A Taiwan-based construction firm that specializes in mechanical, electrical and plumbing services for computer chip makers bought a huge North Phoenix office property. The company, Transdien Engineering Co., acquired a 97,372 square-foot office park off the Loop 101 and 7th Street for $19,458,000 on April 15, according to real estate database Vizzda. It’s located at 19825 N. 7th Street, sits on 17.51 acres and was built in 2004. Transdien bought the building from 101 & 7th Street
Investors staring at Austin’s or Phoenix’s headline numbers this spring could be forgiven for walking away. On a metro‑wide basis, new‑lease rents in many Sun Belt markets are still drifting down and occupancies remain under pressure as the 2021–2024 construction wave finishes delivering. Yet drill a level deeper and a very different picture emerges: within the same “overbuilt” metros, the spread in performance between lifestyle and rent‑by‑necessity assets and between
Two very different development projects in Arizona are moving forward this week, but they share a common blueprint for success: listening first, then building. Anita Verma-Lallian, founder and CEO of Arizona Land Consulting, secured regulatory approvals for a mixed-use commercial project in Casa Grande and a data center infrastructure development in Tonopah—both shaped significantly by community feedback. On April 6, the Casa Grande City Council approved a rezoning request
Chicago-based 29th Street Capital held its grand opening April 15 for Verge, its 201-unit rental community at 1297 E. Broadway Ave. in Apache Junction. Monthly rental rates range between $1,554 and $2,325 for the 201-unit rental community, said Beric Wessely, director of lease-up operations for 29th Street Capital.”Apache Junction is really the next wave of growth in the East Valley,” Wessely said. “As Mesa and Queen Creek filled in, demand naturally pushed outward and this is where
Commercial real estate finance sentiment took a sharp turn in the first quarter, as geopolitical turmoil tied to the Iran war wiped out months of improving outlook, even as underlying demand for capital and assets remains firm. The CRE Finance Council’s Board of Governors Sentiment Index fell 20.2% quarter-over-quarter to 100.1, down from 125.4 in the fourth quarter, erasing roughly three-quarters of gains and returning the index to its 4Q 2017 baseline. The decline was broad-based, with
For decades, multifamily investors could rely on a predictable rhythm: rising rents pushed cap rates lower and lifted asset values, while weakening rents did the opposite. That relationship is now breaking down across a growing share of major US markets, creating a more fragmented and less predictable pricing environment. In several metros, including Atlanta, Chicago and New York City, rents and cap rates are rising at the same time. In others, such as Houston, Dallas and Miami, rents
Phoenix-based ViaWest acquired a 53-acre site in Goodyear on April 16, according to real estate database Vizzda. It purchased the site from NBA Enterprises Limited Partnership and Hohokam Acres Limited Partnership for nearly $11 million; Wesley Campbell of Land Advisors represented the buyer in the deal. The land was previously eyed by Prologis, a national logistics real estate company, which went through the rezoning process two years ago to set it up for an industrial park.
Mark-Taylor Residential, a leading investment manager, developer and owner of Class-A multifamily real estate in Arizona, partnered with Sunbelt Holdings, a Scottsdale-based master-planned community developer, and Rockpoint, a Boston-based real estate private equity firm, to deliver 283 additional rental homes in North Phoenix. The Hillburn includes three-bedroom townhomes ranging from 1,729 to 2,291 square feet, as well as two-, three- and four-bedroom single-family
A California developer has acquired a 25-acre office property in Tempe that it plans to redevelop into a hub for advanced manufacturing jobs. Panattoni Development Company Inc. closed on the $37.5 million deal April 15, according to Tempe-based real estate database Vizzda. The property at 2750 S. Priest Drive is off Interstate 10 and within the Broadway Curve area — one of the busiest highway sections in Arizona, according to the Arizona Department of Transportation. Newmark
Having paid approximately $7M to SimonCRE for 10.8 acres of the 21-acre Residences at Prasada development site, The Wolff Company is planning to develop a multifamily community on the property. The Wolff Company was represented by Jake McClaughry and Brian Gausden with Western Retail Advisors, according to a local news report. The site is part of SimonCRE’s master-planned retail development The Village at Prasada at the SEC of Loop 303 and Waddell Road in Surprise, which
The Greater Phoenix industrial market posted its strongest quarter on record for industrial property investment sales, according to a report released by Colliers. Net absorption during first quarter was more than three and a half times the 1.38 million square feet of new supply delivered during the period, pushing vacancy down to 9.2 percent. Investment activity posted its strongest quarter on record with $990.8 million in total sales volume, highlighting Phoenix’ position as the country’s top
Target is doubling down on its commitment to large stores by opening a half dozen new locations next month as part of a $5 billion capital-investment initiative this year. The Minneapolis-based discount giant will be rolling out two new stores each in Arizona and North Carolina and one each in New Jersey and Missouri. They are part of the 30 locations the chain plans to debut this year. Most of the new sites are bigger than the retailer’s average size, with the largest one 149,000 square
A mixed-use project in Deer Valley from Sunbelt Investment Holdings is progressing into its next phase with new apartments and an Aldi grocery store in the works. Bell 17 Business Center is located off Interstate 17, along Bell Road and 19th Avenue, and right across from the Turf Paradise racetrack. San Diego-based Sunbelt acquired the roughly 90-acre site through an Arizona State Land Department auction back in 2018, paying $26,500,000. The first phase included building out a
Location: MC 85 and Broadway Road in Buckeye Description: A national, off-price retailer is constructing a 2 million-square-foot distribution center that’s expected to bring thousands of jobs to the southwest Valley. Burlington, which sells clothes and home decor, will have an automated facility with smarter sorting systems, enhanced work stations and custom software to streamline daily operations, according to a news release from the company. The enhancements help get merchandise to the
Creation, a performance-driven real estate development and alternative investment firm, in partnership with a real estate fund advised by Crow Holdings Capital, has closed on a 38-acre site in Avondale for the development of Avondale Tech Center, a three-building Class-A industrial campus totaling approximately 700,000 square feet. Located on the northwest corner of 117th Avenue and Corporate Drive within the West Valley’s premier manufacturing corridor, Avondale Tech Center
Phoenix-based Banner Health — Arizona’s largest health system — just plopped down $22.13 million in cash for vacant land near the Taiwan Semiconductor Manufacturing Co. campus in north Phoenix. Closing on April 16, the 18.81-acre parcel at the southeast corner of Interstate 17 and Jomax Road was sold by US Raven I LP, which traces to Affinius Capital, according to Tempe-based Vizzda LLC real estate database. Banner Health officials weren’t quite ready to share details
Empire Group of Companies, through its luxury urban infill division Aspirant Development, today announced the official rebranding of its highly anticipated Downtown Phoenix high-rise project from its working name, Astra, to Arro – a landmark mixed-use development poised to become the tallest building in Arizona upon completion. Spanning approximately 1.8 million square feet, Arro will introduce a new level of scale and sophistication to Downtown Phoenix, anchored by
In a market that Yardi Matrix vice president Jeff Adler describes as “muddling through,” the best‑performing assets are not the gleaming Class A towers or the deeply discounted Class C walk‑ups. The segment carrying much of the income statement right now is the middle of the stack. “From a demographic standpoint, Class B will probably outperform A and C,” Adler said on a recent Yardi Matrix multifamily outlook podcast, citing how demand and stress are distributing
Arizona State University started construction this month on a classroom building for a new medical school it expects to open in two years in downtown Phoenix. The 200,000-square-foot building at the corner of East Pierce Street and North Fourth Street will house the John Shufeldt School of Medicine and Medical Engineering, the first medical college operated by Arizona State. The five-story facility will also be occupied by the university’s School of Technology for Public Health and programs
Humana has signed a new lease at a Class A Phoenix office complex as the office market recovers. The health insurance giant signed a roughly 5,000-square-foot office lease at the mid-rise Biltmore Center at 2398 E. Camelback Road, significantly downsizing from its office nearby. It signed the lease in Q4 2025, Colliers’ Senior Executive Vice President Phil Breidenbach told the Business Journal. Breidenbach and Matt Baniszewski of Colliers are listing agents for the
Arizona’s growing role in the global semiconductor industry received another boost this week as Taiwan Semiconductor Manufacturing Company (TSMC) reported powerful financial and revenue results and confirmed continued expansion plans tied to its Arizona operations. The world’s largest contract chipmaker announced first-quarter 2026 revenue of NT$1.13 trillion (about $35.9 billion), representing a 35% increase compared with the same period last year. Net
A prominent Arizona landowner’s plan to turn more than 3,300 acres of vacant desert land in Pinal County into a future data center hub with its own power-generating facilities is moving forward. After a lengthy Q&A session with Pinal County’s Planning and Zoning Committee members at an April 16 meeting, the committee ultimately voted 7-2 to recommend approval for rezoning the site. The applicant and landowner, Vermaland LLC, is calling the
Associated Builders and Contractors reported its Construction Backlog Indicator rose to 8.6 months in March, according to an ABC member survey conducted March 23 to April 6. The reading is up 0.5 months from February and up 0.1 months from March 2025. The 15% of ABC member contractor respondents under contract to perform work on data centers had significantly longer backlog (10.6 months) than the 85% of contractors who are not
The Phoenix metro area, which already boasts a robust hotel pipeline, is expected to experience continued growth in this sector through 2026, hospitality development executives said at Bisnow’s Phoenix Hotels, Resorts and Wellness Summit. “This year alone, the hotel industry is going to generate $1.1B in tax revenue” for the metro area, Haleigh Hildebrand, American Hotel and Lodging Association vice president of public affairs, said at the event held
A report from the Urban Institute asks a provocative question: Is your state better off now than it was 50 years ago? It looks at median household income across the country, and it turns out that, by that metric at least, Arizona is better off now than it was half a century ago. The median household income here in 1970 was just north of $48,000. In 2023, it was more than $77,000 — a more than 60% increase. That was one of the biggest jumps in the country. Sean Ewen is a research economist