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
The Phoenix Office of JLL announced today that it has completed the sale of the 453,960-square-foot Building One at West Summit at Surprise, a new two-building industrial project developed by Mohr Capital in Surprise, Arizona – one of Arizona’s fastest growing cities. US Merchants, a leading North American manufacturer of consumer goods and packaging, purchased Building One for $63,887,560, creating the company’s second metro Phoenix location. Completed Q3 2024, West
Scottsdale-based Empire Group of Cos., through its luxury urban infill division Aspirant Development, has closed on a $131.2 million financing package and broken ground on The Whitney. Total development costs for the 24-story tower at the southwest corner of Central Avenue and McDowell Road in Phoenix are estimated around $170 million, Geoffrey Jacobs, managing partner of Aspirant Development, told the Business Journal. The 328-unit apartment community will include more
A handful of obscure economic benchmarks quietly shape the Federal Reserve’s interest rate decisions, yet most of the business world rarely considers them. That blind spot can be costly. As Trepp Chief Economist Rachel Szymanski notes, these underlying gauges become especially important during periods of mixed signals—when inflation, growth, and employment data pull in different directions and policy becomes less predictable. Szymanski argues that understanding these
A massive project moving through the approval process is adding to Phoenix’s growing list of data center developments. Japan-based NTT Data Group Corp.’s plans for a seven-building, 2.2 million-square-foot campus in the suburb of Mesa received a recommendation of approval from the city’s planning and zoning board earlier this month. The city council will have the final say. No users have publicly signed on to use NTT’s proposed data center upon completion, but the firm
Consumer Cellular is dialing in on plans to streamline its corporate real estate portfolio, signing the Phoenix market’s largest office deal this year to consolidate multiple teams currently scattered throughout the region. The mobile network operator will relocate its headquarters to 8501 E. Raintree Drive in Scottsdale after fully leasing the 123,340-square-foot building, Consumer Cellular confirmed in a statement. The 15-year deal is the largest office commitment in the Phoenix
Two new tenants are moving into the Biltmore Fashion Park, allowing RED Development to announce its office space there is now fully occupied. VanTrust, a real estate development company, and interior architecture firm Phoenix Design One have signed leases at the 30,000-square-foot office footprint within the shopping mall. They are among four tenants, which also include RED Development’s corporate headquarters and Smead Capital Management, a registered investment
The commercial property recovery is happening, just not where most people are looking. Secondary markets posted a 1.8 percent year-over-year price gain in April while the six major metros—Boston, Chicago, Los Angeles, New York, San Francisco and Washington—managed only 0.2 percent growth, according to a report from MSCI. That gap isn’t just a recent development. Over the past three years, non-major metros have risen 1.9 percent, while major metros have lost 6 percent of
A major Arizona landowner is scooping up more acreage in the far West Valley to set it up for data center campuses. Arizona Land Consulting acquired 956 acres in Tonopah for $25 million on May 20, CEO Anita Verma-Lallian told the Business Journal. As a result, the firm now owns about 4,000 acres of vacant desert land across three separate sites in Tonopah, which is about an hour’s drive west of Phoenix. The latest chunk it acquired was set up for a master-planned
The 330-acre Novus Innovation Corridor on the east side of Arizona State University’s Tempe campus is nearing completion of its latest phase, with only one retail space remaining available for lease in the existing buildings. Novus is generally located on Rural Road and Sixth Street in Tempe, but spans north to Tempe Town Lake and includes the former Karsten Golf Course, which is closed and in the process of redevelopment. About 850 apartment units are now open in the
Experience-led travel is driving growth across the hotel industry and sports tourism is a huge component of that momentum — especially this year with North America hosting the 2026 FIFA World Cup. “Fans are not just booking for the soccer match itself or for the event itself,” said Brandon Ehrhardt, vice president of marketing for travel partners and advertisers at Expedia Group, on a recent episode of the CoStar News Hotels podcast. “They’re designing an entire trip around that, and that’s
More than 2,000 acres of farmland in Buckeye, Arizona, could be transformed into the region’s next employment hub and create what local officials estimate could be more than $1 billion in economic benefits, a proposal that provides a glimpse into the growth of one of the nation’s fastest-expanding large cities. The city is priming the industrial site known as Grand View Arizona through rezoning and annexing efforts to help land Phoenix’s next mega-user or, as Ken Galica, Buckeye’s
Aldi, the fastest-growing grocer in the U.S., has opened its latest store in the Valley at 1045 S. Gilbert Road in Mesa. This is the latest in Aldi’s major expansion in the Phoenix market, which will include opening at least 10 stores in 2026 and a new distribution center in the Goodyear in 2028. The new Mesa Aldi is opening in a 25,225-square-foot former 99 Cent Only store that Aldi leased for at least 10 years, according to Maricopa County records. “At our new Mesa Aldi store, shoppers will
The U.S. retail sector’s available space and investable inventory continues to remain scarce into 2026, according to data from CoStar. Even as national net absorption has fallen in three of the past five quarters, availability has held flat and remains about 15% below its prior 10-year average. Minimal retail space coming onto the market has allowed the sector to absorb pockets of softer demand without becoming oversupplied. It has also shaped rent and pricing dynamics, CoStar
A 24-story tower in central Phoenix offering luxury residences and retail broke ground Thursday, project officials announced. The tower, known as The Whitney, will include 328 residential units featuring vinyl plank flooring, tiled bathrooms and walk-in showers. Building amenities will include a fitness center and a rooftop pickleball court. The $131.2 million development also includes more than 22,000 square feet of retail space, which will be leased by
Phoenix employment has softened as unemployment has risen, but wage growth, retail spending and housing sales show economic resilience, according to an analysis from the Economic and Business Research Center (EBRC). In February, the non-seasonally adjusted civilian labor force in the Phoenix-Mesa-Chandler MSA (Phoenix MSA) fell 1.4% over the year to 2.7 million. January recorded a minor gain of 0.1% to 2.8 million. Non-seasonally adjusted resident employment in the Phoenix
The first phase features three of five buildings planned for the 240-megawatt project. Prime Data Centers has broken ground on three data centers in the first phase of its $3 billion, 1.3 million-square-foot, hyperscale campus in Avondale, Ariz., near Phoenix. Five buildings are planned for the 66.5-acre, 240-megawatt campus called PHX01. Buildings 1 through 3 have been secured by a leading hyperscaler, which was not identified by Prime. The remaining two buildings, 4 and 5, remain
More details have been filed with the city of Mesa about a 110,000-square-foot luxury hotel proposed at Cannon Beach, the mixed-use development built around a giant surf park. Documents filed with Mesa’s Planning and Development Department show that the proposed Cannon Beach Hotel would be a four-star, five-story, 148-room hotel property that is intended to be the signature hospitality component of the Cannon Beach development, which is located at the southeast corner of
During ICSC LAS VEGAS, JLL executives outlined a retail sector defined by tight supply, resilient demand and a shifting tenant mix. From a surge in experiential concepts to constrained deal flow despite strong investor appetite, the discussion underscored how macroeconomic pressures are reshaping both leasing and capital markets without slowing overall momentum. Experiential Pipeline Expands as Consumers Trade Down From Big-Ticket Leisure. JLL’s new 2026 Entertainment
Phoenix has made a name for itself as a housing construction powerhouse, but no other area of the Valley has seen such an expansion as zip code 85396 in Buckeye. The number of housing units here doubled in the span of just 10 years, deeming it America’s 36th fastest growing community and ranking among the top up-and-coming neighborhoods in the U.S. To spotlight the areas that went through significant transformation in recent years, RentCafe.com analyzed housing
Two Arizona cities rank among the top five most affordable places in the country to buy a home, according to a new WalletHub study released Tuesday. Surprise placed third and Yuma fourth in the personal finance website’s ranking of the 300 largest U.S. cities, trailing only Flint, Michigan and Detroit. Mesa came in 15th overall. In all, nine Arizona cities landed in the top 50: Surprise, Yuma, Mesa, Peoria, Gilbert, Chandler, Phoenix and Glendale, with Tucson at No. 62 and Tempe at