costs Climb - AZBEX (September 12, 2026)
The newly incorporated Town of San Tan Valley has about 100,000 residents but owns no land, has no parks and lacks funding to launch a parks department. Staff are exploring dual-use infrastructure, such as using HOA- and county-owned flood basins for trails and practice fields, and are in talks with the Florence Unified and J.O. Combs school districts about shared facilities. Without municipal parks, amenitized master plans in the submarket carry more value, and public-private partnerships could open up for land developers.
Unlit park land cost: $150,000 to $250,000 per acre
Lighted sports complex land cost: $350,000 to $550,000 per acre
Source: AZBEX
Multifamily
Unpaid $128M Loan Sends Downtown Apartment Community X Phoenix to Trustee Sale - ABC15 Arizona (September 16, 2026)
Mack Real Estate Group, the lender, notified borrower XSC Phoenix Investment LLC that the 330-unit first phase at 200 W. Monroe St. will be sold at a trustee sale after the $128 million loan went unpaid. Construction on the project’s second phase has been halted since September 2023. The sale result will be a key signal for downtown high-rise multifamily values.
Defaulted loan: $128,000,000 on 330 units
Loan basis per unit: approximately $387,879 (debt basis, not a sale price)
Trustee sale date: December 10, 2026
Source: ABC15 Arizona
Investor Duo Lands Refi for 389-Unit Phoenix Rental Property - Connect CRE (September 15, 2026)
Bridge Investment Group and Hatteras Sky closed a bridge refinance from Dwight Investment Management on Saiya, a 23-story Class A tower completed in 2025 in the Roosevelt Row Arts District. Proceeds retired construction debt and funded an interest reserve to carry the property through lease-up. The deal shows private credit filling the gap between construction completion and agency-eligible stabilization.
Bridge loan: $130,000,000 on 389 units
Loan basis per unit: approximately $334,190
Ground-floor retail: 12,550 SF (Pablo’s restaurant and lounge, Yvree wellness studio)
Source: Connect CRE
376-Unit Multifamily Planned Near Canceled Priest Drive Project Site - AZBEX (September 15, 2026)
Widewaters Group and Trammell Crow Company are proposing five four-story buildings, likely branded The Dewitt, at 8550 S. Priest Dr. in Tempe on the northern portion of the Maricopa Community Colleges district office site. The Tempe Development Review Commission recommended approval of a rezoning from General Industrial to MU-4 with a PAD overlay. The unit mix leans heavily toward one-bedroom units, which targets the workforce in the I-10 tech and industrial corridor.
Program: 376 units (523 bedrooms) on 12.16 acres, approximately 30.9 units per acre
Unit mix: 37 studios, 207 one-bedroom, 117 two-bedroom and 15 three-bedroom
Source: AZBEX
150-Unit BTR Plan Advances in Queen Creek - AZBEX (September 16, 2026)
The Queen Creek Planning and Zoning Commission recommended approval of Greystar’s rezoning from C-2 to MDR/PAD and its site plan for Summerwell Residences near Germann and Power roads. Mill Creek Residential previously pursued 340 apartments on the site but withdrew in 2024 after opposition, and Greystar bought the property in 2025. The lower-density build-to-rent plan shows how a rental project can win entitlements where a conventional apartment plan failed.
Program: 150 rental homes on 16.8 acres (48 duplex units, 102 detached homes), approximately 8.9 units per acre
Home sizes: approximately 1,300 to 1,725 SF, two to four bedrooms
Source: AZBEX
NexMetro’s Avilla Marigold Brings 214 Rental Homes to Buckeye - AZ Big Media (September 16, 2026)
NexMetro Communities opened Avilla Marigold, a cottage-style build-to-rent community in Buckeye. The delivery pushes institutional single-family rental product farther into the West Valley growth corridor.
Program: 214 rental homes
Portfolio: NexMetro’s 26th Avilla Homes community in greater Phoenix
Source: AZ Big Media
Industrial
Park303 Breaks 2-Building Industrial Sale Record at More Than $170 Million - AZ Big Media (September 16, 2026)
Lincoln Property Company sold the last two buildings at Park303 in Glendale to a global investment manager. Both buildings are fully leased, Building A to DHL and Building B to Logisticus Group. Park303 is a 210-acre, 3.75 million SF logistics campus at Loop 303 and Glendale Avenue, and the sale reinforces institutional conviction in leased West Valley bulk distribution.
Sale price: $170,250,000 for 1,112,835 SF (Building A: 629,835 SF; Building B: 483,000 SF)
Price per SF: approximately $152.99
Source: AZ Big Media
AI Firm Snags Phoenix Warehouse for $22.7M After Overcoming Local Zoning Hurdle - ABC15 Arizona (September 14, 2026)
5C AI bought a vacant warehouse at the northwest corner of McDowell Road and 27th Avenue from Hanson Capital Group and plans to convert it into a data center. The buyer used an Arizona Prop 207 claim to obtain a City Council waiver from Phoenix’s 2025 data center zoning ordinance. The seller had paid $9.5 million in 2021, so the resale came in at roughly 2.4 times its prior basis.
Sale price: $22,750,000 for 113,414 SF
Price per SF: approximately $200.59 (versus approximately $83.76 at the 2021 purchase)
Planned capacity: approximately 20 megawatts
Source: ABC15 Arizona
Oxford Properties, Sagard Real Estate Divest of 113,110 SF Industrial Facility in Chandler, Arizona - REBusinessOnline (September 16, 2026)
Cohen Asset Management bought 800 E. Germann Rd., a 2021-built Class A logistics building in Chandler Airpark that is fully leased to Ferguson Enterprises. Cushman & Wakefield represented both buyer and seller and arranged acquisition debt through an insurance company lender. The price was not disclosed, but the low site coverage and secured yard reflect strong demand for infill product with outdoor storage.
Building: 113,110 SF on approximately 8.7 acres (approximately 30% coverage)
Features: 100% leased; 1.5 acres of secured excess yard
Source: REBusinessOnline
Steel Peak Acquires First Industrial Outdoor Storage Property in Phoenix - Real Estate Daily News (September 16, 2026)
Steel Peak bought an industrial outdoor storage site at 2142 W. Van Buren St. and plans upgrades before leasing it to an industrial service user. Most of the value is in the land, which underscores how scarce well-located IOS acreage has become in central Phoenix.
Sale price: $3,300,000; price per building SF: approximately $528 (6,250 SF)
Price per acre: approximately $1,513,761; price per land SF: approximately $34.75 (2.18 acres)
Source: Real Estate Daily News
Pecos 17 Building 1 Sells for $5.03 Million in Mesa - AZBEX (September 15, 2026)
Cavan Commercial sold Building 1 at Pecos 17, 7320 E. Pecos Rd. in Mesa, with Commercial Properties, Inc. representing both sides. The price shows continued owner-user demand for small-bay industrial near Phoenix-Mesa Gateway Airport.
Sale price: $5,030,000 for 12,700 SF
Price per SF: approximately $396.06
Source: AZBEX
45K-SF Industrial Campus Breaks Ground Near Phoenix-Mesa Gateway - In Business Phoenix (September 10, 2026)
Dale Cavan and Cavan Commercial started construction on a Class A light industrial campus at 7423 E. Signal Butte Rd. in Mesa. The three separately parceled buildings are designed for owner-users, and the developer reported roughly $395 per SF on comparable 2026 projects, in line with the Pecos 17 sale above.
Program: 45,021 SF across three 15,007 SF buildings
Comparable pricing: approximately $395 per SF on similar 2026 projects
Source: In Business Phoenix
Opus Brings Rare Small-User Industrial Opportunity to Chandler with Envision 56 - AZ Big Media (September 14, 2026)
Opus completed a speculative Class A project near North 56th Street and West Chandler Boulevard. The buildings are available for sale or lease to small and midsized single users, a segment with few new-construction options compared with the Valley’s big-box pipeline.
Program: 125,258 SF on 8.8 acres (37,289 SF and 87,969 SF buildings)
Source: AZ Big Media
Air Products Wins Long-Term Contract to Supply High-Purity Industrial Gases for Major U.S. Semiconductor Expansion - PR Newswire (September 16, 2026)
Air Products signed a long-term agreement to supply high-purity gases to a leading semiconductor manufacturer and will build new gas supply infrastructure in Arizona. The commitment adds to supplier-driven industrial and utility demand around the Valley’s chip manufacturing ecosystem.
Arizona investment: approximately $250 million
Related Arizona semiconductor commitments: more than $900 million
Source: Air Products
Retail
Sprouts to Open at Newly Completed 50K-SF Eastmark Retail Hub - In Business Phoenix (September 10, 2026)
Common Bond Development Group completed Eastmarket at Eastmark at the northeast corner of Ray and Ellsworth roads in Mesa, with Sprouts opening its anchor store September 18. The tenant roster includes First Watch, Qdoba, SoFresh, Petersen’s Ice Cream, Pacific Dental Services, GoodVets and PNC Bank. The center is a grocery-anchored retail project built directly on Eastmark’s rooftop growth.
Center: 50,500 SF on 6.6 acres
Anchor: 23,299 SF Sprouts Farmers Market
Source: In Business Phoenix
Six New Tenants to Join Goodyear Civic Square Mixed-Use Development in Metro Phoenix - Shopping Center Business (September 15, 2026)
RED Development and Globe Corp. signed six new leases at the 150-acre GSQ in downtown Goodyear. Spinato’s Pizzeria, Qdoba, Berry Divine Acai Bowls and Petfolk are also slated for 2027. Firebirds Wood Fired Grill has opened, with Magdalena and Flower Child expected before year-end, which positions GSQ as a leading West Valley retail destination.
New leases totaling 21,504 SF: Sephora (5,000 SF), J.Crew Factory (5,000 SF), Postino (4,500 SF), Miel de Agave (3,989 SF), Lovesac (1,800 SF), V’s Barber Shop (1,215 SF)
Openings: V’s Barber Shop in October 2026; remaining tenants in 2027
Source: Shopping Center Business
The Cheesecake Factory Plans New Restaurant at Village at Prasada - Phoenix Business Journal (September 16, 2026)
The Cheesecake Factory will open along the restaurant row at Village at Prasada near Loop 303 and Waddell Road in Surprise. A national full-service operator committing here confirms the Northwest Valley’s household growth can support destination dining.
Restaurant: approximately 7,500 SF; opening expected late 2027
Center: 1.3 million SF power center
Source: Phoenix Business Journal
Here Are the New Shops Coming to Tanger Outlets Phoenix - AZ Big Media (September 16, 2026)
Tanger Outlets Phoenix, next to the Westgate Entertainment District in Glendale, continues to add national apparel and food tenants. Sip Fresh is also coming, joining recent restaurant additions including QDOBA, Yogurtland, Habit Burger & Grill and Café Zupas.
Tory Burch: renovated 4,029 SF store now open
Fabletics: 3,108 SF store opening this fall
Source: AZ Big Media
DiMaggio’s Italian Restaurant Plans New Phoenix Location - Phoenix Business Journal (September 16, 2026)
DiMaggio’s Italian Restaurant will open its second Valley location in the former Lou Malnati’s space at Uptown Plaza, 100 E. Camelback Rd. Quickly re-leasing restaurant space at an established infill center shows how deep the tenant demand is in central Phoenix.
Opening: fall 2026
Source: Phoenix Business Journal
Multiple Dutch Bros Being Built in Phoenix Area - Phoenix Business Journal (September 14, 2026)
Municipal filings show Dutch Bros pursuing several new Valley stores, including adaptive reuse of a former bank building and new locations in Scottsdale, Mesa and Casa Grande. The expansion points to continued demand for high-traffic drive-thru pad sites in both Maricopa and Pinal counties.
Source: Phoenix Business Journal
New Entertainment Venue The Nox Will Break Ground in Mesa - AZ Big Media (September 16, 2026)
The Bongiorno family and The Streamline Companies are preparing to build The Nox, an independent concert and entertainment venue near Ray and Sossaman roads in southeast Mesa. The project adds an entertainment draw to the fast-growing Gateway area.
Timeline: groundbreaking fall 2026; approximately 18-month construction schedule
Opening target: Q1 2028
Source: AZ Big Media
Novus Place Adds First Retailer, Sparky’s Shop - AZ Big Media (September 14, 2026)
Sparky’s Shop is the first retail tenant to open at Novus Place, the mixed-use district next to Arizona State University in Tempe. The opening begins retail activation of one of the East Valley’s largest university-driven infill districts.
Source: AZ Big Media
First 5 Tenants Set to Open at Heritage Park in Gilbert - AZ Big Media (September 16, 2026)
Heritage Park announced its first five tenants, the first wave of commercial occupancy at the project. The roster adds to Gilbert’s active restaurant and retail development pipeline.
Source: AZ Big Media
Office
Office
Esplanade III Sells for $86 Million in Phoenix’s Largest Office Deal of 2026 - AZ Big Media (September 16, 2026)
Southwest Value Partners bought the 10-story Class A Esplanade III in the Camelback Corridor from an affiliate of Transwestern and C-III Capital Partners. The seller had paid $60.2 million in 2019, so the sale represents roughly 43% appreciation. It is a strong data point that trophy Camelback Corridor office still commands institutional pricing.
Sale price: $86,000,000 for 222,000 SF
Price per SF: approximately $387.39 (versus approximately $271.17 at the 2019 purchase)
Occupancy: 83.4% leased
Source: AZ Big Media
Phoenix Office Market Outperforms West as Vacancy Falls - AZ Big Media (September 14, 2026)
CommercialCafe’s July data shows Phoenix office vacancy improving and running below the national average. Phoenix also posted one of the stronger office investment volumes in the Western U.S. through the first seven months of 2026.
Vacancy: 16.9%, down 60 basis points year over year (national: 17.7%)
Average full-service asking rent: $29.68 per SF, up 2.1% year over year
Sales volume: $791 million through July at an average of $189 per SF
Source: AZ Big Media
$2.4M Arizona MOB Sold to Physician Practice - Becker’s ASC Review (September 15, 2026)
Academic Urology and Urogynecology of Arizona bought a medical office building at 20045 N. 19th Ave. near Loop 101 from Seth Properties. The owner-user purchase locks in long-term occupancy costs for the practice. Pricing well above the metro office average reflects the resilience of medical office.
Sale price: $2,400,000 for 7,593 SF
Price per SF: approximately $316.08
Source: Becker’s ASC Review
ASU Research Park Office Building Hits Auction Block - Connect CRE (September 15, 2026)
An affiliate of Rialto Capital Management scheduled a foreclosure sale of River Corporate Center at 8075 S. River Parkway in Tempe, after payments stopped in March 2025 and a receiver was appointed in August 2025. Transwestern is marketing the property ahead of the auction. The clearing price will set a new valuation benchmark for 1990s-vintage suburban office in the Southeast Valley.
Property: 133,225 SF, two stories, built 1998
Auction: December 2, 2026, Maricopa County Superior Court
Source: Connect CRE
Modern Wealth Leases Full Top Floor at SkySong 5; Colliers Represents Tenant - AZBEX (September 15, 2026)
Modern Wealth leased the entire top floor of SkySong 5 in Scottsdale, with Colliers’ Bryce Terveen representing the tenant. The lease adds to demand for newer, amenity-rich Class A space in the Scottsdale innovation corridor.
Lease: 24,500 SF (full top floor)
Source: AZBEX
NY Tech Firm Opens First Arizona Office - Phoenix Business Journal (September 16, 2026)
New York-based HR and payroll platform Justworks opened its first Arizona office on the fifth floor of Portales at 4800 N. Scottsdale Rd. near Scottsdale Fashion Square. The company plans to triple its local headcount, adding to tech-sector office demand in Scottsdale.
Headcount: approximately 50 employees, growing to 150
Source: Phoenix Business Journal
Lifekind Health Relocates Corporate Headquarters to Scottsdale - Greater Phoenix Economic Council (September 15, 2026)
Lifekind Health moved its global headquarters from Southern California to 18940 N. Pima Rd. in Scottsdale. The office houses executive leadership, administrative operations and the Savas Software development team, another corporate relocation win for the North Scottsdale office market.
Source: Greater Phoenix Economic Council
Jetset and Inked Magazines Open New Scottsdale HQ Designed by PDO - AZ Big Media (September 15, 2026)
Phoenix Design One completed a new corporate headquarters in Scottsdale for Jetset and Inked magazines. The project adds another owner-branded office completion to the Scottsdale submarket.
Source: AZ Big Media
Mixed-Use
Mesa City Council Approves Agreement for Historic Mixed-Use Project Near Gateway Airport - KTAR News (September 15, 2026)
Mesa unanimously approved a development agreement with Vestar, Pacific Proving and Mesa BA Land for Legacy Park and Gateway Crossing. The approvals also cover annexation, rezoning of 196 acres from light industrial to a planned community district, and a retail tax incentive for public infrastructure. The plan includes a 600-room luxury resort, a 150-room boutique hotel, up to 3.8 million SF of office, a 20-acre park and a 10-acre lake, with infrastructure work targeted for January 2028 and the first phase opening in October 2029.
Investment: approximately $3 billion on roughly 200 acres near Phoenix-Mesa Gateway Airport
Full buildout: 2,000+ dwelling units and 6.7 million SF of non-residential space
Incentive: up to $76.4 million in reimbursed construction, retail and lodging taxes
Source: KTAR News
Hotels
Sanctuary Camelback Mountain Resort & Spa Plans Multimillion-Dollar Renovation - The Arizona Republic (September 16, 2026)
Sanctuary Camelback Mountain Resort & Spa in Paradise Valley is now under independent local ownership through Berger Holdings and RJ Hospitality. The new owners announced a multiyear repositioning of the luxury resort. The transfer price was not disclosed, so a price per room cannot be calculated.
Renovation scope: all 110 accommodations starting summer 2027; culinary and spa upgrades in 2028
Source: The Arizona Republic
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
Connect with Ramey on LinkedIn | Connect with John on LinkedIn