REITs have outperformed broad market equities year to date, with the FTSE Nareit All Equity REITs Index posting a total return of 3.8%, Nareit reported. During the same time period, the Dow Jones U.S. Total Stock Market fell 4.0% and the Russell 1000 fell 4.2%. However, Nareit’s John Barwick cited “significant uncertainty affecting all asset classes” in the past month as the war with Iran has continued. Before the conflict began, most REIT sectors had
Construction is about to begin on a 380-unit luxury multifamily development near downtown Chandler. The Ellison is part of a broader 45-acre project called The District Downtown at the southwest corner of Pecos Road and Arizona Avenue that will have hotels, retail, restaurants, offices and more. The luxury housing is on 12 acres of land on the western portion of The District Downtown. Stillwater Capital Investments LLC is developing the community in partnership with
A new strategy to create an entertainment district in downtown Phoenix has put forward some far-reaching suggestions to infill and modernize the area, including redeveloping major locations like the Phoenix Convention Center South building. The plan is part of a years-long effort to create an entertainment destination in downtown Phoenix, anchored by Chase Field, the Mortgage Matchup Center, Phoenix Convention Center, and nearby arts and culture venues. The study was led by
Arizona’s newest Ikea will have the meatballs, the iconic showroom and a grab-and-go marketplace, but it won’t take you an hour to peruse. What it matters: Phoenix residents have been clamoring for another, more central Ikea for decades. On Wednesday, they’ll get one — albeit less than a quarter of the size of the Swedish retailer’s Tempe superstore. State of play: The small-format store, Ikea’s first of its kind in the Valley, will be in a strip mall near Cactus Road and Tatum Boulevard
National homebuilder Lennar Corp. (NYSE: LEN) is looking to build houses for future TSMC employees and others working for suppliers to the chipmaker. Lennar has submitted an application with the Arizona State Land Department for a roughly 826-acre parcel within Peoria’s Innovation Core. It’s the first homebuilder to apply for state-owned land within the PIC, according to an ASLD spokesperson. The PIC, which spans over 7,300 acres, is where Amkor is currently building out a
Construction has started on the build-out of Halo Vista, a 2,300-acre mixed-use development adjacent to the Taiwan Semiconductor Manufacturing Co. campus in north Phoenix, KTAR News reports. A ceremonial groundbreaking was held for the project March 26 by co-developers Mack Real Estate Group and McCourt Partners. The $7B development, located on 2,300 acres, will reportedly span 30M SF, with industrial, office, retail, research, healthcare and educational space as well as
National homebuilder Lennar Corp. (NYSE: LEN) is looking to build houses for future TSMC employees and others working for suppliers to the chipmaker. Lennar has submitted an application with the Arizona State Land Department for a roughly 826-acre parcel within Peoria’s Innovation Core. It’s the first homebuilder to apply for state-owned land within the PIC, according to an ASLD spokesperson. The PIC, which spans over 7,300 acres, is where
Ascent Companies and Merit Partners recently wrapped a more than four-year journey to open Stately Avondale in Avondale, Arizona. Renters began moving into the 286-unit development at 12375 W. Van Buren St. in late March. The units are a mix of primarily one- and two-bedroom apartments and some three-bedroom rentals. The project is the first in Avondale for Ascent Companies, according to President Bradly Richardson, and is a testament to the city’s strong population
The Heritage District is months away from opening the first phase of a massive development project that’s expected to change the landscape of downtown Gilbert. Why it matters: The district exploded onto the Valley’s entertainment and dining scene about a decade ago and now the town is ready for the next chapter: adding office workers and full-time residents to the mix. The big picture: Luxury apartments and high-end offices are the centerpiece of Heritage Park, a massive
An energy task force convened by Gov. Katie Hobbs has outlined plans to expedite new projects to meet demand from data centers and Arizona’s semiconductor boom, while keeping the costs of doing so from driving up Arizonans utility bills. “We have this really big issue of needing to plan strategically for our energy future and … really the future of Arizona depends on that,” Hobbs said. The goal was to make “sure that we can meet the energy demands that
Residents could begin moving in to One Camelback, the long-dormant office-to-apartment conversion project on Central Avenue and Camelback Road, by the end of this year. Much of the work is nearly done at the long-awaited development, with many of the luxury apartment units nearly ready for move-in. The building’s owner, Mesa-based Kinella Capital, is in active lease negotiations for the retail space on the ground floor. TK Stratton, founder and
Cortland Biltmore, which offers stylish apartment living in one of Phoenix’s most desirable neighborhoods, was the biggest commercial real estate deal in Metro Phoenix in March 2026. Here are the five biggest commercial real estate deals in Metro Phoenix from March of 2026, according to data collected by the commercial real estate tracking website Vizzda and AZRE magazine
Banks may be relaxing their guard on commercial real estate credit, but the supposed all-clear is colliding with a harsher reality of higher rates and war-driven uncertainty that could still derail a fragile recovery. According to S&P Global Market Intelligence, credit loss allowance ratios for commercial real estate loans at U.S. banks fell sharply in the 2025 fourth quarter, dropping 12 basis points quarter-over-quarter and 17 basis points year-over-year
A vacant elementary school in southwest Phoenix has been transformed into two modern industrial buildings that are fully leased. Merit Partners, alongside Phoenix-based general contractor Stevens-Leinweber Construction (SLC), took on the project called Merit 27 Buckeye, which sits on 18 acres at the southeast corner of 27th Avenue and Buckeye Road. The development includes two Class A industrial buildings – the first spanning 191,227 square feet, and the other
A Spanish pharmaceutical company acquired a drug manufacturing facility from a major U.S.-based drugmaker. Bristol Myers Squibb sold its Phoenix manufacturing plant to a subsidiary of ROVI Pharma Industrial Services on March 31 for $18,524,000, according to real estate database Vizzda LLC. The deal terms include a toll manufacturing agreement where ROVI will receive $50 million minimum annually for five years – or about $250 million – while continuing to
Companies and Merit Partners recently wrapped a more than four-year journey to open Stately Avondale in Avondale, Arizona. Renters began moving into the 286-unit development at 12375 W. Van Buren St. in late March. The units are a mix of primarily one- and two-bedroom apartments and some three-bedroom rentals. The project is the first in Avondale for Ascent Companies, according to President Bradly Richardson, and is a testament
The first phase of a massive industrial park project in Deer Valley sold fast, and now the developer is selling off remaining land to future users looking for space near TSMC. Mack Innovation Park, which is located off Interstate 17 and the Loop 101, currently includes over a million square-feet of industrial space. Mack Real Estate Group owns another roughly 80 acres of industrial land around the initial project. Most recently, Mack on March 24 sold about 28 acres of vacant land within
There are fewer cranes in the Phoenix skyline these days as projects move into different phases. Rider Levett Bucknall released its latest North American crane count report, and the downtown Phoenix and surrounding area had only three cranes in the 2026 first quarter findings. Cranes included in the report are within a 6-mile radius from the intersection of Washington Street and Central Avenue. Last year, five cranes were reported in the same period, according to
As CRE investors navigate through the wild volatility existing in the industry currently, GlobeSt. is taking a look at the performances and fundamentals of a number of asset classes in net lease, from traditional to more secondary ones. A range of experts involved in many different net lease sectors joined our A View From the Top: Investment Opportunities panel at our Net Lease Spring 2026 event. Jimmy Goodman, partner
Industrial real estate investment trust Prologis has acquired Cotton 303 Logistics Center in Glendale, Arizona, from Heitman for $104 million, or approximately $114 per square foot. The distribution building at 6801 N. Cotton Lane totals 915,160 square feet and was built in 2022. The property is fully leased to Cubework, which has occupied the building since February 2023, according to CoStar data. The facility’s location along Loop 303 and Northern Parkway provides
The explosion in demand for data center capacity and rapid planning to get projects off the ground could pose a risk to local governments’ creditworthiness. As developers and investors tout tax revenues for communities, the facilities could also drive economic concentration and volatility while potentially straining local resources, according to a new report from S&P Global. “In some ways this looks a lot like economic and taxpayer concentration in any economic development scenario
A joint venture including Canopy Real Estate Partners and TBBG Investments has acquired The Sonoran Townhomes, a 36-unit multifamily complex in Mesa, Arizona, from a private investor for $13.39 million, or $371,944 per unit. Built in 2024, the property at 3426 E. University Drive consists entirely of three-bedroom townhouses and was formerly known as CJ Townhomes. The acquisition was made below replacement cost, a result of the prior ownership’s distressed capital stack
Risk in the GSE multifamily market is not building evenly. It is concentrated in a narrow window of origination – loans made during the 2022–2023 rate shock – that are beginning to diverge from the broader market. Headline performance remains strong, according to a Trepp report. Delinquencies are minimal, and overall credit quality continues to reflect stable fundamentals. But beneath the surface, vintage-level data reveals early signs of pressure that have yet to translate into
Developers have shifted around some plans for an industrial park in Buckeye near the former KORE Power site. Scottsdale-based Crimson Canyon was planning to build out a 112-acre industrial park at the southwest corner of SR 85 and Rooks Road. After finally getting needed entitlements back in 2023, the project, originally dubbed Rooks Technology Park, is back on track with some tweaks. Crimson Canyon just acquired the final parcel for its project, which will now sit on 74 acres and
Arizona State University will develop its eighth Arizona “innovation zone,” an area that will be devoted to international science and collaboration, near the Taiwan Semiconductor Manufacturing Co. facility in north Phoenix. ASU President Michael Crow called the $165 billion TSMC plant near Interstate 17 and Loop 303 the “single most important technological opportunity in Arizona since air conditioning.” “We are going to concentrate an innovation district there that’s linked