Tuesday, April 29, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Arizona

Forum-Gilbert-Ranch-AZ
AcquisitionsArizonaOfficeWestern

CBRE Brokers $23.5M Sale of The Forum at Gilbert Ranch Office Campus in Arizona

by Amy Works

GILBERT, ARIZ. — CBRE has brokered the sale of The Forum at Gilbert Ranch, a Class A, 97,000-square-foot office campus in Gilbert. A private, high-net-worth 1031 exchange investor acquired the asset from a private seller for $23.5 million. The Forum at Gilbert Ranch consists of a single-story building and four two-story buildings, with an average suite size of 4,500 square feet. Additionally, the property offers onsite amenities and covered parking. The asset is situated on 6.5 acres at 1475, 1482, 1528 and 1530 E. Williams Field Road and 2314 S. Val Vista Drive. At the time of sale, the property was 96 percent leased. Geoff Turbow, Anthony DeLorenzo, Matt Pourcho and Charlie von Arentschildt of CBRE represented the seller in the deal. The buyer was self-represented.

Continue Reading
FacebookTwitterLinkedinEmail
1415-W-Third-St-Tempe-AZ
AcquisitionsArizonaIndustrialWestern

Diversified Healthcare Trust Sells 82,266 SF Industrial Facility in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Diversified Healthcare Trust has completed the $16.8 million disposition of an industrial building, located at 1415 W. Third St. in Tempe, to an undisclosed buyer. Evan Koplan and Charlie von Arenstchildt of CBRE represented the seller in the transaction. Situated on 5.3 acres, the 82,266-square-foot building features a floor plate divisible to 23,000 square feet, 18- to 20-foot clear heights, a double truck well, four grade-level doors, 100 percent air conditioning and 265 parking stalls. The facility was built in 1981. The asset includes 3 acres of excess land for heavy parking, yard use or future building expansion.

Continue Reading
FacebookTwitterLinkedinEmail
Mercy-Center-Scottsdale-AZ.jpg:
ArizonaDevelopmentMixed-UseOfficeRestaurantRetailWestern

Diversified Partners Opens 11-Acre Mixed-Use Development in Gilbert, Arizona

by Amy Works

GILBERT, ARIZ. — Scottsdale, Arizona-based Diversified Partners has opened Mercy Center, an 11-acre mixed-use development in Gilbert, approximately 22 miles southeast of Phoenix. A mix of retail and office tenants — Galleria Nails, Prizm Dental, Honoré Skin Clinic, Beem Light Sauna, Brickhouse Dental and Willow Midwife — have already opened. Kolache Café and The Cabinet Design Studio are under construction and will soon join the tenant roster. Additionally, Arizona’s largest Starbucks Coffee is open at Mercy Center, which features a two-story design, a 23-car drive-thru, designated mobile order parking, an elevator and rooftop solar panels that supply 80 to 100 percent of the store’s energy needs. The center is designed to serve the needs of the growing medical and residential community surrounding Mercy Gilbert Medical Center and the soon-to-open Phoenix Children’s Hospital – East Valley.

Continue Reading
FacebookTwitterLinkedinEmail
The-Wayne-Chandler-AZ
ArizonaBuild-to-RentDevelopmentSingle-Family RentalWestern

Porter Kyle Breaks Ground on 100-Unit Build-to-Rent Community in Chandler, Arizona

by Amy Works

CHANDLER, ARIZ. — Scottsdale, Ariz.-based Porter Kyle has broken ground on The Wayne, a $60 million multifamily build-to-rent (BTR) project situated on an infill site at 1535 N. Dobson Road in Chandler. The first units are slated for delivery in spring 2026. The community will feature 100 one-, two- and three-bedroom rental homes offering two-car direct-access garages and private backyards. Community amenities will include a resident clubhouse with coworking spaces, private offices, a gym, swimming pool and outdoor kitchen, as well as a dog park and community trail system.

Continue Reading
FacebookTwitterLinkedinEmail
9501-W-Peoria-Ave-Peoria-AZ
AcquisitionsArizonaRetailWestern

Old Man Cactus Buys Retail Center in Peoria, Arizona for $2.8M

by Amy Works

PEORIA, ARIZ. — San Jose, Calif.-based Old Man Cactus LLC has acquired Sun Aire Plaza II, a retail center in Peoria, from Chandler, Ariz.-based Fen Investments for $2.8 million. Located at 9501 W. Peoria Ave., Sun Aire Plaza II offers 64,033 square feet of retail space on 1.5 acres. Troy Giammarco of NAI Horizon First represented the buyer, while Cindy Moy-Zhang and Brook Miller of Re/Max Solutions represented the seller in the deal.

Continue Reading
FacebookTwitterLinkedinEmail
ArizonaDevelopmentIndustrialLife SciencesTop StoriesWestern

Semiconductor Manufacturer TSMC to Invest $100B in US, Including Development of Six New Facilities

by John Nelson

HSINCHU, TAIWAN —TSMC (NYSE: TSM), a Taiwanese manufacturer of semiconductors, has announced plans to invest at least $100 billion in the United States, which would bring the company’s total investment in its U.S. manufacturing base to $165 billion. As part of the new round of investment, TSMC plans to develop three more fabs (i.e. manufacturing plants), two advanced packaging facilities and a major research-and-development (R&D) center in Arizona. Once fully realized, the project will be solidified as the “largest single foreign direct investment in U.S. history,” according to TSMC. The construction timeline was not disclosed, but U.S. President Donald Trump and TSMC CEO C.C. Wei announced the investment at a press conference on Monday, with Trump saying the investment will be made “over the next short period of time.” TSMC’s expanded investment is expected to support 40,000 construction jobs over the next four years and create tens of thousands of high-tech jobs in advanced chip manufacturing and R&D, which Trump said would range between 20,000 and 25,000 jobs. Yahoo! Finance reported that Intel is currently the only computer chip manufacturer with a dedicated R&D center in the United States. TSMC is currently building out its 1,100-acre campus in north Phoenix, …

Continue Reading
FacebookTwitterLinkedinEmail
ArizonaMarket ReportsOfficeWesternWestern Market Reports

Phoenix Office Balances Rising Vacancies, Emerging Opportunities

by John Nelson

— Dave Carder, Senior Vice President, Kidder Mathews — The state of Phoenix’s office market is not easily summed up with a catchy headline or a few brief bullet points. Along with most large metropolitan areas across the country, Phoenix has struggled with lower demand, rising vacancies and a shift toward hybrid workweeks. However, several emerging trends are creating positive shifts in the market that should be noted as we look to 2025 and beyond. The average vacancy rate of the Phoenix office market over the past decade was 18.5 percent. That includes a low of 13.9 percent in 2019 and a high of 24.8 percent in 2024. Gross leasing absorption averaged nearly 7 million square feet annually, with a high of nearly 7.9 million square feet in 2019 and a low of 5.5 million square feet last year.  Net leasing absorption showed a similar pattern, peaking at 3.1 million square feet in 2019 and declining to negative 2.2 million square feet in 2024. These trends point to 2019 being the market’s best-performing pre-pandemic year across all three metrics.  Despite 2024’s gross leasing absorption (5.5 million square feet) being close to the 10-year average, the significant rise in vacancy and …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsArizonaIndustrialWestern

TMC Holdings Acquires 2.4-Acre Land Parcel in Tucson, Arizona for $3.4M

by Amy Works

TUCSON, ARIZ. — TMC Holdings Inc. has purchased 2.4 acres of land at Pavilions Lots 9 and 10 at 10330 E. Drexel Road in Tucson. Houghton Drexel LLC sold the assets for $3.4 million. Richard M. Kleiner and Alexis Corona of Cushman & Wakefield | PICOR represented the buyer, while Chad Kouts of Jump Ventures and Cameron Warren of Phoenix Commercial Advisors represented the seller in the deal.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsArizonaIndustrialWashingtonWestern

Madison Capital Buys Four REI Co-op Distribution Centers Nationwide for $230M

by Amy Works

SUMNER, WASH. — New York-based Madison Capital has acquired four REI Co-op distribution centers in Sumner, Wash., Bedford, Penn., Goodyear, Ariz. and Lebanon, Tenn., for $230 million in a sale-leaseback transaction, which also includes the land associated with the properties. REI Co-op will continue to maintain and operate all buildings, as well as own all equipment and machinery inside each facility. The co-op’s network of distribution centers services its more than 190 stores across the country, as well as fulfills customers’ online orders. Heartland LLC, in cooperation with BRK Real Estate Advisors, JLL and Foundry Commercial, represented Sumner-based REI.

Continue Reading
FacebookTwitterLinkedinEmail
Echo-Park-303-Bldg-A-Glendale-AZ.jpg
AcquisitionsArizonaIndustrialWestern

Joint Venture Sells 220,240 SF Building at Echo Park 303 in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — Echo Real Estate Capital, in joint venture with Grandview Partners, has completed the sale of Echo Park 303 – Building A in Glendale to LBA Logistics for an undisclosed price. Will Strong, Molly Hunt, Michael Matchett, Madeline Warren and Jack Stamets of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller in the transaction. Located at 9701 N. 151st Ave., the freestanding building offers 220,240 square feet of industrial space on 13.7 acres. The asset is park of a larger 38.6-acre industrial business park that also includes a 455,936-square-foot building. Echo Park 303 was originally designed by LGE Design Build.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts