DAILY TOP 5

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-

Office attendance has yet to build on last year’s gains, despite a gradual tightening of return-to-office policies among many of the nation’s largest employers. A new report from Savills found that office visits stood at 67% of January 2020 levels in March 2026, down from a recovery high of 75% reached in 2025. At the same time, workplace policies among the top 200 Fortune 500 companies continued to shift incrementally toward greater in-office expectations, suggesting that stricter

1. University of Phoenix – Riverpoint Center: Sale price: $103,000,000, Address: 4025, 4035, 4045, 4050 and 4055 S. Riverpoint Pkwy., Phoenix, Property description: 628,192 square feet of office tower — one 10-story and two 6-story towers, Buyer: LXP Industrial Trust, Seller: Epic UK Ltd/, Broker: Newmark. 2. Longbow Luxury Apartments: Sale price: $95,250,000, Address: 2950 N. Recker Rd., Mesa, Property description: 339-unit apartment complex, Buyer: Millburn and

Canadian investment firm Belkorp has acquired a distribution building in Phoenix from Oxford Properties Group for $44.15 million, or approximately $253 per square foot. The two-story, 174,801-square-foot building at 3809 E. Watkins St. was constructed in 1996. The property is fully leased to PillPack, which has occupied the entire building since November 2018. The lease runs through August 2030. PillPack is a part of Amazon’s pharmacy service and packages customer

Downtown Phoenix is a brief vertical moment within the city’s low-slung sprawl, which unfurls across more than 500 square miles toward the city’s valley edge. From my airplane window, it appeared as a patch of overlooked stubble on a recently shaved cheek. The man at the airport information desk unhurriedly explained how to arrive there by taxi, but made sure to warn against the light rail system, which, he explained, was the slower alternative. This may seem an ill-advised place for

Machine Investment Group (MIG), a real estate investment platform focused on opportunistic, distressed and special situations across the United States, in a joint venture partnership with Miramar Capital and Axonic Capital, announced the acquisition of The Hub @ 202, a 1,271,390-square-foot, 10-building industrial park located in the Southeast Valley. The industrial campus consists of 10 separate buildings ranging in size from approximately 65,000 square feet to 270,000

Prime Data Centers, a leading international developer and operator of hyperscale and purpose-built data centers, today broke ground on the first three data centers of its new 5-building 240MW IT Phoenix campus in Avondale, Arizona. Each building is a 267,000-square-foot facility, delivering 48MW of critical IT load capacity. This serves as the opening phase of the campus, which will ultimately span 66.5 acres, 1.3 million square feet and 240MW of total critical power across five

The final buildings at the Trailhead mixed-use development in Peoria will break ground in the next few months, as the retail portion of the development nears full occupancy. Flower Child, a Fox Restaurant Concepts restaurant, is under construction and plans to open later this year at the $100 million development located at Happy Valley Road and 83rd Avenue. HonorHealth is also under construction on a medical office facility next to the restaurant site. The development, led by

Lenders are marketing a $629 million commercial mortgage‑backed securities offering backed by 11 Bridge Investment Group multifamily properties — an uncommon securitization in which Bridge, typically an active lender, is instead the borrower. Bridge has a significant lending arm through its debt strategies division, which originates multifamily loans nationwide and packages them into bonds sold to investors. The firm has completed 17 such securitized deals, making it one of the

Scottsdale-based Taylor Morrison Home Corporation and Berkshire Hathaway Inc. jointly announced today that they have reached a definitive agreement for Berkshire Hathaway to acquire Taylor Morrison for $72.50 per common share in cash, representing a total equity value for Taylor Morrison of approximately $6.8 billion and total enterprise value of approximately $8.5 billion. The acquisition price represents a 24% premium to Taylor Morrison’s latest closing price of $58.50 on

SkySong continues to see strong leasing activity with a new series of leases and expansions totaling more than 28,000 square feet across the project’s office buildings. The latest transactions include a mix of new tenants, expansions and long-term commitments from companies spanning financial services, construction, commercial real estate and professional services — reinforcing SkySong’s position as one of the region’s most active and resilient innovation-oriented office

The multifamily market is heading into peak leasing season, with numbers that look encouraging on the surface but lukewarm beneath. The national median multifamily rent rose 0.5% month-over-month in May to $1,379, but that remains $20 lower than the May 2025 total, according to Apartment List. In other words, this is about as strong as the market has gotten so far this year, and it is still not enough to pull annual growth back into positive territory. May’s uptick marked the fourth

The 311-acre Harvest Grove master planned community in Gilbert has hit another milestone, despite getting pushback from Council members and residents. Since Gilbert Town Council approved the developer’s general plan amendment and zoning changes in a split April 7 vote, three parcels of land have changed hands within the Harvest Grove community, which is located on the northern portion of the site off Val Vista Drive and Germann Road. Barclay Group and

Following a difficult pencils-down period, banks big and small are ready to lend on CRE again. For a stretch of about two years that seemed to many like an eternity, banks were essentially out of the commercial real estate lending business. Institutions big and small went pencils down on new deals as they worked through loan books burdened with bad office, retail and multifamily loans. But that’s starting to change. And now banks — normally the lifeblood of CRE finance — are back in

Arizona experienced positive year-over-year job growth for the first time in eight months, according to a new report. The Common Sense Institute Arizona released a report showing that Arizona gained 13,300 jobs year over year in April. This marked the first time since August 2025 that Arizona saw positive year-over-year job growth. Arizona grew by 0.41%, ranking 12th in America, the report said, adding that the state’s job growth outpaced the national average of 0.16%. The April

Taiwan Semiconductor Manufacturing Co. is investing $165B to build new chipmaking plants in Phoenix as part of its multiyear plan to become the most advanced semiconductor facility in the U.S. Ever since TSMC announced the project in 2020, developers have been grabbing industrial sites and nearby land plots in hopes of capitalizing on the planned expansion. That activity is now accelerating. “The development community in Phoenix is witnessing firsthand the massive uptick in

A huge new data center development is in the works in Peoria. Plano, Texas-based Aligned Data Centers is planning to construct a two-building campus totaling about 916,000 square-feet, according to planning documents filed with the city. The 95-acre project site is located at 75th Avenue and Butler Drive, within an industrial park that includes other notable warehousing and manufacturing tenants like Frito Lay and Trader Joe’s. It’s also within a zoning district that allows for data center

On May 14, Marcus & Millichap published its 2026 U.S. Industrial Investment Midyear Outlook. The report details how the Phoenix market remains one of the highest-ranked industrial markets nationally in 2026 as the region’s business-friendly environment and strategic Southwest location continue attracting users across manufacturing, e-commerce and distribution operations. AZ Big Media sat down with Ryan Sarbinoff, senior managing director and market leader for Marcus &

Location: Near the northeast corner of Apache Boulevard and Rural Road in north Tempe. Description: A 15-story mixed-use development called Rambler Tempe is nearing completion in north Tempe. It is one of many high-rise complexes popping up along the light rail track less than a half-mile away from Arizona State University. The 574,000-square-foot building will have 289 units, reserved for student housing. The breakdown of the units includes:

A Southern California-based company is a step closer to building a luxury car storage facility with a social club in Scottsdale. Finish Line Auto Club has plans for its newest country club-esque location at 17600 N. Perimeter Center Dr., where Fender Musical Instruments Corp. was previously headquartered. The firm acquired the 10 acres of land on May 20 for $20.7 million from an entity affiliated with Tryperion Holdings, a private equity and real estate investment firm based in Beverly

GLENDALE, Ariz.–(BUSINESS WIRE)–Lovett Industrial, a Houston-based real estate investment firm, in partnership with Peakline Real Estate Funds (“PREF”), announced today the groundbreaking of North Park Logistics Center, a 1,140,584-square-foot Class A cross-dock facility being developed on approximately 55.68 acres in Glendale, Arizona. Located in Metro Phoenix’s Southwest Valley, North Park Logistics Center offers immediate access to Northern Parkway, Loop 303, and