DAILY TOP 5

A development team has landed the first commercial tenants to join a mixed-use complex developed next to Taiwanese Semiconductor Manfacturing Co.’s microchip plant in north Phoenix. New York-based Mack Real Estate and McCourt Partners, the team behind the $7 billion Halo Vista project, signed deals with Costco Wholesale Corp. and Marriott International as future tenants for the 2,300-acre development that surrounds the 1,100-acre TSMC plant, located near Interstate 17 and the Loop 303 freeway. Common Bond Development

Intel Corp. unveiled details Thursday about its sophisticated Panther Lake processors and Arizona’s critical role in manufacturing the company’s next-generation personal computer chip technology. Intel plans to enter high-volume production for its Panther Lake chips – the brains that run computers or other electronic devices – at its Ocotillo plant in Chandler later this year. Panther Lake is the company’s first product built on Intel 18A, which the company claims is the most advanced semiconductor process ever developed and

After years of staying below a longstanding ceiling for new apartment supply, the U.S. multifamily market surged past it — and then, just as quickly, began losing momentum. Since 2020, quarterly completions had been capped at around 100,000 units, a threshold that was never reached through early 2023. Then, in the second quarter of 2023, deliveries broke through for the first time since RealPage Market Analytics began tracking the sector in the 1990s. That milestone set off a run of growth that lasted 10 straight months, with every

Developer Concord Wilshire Capital announced that it has completed demolition of the former Metrocenter Mall and Oakwood Homes has been named the exclusive residential builder for The Metropolitan, an $850-million, vibrant, mixed-use destination project. The 64-acre development is set to transform the former site of the Metrocenter Mall into a walkable urban village seamlessly integrating Light Rail with housing, entertainment, dining, and retail. “We are pleased to announce that we have selected Oakwood Homes, a

Electric vehicle maker Rivian wants to open a new repair shop in Scottsdale. Land use attorneys for Mack Innovation Park will submit a rezoning application to the city within two to three weeks to allow for a service and delivery facility in the complex, said George A. Pasquel III, planning consultant with Withey Morris Baugh PLC. Pasquell said Rivian customers would be able tune up their vehicles, check out new offerings and, after ordering online or at a showroom, pick up their new vehicles at the location. It wouldn’t be like traditional auto

U.S. banks are modifying commercial real estate loans at a surging pace, a trend that highlights the financial strain affecting the sector. By the end of June 2025, the total value of CRE loan modifications had climbed 66% over the past four quarters, according to an analysis by the Federal Reserve Bank of St. Louis. Banks are required under accounting standards to disclose loans that have been altered due to financial difficulty—whether through principal forgiveness, interest rate reductions, delayed payments, extended terms or

The federal government shutdown has delayed the release of key data reports on the labor market. That has left analysts, economists and, perhaps most important, the Federal Reserve more reliant on private-sector releases to gauge the health of hiring and its relative balance with inflation. Though private-sector sources vary, they converge on a picture of a slowing labor market and a tight hiring environment for new workers, confirming the last official government releases. For example, the Bureau of Labor Statistics

Creation, a growth-driven Phoenix real estate developer with a nationwide footprint, in partnership with QuarterMoore, has officially broken ground on Harbor Park, a two-building industrial complex on 9.69 acres in Glendale that is already 67% preleased to PODS Phoenix, a local franchise division of PODS Moving & Storage. Located on Glen Harbor Boulevard in the Glen Harbor industrial submarket, Harbor Park will feature two single-story industrial buildings totaling approximately 163,364 square feet. One building is being constructed

Location: 57th Avenue and Loop 101 in Glendale. Description: Midwestern University is underway on a major expansion that includes about $270 million in new projects in various stages of planning and construction, including new apartments for student housing on the northern part of its Glendale campus. Midwestern University has a 156-acre campus in Glendale, focusing on graduate programs in medical fields and health sciences. It has about 3,800 students enrolled at the Glendale campus History: The university announced

Homebuyers who pay cash continue to wield outsized influence in the U.S. housing market, even as the overall share has slipped slightly compared to pandemic peaks. In the first half of 2025, nearly one in three home purchases—32.8%—were made without a mortgage, according to an analysis from Realtor.com. The cash buyer pool includes affluent households, second-home purchasers and both single and institutional investors, underscoring a persistent wealth-driven dynamic in residential real estate. Though the

CBRE has arranged the acquisition of the Deer Valley Innovation Park, a 43.5-acre site at 2402 West Beardsley Road in Phoenix. The property was acquired through a joint venture between ViaWest Group and Barings, which will redevelop the property into ReDiscover Logistics Park, a four building, Class A industrial project totaling 808,000 sq. ft. The large parcel located just off the interchange of Interstate 17 and Loop 101 in North Phoenix currently includes a 345,000 sq. ft. former call center building, which will be demolished to

While uncertainty over tariffs and the economy still influences logistics leasing, tenants signing new leases are more often trying to capitalize on an increasing amount of available sublease space. That property is often available at a discount to new space leased directly. Large logistics occupiers with spaces exceeding 100,000 square feet are facing decreased competition due to a pullback in leasing activity in this market segment. In fact, new leases for industrial spaces measuring 50,000 to 100,000 square feet have

As Cole Cannon set out to bring Revel Surf and Cannon Beach to life five years ago, he expected his project would resonate with the East Valley community, but didn’t know to what extent. Nearly eight months after the project’s official grand opening and with a slew of new tenants in the fold at Cannon Beach, the outpouring of positive feedback has surpassed Cannon’s expectations. “I didn’t realize how personal the connection people have with waves,” Cannon said. “There’s this guy [who] comes every week

Tempe-based Amkor is boosting its investment in the new facility it is building in Peoria, from an initial $2 billion to $7 billion. Company leaders announced the move at a ceremonial groundbreaking Oct. 6 with local elected officials, executives from other major technology companies, suppliers and customers in attendance. “Today we break ground on what will become the largest outsourced semiconductor advanced packaging and test facility in the country,” Susan Kim, Amkor’s chairman of the board, told the audience

Discount juggernaut Dollar Tree is bolstering its supply chain, acquiring a distribution center in the Phoenix area for $147.1 million to better serve the Southwest. The Chesapeake, Virginia-based retailer on Friday said it had purchased a 1.25 million-square-foot industrial facility at 7200 N. Sarival Ave. in Litchfield Park, Arizona. Dollar Tree will be the first company to operate the turnkey facility, which is slated to open next spring. Lincoln Property Co. sold the Class A industrial

New Yardi Matrix research reveals that faltering demand, high supply and declining economic growth combined in September 2025 to produce the biggest one-month drop in the average U.S. multifamily rent in almost three years. The average advertised rent fell $6 to $1,750, the largest decrease since November 2022. While rents remain close to their all-time highs, “the drop could signal emerging market softness,” according to a new Yardi Matrix national report. A key

A tech firm is relocating its headquarters from Gilbert to Chandler and more than doubling its office footprint by moving into a 30,257-square-foot space in the city’s downtown area. Showit, which operates a website-building platform for entrepreneurs and website designers, is moving to the Johnathan, a George Oliver office renovation project, located at 55 N. Arizona Place. The Johnathan and its sister building, the Alexander, amount to 219,580 square-feet, and were

WillScot Holdings Corp. has completed its move into a new headquarters space in Scottsdale. The company, previously based at 4646 E. Van Buren Street in Phoenix, signed a lease in 2024 for nearly 90,000 square feet of space on an entire floor of the newly built Scottsdale Entrada, according to previous reporting by Phoenix Business Journal. WillScot Holdings Corp. (Nasdaq: WSC) is the parent company of WillScot Mobile Mini. The company leases and sells turnkey

Institutional capital is changing the landscape of affordable housing, with new investor profiles, growing mandates from pension funds, the rising presence of offshore capital, and an expanded focus on impact investing that is guiding not just where the money flows but how properties are designed, operated and measured for success. While affordable housing was once a niche asset class, it has become a go-to play for institutional money seeking both

An abandoned warehouse still bearing signage for Milum Textile Services on 7th Avenue in downtown Phoenix finally found a buyer. Chicago-based investor JRG Capital Partners bought the property, which sits on 1.76 acres and includes multiple buildings, for $8.5 million on Sept. 17 from longtime owner Craig Milum. Milum tried to sell the building for years but was caught in a fight with the city

An industrial property specialist has acquired a Phoenix facility that combines three different types of storage spaces: dry goods, refrigerated space and freezer space. Reich Brothers paid $55 million for the property at 625 South 27th Ave. in Phoenix, according to public records and the company. The seller was Cowley Cos. The 850,000-square-foot facility is located on 40 acres in West

The 2,300-acre master-planned community surrounding Taiwan Semiconductor Manufacturing Co.’s north Phoenix campus – proposed as becoming a “city within a city” – has landed some notable first users. Costco has entered an agreement to develop a new store, while Marriott signed on to develop two hotels – a Courtyard by Marriott and a Residence Inn. Both will be located at Interstate

Phoenix managed to keep a good pace of apartment construction these past recent months, but it didn’t manage to ease demand for renting in Phoenix. In fact, while the occupancy rate dropped slightly, more tenants decided to stay put, locking in some of the desirable apartments. Here are the details from the Rental Competitiveness Report in peak moving season

Store Capital, an Arizona-based net-lease real estate investment trust that primarily invests in single-tenant, net-leased properties, completed its largest securitized notes offering to date, issuing $625 million in long-term fixed-rate mortgage notes backed by single-tenant net-lease properties. Strong investor demand pushed the bond offering 39% above its initial $450 million target, according to