Executive Summary
Industrial pricing has split into three distinct tiers, and the spread is now more than $240 per square foot. Five verified Phoenix-metro industrial trades cleared in the window at $395.44 per square foot in Scottsdale, $299.85 in Chandler, $253.66 in Chandler, $238.60 in South Phoenix and $153.00 in Surprise. The premium is being paid for infill scarcity, heavy power and credit tenancy rather than for clear height or dock count, with the Chandler asset trading at nearly double the West Valley figure on the strength of a 50MW substation and a long-dated aerospace lease. Institutional capital is still clearing at portfolio scale as well, with Phoenix included in a 38-building, 5.9 million square foot national acquisition priced near $1 billion.
Multifamily buyers are underwriting basis, not rent growth, and the two trades bracket the strategy. Knightvest paid $289,961 per unit for a 2000-vintage, light-rail-adjacent Midtown asset where roughly 70 percent of the units are loft or townhome product with direct-access garages, while ColRich paid $196,255 per unit for 1984-vintage suburban workforce product in Mesa. Both executions sit meaningfully below current urban and suburban replacement cost, and the Mesa deal was structured around assumption of an existing HUD loan rather than new origination. Sponsors are solving for in-place debt and discount to replacement cost, which is the clearest read available on where multifamily capital is willing to take risk right now.
Power infrastructure, not raw acreage, is now the governing constraint on the entitlement pipeline. A 320-acre Far West Valley master plan is seeking flexibility to build either warehouse or data center product, requesting a height increase from 40 feet to 85 feet and reduced parking on the theory that data centers need fewer employee stalls. In Pinal County, a 1,263-acre rezoning advanced for a combined 400 MW solar and 400 MW four-hour battery project, and Clark Pacific won industrial rezoning on 160 acres in Coolidge for a precast plant whose product lines include structural systems and prefabricated power infrastructure for data centers. Landowners holding acreage with credible power and water paths are underwriting to a different curve than those without.
Context for the week: metro retail vacancy held at 5.0 percent in the second quarter with mid-year net absorption of 581,078 square feet and direct average asking rents of $20.11 per square foot NNN, per Cushman and Wakefield. CBRE's midyear review attributes the metro's absorption and tightening vacancy to TSMC's expanded $100 billion-plus plan and Intel's Fab 52.
Land
320-Acre Warehouse and Data Center Master Plan Proposed in Far West Valley - AZBEX (August 4, 2026)
Arizona Land Consulting is seeking a comprehensive plan amendment and rezoning on roughly 320 acres near the northwest corner of 411th Avenue and Camelback Road outside Tonopah, moving the site from Rural Densities to Mixed Use and from Rural-43 to IND-2 IUPD. The narrative deliberately preserves optionality across warehouse, data center, residential, commercial and entertainment uses rather than committing to a single product type. County staff recommended approval, but no end users are signed and both water service (Global Water Resources area) and power (APS lower-voltage service nearby) remain open questions that will govern what actually gets built.
Site: approximately 320 acres; no price disclosed, so per-acre and per-land-square-foot metrics are not available
Entitlement asks include a building height increase from 40 feet to 85 feet and reduced parking ratios reflecting data center staffing levels
Source: AZBEX
Pinal County Commission Recommends 1,263-Acre Solar and Battery Rezoning South of Eloy - Pinal Post (July 30, 2026)
The Pinal County Planning and Zoning Commission voted 7 to 1 to recommend rezoning roughly 1,263 acres in unincorporated Pinal County for Eloy Valley Energy Center III, a utility-scale project pairing 400 MW of solar with 400 MW of four-hour battery energy storage plus a new substation. The Board of Supervisors holds final authority, with construction potentially starting as early as late 2026 if approvals stay on schedule. Storage-paired generation of this scale is what makes the county's industrial and data center pipeline financeable, and it is competing directly with development users for large contiguous Pinal County positions.
Program: approximately 1,263 acres, 400 MW solar plus 400 MW / four-hour battery storage and a new substation
Not a land sale, so per-acre pricing is not available; the project page lists $300 million in project investment and $35 million in tax revenue
Source: Pinal Post
Multifamily
Pavilions on Central Apartments Sell for Almost $74 Million - AZ Big Media (August 5, 2026)
Knightvest Capital acquired the 254-unit Pavilions on Central in Midtown Phoenix from Security Properties, which had purchased the asset in 2018 for $59 million. The 2000-vintage garden-style community sits at Central and Campbell avenues adjacent to light rail, averages 1,109 square feet per unit, and carries an unusual product profile with roughly 216 of the 254 units in loft or townhome configurations with direct-access garages. At just under $290,000 per door for large-format urban product on transit, the buyer is stepping in well below the cost of building comparable mid-rise or podium units in the same corridor.
Sale price: $73,650,000 for 254 units, or $289,961 per unit
Unit mix: one-, two- and three-bedroom floorplans averaging 1,109 square feet, with approximately 70 percent loft or townhome style
Source: AZ Big Media
ColRich Pays $52.4 Million for Mesa Rental Community - Connect CRE (August 5, 2026)
San Diego-based ColRich acquired the 267-unit Avia 266 at 2354 W. University Drive in Mesa from Geringer Capital and will rebrand the property as The Remy. The 1984-vintage garden-style community includes one- and two-bedroom units with two pools and spas, a 24-hour fitness center, clubhouse, package lockers and a dog park. The transaction included assumption of an existing HUD loan, which is the operative detail: at under $200,000 per unit with in-place agency debt, older suburban workforce product remains the cleanest path to acquiring units without underwriting current origination costs.
Sale price: $52,400,000 for 267 units, or $196,255 per unit
Structure: assumption of an existing HUD loan; property completed in 1984
Source: Connect CRE
20-Unit Affordable Development Planned in Sunnyslope - AZBEX (August 5, 2026)
The City of Phoenix approved a preliminary site plan for Acacia Affordable Housing, a 20-unit affordable apartment community at 8910 N. 8th St., southeast of 7th Street and Dunlap Avenue. Footprint Properties LLC is developing the three-story, 38-foot-5.5-inch building on 0.58 vacant acres immediately north of the Acacia Library. Small infill affordable parcels of this size are increasingly the only sites clearing entitlement in built-out central Phoenix neighborhoods, and they set a useful density and height precedent for adjacent owners.
Program: 20 units on 0.58 acres, or roughly 34 units per acre; three stories at 38 feet 5.5 inches
Source: AZBEX
Industrial
Phoenix Included in 38-Building, $1 Billion National Industrial Portfolio Acquisition - AZBEX (August 4, 2026)
Stonemont and capital partner PCCP acquired a 38-building, 5.9 million square foot industrial portfolio from Blackstone's Link Logistics for approximately $1 billion, with Phoenix among 14 metros across 10 states. The portfolio was approximately 95 percent leased at closing and consists of bulk distribution and light industrial assets with long-term tenants. JP Morgan and Wells Fargo provided acquisition debt with Eastdil Secured advising, which is the more significant signal: top-tier lenders are still writing nine-figure checks against stabilized Sun Belt logistics.
Portfolio price: approximately $1,000,000,000 for 5,900,000 square feet, or roughly $169 per square foot portfolio-wide
Phoenix allocation and specific addresses were not broken out; portfolio approximately 95 percent leased
Source: AZBEX
Two South Phoenix Industrial Buildings Trade for $85.18 Million - AZBEX (August 4, 2026)
Trammell Crow Company purchased two industrial buildings totaling approximately 357,000 square feet at 12th and Elwood streets in South Phoenix from IDI Logistics. The submarket serves last-mile and aviation-related distribution given its proximity to Sky Harbor and the downtown core. Clearing $238.60 per square foot for bulk-format infill product confirms that buyers are paying for drayage savings and centrality rather than for building specification alone.
Sale price: $85,180,000 for approximately 357,000 square feet, or $238.60 per square foot
Location: 12th and Elwood streets, South Phoenix, adjacent to the Sky Harbor and downtown distribution radius
Source: AZBEX
Morgan Stanley Affiliate Pays $59 Million for Chandler Honeywell Aerospace Plant - Connect CRE (August 3, 2026)
NHNR HOLD CO 47 LLC, an affiliate of Morgan Stanley Real Estate Investments, acquired the approximately 196,764 square foot AMPlify Chandler facility at 6505 W. Chandler Blvd. from an affiliate of Phoenix Rising Investments. Honeywell Aerospace has occupied the building since 2020 with at least nine years remaining on its lease, and the property carries a dedicated 50MW substation and 8,000 amps of power after roughly $150 million of tenant-funded renovation and expansion. The buyer was self-represented and cited infill location, manufacturing base, power infrastructure and credit tenancy, which is a precise description of what now commands a premium in the Southeast Valley.
Sale price: $59,000,000 for approximately 196,764 square feet, or $299.85 per square foot
Power profile: dedicated 50MW substation and 8,000 amps; former vacant back-office space converted to manufacturing
Source: Connect CRE
Eastpoint I and II Multi-Tenant Business Park in Chandler Sells for $34.65 Million - AZBEX (August 4, 2026)
Boston-based Longpoint Partners acquired the two-building, 136,600 square foot Eastpoint I and II business park at 3191 N. Washington St. and 250 E. Elliot Road in Chandler from Denver-based Baron Properties. The park is leased to eight tenants, five in Building I and three in Building II. Multi-tenant light industrial in the Chandler corridor is the natural landing spot for the tier-two and tier-three semiconductor vendors requiring 10,000 to 30,000 square foot footprints, and $253.66 per square foot reflects expected mark-to-market on lease rollover rather than current in-place income.
Sale price: $34,650,000 for 136,600 square feet, or $253.66 per square foot
Tenancy: eight tenants across two buildings
Source: AZBEX
CapRock Partners Pays $37.5 Million for Summit at Surprise - Commercial Property Executive (August 6, 2026)
CapRock Partners acquired Summit at Surprise, a 244,847 square foot, two-building Class A industrial project at 12460 and 12730 N. Dysart Road, from Velocis. The 2024-delivered asset was approximately 15 percent leased at closing and features 32-foot clear heights, 67 dock doors, six grade-level entrances and 376 parking spaces on 16.95 acres. Buying newly delivered West Valley product at $153.00 per square foot with lease-up risk still in front of you is the clearest available marker of where speculative bulk basis has reset.
Sale price: $37,461,591 for 244,847 square feet, or $153.00 per square foot (Building A 79,200 square feet; Building B 165,647 square feet)
Status: delivered 2024, approximately 15 percent leased at acquisition, 32-foot clear heights
Source: Commercial Property Executive
Scottsdale Industrial Building at Hayden and Frank Lloyd Wright Sells for $10.4 Million - AZBEX (August 4, 2026)
Compulsive LLC purchased a 26,300 square foot industrial building on 1.6 acres at the southwest corner of Hayden Road and Frank Lloyd Wright Boulevard from ProCaps Laboratories. At $395.44 per square foot, this is the highest industrial execution in the window by a wide margin. The Scottsdale Airpark corridor is land-constrained and zoning-restricted, and fee-simple industrial product in Maricopa County's wealthiest municipality is effectively unreplicable at any construction cost.
Sale price: $10,400,000 for 26,300 square feet, or $395.44 per square foot
Land basis: 1.6 acres, or $6,500,000 per acre and approximately $149.22 per land square foot
Source: AZBEX
1.1 Million SF Industrial Property Breaks Ground Near Phoenix - Commercial Real Estate Direct (August 3, 2026)
GO Industrial broke ground on GO|99 North, an approximately 1.1 million square foot speculative building at 9797 W. Buckeye Road in Tolleson, roughly 14 miles west of downtown Phoenix on 75 acres. The building will offer 40-foot clear heights, 190 dock-high doors, 245-foot all-concrete truck courts and 3,600 amps of expandable power, with targeted completion in the second quarter of 2027. It is being marketed as the market's only current 1 million square foot-plus opportunity, which is the entire thesis behind starting it without a tenant.
Program: approximately 1,100,500 square feet on 75 acres; 40-foot clear heights, 190 dock-high doors, 1,200 car and 113 trailer stalls
No price disclosed; available for sale or lease, complementing GO|99 South at approximately 1.3 million square feet
Source: Commercial Real Estate Direct
Formation Park 10 Phase II Breaks Ground in Goodyear - AZBEX (July 31, 2026)
Formation Interests, in venture with a Crescent Real Estate affiliate, broke ground on Phase II of Formation Park 10 at Bullard Avenue and Celebrate Life Way along the I-10 frontage in Goodyear. Phase II adds 261,168 square feet across three buildings within a park planned at roughly 689,000 square feet across five buildings on 44 acres. The building program is deliberately split to serve both single-tenant users above 100,000 square feet and flexible 15,000 to 25,000 square foot requirements, a hedge against the shallow-bay and bulk demand curves diverging.
Phase II: 261,168 square feet across three buildings; full park approximately 689,000 square feet on 44 acres
No Phase II price disclosed; earlier coverage cited approximately $100 million of overall park investment, with completion expected spring 2027
Source: AZBEX
Clark Pacific Planning Coolidge Concrete Plant - AZBEX (August 5, 2026)
Clark Pacific is planning a precast concrete manufacturing plant on a 160-acre site near the northwest corner of Highway 87 and Hanna Road in Coolidge, following City Council rezoning from Agricultural to General Industrial. The company manufactures structural precast, prefabricated power infrastructure, insulated wall panels and parking structures, and its published materials cite more than 30 data centers totaling over 13 million square feet. Water will come from two registered on-site wells now moving through ADWR redesignation from agricultural to industrial use, which is itself a useful template for Pinal County industrial buyers.
Site: 160 acres rezoned from Agricultural to General Industrial; approximately 100 to 150 local jobs expected
No price disclosed, so per-acre metrics are not available; water via two on-site wells pending ADWR redesignation
Source: AZBEX
Retail
New Entertainment Venue The Nox Will Break Ground in Mesa - AZ Big Media (August 6, 2026)
The Bongiorno family, associated with Potato Barn, is developing The Nox, a two-level entertainment venue near Ray and Sossaman roads in Southeast Mesa with capacity for up to 2,000 people. The program includes food and beverage service, bars and kitchens on each floor rather than a single concessions model. Groundbreaking is expected this fall with a targeted first-quarter 2028 opening, and privately capitalized entertainment anchors of this scale are increasingly the demand driver behind Southeast Valley pad and outparcel absorption.
Program: two-level theater with capacity up to 2,000, food and beverage programming on both floors
Timeline: fall 2026 groundbreaking, Q1 2028 target opening; cost not disclosed
Source: AZ Big Media
EoS Fitness Opens 60,000 SF Chandler Location - AZBEX (July 31, 2026)
EoS Fitness opened a 60,000 square foot club at 2100 N. Dobson Road in Chandler on July 21, its fourth Chandler location and 45th in Arizona. Value-tier fitness continues to be the most dependable backfill for second-generation big-box space in the Valley. For landlords holding vacant junior anchor boxes, this is the demand profile currently clearing at scale.
Size: 60,000 square feet; fourth Chandler location and 45th statewide
No transaction price disclosed
Source: AZBEX
Office
Charles Schwab Files $11.7 Million Permit for Scottsdale Office Renovations - Bisnow (August 3, 2026)
Charles Schwab and Co. filed a permit for $11.7 million of tenant improvements at Two Scottsdale Landing, a nearly 84,000 square foot office complex at 8701 E. Hartford Drive in North Scottsdale. The scope covers mechanical, plumbing and electrical work on the second-floor interior with no structural changes noted, and the filing awaits a second review. Spending roughly $139 per square foot on interiors is a meaningful vote on the flight-to-quality thesis, particularly against metro office vacancy of 14.2 percent in the second quarter versus 15.2 percent a year earlier.
Investment: $11,700,000 of tenant improvements across nearly 84,000 square feet, or approximately $139 per square foot
Market context cited: metro office vacancy 14.2 percent, positive absorption of 402,000 square feet, no new deliveries and 184,500 square feet under construction
Source: Bisnow
Office Park Rezone Approved in South Phoenix - AZBEX (July 31, 2026)
The Maricopa County Board of Supervisors unanimously approved a Commercial Unit Plan of Development rezoning on 4.35 acres at the northeast corner of Southern and 43rd avenues, a county island previously carrying mixed single-family and commercial zoning. Elite Civil Construction plans a two-story, 31,200 square foot office building plus a 5,700 square foot employee center and a 4,800 square foot maintenance building with indoor and outdoor storage, housing roughly 80 employees. New suburban office entitlement runs against the national grain, but administrative and engineering space serving the surrounding logistics and construction base is a different product than commodity multi-tenant office.
Program: 4.35 acres, 31,200 square foot two-story office, 5,700 square foot employee center, 4,800 square foot maintenance building
No price disclosed; primary access from 43rd Avenue within City of Phoenix jurisdiction
Source: AZBEX
The Signal: August 2026 Phoenix Office Leasing and Investment Sales - Colliers (August 5, 2026)
Three office investment sales and three leases closed in the metro, with pricing ranging from $192.38 to $374.13 per square foot depending on asset quality and location. The spread between the Osborn Road execution and the Gilbert Ranch execution is the entire flight-to-quality story compressed into three data points on a single page. Leasing activity remained concentrated in Scottsdale and the Southeast Valley in the 5,000 to 12,000 square foot range.
Sales: Edwards Professional Park, $25,500,000 for 82,278 square feet, or $309.92 per square foot; 702 E. Osborn Rd., $6,800,000 for 35,346 square feet, or $192.38 per square foot; The Forum at Gilbert Ranch, $6,124,101 for 16,369 square feet, or $374.13 per square foot
Leases: Cemex, 11,665 square feet at Raintree Corporate Center; One Claim Solution, 10,408 square feet at The Reserve at San Tan Building 2; Wheeler Orthotics and Prosthetics, 5,183 square feet at The Stearman
Source: Colliers
Mixed-Use
Life Time Living Celebrates Topping Out at PV in North Phoenix - AZ Big Media (August 5, 2026)
RED Development, Life Time and Clayco topped out Life Time Living at PV, an 11-story, 327-unit luxury residential building totaling approximately 650,000 square feet adjacent to the Life Time athletic club at 12900 N. Tatum Blvd. The tower is a component of PV, the more than $2 billion redevelopment of the former Paradise Valley Mall across roughly 100 acres. Every residence carries an included Life Time Signature membership, an amenity structure that is effectively a rent premium mechanism embedded in the lease rather than a capital improvement.
Program: 11 stories, 327 units, approximately 650,000 square feet with one-, two- and three-bedroom floorplans; opening targeted 2027
District: 100-acre PV redevelopment valued at more than $2 billion; designed by Lamar Johnson Collaborative, built by Clayco
Source: AZ Big Media
Hotels
Arizona Boardwalk Breaks Ground on 142-Room Hyatt Place at Talking Stick - AZBEX (July 31, 2026)
Arizona Boardwalk broke ground on a four-story, 142-room Hyatt Place adjacent to the entertainment destination within the Salt River Pima-Maricopa Indian Community. Layton Construction is the general contractor and Deutsch Architecture Group designed the project, with opening scheduled for late 2027. The hotel is positioned as the gateway to nearly 50 additional acres planned for future entertainment, dining and retail, which is the more consequential number for anyone underwriting land or pad sites in the Talking Stick corridor.
Program: four stories, 142 rooms, approximately 230 parking spaces; late 2027 opening
No price disclosed, so price per room is not available
Source: AZBEX
New 122-Room Hyatt Studios Planned at SRPMIC - AZBEX (July 31, 2026)
CaliberCos, through Caliber Hospitality Development, is advancing a 122-room Hyatt Studios extended-stay hotel on 2.81 acres along Dobson Road within the Salt River Pima-Maricopa Indian Community, branded to Riverwalk and Scottsdale. The apartment-style suites include in-room kitchens alongside a fitness center, meeting space and limited food service, with the Community Council vote scheduled for August. Extended-stay is the correctly calibrated product for a metro absorbing thousands of contract engineers and construction managers on multi-month assignments, and the project is part of a broader Caliber and Hyatt plan for 15 Hyatt Studios properties.
Program: 122 rooms on 2.81 acres, approximately 43 rooms per acre; four stories
No price disclosed, so price per room is not available; a second Hyatt Studios is planned at 29th Avenue and Sonoran Desert Drive in north Phoenix
Source: AZBEX
Great Wolf Lodge Expansion Could Boost Arizona's Family Tourism Market - AZ Big Media (August 4, 2026)
Great Wolf Lodge is seeking entitlements for a connected six-story tower with 24 three-bedroom guest suites at its 18.6-acre resort at 7333 N. Pima Road in the Talking Stick Entertainment District. The addition would match the existing 78-foot height and connect by ground-floor walkway, with a separate two-story parking structure proposed. The resort is requesting a dimensional variance before the proposal advances to the SRPMIC Community Council, so this remains early exploratory work rather than a committed project.
Program: six-story tower with 24 three-bedroom suites at 78 feet, plus a proposed two-story parking garage
Existing resort: 350 rooms and an 85,000 square foot indoor water park on 18.6 acres, opened 2019 as an $89 million build
No expansion cost disclosed, so price per room is not available
Source: AZ Big Media
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.
