Scottsdale-based Mountainside Fitness has signed on to build new health clubs in two of the most anticipated retail developments in the Valley. The first of the two new locations will be in the Vistancia community in Peoria — where thousands of residential units are forthcoming — at the southeast
Today, Phoenix Mayor Kate Gallego, joined by Arizona State University (ASU) President Michael Crow, announced that the university’s new headquarters for ASU Health, which includes a new medical school, will be built in downtown Phoenix. “At a time when the Phoenix bioscience industry is booming, and
There’s been a big shift in commercial real estate lending. “According to the Federal Reserve, in August large domestic banks saw their aggregate loan balances tighten for the first time since January 2022, and their loan balances have declined further over the first two weeks of September,” wrote
LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Company (LPC), has joined with Maricopa County Board of Supervisors Chairman Clint Hickman, project partners and VIP guests to celebrate the groundbreaking of Luke Field, a $515 million, 2.4 million-square-foot Class A industrial
Considerations for severe weather and climate, in general, have real estate developers putting more focus on how they build and operate. But add to that rising insurance rates, which have dealt a big blow to budgets as premiums continue to climb, especially in some Sun Belt markets. Breana Wheeler
The number of cranes in downtown Phoenix has remained mostly steady throughout 2023 with the latest count totaling seven cranes in the third quarter. This is a slight decrease from nine cranes in the first quarter of 2023 and is a result of several projects being completed including two major
Dominium, one of the nation’s leading owners, developers and managers of affordable housing, is holding the grand opening of Vista Ridge, 308 units of affordable housing for working families in South Phoenix on October 24 and breaking ground on 657 units of both family and senior affordable housing
The drumbeat of bad news from the office sector has been so pervasive over the past years that it has almost become a fact of life. But a new report from JLL suggests that 2024 could mark a turning point — with the possibility in a few years that demand for office space will exceed supply. Several factors
Real estate investor Mark Gleiberman has worked with commercial properties, especially apartments, for the past 30 years. He’s relying on that experience as he buys and renovates more multifamily properties and expands across the West as the value of those deals drops across the industry. This year
Pharmacy chain Rite Aid is asking a bankruptcy court to allow it to walk away from unexpired leases for 347 stores as the debt-ridden company looks to downsize what it described as its “sub-optimal” brick-and-mortar footprint. The Philadelphia-based retailer, which now has 2,100 stores, said closing underperforming
Dining and entertainment restaurants line the canals in Scottsdale, making it a popular destination for thousands of people. It might soon be possible for Phoenix residents to do the same after the city council unanimously approved the Forty600 development project, which will create a mixed-use
The site of a once-iconic mall could be rebooted as a major gathering point in the East Valley once again. Verde Investments Inc. proposes to do just that at the site of the closed — and mostly demolished — Fiesta Mall in Mesa. The Tempe-based company filed a rezoning application with the city of Mesa
The senior housing market appears set for a steady and ongoing recovery, with occupancy levels in 2024 expected to meet or exceed pre-pandemic levels, provided no unforeseen difficulties occur. That is the conclusion of an analysis of 3Q 2023 data by the National Investment Center for Seniors Housing and Care
As community gathering points like new restaurants and an urban park come together in Tempe’s Novus Innovation Corridor, more professional uses and senior housing could be around the corner. Charley Freericks, senior vice president of Catellus Development Corp., which is the master developer
Phoenix apartments recorded a 0.6% decrease in average asking rents in September, contributing to a 1.2% decline for the quarter. Though the third-quarter result is on pace with figures recorded during the same period in 2022, it is a noticeable departure from the pre-pandemic trend. From 2015
A 120-acre parcel in north Scottsdale is quickly selling out to developers, who plan to build a mix of apartments, condos, offices, a resort and restaurants on the site. The project, called One Scottsdale, has four multifamily developments, a medical office building and a restaurant and retail building under construction
A national multifamily developer with just over 6,000 units in its pipeline recently admitted that the company has been able to start work on only one of the projects so far this year. The missed construction starts is not surprising given the interrelated set of obstacles developers are facing, topped by
The Metro Phoenix industrial market saw new deliveries soar to a record high in the third quarter, according to a new report from Kidder Mathews. Market highlights: NEW DELIVERIES soared a record high of 13M SF. RENTAL RATES jumped to a record $1.04 PSF NNN. SALES VOLUME fell QOQ and YOY to 4.8M SF.
In the five-year span from 2015 through 2019, the big lenders for multifamily were government-sponsored enterprises. In the first half of 2023, the same dynamic is again present, according to a report from MSCI. In that five-year period, the average contribution of the GSEs was 54%, with national banks providing 10%
Fry’s Food Stores plans to add four new supermarkets in Arizona next year as parent Kroger Co. proceeds with its controversial merger plans with Albertsons Cos. One of the new grocery stores will be in the Gladden Farms section of Marana, but the other locations weren’t disclosed. Fry announced it has added
The Phoenix metro saw a big jump in industrial vacancies in the third quarter, but not for lack of demand. CBRE Group Inc. estimated that about 16.5 million square feet of space across 48 buildings delivered in Q3, bumping up the overall vacancy in the Valley to 6.2%. This is a big shift from the consistent
The domestic migration to the suburbs and beyond during the pandemic brought about more than just a change in location. Apartment rents were also on the rise in suburban areas. Recently released data from the U.S. Census Bureau shows that suburbs of major cities, including those in counties
From the heights of the pandemic wave, multifamily properties hit valuations, cap rates, and rent hikes that were unheard of. Then came inflation, Federal Reserve-hiked interest rates, and a big impact, like on most of commercial real estate, as MSCI noted in a report on capital trends. “Growth in apartment deal
Today, one of the country’s fastest-growing real estate development firms, Creation, struck a deal with Prologis, Inc., the global leader in logistics real estate, for the $184 million sale of Airpark Logistics Center in Goodyear, marking the largest multi-building industrial business park acquisition in Arizona
As headwinds persist in Phoenix office recovery, the Phoenix Office of JLL has released its Q3 2023 Phoenix Office Insight, noting a continued rise in negative net absorption and sublease inventory, but also ongoing demand for highly amenitized office space, positive operating fundamentals for newer