The Phoenix CRE Brief - 3/12/2026

Executive Summary

Three key takeaways from this week's Phoenix commercial real estate activity:

1. West Valley Entitlement and Industrial Policy Activity Accelerating: Buckeye is advancing the annexation of 85.3 acres at I-10 and SR 85 to accommodate ViaWest Group's planned industrial logistics development, while Goodyear is moving to formally regulate data centers as digital infrastructure demand intensifies across the West Valley.

2. Multifamily Development Targets TSMC Workforce: Sunbelt Investment Holdings broke ground on Sanctuair Deer Valley, a 363-unit Class A community on 18 acres in North Phoenix directly aligned with the semiconductor employment corridor, featuring resort-scale wellness amenities designed to attract highly compensated technical talent.

3. Mixed-Use Scale Reaches Historic Levels in Downtown Phoenix: The 2026 RED Awards finalists spotlight an unprecedented wave of vertical mixed-use projects, led by Sol Modern's 747-unit, 29-story high-rise — the largest residential tower in Phoenix history — alongside the transit-oriented Maeve/ANOVA Central Station redevelopment totaling over 1 million square feet.

Land

Buckeye Considering Annexation for ViaWest Project at I-10 and SR 85 — AZBEX (March 6)

Buckeye held a first hearing on the annexation of 85.3 acres at the southeast corner of State Route 85 and Interstate 10 for a future industrial park to be developed by ViaWest Group. This municipal boundary expansion is designed to capture long-term property tax revenues from the rapidly growing West Valley logistics corridor while providing the developer access to municipal water and sewer infrastructure.

• Land area: 85.3 acres

• Prior sale price (2024): $8.3 million ($97,304 per acre)

Source

Maricopa County Planning and Zoning Commission Agenda — Maricopa County (March 5)

Several Phoenix Metro land-use items appeared on the Maricopa County Planning and Zoning Commission agenda, including HEGIC South (south of Lower Buckeye Road and Harquahala Valley Road), 330 S. 75th Ave. — Clean Harbors Industrial in the Tolleson area, and Hassayampa Ranch near 339th Ave. and Indian School Rd. in Buckeye. Staff recommendations on all three zoning items were approval with conditions.

Source

Multifamily

Eco-Conscious Apartment Community Breaks Ground in North Phoenix — Greater Phoenix In Business Magazine (March 10)

Sunbelt Investment Holdings commenced construction on Sanctuair Deer Valley, a 363-unit Class A multifamily community on 18 acres at the northwest corner of 19th Avenue and West Grandview in Phoenix, directly across from Turf Paradise. The project features one-, two-, and three-bedroom apartments alongside townhomes ranging from 737 to 1,802 square feet in a two- and three-story garden-style configuration. Amenities include a resort-style pool with spa and cold plunge, commercial-grade fitness center, pickleball courts, golf simulator, putting green, a three-quarter-mile pedestrian trail, community citrus orchard, and meditation room. The development is strategically positioned to capture workforce demand from the TSMC semiconductor campus to the north.

• Unit count: 363

• Site area: 18 acres

• Density: 20.16 units per acre

• Phase 1 delivery: Q3 2027

Source

Industrial

JETRO, ACA, GPEC and ASU Sign Memorandum of Understanding to Strengthen Semiconductor Collaboration — Arizona Commerce Authority (March 5)

The Japan External Trade Organization (JETRO), Arizona Commerce Authority (ACA), Greater Phoenix Economic Council (GPEC), and Arizona State University (ASU) signed a landmark Memorandum of Understanding to accelerate collaboration in semiconductors, R&D, and workforce development. The signing ceremony included a 50-person Japanese delegation of government officials and corporate leaders. The MOU formalizes a commitment to streamline the entry of Japanese-affiliated suppliers and engineering firms into the Phoenix industrial real estate market, with immediate implications for cleanroom-equipped manufacturing space demand in the East Valley and beyond.

Source

Pecos 17 Flex-Bay Campus Nears Completion in Mesa — AZ Big Media (March 5)

Scottsdale-based Cavan Commercial is nearing completion on Pecos 17, a 12-building, 168,000-square-foot neighborhood flex-bay campus along East Pecos Road within the Pecos Advanced Manufacturing Zone near Mesa Gateway Airport and Loop 202. Scheduled for delivery in May 2026, the project offers 21 for-sale units ranging from approximately 6,338 to 15,802 square feet of interior space with private outdoor yards up to 75,204 square feet. The ownership model — rather than triple-net leasing — allows small and midsize businesses to use SBA 504 loans to purchase their space, hedging against rent escalation in the rapidly appreciating East Valley. Multiple buildings have already been presold.

• Total campus: 168,000 SF across 12 buildings

• Unit sizes: 6,338–15,802 SF interior; yards up to 75,204 SF

• Delivery: May 2026

Source

Goodyear Moves to Set Rules for Data Centers as Industry Expands — Your Valley (March 11)

Goodyear officials are advancing formal regulations for data centers as the city continues to attract digital infrastructure investment. While this is policy rather than transaction news, it directly affects future industrial and data-center entitlement conditions across the West Valley and signals the increasing maturity of municipal frameworks governing this rapidly growing asset class.

Source

Retail

Dining Lineup Expands at Verrado Marketplace Ahead of 2026 Opening — Greater Phoenix In Business Magazine (March 5)

Verrado Marketplace in Buckeye added additional restaurant and service tenants ahead of its opening, with tenant openings beginning in May 2026. The center is anchored by Target, Harkins Backlot, Safeway, Ross, Marshalls, and HomeGoods — reflecting strong national retailer demand in the West Valley's fastest-growing suburban nodes.

Source

Scottsdale Towne Center Secures $13.25M Refinancing — Connect CRE (March 11)

Trident Capital Partners secured a $13.25 million refinancing for the ownership group of Scottsdale Towne Center, a 168,090-square-foot retail center on 16 acres along Frank Lloyd Wright Boulevard in North Scottsdale. The 12-month, non-recourse loan replaces existing debt on the 99%-leased center, which is managed by Vestar and anchored by Mountainside Fitness, Ross Dress for Less, and T.J. Maxx. The ability to secure competitive non-recourse refinancing in a market where CMBS special servicing rates are approaching post-GFC highs signals strong institutional confidence in North Scottsdale retail fundamentals.

• Property size: 168,090 SF on 16 acres

• Occupancy: 99% leased

• Refinancing: $13.25 million (12-month, non-recourse)

Source

Office

Two-Building, 238,500 SF Office Campus Sells in North Phoenix — REBusinessOnline (March 5)

An affiliate of Wentworth Property Company acquired a two-building Class A office campus totaling 238,500 square feet at 25500–25600 North Norterra Drive in Phoenix for approximately $26.8 million (~$112 per square foot). Originally built in 2001, the campus features two three-story buildings with 39,750-square-foot floor plates, a fitness center, EV charging stations, and loading docks. The acquisition price sits well below the estimated $350–$450 per square foot replacement cost for new suburban Class A construction.

The strategic rationale is geographic: the campus sits along the I-17 frontage road in immediate proximity to the TSMC semiconductor campus, where the North Phoenix–Deer Valley submarket is outperforming the broader metro on vacancy. Wentworth plans a comprehensive capital improvement program including mechanical upgrades and hospitality-driven amenity additions to reposition the asset for TSMC-corridor tenants. Notably, Lam Research recently acquired the office building directly north of this campus for a regional operational hub.

• Property size: 238,500 SF (two buildings)

• Sale price: ~$26.8 million

• Price per SF: ~$112

• Year built: 2001

Source

Mixed-Use

New Restaurants, Retail Join Walkable Downtown Queen Creek Development — Greater Phoenix In Business Magazine (March 11)

The Switchyard, a 10-acre mixed-use development at Ellsworth and Ocotillo roads in Queen Creek, announced another wave of tenants. The project is planned for 54,000 square feet of restaurant, retail, and office space with multifamily in a future phase, continuing the momentum of new suburban mixed-use nodes in the Southeast Valley.

• Site area: 10 acres

• Commercial space: 54,000 SF

Source

Peoria Council Approves Lennar Mixed-Use Proposal — Rose Law Group Reporter (March 10)

Peoria approved The Shoppes and The Cove at Camino á Lago, a 24-acre mixed-use project at the northeast corner of Lake Pleasant Parkway and Deer Valley Road. The plan includes 8 acres of commercial frontage and approximately 16.2 acres for 105 single-family units with pedestrian connectivity between residential and commercial uses.

• Total site: 24 acres

• Commercial: 8 acres

• Residential: 105 single-family units on 16.2 acres

Source

2026 RED Awards: Mixed-Use Finalists Spotlight Downtown Phoenix's Vertical Transformation — AZ Big Media (March 10)

The finalists for the 2026 RED Awards Mixed-Use Project of the Year were announced, showcasing an extraordinary wave of large-scale downtown projects:

• Sol Modern (LG Group) — A 29-story, 747-unit residential high-rise spanning 1.45 million square feet in Downtown Phoenix, making it the city's largest residential tower. Includes 30,000 SF of street-level retail and the largest multifamily pool in Phoenix.

• The Maeve Central Station / ANOVA Central Station (GMH Communities) — A 1,033,950 SF transit-oriented redevelopment of the former Greg Stanton Central Station transit depot featuring a 33-story and 22-story tower delivering 338 market-rate units, 629 student beds, 7% workforce housing, and a 200,000 SF subterranean parking structure with direct light rail access.

• Saiya (Hatteras Sky) — A 607,465 SF, 23-story mixed-use project in the Roosevelt Row Arts District with 389 residential units, Arizona's largest exterior mural, and five major interior art installations.

• The Governor (Hyphen Communities) — A 187,982 SF boutique development with 176 units that integrates early-20th-century historic retail structures into its modern footprint on the site of Arizona's first governor's home.

• Rainbow Road Apartments (Intersection Development) — A 41,485 SF sculptural five-story building in Roosevelt Row with 36 boutique units over 6,057 SF of retail, featuring twelve parallelogram facades and custom local artisan fabrication.

Source

Bottom Line

The biggest themes from this seven-day window:

West Valley land and industrial entitlement activity remains highly active, with Buckeye expanding its borders for logistics development and Goodyear formalizing data center regulations to manage surging digital infrastructure demand.

Multifamily construction is targeting semiconductor workforce corridors, with Sanctuair Deer Valley's resort-amenity model in North Phoenix designed specifically to capture TSMC-related housing demand.

Suburban mixed-use and retail leasing momentum is strongest in newer nodes like Buckeye, Queen Creek, and North Peoria, while institutional capital continues to validate North Scottsdale retail fundamentals.

Downtown Phoenix's vertical transformation is on full display through the RED Awards finalists, with projects like Sol Modern and Maeve/ANOVA Central Station signaling the city's maturation into a dense, transit-oriented urban core.

This digest is compiled for informational purposes and reflects publicly reported commercial real estate activity in the Phoenix metropolitan area.

We connect with landowners and developers across the Phoenix Metro on a daily basis. If you'd like to discuss how any of these developments, entitlements, or market trends may affect your land, your portfolio, or your next project, we'd welcome the conversation. Reach out anytime — we're here to help you stay ahead of the market.