The developers of X Phoenix have been notified their 330-unit downtown Phoenix apartment community is headed for a trustee sale after they failed to pay a $128 million loan on the project. New York-based Mack Real Estate Group, the lender on the project, have notified XSC Phoenix Investment LLC, the borrower and developer of the apartment community, that the property will be sold at auction at Maricopa County Superior Court on Dec. 10, according to Maricopa County
New RealPage data show that BTR deliveries are expected to fall sharply through mid-2029 even as construction remains concentrated in fast-growing Sun Belt markets. Build-to-rent development is still concentrated in the nation’s fastest-growing markets, but the current construction cycle appears to be nearing a turning point. Developers are expected to deliver 40,800 BTR units by the end of 2026, yet the pipeline is projected to contract sharply in the years that follow—potentially
A Florida-based developer is expanding its self-storage business into the Valley. Basis Industrial is planning to build a 102,673-square-foot self-storage project with 707 climate-controlled units in Surprise, at 17140 W. Waddell Road. It’s the firm’s first ever project in the Phoenix metro. Basis closed on a $20.5 million construction loan for the project provided by NexBank and NexPoint earlier this month and acquired the roughly 5.3-acre project site for $1,425,000 on September 2
Lincoln Property Company, a global, full-service real estate firm with over $31 billion of assets under management, and PGIM, the global investment management business of Prudential Financial Inc., today announced the acquisition of Surgery Center of Gilbert, located in metro Phoenix’s East Valley submarket. The purchase represents Lincoln and PGIM’s first acquisition together in metro Phoenix, with an eye toward securing more healthcare real estate in a market that is high priority
A massive luxury resort and retail development called Legacy Park can move forward after getting a vote of approval from the Mesa City Council. The council approved annexing the proposed southeast Mesa property, a development agreement, and a sales tax deal to support some of its construction. The vote was unanimous. Once developed, Legacy Park and adjoining retail and hotel project Gateway Crossing will be the largest retail and hospitality development in the Mesa’s history, City
Commercial real estate executives heading into the Federal Reserve’s September meeting face a familiar but unwelcome complication: the prospect that interest rates will move higher before the industry has fully adjusted to the current cost of capital. A quarter-point increase now appears likely, after a sharp reversal in economists’ forecasts when new inflation data showed price pressures remained firmer than many expected. The immediate effect of a higher federal funds rate would be
Following an ownership and leadership change at the Sanctuary Camelback Mountain Resort & Spa in Paradise Valley, the popular resort is set to get a major renovation in the coming years. The 110-room property, which is located at 700 E. McDonald Drive on 53 acres at the base of Camelback Mountain, announced on Monday it would start a multiyear, multiphase renovation plan that will touch every room, starting in the summer of 2027. Some of the plans include interior refreshes and
More U.S. construction companies are landing contracts to build data centers, expanding backlogs across the industry even as activity slows in other construction work. A survey released Tuesday from the Associated Builders and Contractors noted that one in six of the trade group’s members is under contract to build a data center. It’s the highest proportion the group has ever recorded. Members reported having an eight-and-a-half-month backlog in August, up from only eight months
The Phoenix economy entered the second half of 2026 with a complicated mix of signals: a shrinking labor force and rising unemployment contrasted with modest payroll growth, resilient consumer spending and a housing market that continued to gain momentum, according to the Economic and Business Research Center (EBRC). Data for the Phoenix-Mesa-Chandler MSA, which includes Maricopa and Pinal counties, show the region’s civilian labor force fell 3.1% year over year to
An unfinished orange roller coaster looms along Loop 101, south of State Farm Stadium. Instead of thrilling riders, it puzzles those driving by, who have seen the same view for years. Around the roller coaster, a massive construction zone five years in the making spans dozens of acres, dotted with buildings in various stages of construction surrounding a center amphitheater. The ambitious project, called VAI Resort, would be the largest hotel in the state, once it opens. It occupies prime
Phoenix apartment rents slipped modestly in August, extending a multiyear stretch of soft conditions, but underlying market conditions suggest the sector may be turning the corneAverage asking rents declined 0.1% in August, bringing year-to-date growth to 0.3%. While still a subdued performance by historical standards, the market’s pricing trajectory has improved notably compared with recent years. Through the first eight months of 2025, asking rents had fallen 1.4%, while
An office property at a prominent East Valley research and technology park is scheduled for an auction sale in December. An entity connected to Rialto Capital Management has scheduled a foreclosure sale for River Corporate Center, a 133,225-square-foot office building at 8075 S. River Parkway, according to Maricopa County records. The building is located within the tech-focused, 2.2 million-square-foot ASU Research Park in Tempe — home to major tenants such as publicly traded
Multifamily investors are entering the second half of 2026 confronting disappointing property performance, difficult deal execution and continued market volatility. Despite those immediate pressures, most are still planning to grow their portfolios and expect the investment climate to improve beginning next year. That contrast runs through Berkadia’s 2026 Mid-Year Multifamily Pulse Survey, which gathered responses from more than 100 industry participants, primarily principals
Harvard Investments announced that D.R. Horton has acquired the final residential lots at Lucero, the newest village within Estrella, purchasing 232 homesites on approximately 90 acres. The sale price was $32,712,000, according to Vizzda. The transaction marks the completion of residential lot sales within Lucero and represents another significant milestone in the continued growth of the award-winning master-planned community. The acquisition further strengthens D.R.
The roughly 233-acre luxury resort and retail Legacy Park development in southeast Mesa is one critical step from becoming a reality. The Mesa City Council will consider on Sept. 14 whether to annex the land needed for the proposed Legacy Park and Gateway Crossing projects and whether to approve a development agreement that would pay for new roads, a park and a pedestrian underpass. Legacy Park would be located northeast of Ellsworth Road and Williams Field Road. Gateway
Phoenix apartment rents slipped modestly in August, extending a multiyear stretch of soft conditions, but underlying market conditions suggest the sector may be turning the corner. Average asking rents declined 0.1% in August, bringing year-to-date growth to 0.3%. While still a subdued performance by historical standards, the market’s pricing trajectory has improved notably compared with recent years. Through the first eight months of 2025, asking rents had fallen 1.4%, while
Commercial real estate investors hoping that Treasury yields will eventually fall back to their pre-pandemic range may need to adjust their expectations. Cohen & Steers believes the 10-year Treasury’s fair-value range is roughly 4.5% to 5%, according to Jeff Palma, the firm’s senior vice president and head of multi-asset solutions. If that view proves correct, it would signal a lasting shift in the interest-rate backdrop that supported property values and financing strategies for much of
The new owner of a notable downtown Phoenix tower just closed on a $44.5 million loan to renovate and reposition the property for new office users. The 26-story high-rise – built in 2010 at 333 N. Central Avenue – had been the longtime home of Freeport-McMoRan until the mining giant began moving out of the top floors it occupied during the Covid-19 pandemic. Freeport-McMoRan occupied eight floors, amounting to roughly 250,000 square feet. It officially terminated its lease
Two record-setting deals highlighted the biggest commercial real estate deals in Metro Phoenix from August of 2026. Here are the five biggest commercial real estate deals in Metro Phoenix from August of 2026, according to data collected by the commercial real estate tracking website Vizzda and AZRE magazine. 1. Park 303 Phase 2 – Buildings A and B. Sale price: $170,250,000. Location: 16400 and 16500 N. Glendale Ave., Litchfield Park. Property description: 1,113,135
Sprouts Farmers Market and several other restaurants and customer-facing businesses are preparing to open in a recently completed shopping center in Mesa. Eastmarket at Eastmark, a 6.6-acre lifestyle center at the northeast corner of Ray and Ellsworth roads in east Mesa, was developed by Phoenix-based Common Bond Development Group, the firm behind the Global Ambassador Hotel, Park at 83 in Peoria and several neighborhood shopping centers around the Valley. Sprouts
Amkor Technology is dramatically expanding its Arizona footprint as a new strategic partnership with NVIDIA accelerates plans to build advanced semiconductor packaging capacity in the United States. The Tempe-based semiconductor packaging and test company announced Phase 2 of its Arizona advanced packaging and test campus after customer commitments surpassed the 33,000 square meters of cleanroom capacity planned for Phase 1. Phase 2 is expected to add
The nation’s largest homebuilder just scooped up 232 more lots at Estrella master-planned community in Goodyear. Arlington, Texas-based D.R. Horton Inc. (NYSE: DHI) secured the lots through its land banker, Hearthstone, which paid $32.712 million in cash to Scottsdale-based Harvard Investments Inc., the developer of Estrella, according to Tempe-based real estate database Vizzda LLC. Closing on Sept. 3, this lot acquisition represents the last lots purchased within
SkySong, The ASU Scottsdale Innovation Center, is continuing to attract significant new investment and expansion from growing companies, highlighted by Modern Wealth’s move to a 24,526-square-foot flagship office occupying the top floor of SkySong 5. The move follows Modern Wealth’s acquisition of Mesa-based Public Safety Financial/Galloway, a landmark transaction that significantly expanded the company’s presence in Arizona and strengthened its position in the rapidly
Phoenix-based RED Development scooped up a north Phoenix office complex poised for a conversion into an industrial park on September 3, according to Maricopa County property records. The site is off Interstate 17 and Thunderbird Road and is currently home to two vacant office buildings totaling over 500,000 square feet. In the 1960s it was a tech campus for General Electric, and then later for Honeywell, according to planning documents filed with the city of
U.S. hiring accelerated in August, but that headline offered a less decisive signal than the overall gain suggested. Employers added 162,000 jobs, well above economists’ expectations, and revisions lifted the combined June and July totals by 55,000. Even so, one month does not establish a trend. The composition of hiring, lingering weakness in office-using sectors and a continued slowdown in annual wage growth point to a labor market that is stable rather than broadly