Phoenix-based Banner Health is making its way through the zoning process for a $400 million medical campus in north Scottsdale. The state’s largest health system filed for a conditional use permit to pave the way for a 640,000-square-foot hospital at the southwest corner of Hayden Road and Loop 101, according to a July 14 filing with the city of Scottsdale. The 300-bed hospital
Construction will begin this month on an affordable housing development in southwest Phoenix that eventually will be anchored by a retail center. The first phase of apartments at Broadway Farms at Hurley Station will total 190 units. Colorado-based St. Charles Town Co., the developer, closed on $80 million of financing to build the apartments. They will be rented to residents earning up
The multifamily housing market has set a new benchmark for demand, according to CBRE Research. Net absorption—a measure of new leases signed and occupied—climbed 44% year-over-year to 188,200 units, the highest second quarter figure ever recorded. This level is also 44% higher than the average for the same period before the pandemic. This milestone comes after
U.S. commercial real estate is on the cusp of a “generational reset,” according to Cushman & Wakefield, which argues that 2025 will present investors with “rare windows of opportunity” for those able to act with both selectivity and creativity. This outlook is rooted in the extraordinary shifts that have shaped the sector since the onset of the pandemic. As policymakers unleashed
Prominent retail leases signed by IKEA, Amped Fitness and STG Automotive Group negotiated by top dealmakers from Kidder Mathews, Lynn Morrison Co. and JLL are among the second-quarter retail leases recognized by CoStar. As big-ticket items involving sizable investments, commercial property transactions often have a wider impact within the community. CoStar is pleased
Sunstone Two Tree, a developer and operator of rental housing communities in high-growth markets across the U.S., announced that it has opened an office in Phoenix. Based in The Promenade office park in North Scottsdale, the new space will offer ongoing support to the company’s growing operations in the state, which include a development pipeline of numerous
Private sector employment increased by 104,000 jobs in July 2025 and pay was up 4.4 percent year-over-year according to the July ADP National Employment Report® produced by ADP Research in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”). The ADP National Employment Report is an independent measure of the labor market based on the anonymized
A $140.2 million West Valley warehouse sale marks the largest single-building industrial transaction in the Valley since 2023, according to data from Costar Group. The building, which encompasses 1,023,610 square feet at 8900 N. Sarival Ave., is where global sportswear brand Puma houses its regional distribution center, along the Loop 303 corridor in Glendale. The sale closed
A $140.2 million West Valley warehouse sale marks the largest single-building industrial transaction in the Valley since 2023, according to data from Costar Group. The building, which encompasses 1,023,610 square feet at 8900 N. Sarival Ave., is where global sportswear brand Puma houses its regional distribution center, along the Loop 303 corridor in Glendale. The sale closed July 29. Global giant LaSalle Investment Management, an independent subsidiary
Phoenix-based Banner Health has opened an outpatient surgery center focusing on heart care in the Arcadia area. Called Banner Cardiovascular Center – Arcadia, the new outpatient surgery centers is Banner’s first version of an outpatient model to partner with academic faculty physicians. The 7,142-square-foot space is on the first floor of Banner Health Center Plus – Arcadia, which originally opened in 2023 at 4200 E. Camelback Road. Integrity Building Co. was
Location: South Terrace Road and East Orange Street in Tempe. Description: Verve Tempe is a 15-story, 240-unit student housing complex near Arizona State University, light rail and nightlife. The 479,388-square-foot building offers 769 beds with a mix of studio, one-, two-, three- and four-bedroom layouts. It also features a two-story gym, study rooms, rooftop pool and hot tub, golf simulator, lobby coffee bar and more. There will also be 2,030 square feet of
More than 100 JCPenney stores, including four in Arizona, will be sold to a Boston private equity firm for $947 million. The all-cash sale of 119 JCPenney properties to an affiliate of Onyx Partners, Ltd. was announced on July 25. The companies expect a Sept. 8 closing of the deal for the net-lease stores, which pay rent and operating expenses. Property management company Newmark and Hilco Real Estate had been seeking buyers for these JCPenney locations
A handful of key retail fundamentals are dampening in 2025, as the sector faces noise and headwinds coming from shifting trade policies, as well as rising store fit-out costs, to name just two key factors. Yet, midyear, the retail ecosystem is still adjusting, once again showing its resilient side. While the sector realignment is ongoing, a few primary trends emerge. Here are our top takeaways from Cushman & Wakefield’s second-quarter U.S. retail report
One of Arizona’s largest private landowners has plans to develop the state’s largest data center project, a development estimated to cost $33 billion. Kuldip Verma, CEO of Vermaland, is priming a 3,300-acre site near Eloy for the development, which could support up to three gigawatts of power capacity. The project would bring more capacity than the Valley currently has
American manufacturers’ mood improved for the most part in July, according to a slew of regional Federal Reserve survey releases, marking a reversal from several months of suppressed activity. Still, the underlying data sent mixed signals about the industry’s appetite for capital investment in light of rising prices for raw materials, extended delivery times and still-uncertain
Across the state in 2024, Surprise’s population growth was second only to Phoenix. Out of the top eight cities in Arizona that had the largest population gains in 2024, three were in the West Valley: Surprise, Goodyear and Buckeye. The rapid growth of the West Valley has caught the eye of developers. A spate of retail development opening soon in the area includes both
Formation Interests recently celebrated the completion of phase 1 of Formation Park 10 in Goodyear, featuring an unprecedented three-acre park — an amenity that exemplifies FORMATION’s distinctive approach to industrial development. As its first venture in Arizona, Formation Park 10 sets a new standard for industrial parks in the state. Phase I at Formation Park 10 is
The revitalization of Papago Plaza has come together over the last five years, delivering a 276-unit luxury apartment complex, a 116-key hotel and a slew of retail tenants. Almost a year after its expected delivery, the final piece of the spruced-up, mixed-use development remains missing: a 23,000-square-foot Sprouts Farmers Market grocery store at the base of a two-story
About 52 acres of state trust land bordering the J.W. Marriott Desert Ridge Resort & Spa are going up for auction, according to a notice from the Arizona State Land Department. The minimum bidding price is $37.75 million, and the auction will take place Sept. 23. The applicant, Texas homebuilder D.R. Horton, wants to purchase the site and has preliminary plans for a
San Diego-based Fairfield Residential plopped down $462.38 million for what is now the largest Arizona multifamily portfolio deal in the state’s history. The next closest was 3rd Ave Investments’ $414.5 million of a Phoenix multifamily portfolio from Samuel Geltman & Co. in December 2021, according to data from CoStar/Homes.com. “While there were some multi-property
A Chicago-based developer will break ground this summer on an 88-unit condominium complex in north Scottsdale, the latest addition to a 120-acre master-planned development north of Loop 101. “We thought there was a gap in the market for luxury condos that don’t shoot for the highest price point,” Jonathan McCulloch, CEO of Belgravia Group, said. Belgravia is
CRG, the national real estate development and investment firm, announced that Hadrian, an advanced manufacturing company building AI-powered factories for America, will establish a large-scale manufacturing and software hub at the 269,500 square feet at Building A of The Cubes at Mesa Gateway. Known as Factory 3 (F3), the advanced manufacturing facility represents a
After calling the bottom of the real estate cycle 18 months ago, Blackstone is now seeing signs of brighter days ahead. “And since then, we’ve been actively investing across our real estate equity and debt strategies,” said Stephen Schwarzman, chairman and CEO, during Blackstone’s second-quarter 2025 earnings call, according to a transcript from S&P Global Market Intelligence
Most of the Western U.S. office markets surveyed for this report continued to see office vacancy rates above the national average of 19.4% throughout June. The highest market vacancy rate in the region last month was in northern California: office space in San Francisco was 27.7% unoccupied in June, following a
U.S. commercial real estate prices dropped across most sectors in the second quarter, though performance varied sharply by region and property type. That’s according to the latest monthly CoStar Commercial Repeat-Sale Indices that track when a previously sold property trades hands again in a process called a repeat sale. The June data showed that two indicators