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
TPQ Foods, the Phoenix-based restaurant group behind concepts such as Pa’La Wood-Fired Kitchen and Tortas Paquimé, is preparing to open two new restaurant concepts in the West Valley. Later this spring, Magdaleña, a wood-fired dining concept will open in Goodyear. And in Glendale the company will pen Paquimex, a Mexican restaurant that the TPQ Food’s founder, Omar Alvarez, said is the next evolution of his Tortas Paquimé restaurant. “We’re always looking
U.S. apartment rents rose a scant 0.2% on average in March, suggesting that spring pricing increases are building more slowly than usual. The national average climbed to $1,723 from February’s upwardly revised level of $1,719, according to Apartments.com’s latest report on multifamily rent trends. The modest increase extended a run of positive monthly rent growth that began late last year, following flat to declining monthly performance in the second half of 2025. On an annual
Commercial real estate deals are getting bigger again — and so are the legal bills that come with them. After a widespread drop in property valuations, transaction volumes have rebounded, pushing costs higher across the board: from construction and insurance to taxes and utilities. But few line items have risen as sharply as legal fees. Soaring legal costs aren’t just a trend in real estate. They mirror a broader boom in law firm revenue. In 2024, the bottom half of
Atavia, the 88-unit luxury condominium community by Chicago-based Belgravia Group, has reached a major milestone with phase one officially under roof and nearing sellout. With this milestone, phase two is now fully released, offering a new opportunity for buyers to secure a residence. Construction remains on schedule, with initial move-ins expected by winter 2026. Upon completion , Atavia will feature 14 four-story buildings with thoughtfully
Aldi is taking up several big box retails spaces around the Valley that were left vacant by struggling retailers including Big Lots and shuttered trampoline parks, according to documents filed with Maricopa County. Since the beginning of March, the discount grocery chain has signed three leases that were filed with the Maricopa County Recorder’s Office. The new stores will be in Phoenix, Peoria and Cave Creek. The grocery chain is already in the process
Even in a market still defined by uncertainty, February 2026 has a glimmer of encouragement for the U.S. office sector. According to Yardi’s CommercialCafe, national office vacancy averaged 17.6% that month—a two-percentage-point improvement from a year earlier. The decline suggests some long-awaited stabilization, though an elevated vacancy rate underscores how far recovery still has to go. The imbalance remains
George Oliver Cos. has found its first tenants for Arbor Old Town — the Old Town Scottsdale office redevelopment that is the firm’s most ambitious project to date. Symmetry Software, a subsidiary of Gusto, signed a 32,480-square-foot lease at the office campus. The Scottsdale-based software company that operates a payroll technology platform will move its headquarters from its current north Scottsdale office at 14350 N. 87th Street to the new location. A “notable” financial
A specialty Japanese grocery store will open its first location outside of California in north Phoenix. In November 2026, Osaka Marketplace will move into the shopping plaza at the intersection of Union Hills Drive and Seventh Street and begin construction, said Julia Li, the plaza’s property manager. Founded in the Bay Area in 2021, Osaka Marketplace specializes in Japanese ingredients and prepared food. The 35,000-square-foot space will feature a fresh produce section, a sushi counter
Scottsdale-based Rise48 Equity is back in acquisition mode after taking a break during an oversupplied multifamily market. Rise48 Equity just bought a 194-unit multifamily community at 1050 W. 8th Ave. in Mesa that was built in 1986. Closing on March 20, Rise48 Equity paid $33.8 million for the property, which was 92% occupied when the transaction closed, said Zach Haptonstall, CEO and co-founder of Rise48 Equity. Haptonstall noted that he acquisition marked a “massive discount”
Cadre Holdings acquired a manufacturing facility in Peoria, Arizona, for $30 million as part of its broader acquisition of tactical gear manufacturer TYR Tactical. The property, located at 9330 N. 91st Ave., sold for approximately $426 per square foot. Built in 2017, the single-story industrial building serves as the headquarters for TYR Tactical, which fully occupies the 70,432-square-foot facility. The real estate purchase was part of Cadre’s larger acquisition of
Costco will begin construction this summer on land in the Salt River Pima-Maricopa Indian Community near Scottsdale, part of the Scottsdale AutoShow at Salt River. The Costco will total 162,000 square feet and employ about 250 people full time, said Bryan Meyers, community manager for Salt River Pima-Maricopa Indian Community at a tribal council meeting on March 11. The retailer agreed to hiring preferences for tribal members, Meyers said at the meeting. The store will sit
Earnings results reported by major retailers through mid-March 2026, covering the late 2025 holiday season and the start of 2026, suggest that consumer spending has not fallen off a cliff. Rather, the reports confirm that shoppers are becoming more selective about where and how they spend. That selectivity was evident in three broad themes: lower‑priced retailers continue to gain ground, consumer spending on non‑essential items remains sensitive to price and frequency, and financial
Pre-leasing is now underway at Shorehaven, a luxury waterfront residential community rising along Tempe Town Lake as part of the $1.8 billion South Pier master-planned development. Shorehaven is a three-tower, 722-unit mixed-use community offering studio, one-, two-, and three-bedroom residences, along with approximately 26,000 square feet of ground-floor retail. Situated on one of the last major lakefront parcels in Tempe, the community will be surrounded by future
Halo Vista, the 2,300-acre development that surrounds the Taiwan Semiconductor Manufacturing Co. plant in north Phoenix, began construction March 26, kicking off a project that will eventually bring 30 million square feet of new development to the area. The development, led by Mack Real Estate Group and McCourt Partners, will cost about $7 billion to develop. The project encircles TSMC’s 1,100-acre site on three sides, located near Interstate 17 and Loop 303. Plans call for several
BPR Companies has officially broken ground on EQT Real Estate Commerce 303, a 497,234-square-foot cross-dock speculative warehouse located in Glendale’s rapidly expanding industrial corridor. The project is situated on a 70-acre site at 15600 W. Camelback Rd., Glendale, AZ 85340, strategically positioned to serve the growing logistics and distribution needs of the West Valley. Commerce 303 is designed to meet the evolving demands of modern industrial users and will feature