DAILY TOP 5

JPI Companies is planning a 397-unit multifamily complex within the CityNorth master plan in Phoenix. JPI at CityNorth is being developed by JPI Companies, while DAVIS is the design firm. Crown Realty and Development is the master developer behind CityNorth. The preliminary site plan features a five-story apartment building with an attached five-story parking garage. The building is 474.2KSF and consists of 380.2KSF of rentable space and 94KSF of lease/amenity space. Amenities include a pool, outdoor/indoor dog park, coworking space and fitness center. This marks the fourth phase of CityNorth. Construction is estimated to

Coffee chain 7 Brew won a bankruptcy auction for a host of defunct Salad and Go locations, including many in the Valley, edging out rival coffee giant Dutch Bros. Why it matters: Many of the salad restaurant’s vacant locations will still become drive-thru coffee spots, but they’ll now bear the name of 7 Brew, which is trying to make inroads in Arizona. Representatives from 7 Brew did not respond to a request for comment. State of play: In bankruptcy court Tuesday, 7 Brew was announced as the winner of an auction the day before, having bid more than $143 million for 73 Salad and Go locations, per Nation’s Restaurant News. That includes

Construction has begun on a $10 million amenities project at the 5,300-acre Saddleback master-planned community in Peoria. Called Basecamp, the 16-acre site will feature an expansive collection of amenities and gathering spaces within the $1 billion master-planned development. A resort-style pool anchors the outdoor recreation zone, surrounded by shaded lounging areas, lush courtyards and a splash pad. It also will include a 10,000-square-foot event lawn for community events, outdoor lounges, games, grilling areas and a dedicated space for food trucks. Basecamp also will feature a quarter-mile bike pump track, a dedicated bike barn

Arizona’s housing market continues to make a strong showing on the national stage, with five Valley cities ranking among the 50 best real estate markets in the country, according to a new WalletHub analysis. Gilbert leads the Arizona contingent at No. 13 nationally, followed by Surprise at No. 27, Peoria at No. 42, Tempe at No. 46 and Chandler at No. 50. WalletHub compared 300 U.S. cities across 17 indicators measuring housing-market attractiveness and economic strength. The analysis considered factors ranging from median home-price appreciation and housing affordability to job growth. For Arizona, Gilbert delivered the standout

Saddleback, the $1 billion, 5,300-acre master-planned community under development in Peoria, announced construction is officially underway on Basecamp, its $10 million signature destination designed to serve as the social and recreational hub of the community. Slated to open in summer 2027, the approximately 16-acre site will feature an expansive collection of amenities and gathering spaces. Created to foster a sense of community, Basecamp will bring residents together through

The city of Glendale in metro Phoenix has approved rezoning to set up a land parcel near its entertainment district for a new sports and events complex, the Phoenix Business Journal reported. The 106-acre site is located across the street from State Farm Stadium, where the Arizona Cardinals play, and the Desert Diamond sports and entertainment venue, off Loop 101 and Glendale Avenue. The land parcel, along with two others in the vicinity, is owned by the Emil Rovey family, who have

Mesa City Council will likely approve a rezone of 196 acres later this month in Southeast Mesa that should clear the way for the mix-used Legacy Park development. The Planning and Zoning Board last week voted 7-0 to recommend that Council on Sept. 14 reclassify the property at Ellsworth and Williams Field roads to Planned Community District from Light Industrial. The project, a joint venture between Vestar and Pacific Proving LLC, includes 2,400 multifamily units, offices

The team behind the $2 billion, 100-acre CityNorth mixed-use development in Desert Ridge has taken a step forward on its latest multifamily project. Developers submitted a preliminary site plan to the city of Phoenix in June outlining plans for JPI at CityNorth, a 5-story, 397-unit apartment complex with attached parking. Documents show a 474,170-square-foot building, with 380,203 rentable square feet and 93,967 square feet of lease and amenity space. The preliminary site plan for

For decades, Phoenix grew by stretching farther into the desert. New master-planned communities appeared where farmland once stood, and buyers expected larger homes, larger lots and a longer drive to everything. That version of Phoenix isn’t disappearing, but it is no longer the only story. Today, one of the biggest shifts I see isn’t happening on the edge of the Valley. It’s happening in the neighborhoods people already know. Older commercial centers are being reimagined. Long

Senior housing development is not keeping pace with the future demand. According to NIC MAP, a provider of senior housing data and analytics, this imbalance is creating a $1 trillion investment opportunity in the senior housing industry. “The demographic wave is no longer something on the horizon. It is here, and we’re struggling to grow fast enough to meet the needs of our aging population,” said Arick Morton, CEO of NIC MAP. “Two years ago, the data pointed to a growing imbalance between senior housing supply and demand

The healthcare sector has been the most powerful job-creation engine in the U.S. economy over the past few years, now employing nearly one in seven workers. Medical office leasing, however, has not reflected this strength, resulting in a vacancy rate that has plateaued well above its pre-2020 level. The July report from the Bureau of Labor Statistics showed a further slowdown in the labor market, with nonfarm employment shrinking by 23,000 and prior months’ figures being revised downward by 103,000. On a year-over-year basis

Americans are spending more money on looking better, feeling better and living longer as part of what’s been dubbed the “vanity economy.” Shopping center owners are cashing in. Demand for specialty fitness and beauty services is getting a lift from a combination of social media, a growing focus on wellness and the potential influence of GLP-1 weight-loss drugs, according to real estate professionals. That includes boutique gyms, namely small fitness studios offering limited-size classes or personal training, with upscale decor

Aldi is continuing its expansion in the Phoenix area. In January, the company announced its plans to add 10 new stores in the Valley in 2026 and a total of 40 new stores by the end of 2030. This contributes to a total of 180 stores across the country that the German grocer plans on opening this year. A new distribution center was also in the works, with a plan to open in Goodyear by 2028. Based in Batavia, Illinois, Aldi is owned by a different branch of the same family that owns Trader Joe’s and is known for offering its own

The commercial real estate investment market is recovering, but the rebound is not showing up evenly across the numbers. Investors put substantially more capital to work in the second quarter even as the number of properties changing hands remained below year-ago levels, a divergence that points to a market being driven increasingly by larger transactions and rising pricing rather than a broad surge in dealmaking. Altus Group’s Q2 2026 US CRE Investment & Transactions Quarterly Report found that

The U.S. commercial real estate recovery is following markedly different paths across property sectors and markets, Integra Realty Resources (IRR) said in its newly released 2026 Mid-Year Viewpoint Report. More than 90% of retail markets surveyed are in recovery or expansion, while office markets remain evenly divided between recovery and recession. Multifamily performance is shaped largely by local supply cycles, while industrial markets are concentrated primarily in the expansion and hypersupply phases

Two Phoenix landlords have filed objections to Salad and Go sites they own being converted into coffee shops. Davis Enterprises-Indian School Plaza LLC, which owns a shopping center at Seventh Avenue and Indian School Road, and LJO Properties, LLC, the landlord of a small commercial development at 35th Avenue and Baseline Road, objected to the use because their centers already offer drive-through coffee. The centers include Scooter’s Coffee and Black Rock Coffee Bar, respectively. Salad and Go closed all its

The nation’s construction wave receded sharply during the first half, but these 10 metros still accounted for more than a third of all completed units. Multifamily deliveries in the first half of the year declined sharply across the U.S. Developers completed 203,073 units across 994 properties this year through June, down 41.3 percent from the same period last year and 34.7 percent from the first half of 2024, according to Yardi Matrix data. The slowdown has begun to redraw the development map. Sun Belt metros continue

MovingPlace has released its new mid-year report, revealing America’s hottest ZIP codes of the first half of 2026 along with the 10 hottest ZIP codes in Arizona so far in 2026. The report first looked at the areas who saw the biggest ranking changes when compared to the previous year, and now looks at the locations with the most move activity based on per capita moves. As Arizonans relocate in 2026, certain ZIP codes are standing out as the fastest-growing and most in-demand. The 2026 Mid-Year edition of The Hottest ZIP Codes

Two fully leased buildings at a massive industrial park in Glendale sold for $170,250,000 on August 24, according to Maricopa County records. The buildings, which are located at Park 303, traded hands from the developer, Lincoln Property Company, to entities tracing to Nuveen Real Estate, according to Tempe-based real estate database Vizzda LLC. The deal marks the highest two-building industrial sale price in state history, according to Lincoln. The buildings included in the latest deal total roughly 1.1 million square feet, with the first coming in at 629,835 square feet and the next at 483,300 square feet. The first is fully leased to

A trophy office building in the Camelback Corridor in Phoenix sold for $86M this week in the market’s largest single-building sale of the year, the Phoenix Business Journal reported. The 10-story, 222K SF Class-A property, called Esplanade III, was purchased by Southwest Value Partners. An LLC connected to Transwestern and C-III Capital Partners was the seller, represented by JLL brokers, the PBJ reported. The partnership acquired the building in 2019 for $60.2M. Esplanade III is just one building in the 1.3M SF mixed-use Esplanade campus, which also houses Esplanades I, II, IV and V, co-owned by Monarch Alternative

Growth in data center development is fueling an increasing share of U.S. industrial demand, CoStar Group reported. Data center-adjacent occupiers now account for more than 6% of leasing activity across logistics properties within five miles of data center facilities, up from less than 3% in 2020. Nationally, data center inventory has reached roughly 69 gigawatts of existing capacity, with another 43 GW under construction. This has led to broad-based growth across several categories related to development and operation of the centers, including construction firms, power and cooling equipment suppliers, operators

Glendale leaders agreed to move forward with incorporating land into the city for a massive data center project and a natural gas plant that’s expected to bring in millions in city revenue. Councilmembers wanted the public to know the city could do nothing to stop the development of Project Eagle, formerly known as Project Baccara. Maricopa County officials cleared the 160-acre site for construction near Litchfield Road and Olive Avenue in May. “I know this has garnered quite a bit of attention with the general public,” said Councilmember Lauren Tolmachoff. She had City Attorney Michael Bailey clarify that the developer

U.S. hotels extended their growth streak during the week of Aug. 9-15, with revenue per available room (RevPAR) increasing 6.2% year over year, marking 19 consecutive weeks of growth. While average daily rate (ADR) remained the primary driver and rose 3.5%, hotel occupancy gains continued to strengthen as demand growth accelerated. U.S. hotel occupancy rose 1.7 percentage points as demand increased 3%, representing the third consecutive week of demand growth above 3%. That is the first time demand has grown above 3% for three straight weeks since 2023 and another indication that performance gains are becoming increasingly demand-driven rather

The Phoenix office market continues to show signs of resilience in 2026, outperforming many major Western markets as vacancy declines, investment activity remains healthy and medical office properties emerge as a particularly strong segment. According to CommercialCafe’s July 2026 national office report, Phoenix recorded an office vacancy rate of 16.9%, down 60 basis points from a year earlier. That puts Phoenix below the 17.7% national vacancy rate and makes it one of only two major Western markets — along with Los Angeles — with vacancy below the