Office complexes, hotels, condos and apartments have sprouted around Tempe Town Lake since it opened in November 1999. A dozen or so developments sprawl across multiple buildings and 13.8 million square-feet. Another three projects that will eventually add 2.7 million square-feet of development are under construction, according to the
The first US/Mexico inland port is under construction in Phoenix. SkyBridge Arizona is on 360 acres southwest of the runway at Phoenix-Mesa Gateway Airport in Mesa, and will use Unified Cargo Processing to complete on-site cargo inspection and processing that will allow shipments between the U.S. and Mexico can be expedited directly
With Walgreens looking into potentially going private, it might be time to check on the conditions in the drugstore net lease sector, one of the most popular sectors for investors. While drugstores remain largely in favor as a safe asset class, there were some complicated dynamics happening among the various chains in the third quarter,
Homebuilders are doing everything they can to meet strong demand for new homes in metro Phoenix, but it just may not be enough. Ryan Brault, regional director of the Arizona and Las Vegas markets for Metrostudy in Mesa, expects homebuilders to finish the year with around 20,800 single-family and townhome construction
Valley and Arizona based Mountainside Fitness was founded on one simple idea: to be the friendliest fitness center in town. Arizona’s largest locally owned fitness center is expanding and opening four new locations in Paradise Valley, Avondale, Eastmark in Mesa and Estrella Mountain (Goodyear). All are set to be ready for business in 2020, except
At their October meeting, Federal Reserve officials once again cut interest rates. The central benchmark rate fell from 1.75 percent to 1.50 percent. The 180-degree interest rate turn continues. It seems like a lifetime, but only a year ago, the Fed indicated rates would steadily increase.Now, central banks around the world are ramping up
New data shows a boost in sales of properties sitting in federal opportunity zones, a trend backers hope to see accelerate as buyers seek lucrative tax breaks to invest in low-income areas around the country. Through the first three quarters of 2019, commercial property sales in the more than 8,700 designated opportunity zones totaled
The Phoenix Planning Commission will discuss a planned mixed-use development proposed at Central Avenue and Thomas Road at its meeting Thursday evening. The building, proposed by Pederson Group Inc., will include ground-floor restaurants and retail, and the upper floors will either be office, apartments or a
Investors are targeting Las Vegas, Salt Lake City and Phoenix, but how do these growing markets compare? All three markets are positioned for long-term growth, but they aren’t seeing the same growth fundamentals. Job growth and population growth are factors across the three markets, but investors are paying close attention to the
Cap rates for the single tenant drug store sector increased by a single basis point to 6.22% year-over-year in the third quarter of 2019, according to The Boulder Group. The news in the sector wasn’t all cap rate expansion though. Rates for CVS and Walgreens properties experienced decreases of 5 and 9 basis points to 5.6% and 6.06%
The prices of many construction materials may rise again in 2020. “I think the lull in materials cost increases is close to ending,” says Ken Simonson, chief economist for the Associated General Contractors of America (AGC). Despite trade tensions between the U.S. and nearly all of its major trading partners, the cost of many materials used
More than five years in the making — even requiring the involvement of FEMA — Rod Cullum finally is ready to begin building eight custom homes on the Camelback Country Club Golf Club. The 9 acres adjacent to the golf course in Paradise Valley had been designated as a flood plain zone by the Federal Emergency Management Agency, which
Along with the rest of the market, Phoenix retail is experience a growth spurt. According to a recent report from Colliers International, vacancy is down and net absorption and rental rates are up. The activity has triggered strong new development activity. While only 91,000 square feet of retail delivered in the third quarter, there is 686,000 square feet
Award-winning real estate development firm Optima completed construction of Optima Sonoran Village while launching its new white-glove, in-home concierge program, Optimized Service™, at all its Arizona rental properties. The fifth tower completes Optima Sonoran Village, downtown Scottsdale’s premier high-rise, luxury apartment community with
The Valley’s latest Whole Foods Market Inc. store opened in Tempe Wednesday morning. The 40,000-square-foot store, at 750 S. Ash Ave. on the ground floor of the $100 million mixed-use project called the Local, includes a bakery, full-service butcher, seafood department with a self-serve poke bar, hot and
The construction industry added 10,000 net new jobs in October, according to an Associated Builders and Contractors analysis of data released today by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has expanded by 148,000 jobs or 2%. Nonresidential construction employment increased by 4,000 jobs on net in
Opendoor, a San Francisco-based startup company that buys single-family homes and resells them through an online app, leased three floors at a just-completed office building in Tempe, Arizona, where the company reportedly plans to expand and consolidate its operations. The company leased 100,807 square feet on the 14th through 16th floor at
The performance of student housing properties in the lease-up for the fall 2019 semester varied more widely than usual, according to industry sources, including Carl Whitaker, who manages the market analytics team for RealPage Inc., a provider of property management software and services. Some student housing
A boom in manufacturing in Arizona – from electric cars to high-end golf clubs – is helping to lower unemployment in the U.S., Gov. Doug Ducey told business leaders this week, noting that manufacturing jobs in the state now outnumber construction jobs. Ducey, joined by Tom Gilman, an assistant secretary of the U.S. Department of
Bang® Energy recently acquired a new 400,000 square foot manufacturing and distribution facility in Phoenix, Arizona, for $52,323,000. This state-of-the-art facility will include newly-engineered canning and manufacturing lines to produce our enormously popular Bang® energy drinks at blistering speeds of 3,600 cans per minute! –Jack OwocProduction will
For $25, Arizona homebuyers can help put a roof over the heads of people who can’t find a home they can afford.Rapidly rising rents in metro Phoenix are putting the squeeze on a record number of residents, and the Valley doesn’t have enough affordable housing for the growing number of people becoming homeless. To help the many
We’ve spent a lot of time over the years, too much time perhaps, parsing Federal Reserve statements after every meeting for insights into the Open Market Committee’s thinking and what that may mean for the future of policy. Why? Not because it’s fun! The main reason is that forward guidance is as much a part of monetary
Irgens plans to break ground in the first quarter of next year on its office building on the north side of Tempe Town Lake, called 999 Playa. The building will add 94,000 square feet of Class A office space to the Valley’s hottest office market. The project will be built podium style, with ground floor offices, two levels of parking, then an
NOVO Development completes a new project near Ottawa University’s OUAZ campus in Surprise, Arizona, a suburb of Phoenix. The student-focused project was designed to accommodate significant enrollment expansion at the university.Located at 14360 W. Tierra Buena Ln.,
Troubled co-working operator WeWork has structured some leases under LLCs that are not guaranteed by its holding company, which will leave those landlords holding the bag for the free rent and TIs they provided to help get the spaces up and running. The landlords will also be left with vacant spaces, which may be backfilled with former