DAILY TOP 5

Tech giant Microsoft made its latest data center land play with a deal to add 100 acres to its Arizona holdings. Microsoft paid more than $131 million for the land in Goodyear near Citrus and Indian School roads from Chicago-based First Industrial Realty Trust in a deal that was recorded on May 29, according to Maricopa County property records. The 100 acres Microsoft purchased are next to the company’s more than 150-acre data center campus that’s under development. For

A 24-story mixed-use development that will bring both apartments and retail to Central Avenue and McDowell Road has begun construction. The development, called the Whitney, is led by Scottsdale-based Aspirant Development, the development arm of Empire Group. The project will include 328 luxury apartment units and 22,000 square feet of ground-floor commercial space, designed for restaurants or stores. About 4,500 square feet of retail space will be at the base of the tower, with the

SmartAsset‘s newest study, “America’s New Boomtowns,” evaluated 400 U.S. cities to identify the 75 most booming municipal economies in the U.S. and seven Arizona cities were among the Top 50 boomtowns in the country. Cities were ranked based on five-year growth in labor force size, housing inventory, and GDP. Economic growth can change a city quickly. An influx of new residents and expanding business activity creates visible momentum, even as rapid change brings new

The spring 2026 housing market continues to prove much more resilient than previous years. The increase in pending home sales that sparked “cautious optimism” in April did indeed materialize into an increase in existing-home sales in May, according to the latest data from the National Association of Realtors® (NAR). NAR’s Existing-Home Sales report saw sales grow 3.2% to a rate of 4.17 million in May, up from the essentially flat 0.2% increase seen in April. NAR Chief

Annual growth turns positive following two consecutive monthly improvements, according to Yardi Matrix. Average advertised asking rents across the U.S. multifamily sector rose for two months in a row, though yearly growth remained tepid at just 0.2 percent in May, according to Yardi Matrix’s latest survey of 140 markets. The figure clocked in at $1,767 in May, $6 above the April reading. The single-family build-to-rent sector continued improving its pricing power, with

The multifamily industry entered 2026 bracing for another difficult leasing environment shaped by elevated deliveries, aggressive concessions, and questions about whether renter demand could keep pace with new supply. Midway through the year, operators say the pressure remains real in many markets, but the conversation has shifted from reacting to the supply wave to managing through it. Nationally, apartment fundamentals remain relatively healthy, even as oversupplied markets

Get ready for even more cranes, construction and citizens, North Scottsdale. Axon recently announced it will start construction soon on a mammoth residential-commercial project at Hayden Road off the Loop 101. Meanwhile and nearby, a rather complicated request boils down to more condos. Prominent Scottsdale zoning attorney John Berry described One Scottsdale’s request as an extraordinary opportunity for the city. “This is a zoning unicorn,” Berry declared. As he likely

JP Mullan is on a mission. Three months after acquiring the 87,000-square-foot Jake’s Unlimited in Mesa, he has reimagined the family entertainment center. To start, he replaced broken lights, overhauled the menu, reworked staffing models and spent more time at work than he has at home. “This is more than an acquisition — it’s an opportunity to build something that Arizona families can truly call their own,” he said. Mullan, a fourth‑generation Phoenician with more than 20 years in the

Real estate investment platform Machine Investment Group has acquired a 10-building industrial park in Phoenix’s Southeast Valley submarket, the company announced. The industrial park, named The Hub @ 202, spans more than 1.27M SF across buildings ranging from 65K SF to 270K SF, according to a Monday press release. MIG acquired the park in a joint venture partnership with Miramar Capital and Axonic Capital. MIG declined Bisnow’s request to disclose financial details of

Fà-me café, a long-running local breakfast and lunch spot, will be moving later this year to Phoenix’s Biltmore neighborhood. The restaurant, which first opened more than a decade ago in central Phoenix, will be moving from its well-known location at 4700 N. Central Ave. to 2375 E. Camelback Road in Phoenix. The relocation is expected to take place in the fourth quarter of 2026. Fà-me café will be opening in a 3,600-square-foot space on the ground floor of the office building on the

Retail developers are sitting on the sidelines just as tenants are ready to expand, creating a disconnect that is shaping one of the tightest and most competitive retail markets in years. That imbalance—robust retailer demand colliding with a shortage of new development—emerged as a defining theme at the National Association of Real Estate Editors conference in Miami this week. “The fear of retail overdevelopment is very small right now,” Danny Finkle, senior managing

Scottsdale-based The Hampton Group secured $141 million in construction financing for the ground-up development of IKONIC Scottsdale — a 14-story, 245-unit ultra-luxury apartment tower. An affiliate of the development and corporate consulting firm purchased the north Scottsdale-area site for $12.25 million in December 2021, per Maricopa County records. The tower is slated to open in 2028. The luxury residences are located at 16640 North Scottsdale Road at the intersection

Bascom Arizona Ventures, a subsidiary of The Bascom Group, has acquired Domain 3201, a 289-unit, garden-style multifamily property in Tucson, Arizona, from Investors Capital Group for $45.5 million, or $157,439 per unit, in an off-market transaction. The 14-building property at 3201-3225 W. Ina Road was constructed in two phases in 1985 and 1990. The property was last renovated in 2015. The unit mix includes 137 one-bedroom, 144 two-bedroom and eight three-bedroom

After years of wild vacillation, the cumulative U.S. Multifamily market is showing signs of moving toward stabilization. Individual markets, however, all have their own stories to tell. Colliers’ Q1 2026 United States Multifamily report calls the current circumstances, “A rebalancing phase,” after a “recalibration period” to end 2025. At year’s end, the sector was still dealing with higher-than-normal deliveries and the resulting slowing of rent growth. The report finds conditions started to become

Microsoft spent over $130 million for a 100-acre site in Goodyear in a deal that closed May 29, according to real estate database Vizzda, even as some other projects in the region are being downsized or curtailed. The tech giant previously had a five-year ground lease for the property with the seller, First Industrial Realty Trust. The site is adjacent to additional land Microsoft owns — about 150 acres that it purchased back in 2019 for $37 million. That overall site, now spanning nearly

The Southwest has continued to drive industrial growth over the past 12 months. Dallas-Fort Worth and Phoenix have both emerged as national leaders in demand, reporting 29 million and 20.7 million square feet of net absorption. Net absorption measures the change in occupied inventory and is the key demand metric for the commercial real estate industry. New supply has been the primary catalyst for both markets, with a combined 54 million square feet constructed since the start of

A persistent gap between buyer and seller expectations is slowing multifamily dealmaking, even as investors continue to find opportunities across the market. That disconnect—rooted in sellers holding onto peak-era pricing and buyers waiting for clearer valuation signals—is forcing a more cautious and disciplined approach to acquisitions, according to panelists at the GlobeSt. Multifamily Owners Summit in Tampa. Moderated by John Sebree, senior managing director and head of

Beyond the cranes and work trucks, mostly empty desert surrounds the thousands of employees when they leave work for the day at Taiwan Semiconductor Manufacturing Co.’s Phoenix chipmaking plant. That may not be the case in coming years. A nascent development push aims to give those workers places to shop, have lunch or dinner at familiar restaurants — and maybe take a short car ride home to the emerging neighborhoods in planning and development. This 2,300-acre

One Camelback has hit another milestone as the luxury apartment complex is finally on the verge of completing its offices-to-apartments conversion project. The 11-story glass tower is now more than 90% completed and available for pre-leasing, about six months since Mesa-based Kinella Capital LLC acquired the former BMO bank building for $36 million in the wake of an earlier foreclosure sale after the original developer defaulted on the loan. The project — located at the prominent

Developers have started the process to tear down a former radio station building to make way for the highly anticipated, video game-themed Atari Hotel in a bustling section of downtown Phoenix. Main & Main RoRo LLC – an entity connected to Phoenix-based Intersection Development – applied for a demolition permit at 840 N. Central Avenue on May 7, according to city permitting records. The property is home to a building constructed in 1957 that several local radio

Investors in multifamily real estate may be overstating property values and paying more in taxes as a result of failing to separate intangible assets from the real estate itself. That oversight can lead to missed opportunities to reduce property tax burdens, according to Todd Jones, principal and CEO of RealAdvice, who spoke Tuesday at the GlobeSt. Multifamily Owners Summit in Tampa. Jones said many owners and investors do not fully account for the distinction between taxable real

Luna Grill, a San Diego-based fast-casual Mediterranean restaurant with two locations already open in the East Valley, will have at least three more open across the Phoenix area before the end of the year — and that’s “just the tip of the iceberg,” according to its CEO. The restaurant chain, which was founded in 2004 in San Diego by husband-and-wife team Sean and Maria Pourteymour, has plans to add new stores in Tempe, Avondale and north Phoenix, not far from the developing

Americans continued to spend in April, though the pace of that growth slowed as consumers faced multiple headwinds. Inflation-adjusted income growth turned negative for the second consecutive month, gasoline prices remained elevated near four-year highs, and inflation across other categories also ticked up. Increasingly, consumers are dipping into savings and relying on accumulated household wealth to maintain spending power. That’s a fragile balance likely to intensify the reach of

Diversified Partners has officially closed on the landmark Scottsdale waterfront property that will become The Lakefront at Scottsdale, a mixed-use redevelopment designed to revitalize one of the area’s most recognizable lakefront sites. The Lakefront at Scottsdale represents the revitalization of a landmark waterfront site in Scottsdale, transforming a long-established location into a destination for dining, curated retail and gathering spaces. The development integrates hospitality-