In the five years since they began their life together in the desert sprawl of greater Phoenix, Devon Lawrence and Eren Mendoza have bounced from one itinerant home to another. They have camped alongside a freeway off-ramp, using a gas station sink as their bath and a
A major commercial project in Gilbert has gone up for its first review. During a study session on April 3, the Gilbert Planning Commission heard a presentation for Signature at San Tan Village, which is a proposed 11-building project that would total 326,731 square feet of retail
Phoenix-based Stevens-Leinweber Construction (SLC), has started construction on Camelback 303 Logistics Center on behalf of Brookfield Properties, a global developer and operator of high-quality real estate. The LEED-certified, two-building industrial development totaling
A mixed-use project featuring some of the country’s more prominent retailers is progressing through the Gilbert planning process. It has already gone up for its first review. Signature at San Tan Village is a proposed 11-building project that would total 326,731 square feet of retail
Two of the largest companies in the quick-service restaurant space, Shake Shack and Chipotle, are opening their Scottsdale first drive-thru locations this month. The moves are yet another indicator that drive-thru continues to be one of the strongest trends in the restaurant
Could it be that return-to-office policies are once again drawing homebuyers to house hunt close to the locations where they work, instead of the remote settings they were drawn to post-pandemic? That is certainly the conclusion reached by Realtor.com in its February Hottest
An apartment deal in Scottsdale, Arizona, is among the Phoenix region’s highest-priced transactions of the past year in a sign of investor demand for the city’s eastern suburbs. Still, the sale price was below the prior one for the complex as Sun Belt multifamily markets experience higher
Construction activity remains scorching hot in the Metro Phoenix industrial market, with 10 million square feet in deliveries in the first quarter alone, according to a report from Kidder Mathews. NEW DELIVERIES continue to soar with over 10M SF in YTD deliveries. RENTAL
New York-based WeWork Inc. said Tuesday it expects to emerge from Chapter 11 by the end of the spring. The beleaguered coworking company, which filed for Chapter 11 bankruptcy protection in November, said in a statement it’s determined “a final path forward” at 90% of the
The Scottsdale 101 shopping center, or rather the land on which the center was built, is heading for the auction block in June. The Arizona Land Department published an auction notice on March 21 that the 75 acres on the southwest corner of Scottsdale Road and the Loop 101
The nation’s largest retailer could be setting up shop at a massive mixed-use project in the southeast Valley. Arkansas-based Walmart Inc. (NYSE: WMT) has filed plans with the city of Mesa for a 171,000-square-foot retail store complete with a drive-thru pharmacy, a grab-and-go
The move for lenders to find ways to avoid action on troubled CRE loans has been called “extend and pretend,” though “delay and pray” might be even more apt. While an institution can avoid significant and final decisions, it can put off the day when it takes a hit to its balance sheet
Creation, one of Arizona’s most prominent commercial real estate developers, has been given the green light to move ahead with construction on a three-building, 16-acre industrial park in Tempe, marking the company’s first industrial undertaking within the city. Nexus Commerce Center
All eyes are on the West Valley and for good reason. Communities like Surprise, Glendale and Buckeye continue to attract development and media buzz. From talk of smart cities to bringing more industry to the area, growth continues to climb. In fact, in January of this year
Arizona’s job market has been solid lately, and it’s showing up in fewer layoffs. Both the number and magnitude of major layoff announcements declined sharply in the first quarter of 2024 compared with the same three months of 2023. Some 21 employers reported layoffs to
A former Arizona Coyotes executive is endorsing state legislation that he hopes will help a group unconnected to the team build a mixed-use development near Mesa that could include a professional soccer stadium. If passed, the bill could also help his former employer finance a
North American data center pricing approached record levels in 2023, with Phoenix boasting some of the highest average asking rates among U.S. data center markets ($170 – $200) for 250-500 kilowatt (kW) per month, according to CBRE’s latest North American Data Center
A prolonged period of elevated interest rates –– compounded by rising operational costs –– continues to impact rental housing providers nationwide. Beyond myriad effects on day-to-day industry operations, rising rates also pose a long-term risk to the future of apartment
Getting a deal done for a hotel has been difficult over the past few years, with inflationary pressures and banking woes headlining the difficulties. That could start to change in the second half of 2024, hotel executives say. During the “Market Overview: Financial Analysis
Are you a net lease investor with $5 million cash in your pocket? Then you’re golden in the current market. Right now the sector’s biggest problem is that there is a considerable amount of supply on the market and not enough buyers willing to invest at cap rates where the
On the way to joining the extraordinary “bed rush” of tall hotels rushing Old Town, a funny thing happened to the Winfield: It went into trusteeship. Though Scottsdale real estate wheeler-dealer David Slattery Sr. stresses that does not equate to bankruptcy, it still hardly
Peckham, a nonprofit vocational rehabilitation organization that provides training and job opportunities for persons with significant disabilities and other barriers to employment, leased all of the space in the One Compass Center office building in Phoenix, spanning more than
In many downtowns across the nation, office vacancies are hitting record levels. Against that backdrop, cities are grappling with the effects of hybrid work, which is cutting into tax bases, threatening downtown vibrancy and contributing to a growing amount of vacant office
This is supposed to be the “busier” spring leasing season for self-storage but the mood in the industry is mostly “somber” but optimistic for the future, according to a new report from Yardi Matrix. “Performance slipped in 2023 and there are few signs that market conditions are
As the country’s top men’s and women’s college basketball teams compete to cut down the nets this month, CoStar is getting in on the madness with our inaugural CoStar Sweet 16 of U.S. retail markets. Here we pit the top areas for that property type across the country against