Executive Summary

• Institutional multifamily capital is concentrating on new, stabilized Class A product. Goldman Sachs paid $81.4 million (about $315,406 per unit) in an all-cash purchase of the 2025-vintage, 258-unit Broadstone Seventh Street, the week's clearest investment sale and a marker of where the institutional bid now sits.

• Large, new West Valley industrial continues to draw both users and lenders. Glendale's Luke Field reached full occupancy on a single 1.1 million-square-foot lease, while the newly built 1,182,865-square-foot campus known as The Base secured $122 million in bridge refinancing, underscoring an active in-window debt market.

• The office narrative is shifting from distress to repositioning. May vacancy of 16.4% came in below the national 17.6%, and a fast-growing conversion and demolition pipeline (3.3 million square feet removed since 2024, with another 4.1 million square feet proposed) is steadily pulling obsolete stock out of inventory.

Multifamily

Goldman Sachs Pays $81.4 Million for Broadstone Seventh Street in Phoenix - Multi-Housing News (June 24, 2026)
Goldman Sachs & Co. acquired Broadstone Seventh Street, a 258-unit Phoenix community, from developer Alliance Residential Co. in an all-cash transaction. Alliance delivered the asset in 2025, with ORB Architecture as designer. The trade sets a clear institutional benchmark for newly stabilized Class A product in the metro.

• Sale price: $81.4 million for 258 units (about $315,406 per unit)

• All-cash purchase of 2025-vintage product

• Source: Multi-Housing News

Industrial

Luke Field Reaches Full Occupancy With 1.1 Million-SF Lease - AZ Big Media (June 24, 2026)
A single user leased both Building A (695,750 square feet) and Building B (454,761 square feet) at Luke Field, a 140-acre development at Litchfield Road and Northern Avenue in Glendale, taking the project to full occupancy. Developed by Lincoln Property Company with Goldman Sachs, the campus features 40-foot clear heights, 3,000 amps of expandable power, and LEED Gold certification.

• Lease size: approximately 1,150,511 square feet across two buildings (lease, no sale price)

• Cited as Arizona's highest-scoring LEED industrial building

• Source: AZ Big Media

$122 Million Refinancing Fuels The Base Industrial Campus in Glendale - AZ Big Media (June 22, 2026)
Partners Group and Phoenix-based ViaWest Group secured $122 million in bridge financing from Pacific Life Insurance Company for The Base, a newly built seven-building campus totaling 1,182,865 square feet at Litchfield Road and Bethany Home Road in Glendale. Completed in early 2026, the campus offers 32 to 36-foot clear heights, 3,000 to 6,000 amps, ESFR sprinklers, and 222 dock-high doors. The sponsors used bridge debt to stabilize during lease-up rather than lock in permanent financing.

• Financing: $122 million on 1,182,865 square feet (about $103 per square foot debt basis)

• Previously received $96.5 million in construction financing in September 2023

• Source: AZ Big Media

Paladin Envirotech Acquires 93,000-SF Processing Facility in Phoenix - AZ Big Media (June 24, 2026)
Paladin Envirotech acquired an existing shredding and mechanical processing facility of roughly 93,000 square feet in Phoenix, its first Southwest location, to serve Arizona, Nevada, Southern California, and New Mexico. The company expects to create about 50 Phoenix jobs over 12 months.

• Facility size: approximately 93,000 square feet (purchase price not disclosed)

• First Southwest location for the company

• Source: AZ Big Media

Cavan Commercial Breaks Ground on Signal Butte and Germann in Mesa - AZ Big Media (June 24, 2026)
Scottsdale-based Cavan Commercial broke ground on a three-building, Class A light-industrial development at 7423 S. Signal Butte Road in Mesa. The 4.1-acre project delivers three freestanding buildings of 15,007 square feet each, each on its own legal parcel, with completion expected in June 2027.

• Project size: 45,021 square feet on 4.1 acres (groundbreaking, no sale price)

• Each building sits on its own legal parcel

• Source: AZ Big Media

Retail

Mesa Grand Power Center Lands $38 Million Refinancing - REBusinessOnline (June 22, 2026)
A private investor refinanced Mesa Grand, a 224,000-square-foot regional power center in Mesa, with a $38 million, five-year, fixed-rate, full-term interest-only loan that included cash-out proceeds, arranged by mortgage-banking firm Gantry. Tenants include Famous Footwear, Burlington, Michaels, Dollar Tree, Texas Roadhouse, Starbucks, Chili's, and an incoming Crunch Fitness.

• Loan: $38 million on 224,000 square feet (about $170 per square foot debt basis)

• Five-year, fixed-rate, full-term interest-only structure with cash-out

• Source: REBusinessOnline

Office

Phoenix Office Market Shows Encouraging Signs of Recovery - AZ Big Media (June 18, 2026)
Per CommercialCafe's May 2026 report, Phoenix posted a 16.4% office vacancy rate in May, below the national 17.6% and improved 100 basis points year over year. Office sales reached $521 million through the first five months of 2026, among the strongest in the West behind only the San Francisco Bay Area and Los Angeles, with a disciplined pipeline of roughly 600,000 square feet under construction.

• May vacancy: 16.4% (national 17.6%), improved 100 basis points year over year

• Office sales of $521 million year to date; about 600,000 square feet under construction

• Source: AZ Big Media

Office Conversions Surge as Housing and Industrial Demand Climbs - Bisnow (June 24, 2026)
Since 2024, 3.3 million square feet of office space has been converted or demolished in metro Phoenix, more than the previous 10 years combined, with another 4.1 million square feet proposed, placing the metro among the most active conversion and demolition pipelines in the country. Featured projects include the One Camelback residential conversion and Caliber Co.'s redevelopment of a distressed two-building office complex at 25th and Dunlap avenues into the 376-unit Canyon Village, with first units expected in 2026.

• 3.3 million square feet converted or demolished since 2024; 4.1 million square feet proposed

• Canyon Village will deliver 376 units, with first units expected in 2026

• Source: Bisnow

Connect With Us

We connect with landowners and developers across the Phoenix Metro every day. Whether you are recalibrating land basis in the West Valley or Pinal County, underwriting a stabilized industrial or multifamily acquisition, weighing an adaptive-reuse or office-conversion play, or working through entitlement, power, and water friction on a development 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.