Arizona

Bela Flor, TruVista Sell Avalon Townhomes in Avondale, Arizona for $30.1M

by Amy Works February 20, 2026

AVONDALE, ARIZ. — Arizona-based Bela Flor and TruVista Development have completed the sale of Avalon Townhomes, a build-to-rent community in Avondale. An undisclosed buyer acquired the asset for $30.1 million, or $430,000 per unit. Completed in 2025, Avalon Townhomes features 70 two- and three-bedroom townhomes averaging 1,677 square feet in size. The townhomes offer quartz counters, kitchen islands, luxury plank flooring, stainless steel appliances, walk-in closets, dual vanities, doggy doors, full smart-home connectivity, as well as direct-access one- and two-car garages with EV charging, dedicated driveways, private enclosed backyards. Community amenities include a resort-style pool and spa, pet park, an outdoor fitness circuit, a barbecue ramada and abundant guest parking. Mark Forrester, Andrew Curtis and Ryan Boyle of Berkadia’s Phoenix office represented the seller in the deal.

February 20, 2026

Acquisitions Arizona Industrial Western

Transwestern Acquires Two-Building, 662,804 SF Industrial Property Near Phoenix

by Amy Works February 18, 2026

TOLLESON, ARIZ. — Transwestern Investment Group (TIG), on behalf of a separately managed account, has purchased a two-building industrial property at 9400 Latham St. in Tolleson. Terms of the transaction were not disclosed. Delivered in 2022, the 662,804-square-foot property is fully leased. Building A is a 402,015-square-foot cross-dock facility with a clear height of 36 feet, a 190-foot truck court, ESFR sprinkler systems and abundant trailer parking. Building B totals 260,789 square feet and features a rear-load configuration with a clear height of 32 feet, a 130-foot truck court and ESFR sprinklers.

February 18, 2026

Acquisitions Arizona Industrial Office Western

Meritex Co. Acquires North Mountain Corporate Center in Phoenix for $7.2M

by Amy Works February 13, 2026

PHOENIX — The Meritex Co. has purchased North Mountain Corporate Center, a two-story Class B office building at 10400 N. 25th Ave. in Phoenix, from Macfarlan Capital Partners for $7.2 million. The buyer plans to redevelop the 109,332-square-foot building, which was delivered vacant, into an institutional-quality industrial project. Situated on 7.6 acres, the infill site offers proximity to I-17 and in-place zoning for industrial use. Brian Ackerman, Todd Noel, Kyle Campbell and Matt Baniszewski of Colliers represented the seller. Keri Scott and Alex Kas-Marogi of Newmark will handle leasing for the redeveloped property.

February 13, 2026

Arizona Civic Development Western

Willmeng Construction Delivers 28,272 SF Mesa Gateway Library in Arizona

by Amy Works February 13, 2026

MESA, ARIZ. — Willmeng Construction, as general contractor, has completed Mesa Gateway Library, the first public library to be built in Mesa in 30 years. Located at 5036 S. Eastmark Parkway, the 28,272-square-foot library features a THINKspot makerspace, three video conferencing rooms, a digital art display wall and a dedicated sensory room for the Certified Autism Center, which uses trauma-informed design to select lighting and materials for neurodiverse populations. White Baux Studio designed the interior space. Designed by Richärd Kennedy Architects, the facility features an open market concept unified by a folded roof and a ceiling finished with wood planks.

February 13, 2026

Arizona Build-to-Rent Loans Single-Family Rental Western

JLL Secures $64.3M in Financing for Two Build-to-Rent Communities in Metro Phoenix

by Amy Works February 12, 2026

LITCHFIELD PARK AND GOODYEAR, ARIZ. — JLL Capital Markets has arranged a total of $64.3 million for the refinancing of two build-to-rent communities in metro Phoenix. Through ORIX Corp., the JLL team secured $33.1 million for the 153-unit Villas Litchfield in Litchfield Park and $31.2 million for the 151-unit Villas Goodyear in Goodyear. The borrower was an affiliate of Blue Vista Capital Management and Family Development. Delivered in 2025, units at the properties include enclosed backyards with green turf lawns, stainless steel appliances, island kitchens with quartz countertops, wood plank-style flooring and in-unit washers and dryers. Community amenities include pools, 24-hour athletic centers, expansive dog parks with no breed or weight restrictions, organic community gardens with citrus trees, electric vehicle charging stations and grill stations with stainless steel grills. Greystar manages both properties.

February 12, 2026

Arizona Development Industrial Western

CapRock Partners Completes 3.4 MSF CapRock West 202 Logistics Project in Phoenix

by Amy Works February 11, 2026

PHOENIX — CapRock Partners has completed CapRock West 202 Logistics, a 3.4 million-square-foot industrial warehouse complex in central Phoenix. The final phase of the infill development features 825,000 square feet of Class A space spread across three buildings on 43 acres in the Southwest Phoenix submarket. Located at 675 N. 55th Ave, Phase 2 includes Building F (301,771 square feet), Building G (295,586 square feet) and Building H (227,107 square feet). The facilities feature clear heights ranging from 32 feet to 36 feet and a combined 139 dock-high doors. The project completion coincides with CapRock securing a 1.1 million-square-foot lease for Building C, the largest building within the project, to an undisclosed corporate tenant. As part of Phase 1, Building C is a cross-dock facility with a clear height of 40 feet, 159 dock-high doors, four drive-in ramp doors, 500 auto parking stalls and 279 trailer parking stalls. Currently 85 percent occupied, Phase 1 features five buildings totaling 2.5 million square feet across 140 acres. Payson MacWilliam, Don MacWilliam, Chris Reese and Casey Koziol of Colliers represented CapRock in the Building C lease transaction and are handling all leasing efforts for CapRock West 202 Logistics.

February 11, 2026

Arizona Development Industrial Western

Creation, LGE Design Build Complete 144,885 SF Industrial Facility in Tempe, Arizona

by Amy Works February 11, 2026

TEMPE, ARIZ. — Creation, as developer, and LGE Design Build, as architect and general contractor, have completed Source Business Center, a Class A industrial facility in Tempe. Situated on 15 acres at the southeast corner of Warner Road and Hardy Drive, the 144,885-square-foot Source Business Center features a clear height of 32 feet, extensive power and an expansion 6 acres of contiguous yard space to support flexible storage and vehicle parking. Designed to accommodate up to two tenants, the property provides 204 parking spaces, including eight electric vehicle charging spaces, as well as bicycle parking and separate pedestrian paths. Creation developed the facility with CrossHarbor Capital Partners as an investor.

February 11, 2026

Acquisitions Arizona Industrial Western

IndiCap, Invesco Sell 566,121 SF Building at Virgin Industrial Park Near Glendale, Arizona

by Amy Works February 10, 2026

WADDELL, ARIZ. — IndiCap and Invesco Ltd. have completed the disposition of a modern industrial facility located within Virgin Industrial Park in Waddell, an unincorporated community in Maricopa County, Ariz. An undisclosed buyer acquired the property for $90.6 million. VIP Industrial Holdings LLC holds the 566,121-square-foot asset, which is located at 15784 W. Hatcher Road. Marc Hertzberg, Riley Gilbert and Kelly Royle of JLL represented the sellers, while Sean Kropke, Michael Haenel and Justin Smith of Cushman & Wakefield represented the buyer in the deal.

February 10, 2026

Acquisitions Arizona Office Western

Newmark Brokers $32.2M Sale of Thirty 03 Office Tower in Midtown Phoenix

by Amy Works February 6, 2026

PHOENIX — Newmark has brokered the sale of Thirty 03, a Class A office building located at 3003 N. Central Ave. in Phoenix. A Canada-based private buyer acquired the 26-story tower from Vancouver, Canada-based Balfour Pacific for $32.2 million. Barry Gabel, Chris Marchildon and CJ Osbrink of Newmark represented the seller in the deal. Offering 458,047 square feet of office space, Thirty 03 has undergone nearly $11 million in transformative capital improvements. Implemented in 2019, the plan included extensive lobby upgrades, full elevator modernization and speculative suites. At the time of sale, the building was 81 percent leased to a diverse mix of tenants spanning legal, healthcare, architectural, banking, government and professional services sectors.

February 6, 2026

Arizona Loans Multifamily Western

Knighthead Funding Arranges $11M Refinancing for Apartment Community in Tempe, Arizona

by Amy Works February 5, 2026

TEMPE, ARIZ. — Knighthead Funding has arranged an $11 million refinancing loan for The Heights on Lemon, a multifamily property in Tempe. The loan will refinance the existing facility and provide financial flexibility to the borrower, 1224 Lemon LLC, and its sponsor, Robert La France. With more than 11 years of multi-state real estate investor experience, La France acquired The Heights on Lemon in 2021. Built in 1976 and fully renovated in 2021, The Heights on Lemon features 65 apartments spread across four buildings. The property was 98 leased at the time of financing. The asset offers 84 parking spaces, a community pool and in-unit washers/dryers. Reuben Hedaya and Noah Schulman of Pivot Real Estate represented the borrower.

February 5, 2026

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