Executive Summary
Multifamily capital stayed active but split by strategy. Camden Property Trust acquired the 320-unit The Tyler in Gilbert's Agritopia district for $124.5 million (about $389,063 per unit) in a clear flight-to-quality move, while Nitya Capital picked up the 274-unit former Tides on McDowell asset for $41 million (about $149,635 per unit) as a value-add repositioning. New supply is still working through the system, with Mill Creek breaking ground on the 330-unit Modera City North in Desert Ridge. Metro rents turned marginally positive for the first time since May 2024 (average asking rent $1,528, up 0.2 percent over the trailing three months), even as year-over-year rents remain down 2.7 percent.
Industrial remained the market's anchor, tilting toward specialized manufacturing and infill. Boeing advanced a roughly 268,000-square-foot fabrication center expansion in Mesa, Dimension Financial moved ahead on a three-building, roughly 453,000-square-foot speculative park near the semiconductor corridor, and SunCap broke ground on the final building at Gilbert Spectrum. Smaller infill trades priced strongly, including a 26,900-square-foot Phelan Business Park building at $7.6 million (about $283 per square foot) and a Phoenix industrial outdoor storage property at $4.75 million. CBRE reported second-quarter vacancy tightening 70 basis points to 9.6 percent on 4.7 million square feet of net absorption.
Retail and office both benefited from years of limited new supply. Retail landlords held pricing power, with Bethany Marketplace trading at $14.05 million (about $213 per square foot), a small El Mirage drive-thru pad at nearly $3,935 per square foot, and new development from SimonCRE in Peoria, a Target at Medina Station in Mesa, and Vestar's Laveen Towne Center. On the office side, CBRE recorded vacancy tightening 120 basis points quarter over quarter to 19.1 percent, McCarthy Building Companies committed to roughly 100,000 square feet for a new Camelback Corridor headquarters, and notable investment sales included Copper Point Business Park at $51.5 million (about $552 per square foot) and Stapley Medical Center at $48 million.
Land
ViaWest Group Acquires Ahwatukee Golf Club for $5.3M - AZ Big Media (July 15, 2026) Phoenix-based ViaWest Group bought the 18-hole Ahwatukee Golf Club in the Ahwatukee Foothills in an off-market deal, its first golf and recreation investment. The seller was Free Drop LLC, with Insight Land and Investments representing the seller.
Sale price: $5,300,000 (160 acres, $33,125/acre)
Off-market transaction and the buyer's first golf and recreation asset
Source: AZ Big Media
Basha Family Sells 12-Acre Chandler Site for TEN56 Industrial Project - Arizona Digital Free Press (July 13, 2026) The Basha family sold a 12-acre site at the southwest corner of 56th Street and Chandler Boulevard to a joint venture of Becknell Industrial and STAG Industrial, which plans a 184,424-square-foot rear-load building. Cushman and Wakefield's Phoenix industrial team represented the seller, with construction expected to begin in the third quarter of 2026.
Site size: 12 acres, with a planned 184,424-SF building (32-foot clear, 33 dock-high doors)
Sale price: $16,325,000 | $31.00 per land square foot
Source: Arizona Digital Free Press
Multifamily
Camden Property Trust Acquires 320-Unit The Tyler in Gilbert - Connect CRE (July 14, 2026) Camden Property Trust bought The Tyler, a 320-unit luxury community in Gilbert's Agritopia and Epicenter district, from developer StreetLights Residential for $124,500,000, with CBRE representing the seller. The walkable, heavily amenitized asset reflects continued institutional demand for best-in-class suburban product in a high-barrier submarket.
Sale price: $124,500,000 for 320 units (studio, one-, two-, and three-bedroom)
Price per unit: $389,063
Source: Connect CRE
Nitya Capital Buys 274-Unit Phoenix Complex for $41M - AZBEX (July 14, 2026) Nitya Capital acquired a 274-unit, 27-building apartment complex at 4620 W. McDowell Road from Tides Equities in a value-add play, with plans for a comprehensive renovation. Northmarq represented the seller.
Sale price: $41,000,000 for 274 units (about $149,635 per unit)
Workforce-housing value-add in the McDowell Road corridor
Source: AZBEX
Mill Creek Breaks Ground on 330-Unit Modera City North - MultifamilyBiz (July 14, 2026) Mill Creek Residential broke ground on Modera City North, a 330-unit wrap community at 20711 N. 54th Street in Desert Ridge, within the 100-acre City North mixed-use master plan. The project targets NGBS Silver certification, with first move-ins in summer 2028.
Size: 330 units (up to 1,450 SF), with first move-ins targeted for summer 2028
Part of the 100-acre, 2 million-SF City North master plan
Source: MultifamilyBiz
Market Report: New Deliveries Keep Pressure on Phoenix Multifamily Rents - AZBEX (July 10, 2026) Metro Phoenix rents ticked up for the first time since May 2024, but heavy deliveries continue to weigh on fundamentals. Stabilized occupancy held near 93 percent as construction remained elevated.
Average asking rent $1,528 (up 0.2 percent trailing three months, down 2.7 percent year over year)
25,756 units under construction, with about 100,000 units in planning and permitting
Source: AZBEX
Industrial
Dimension Advances Three-Building Spec Industrial Park in North Phoenix - Connect CRE (July 10, 2026) Dimension Financial Realty and Investments is moving ahead on a three-building speculative park on more than 40 acres near I-17 and Thunderbird Road, aimed at suppliers tied to the semiconductor ecosystem. The buildings are sized to capture tier-one and tier-two users that do not need million-foot boxes.
Three buildings of 62,268 SF, 152,899 SF, and 237,735 SF (about 452,902 SF total)
Located within the 160-acre Metro North Corporate Park
Source: Connect CRE
Boeing Plans 268,000-SF Mesa Fabrication Center Expansion - AZBEX (July 14, 2026) Boeing is advancing a 267,761-square-foot fabrication center expansion on its Mesa campus, tied to a July 14 Design Review Board meeting. The single-story, 60-foot facility would fabricate specialized carbon military parts across two shifts.
Size: 267,761 SF, adjacent to an existing 158,500-SF fabrication center
Up to 500 daily employees, with the central utility plant and liquid-nitrogen farm set to roughly double
Source: AZBEX
26,900-SF Phelan Business Park Building Sells for $7.6M - AZBEX (July 14, 2026) Ribera-Balko Enterprises and a family limited partnership bought Building E at Phelan Business Park near Mesa Gateway Airport from 7212 E Mesa Gateway LLC. The building sits within the five-building, 195,600-SF park.
Sale price: $7,600,000 for 26,900 SF (about $282.53 per SF)
Located near Mesa Gateway Airport
Source: AZBEX
Phoenix Industrial Outdoor Storage Property Sells for $4.75M - AZBEX (July 14, 2026) A 1.92-acre industrial outdoor storage property at 22444 N. 19th Ave., leased long term to three tenants, traded for $4.75 million. Rein and Grossoehme represented both sides.
Sale price: $4,750,000 (about $409.48 per building SF across 11,600 SF, or about $2,473,958 per acre)
1.92-acre site leased long term to three tenants
Source: AZBEX
SunCap Breaks Ground on Final Gilbert Spectrum Building - AZBEX (July 10, 2026) SunCap Property Group and Inclenberg Investments broke ground on the eighth and final building at Gilbert Spectrum Business Park, a 101,000-square-foot speculative project. Delivery is targeted for the second quarter of 2027.
Size: 101,000 SF speculative industrial
Final building in the master-planned park, with delivery in Q2 2027
Source: AZBEX
Market Report: Phoenix Industrial Q2 2026 Figures - CBRE (July 10, 2026) Phoenix industrial vacancy tightened in the second quarter as absorption stayed strong and the construction pipeline continued to taper. Southwest Valley leasing led the market.
Vacancy 9.6 percent (down 70 basis points quarter over quarter), with net absorption of 4.7 million SF
Average asking rent $1.09 per SF, with about 18.4 million SF under construction
Source: CBRE
Retail
Bethany Marketplace Shopping Center Sells for $14.05M - AZBEX (July 14, 2026) Southwestern Investments sold the 66,000-square-foot Bethany Marketplace at the northeast corner of I-17 and Bethany Home Road. Rein and Grossoehme represented the seller.
Sale price: $14,050,000 for 66,000 SF (about $212.88 per SF)
Infill Phoenix location at I-17 and Bethany Home Road
Source: AZBEX
El Mirage Drive-Thru Coffee Pad Sells for $2.44M - AZBEX (July 14, 2026) A newly built 620-square-foot single-tenant coffee and drive-thru building at 12443 NW Grand Ave. in El Mirage traded for $2.44 million. Cushman and Wakefield represented the seller.
Sale price: $2,440,000 for 620 SF (about $3,935.48 per SF)
Single-tenant net-leased drive-thru pad
Source: AZBEX
Peoria Rezoning Would Enable New SimonCRE Retail Center - AZBEX (July 14, 2026) A rezoning request at Happy Valley Road and Lake Pleasant Parkway would allow a 6.16-acre commercial center with a specialty grocer and a drive-through restaurant, plus a 50-lot residential community. The Peoria Planning and Zoning Commission was set to hear the request July 16.
Program: a 6.16-acre commercial center (specialty grocery plus one drive-through) and a 15.54-acre, 50-lot residential community
Prospective commercial owner under contract: SimonCRE
Source: AZBEX
First Retail at Medina Station: 148,000-SF Target to Open - AZBEX (July 10, 2026) The first retail at the 64.5-acre Medina Station in Mesa, a 148,000-square-foot Target, is set to open July 26. Medina Station will hold about 300,000 SF of retail at full buildout.
First delivery: a 148,000-SF Target opening July 26
Master-planned mixed-use site totaling about 300,000 SF of retail at buildout
Source: AZBEX
Vestar Advances Laveen Towne Center Amid West Valley Retail Boom - Arizona Republic (July 11, 2026) Vestar plans to start construction in late fall on Laveen Towne Center at 59th Avenue and Dobbins Road, with committed tenants including First Watch, Club Pilates, Costa Vida, and Tropical Smoothie Cafe. Separately, Target committed to a new location near 59th Avenue and Baseline Road, with SimonCRE expected to break ground next year.
Laveen Towne Center: a mixed retail development at 59th Avenue and Dobbins Road, with construction starting late fall
A new Target committed near 59th Avenue and Baseline Road, developed by SimonCRE
Source: Arizona Republic
Office
Midtown Phoenix Office Building Sells for $6.8M - Real Estate Daily News (July 10, 2026) An entity tied to Avrek Law bought a two-story, 35,346-square-foot office building at 702 E. Osborn Road, across from the Phoenix Country Club, with LevRose Commercial Real Estate representing the seller and Newmark the buyer. The owner-user pricing underscores demand from professional-service firms to control their real estate.
Sale price: $6,800,000 for 35,346 SF (about $192.38 per SF)
Roughly 83 percent occupied, with 138 parking spaces
Source: Real Estate Daily News
McCarthy Building Companies Leases ~100,000 SF for New Camelback HQ - AZ Big Media (July 13, 2026) McCarthy Building Companies is relocating its Southwest region headquarters to nearly the entire 100,000-square-foot building at 3133 E. Camelback Road. The commitment reflects the flight-to-quality trend concentrating large occupiers in the Camelback Corridor.
Size: about 96,300 to 100,000 SF, or nearly the full building
Landlord Reliance Management, with occupancy targeted for late 2027
Source: AZ Big Media
Market Report: Phoenix Office Vacancy Tightens in Q2 2026 - Real Estate Daily News (July 14, 2026) Phoenix office vacancy improved again as leasing momentum built and no new space delivered in the quarter. Asking rents edged higher year over year.
Overall vacancy 19.1 percent (down 120 basis points quarter over quarter, and 270 basis points year over year)
Average direct asking rate $32.30 per SF FSG, with second-quarter net absorption of about 490,000 SF
Source: Real Estate Daily News
Notable Phoenix Office and Medical-Office Investment Sales - Colliers (July 14, 2026) Colliers' July market update highlighted several second-quarter investment sales across the metro's office and medical-office segments, signaling renewed institutional appetite for well-leased assets. The largest trades were in the Southeast Valley.
Copper Point Business Park (3530 S. Val Vista Dr.): $51.5M for 93,262 SF (about $552.21 per SF)
Stapley Medical Center (1840 and 1910 S. Stapley Dr.): $48.0M for 181,710 SF (about $264.16 per SF)
8010 E. McDowell Rd.: $10.0M for 43,368 SF (about $230.58 per SF)
Source: Colliers
Mixed-Use
District 59 Mixed-Use Development Advances in Laveen - Arizona Republic (July 11, 2026) District 59, planned at 59th Avenue and Dobbins Road in Laveen, is set to begin construction in the second quarter of 2027. The project blends retail, restaurants, and residential around community open space.
Program: nearly 25 acres of retail and restaurants (about 115,000 SF) plus nearly 15 acres of apartments (360 units)
Construction start targeted for the second quarter of 2027
Source: Arizona Republic
Hotels
Phoenix Hospitality Pipeline Ranks Among Nation's Most Active - Arizona Escrow and Financial (July 15, 2026) A mid-year update reported that Phoenix's hospitality development pipeline is up 19 percent year over year, among the most active in the country. Activity is concentrated downtown, in North Phoenix near the TSMC campus, and in the West Valley.
Hospitality pipeline up 19 percent year over year
Concentrations in Downtown Phoenix, North Phoenix near TSMC, and the West Valley
Source: Arizona Escrow and Financial
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.
