Executive Summary

Three key takeaways from new Phoenix Metro commercial real estate activity for the week of May 21 to May 28, 2026:

1. The West Valley land grab for data centers and semiconductors intensified. Amkor added 67 acres in north Peoria (just under $32.5 million) to expand its $7 billion advanced-packaging campus, Arizona Land Consulting bought 956 acres in Tonopah for $25 million (about $26,150 per acre) to build out a data center corridor that now approaches 4,000 acres, and Prime Data Centers broke ground on its $3 billion, 240 MW PHX01 campus in Avondale. Tech-driven land demand is now the dominant force shaping the metro's growth.

2. Large-format industrial momentum held firm. Lovett Industrial and Peakline broke ground on the 1.14 million SF North Park Logistics Center in Glendale on a fully speculative basis, while Prologis paid $28 million for a 138.6-acre site ($202,020.20 per acre, $4.64 per land SF) and plans roughly 2.16 million SF of industrial and office space, stepping into the developer role on one of the larger Phoenix land plays of the week.

3. Urban high-rise housing advanced, and a marquee office lease signaled selective strength. Empire Group broke ground on the 328-unit, 24-story Whitney ($170 million, about $518,292.68 per unit) using a complex $131.2 million capital stack, the once-stalled One Camelback conversion is back under construction toward Q4 2026, and the rebranded Arro is set to become Arizona's tallest building (541 feet, 380 units). On the office side, Consumer Cellular signed the metro's largest lease of 2026 (123,340 SF on a 15-year term in north Scottsdale), a bright spot in an otherwise soft market.

Land

Prologis Acquires 138.6-Acre Innovation Centre Commerce Park Site for $28M Phoenix Business Journal (May 21, 2026) Global logistics developer Prologis acquired the 138.6-acre Innovation Centre Commerce Park in Phoenix from Crow Holdings and will step into the developer role, with plans for roughly 2.16 million SF of industrial and office space. The deal hands a premier institutional developer a large, well-located land position to anchor a major logistics and office campus.

• Purchase price: $28,000,000 for 138.6 acres (6,037,416 land SF)

• Land basis: $202,020.20 per acre ($4.64 per land SF)

• Planned build-out: approximately 2.16 million SF of industrial and office use

Source: Phoenix Business Journal

Arizona Land Consulting Buys 956 Acres in Tonopah for $25M to Expand Data Center Holdings ABC15 (May 26, 2026) Arizona Land Consulting acquired 956 acres in Tonopah, in the far West Valley, on May 20, lifting its holdings in the area to roughly 4,000 acres across three sites. The parcel was previously entitled for a master-planned community that never materialized, and the firm now plans to rezone it for industrial and data center use as it assembles a multi-campus data center corridor west of Phoenix.

• Purchase price: $25,000,000 for 956 acres

• Land basis: approximately $26,150 per acre (about $0.60 per land SF)

• Strategy: rezoning from residential to industrial and data center use

Source: ABC15

Amkor Technology Adds 67 Acres in Peoria for $7B Semiconductor Campus KTAR (May 2026) Amkor Technology acquired an additional 67-acre parcel adjacent to its existing Peoria Innovation Core site, growing the planned campus from 104 to 171 acres. The land gives Amkor room to scale its $7 billion advanced semiconductor packaging and testing campus, which is expected to deliver more than 750,000 SF of cleanroom space across two phases and bring as many as 3,000 jobs as the West Valley cements its position in the national chip supply chain.

• Land purchase: just under $32,500,000 for 67 acres (about $485,000 per acre, roughly $11.13 per land SF)

• Campus: more than 750,000 SF of cleanroom space across two phases, up to 3,000 jobs

• Timeline: first facility targeted for mid-2027 completion, production in early 2028

Source: KTAR

Multifamily

Empire Group Starts Work on $170M Phoenix Apartment Tower Connect CRE (May 27, 2026) Empire Group closed financing and broke ground on The Whitney, a 24-story, 328-unit tower at the southwest corner of Central Avenue and McDowell Road, directly in front of the McDowell Road light rail station. The capital structure reflects today's tight lending market, pairing senior debt with a sizable mezzanine tranche, and the developer is targeting premium rents through a heavy amenity package (rooftop pickleball court, fitness center, coworking lounges) and more than 22,000 SF of ground-floor retail.

• Total development cost: approximately $170,000,000 (about $518,292.68 per unit across 328 units)

• Financing: $131.2 million package, including an $84.7 million senior loan and a $46.5 million mezzanine loan

• Transit-oriented: adjacent to McDowell Road light rail, one stop from Roosevelt Row

Source: Connect CRE

From Stalled to Rising: One Camelback Moves Closer to Reality AZ Big Media (May 2026) The long-stalled office-to-residential conversion at Central Avenue and Camelback Road, acquired and rescued by Kinella Capital under developer TK Stratton, has reached major construction milestones and is back on track for a fourth-quarter 2026 delivery. The reset shows how well-capitalized secondary sponsors can extract value by acquiring stalled conversion infrastructure at a reduced basis and driving it to completion. Crews have re-engineered fire-life-safety, plumbing and technology systems, and the rooftop pool and amenity deck are nearing completion.

• Status: active construction, delivery targeted for Q4 2026

• Scope: office-to-residential adaptive reuse with ground-floor retail being curated

Source: AZ Big Media

Industrial

Lovett Industrial and Peakline Break Ground on 1.1M SF North Park Logistics Center Business Wire (May 27, 2026) Lovett Industrial and Peakline Real Estate Funds broke ground on the first phase of North Park Logistics Center, a Class A cross-dock facility in Glendale built entirely on speculation, with a master-planned second phase of roughly 623,000 SF to follow. Building at this scale without a tenant in hand reflects the structural shortage of modern large-format product in the Southwest Valley.

• Phase one: 1,140,584 SF on approximately 55.68 acres, delivery anticipated in Q2 2027

• Specifications: 40-foot clear heights, 197 dock-high doors, truck court depths up to 367 feet

• Access: immediate connectivity to Northern Parkway, Loop 303 and Interstate 10

Source: Business Wire

Prime Data Centers Breaks Ground on Three Buildings at its 240MW Phoenix Campus Business Wire (May 21, 2026) Prime Data Centers broke ground on the first three buildings of its PHX01 hyperscale campus in Avondale, the opening phase of a planned $3 billion, five-building development. All three initial buildings are already committed to a single, unnamed hyperscaler. To bypass grid congestion the campus includes a dedicated on-site substation, and a closed-loop cooling system engineered for zero process water use insulates the project from Colorado River shortage concerns.

• Investment: approximately $3,000,000,000 across 1.3 million SF (about $2,307.69 per SF of embedded infrastructure)

• Capacity: 240 MW of critical IT load across five buildings on 66.5 acres; first three buildings at 267,000 SF and 48 MW each

• Power: dedicated on-site substation, with Phase 1 delivering 144 MW

Source: Business Wire

Trumark Real Estate Management Buys Multi-Tenant Industrial Building in Peoria for $20.7M REBusinessOnline (May 26, 2026) Trumark acquired a newly built, fully occupied multi-tenant industrial building at 8700 N. 91st Ave. in Peoria as part of a 1031 exchange, a sign that private and middle-market capital continues to seek shelter in stabilized, high-quality industrial product. The 2024-built asset targets the underserved small-to-medium bay segment often skipped by big-box developers.

• Sale price: $20,700,000 for 75,549 SF ($273.99 per SF)

• Features: grade-level doors to each bay, shared loading docks, Loop 101 frontage

• Structure: acquired via 1031 tax-deferred exchange

Source: REBusinessOnline

Retail

Gilbert Town Council Approves 128,660 SF Target at Higley and Ocotillo ABC15 (May 23, 2026) The Gilbert Town Council voted 4 to 3 on May 19 to approve the rezoning needed for a 128,660 SF Target at the southeast corner of Higley and Ocotillo roads, clearing a 16-acre parcel that had sat vacant for more than two decades. Developer SimonCRE can now proceed despite neighborhood opposition over traffic and scale, with the owner and developer pointing to jobs and tax revenue. The site plan also contemplates a sit-down restaurant and a financial institution pad.

• Approval: 4 to 3 council vote on May 19 rezoning a 16-acre site

• Anchor: 128,660 SF Target, plus restaurant and bank pads

• Owner: GB Investments (Basha family); developer SimonCRE

Source: ABC15

Avondale Toyota Expands Service Center by 56,000 SF AZ Big Media (May 22, 2026) Family-owned Avondale Toyota completed a 56,000 SF service-center expansion, nearly doubling its bays and reflecting the broader shift that has made fixed operations (parts and service) the primary profit center for auto retailers. The added capacity is built to capture recurring service revenue from the surging West Valley population.

• Expansion: 56,000 SF, increasing service bays from 36 to 70

• Investment: approximately $15 million; daily service capacity rising from 210 to 410 appointments

• Capability: bays equipped to service hybrid and EV vehicles

Source: AZ Big Media

Office

Consumer Cellular Signs the Valley's Largest Office Lease of 2026 KTAR (May 26, 2026) Wireless carrier Consumer Cellular signed the metro's largest office lease of the year to date, taking the entire 123,340 SF building at 8501 E. Raintree Drive in north Scottsdale on a 15-year term. The company will consolidate call-center, marketing, technical, executive and administrative teams that are currently scattered across the Valley, with occupancy slated for the third quarter of 2027. The long-duration commitment is a notable bright spot for Class A space in an otherwise soft office market.

• Lease: entire 123,340 SF building, 15-year term

• Location: 8501 E. Raintree Drive, north Scottsdale

• Use: consolidated headquarters and call center, occupancy targeted Q3 2027

Source: KTAR

Rosendin Electric Acquires Chandler Regional Headquarters AZBEX (May 26, 2026) Rosendin Electric acquired Allred Park Place Building 4 in Chandler as a new regional headquarters, consolidating fragmented Tempe and Phoenix operations under one roof. Colliers represented Rosendin in the transaction. The heavy interior investment, paired with a clear flight to quality, shows that leading corporations remain willing to spend on workplaces that enhance collaboration and retention even as commodity office struggles.

• Building: 100,622 SF, two-story, near Loop 101 and Loop 202

• Tenant improvements: approximately $25,000,000 (about $248 per SF), supporting up to 400 employees

• Occupancy targeted: first quarter of 2027

Source: AZBEX

Mixed-Use

Abandoned North Phoenix Project Gets New Life as $190 Million Sports Complex AZ Big Media (May 24, 2026) A long-abandoned concrete-and-steel shell near I-17 and Sonoran Desert Drive, adjacent to the TSMC campus, is being resurrected by SSS Partners into the $190 million, 250,000 SF Fire 'N Ice complex, combining two NHL-regulation ice rinks, NBA-grade courts and the accredited SSS Academy for student-athletes. The Phoenix Industrial Development Authority issued the bonds that made the highly specialized project financeable, a model of public finance backing developments with civic and educational benefit. The sponsor spent roughly 18 months and close to $65 million on remediation alone.

• Project: $190,000,000, 250,000 SF on 17.5 acres (extreme adaptive reuse)

• Financing: $185 million in educational facilities revenue bonds, plus separate hotel revenue bonds

• Programming: two NHL-regulation rinks, multi-sport courts, 2,500-seat event configuration

Source: AZ Big Media

Arro Project Brings Tallest Building in Arizona to Downtown Phoenix AZ Big Media (May 23, 2026) Empire Group's Aspirant Development rebranded its downtown high-rise (formerly Astra) as Arro, a roughly 1.8 million SF mixed-use project anchored by a 541-foot north tower set to become the state's tallest building. The north tower will hold 380 Class A+ residential units alongside a luxury hotel and rooftop restaurant, while the south tower adds large-floorplate office, retail and a co-living component.

• Scale: approximately 1.8 million SF; 541-foot north tower (tallest in Arizona) and 425-foot south tower

• Residential: 380 Class A+ units in the north tower, plus a 275-unit co-living component in the south tower

• Office and retail: about 150,000 SF of Class A office and 30,000 SF of retail and restaurant space

Source: AZ Big Media

Hotels

The Optimist: 250-Key Luxury Hotel Planned for Arro's North Tower AZ Big Media (May 23, 2026) As part of the Arro development, the north tower will include The Optimist, a 250-key luxury lifestyle hotel expected to carry a major global flag to be announced later. Pairing a full-service luxury hotel with 380 high-end residences elevates the tower's overall positioning and helps address a downtown shortage of high-end rooms.

• Program: 250 keys, luxury lifestyle concept integrated into the north tower

• Flag: a major global hospitality brand expected, not yet announced

Source: AZ Big Media

Fire 'N Ice Hotel Anchors North Phoenix Sports Complex AZ Big Media (May 24, 2026) Integrated into the Fire 'N Ice complex, the Fire 'N Ice Hotel is a demand-driven, sports-tourism play financed in part by hotel revenue bonds from the Phoenix Industrial Development Authority. With tournaments, showcases and competitions hosted on the attached campus, the hotel relies on captive, on-site demand from traveling teams and families, insulating occupancy from broader tourism swings. The developer has indicated intent to fly a Hilton flag, though the brand has not confirmed.

• Rooms: 96 rooms and suites, financed in part by $15.2 million in hotel revenue bonds

• Demand model: captive sports tourism tied to the attached arena and academy

• Flag: Hilton intended by the developer, unconfirmed by the brand

Source: AZ Big Media

Cannon Beach Hotel Plans Filed for Mesa Surf Park KTAR (May 24, 2026) Documents filed with the city of Mesa detail the proposed Cannon Beach Hotel, a four-star, five-story, 148-room property planned as the signature hospitality component of the 60-acre Cannon Beach surf park at Power and Warner roads. Part of Hilton's Tapestry Collection, the hotel would feature a signature restaurant, meeting and event space, a resort-style pool and an experiential lobby, capitalizing on the project's sports tourism and leisure draw. The developer is seeking a special use permit for a building height up to 75 feet.

• Hotel: 110,000 SF, five stories, 148 rooms (Hilton Tapestry Collection)

• Setting: signature component of the 60-acre Cannon Beach surf park in Mesa

• Entitlement: special use permit requested for height up to 75 feet

Source: KTAR

Connect With Us

We connect with landowners and developers across the Phoenix Metro every day. Whether you are recalibrating land basis, weighing an office-to-residential or office-to-industrial redevelopment play, underwriting a stabilized industrial or multifamily acquisition, or working through entitlement, power delivery and infrastructure friction on a mixed-use site, we are available for confidential conversations about how the activity in this brief may affect your business and your pipeline. Reach out to start the conversation.