MARANA, ARIZ. — FJM Merced Associates LP has acquired 26,400 square feet of industrial space at 6898-6910 N. Camino Martin in Marana, a suburb of Tucson. An entity doing business as Acorn Ventures LLC sold the asset for $2.5 million. Alex Demeroutis and Andrew Keim of Cushman & Wakefield | PICOR represented the buyer, while Max Fisher of BRD Realty represented the seller in the transaction.
TUCSON, ARIZ. — Desert Christian Schools Inc. has sold a property located at 10129 E. Speedway Blvd. in Tucson, to Richard and Connie Luebke for $1.5 million. The 17,865-square-foot building was subsequently donated to Habitat for Humanity. Rob Tomlinson of Cushman & Wakefield | PICOR handled the transaction.
TEMPE, ARIZ. — Creation has started construction of Source Logistics Center, a Class A industrial facility in Tempe. The company acquired the 15-acre site at the southeast corner of Warner Road and Hardy Drive in partnership with CrossHarbor Capital Partners as investor. The 144,885-square-foot project will feature a clear height of 32 feet, abundant power and 6 acres of contiguous yard space allowing for flexible storage or excess passenger vehicle, trailer or box-truck parking. The property also offers access to Interstate 10 and Loop 101, as well as Union Pacific rail spur capabilities. LGE Design Build is serving as architect and general contractor for Source Logistics Center, which is slated for completion in mid-2026. Cooper Fratt, John Werstler and Tanner Ferrandi of CBRE are handling leasing efforts for the project.
PHOENIX — MAG Capital Partners has purchased an industrial building located at 2848 Sweetwater Ave. in northwest Phoenix for an undisclosed price. Sunrun and Kaboomracks fully occupy the 39,950-square-foot building, which is situated on 3.1 acres. Phil Haenel and Foster Bundy of Cushman & Wakefield represented the seller, a private investor, in the deal.
— Scott Hintze and Marti Weinstein of Diversified Partners Commercial Real Estate — Phoenix’s retail development market is seeing a surge in optimism as the city benefits from a growing economy and a shift in political leadership. With the new administration coming into power, the outlook for the Phoenix retail market has become increasingly positive, promising a wave of new projects and investment opportunities in the coming years. The city’s rapid population growth, expanding infrastructure and bustling job market have positioned Phoenix as one of the most attractive cities in the U.S. for retail development. The new administration has brought a renewed focus on urban development, job creation and business-friendly policies, which is expected to help stimulate both demand for retail spaces and the construction of new commercial properties. Government support, including incentives for developers and tax breaks for businesses, is anticipated to foster a thriving retail sector that will benefit both local residents and national retailers looking to expand into the area. Several projects we have been working on have seen unprecedented demand from tenants. We recently completed a 25,000-square-foot building across from Gilbert Mercy Hospital that includes a two-story Starbucks, the first in the market. In addition to …
PHOENIX — Wespac Construction has completed Cove Logistics Center, an industrial development at the southwest corner of Van Buren Street and 37th Avenue in Phoenix. The company worked with Deutsch Architecture Group and ViaWest Group on the project. The 99,498-square-foot Cove Logistics Center offers two high-end speculative suites. The project scope also included full-scale underground infrastructure, advanced stormwater retention systems, the construction of truck courts and a new parking lot.
SURPRISE, ARIZ. — Common Bond Development Group has received $16.5 million in senior financing for Sterling Grove Shopping Center, a grocery-anchored retail property located at 17124 W. Peoria Ave. in Surprise. Developed by the borrower in 2023, Sterling Grove is fully occupied by a mix of national and regional tenants, including Safeway as anchor tenant. Other tenants include a Safeway Fuel station, McDonald’s, Starbucks Coffee and Taco Bell. Jason Carlos of JLL Capital Markets led the Debt Advisory team in securing the permanent financing through a correspondent relationship with Nationwide on behalf of the borrower.
PHOENIX — Goodegg Investments has purchased North Edge Apartments, a 71-unit, Class B apartment complex in Phoenix. Terms of the transaction were not released. North Edge Apartments has undergone significant value-add renovations over the last two years, with most of its units, as well as common areas, renovated and upgraded. The asset is the 38th multifamily acquisition that Goodegg Investments has undertaken since the company’s inception in 2018.
PHOENIX — A venture between Rockpoint and The Related Group has completed the disposition of Town Deer Valley, a multifamily community in Phoenix, to Goodman Real Estate for $131.1 million, or $337,887 per unit. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 2024 on 18 acres, Town Deer Valley offers 388 apartments with stainless steel refrigerators, single-door access to patios and balconies with exterior storage, and smart home automation packages. Community amenities include a 5,900-square-foot clubhouse with an arts and crafts room, a poker room and La Galere sundry shop; a 3,800-square-foot fitness center building; and a pool area with a swimming pool and a wading pool with submerged loungers.
— By Brett Polachek of Newmark — Phoenix’s multifamily market experienced dynamic shifts in 2024, driven by strong population growth, economic expansion and single-family cost of ownership. Phoenix remains a top relocation destination, with a population growth rate of 1.8 percent (+85,000 residents), nearly double the national average of 0.98 percent. This influx is supported by the addition of more than 52,000 jobs from October 2023 to October 2024. Phoenix also has the fifth healthiest rent-to-income ratio among 30 major U.S. markets that we sampled. Demand for multifamily housing reached record levels, with 14,528 units absorbed annually, marking the strongest performance since 1994. The supply experienced an annual increase of 6.4 percent as 19,835 units delivered last year. The far West Valley submarkets of Avondale, Goodyear and West Glendale led supply growth, adding 6,100 units to their inventory. The market showed resilience despite this historic supply wave. Occupancy rose 1 percent year over year to 93.7 percent, while Class B units clocked in a 94 percent occupancy rate. This was followed by Class A at 93.8 percent and Class C at 93.2 percent. These figures remain slightly below pre-pandemic levels, but they reflect a strong recovery trajectory. Asking rents in …