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Friendship-Village-Tempe-AZ
ArizonaDevelopmentMultifamilySeniors HousingWestern

Ryan Cos. Completes 142,000 SF Second Phase of Friendship Village Seniors Housing Redevelopment in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Ryan Cos. US Inc. has completed the second phase of a master-planned renovation on the 50-acre seniors housing campus of Friendship Village Tempe.  The newly constructed, four-story, 142,000-square-foot building is 89 percent occupied. LCS Development is leading the project, and the operator is LCS. Friendship Village Tempe, one of the first continuing care retirement communities in the region, was originally built in 1980. The revitalization of its campus began with Phase I of construction in 2019. Ryan A+E Inc., the design studio of Ryan, was the architect for both phases. The second phase includes 64 independent living apartments, four guest suites and 69 underground parking spaces. The one- and two-bedroom residences range from 743 square feet to 1,789 square feet. Phase III construction is scheduled to begin in second-quarter 2025. Details on that phase were not released.

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Litchfield-Waddell-Rds-Surprise-AZ
AcquisitionsArizonaRetailWestern

ORION Investment Arranges Acquisition of Multi-Tenant Retail Pad in Surprise, Arizona

by Amy Works

SURPRISE, ARIZ. — ORION Investment Real Estate has brokered the purchase of a multi-tenant retail pad building at the southeast corner of Litchfield and Waddell roads in Surprise, a suburb northwest of Phoenix. Fox Properties Surprise LLC acquired the asset form Parkview Realty Investments LLC for $2.4 million, or $300 per square foot. Built in 2009 on 3.17 acres, the 8,009-square-foot property is situated within Boulevard at Surprise Pointe, a 290-acre development with more than 200,000 square feet of retail space. Tenants at the Boulevard include AMC Theatres, Uptown Alley, Walgreens, Dutch Bros., Cold Stone Creamery, Tap House Sports Grill, Tropical Smoothie Café and Quick Quack Car Wash. Nick Miner of ORION represented the buyer, while Paul Blum of West USA represented the seller in the deal.

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AcquisitionsArizonaMultifamilyWestern

Cushman & Wakefield | PICOR Brokers $6.1M Sale of Wasko Modern Apartments in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Wasko Modern Apartments, a multifamily property in Tucson. Wasko Modern LLC sold the asset to 2302 East Fort Lowell Owner LLC to $6.1 million. Located at 2302 E. Fort Lowell Road, the 30,280-square-foot investment property features 38 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.

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Holly-Villas-Apts-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

ABI Multifamily Negotiates $5M Purchase of Two-Property Multifamily Portfolio in East Phoenix

by Amy Works

PHOENIX — ABI Multifamily has brokered the acqusition of a two-property apartment portfolio in Phoenix. The 30-unit portfolio traded for $5 million, or $166,667 per unit. The undisclosed buyer and seller are both based in Arizona. John Klocek and Patrick Burch of ABI Multifamily represented the buyer in the deal. Built in 1963, Holly Villas Apartments consists of six buildings offering a total of 22 two-bedroom/two-bath apartments. Consisting of six separate lots, the property sits on a total of 1.49 acres. Built in 1976, 50th Street Apartments features two buildings with seven two-bedroom/one-bath units and one three-bedroom/one-bath unit. The two-lot property sits on a total of 0.48 acres.

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52-St-Loop-202-McDowell-Rd_Phoenix
ArizonaData CentersDevelopmentIndustrialWestern

Baker Completes First Phase at 72-Acre Redevelopment of Former Motorola Manufacturing Facility in Phoenix

by Hayden Spiess

PHOENIX — Baker Development has started the final phase of demolition on a 72-acre industrial site in Phoenix, as part of a redevelopment of the property. Beginning in the 1960s, the site housed a Motorola semiconductor manufacturing campus. Work has been underway at the site for three years, and Baker has delivered one of four parcels to a data center user. Daniel J. Slack, president and COO of Baker, says that the developer is also “in discussions with other well-known companies attracted to the site’s substation-level power, its Foreign Trade Zone potential, as well as access to nearby housing, diverse labor pool and recreational amenities.” 

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ArizonaDevelopmentMultifamilyStudent HousingTop StoriesWestern

Aptitude Development Breaks Ground on 485-Bed Student Housing Project Near Arizona State University

by Jeff Shaw

TEMPE, ARIZ. — Aptitude Development has broken ground on The Marshall Tempe, a 485-bed student housing community near the Arizona State University (ASU) campus in Tempe.  Situated at 1031 E. Apache Blvd. in the University Heights neighborhood, The Marshall Tempe is located approximately 1.3 miles from the university’s registrar office, 1.5 miles from the ASU Art Museum and one mile from the Sun Devil campus store. The Marshall Tempe is slated for completion prior to the fall 2026 semester. Planned amenities include a pool, cold plunge, sauna, study lounges and fitness center. BKV Associates designed the community. CHA Consulting is providing engineering services. Aptitude Development was founded in 2014 and is based in Elmwood Park, New Jersey. The Marshall Tempe will be the company’s 10th ground-up development. ASU had its largest enrollment class ever in 2023, with more than 144,000 students between online and in-person classes across all its campuses. In-person enrollment broke 80,000 students for the first time in the school’s history. — Channing Hamilton

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Canal-Crossing-Phoenix-AZ
ArizonaIndustrialMarket ReportsWesternWestern Market Reports

What’s Hot in the Phoenix Industrial Market?

by Jeff Shaw

— By Rob Martensen, Vice Chair, Colliers International — What’s hot in Phoenix’s industrial market? This is a question we get asked a lot from developers and property owners looking to enter our region.  The topic of conversation is mostly centered around the amount of space under construction in the Phoenix MSA and what parts of town are seeing the most activity.  In the past, we had submarkets that would be more or less attractive, and we would steer clients in that direction. Today, however, the entire Phoenix metropolitan area is in play for tenants and owners. Greater Phoenix has been fortunate to land several “whales,” large corporations that bring multiple suppliers with them.  Naturally, the one most talked about is Taiwan Semiconductor Manufacturing Corporation (TSMC) in North Phoenix.  TSMC took down nearly 1,600 acres of land to build a $12 billion chip making factory.  The company has since announced it will immediately commence construction on Phase II of the project. Intel is another chip manufacturer that has had a presence in nearby Chandler, but is now under construction on a $20 billion expansion. Both of these undertakings will continue to feed companies that move to Phoenix and support not …

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Koll-Cotton-Center_Phoenix
AcquisitionsArizonaIndustrialWestern

Cushman & Wakefield Brokers $38M Sale of Koll Cotton Center Industrial Complex in Phoenix

by Hayden Spiess

PHOENIX — Cushman & Wakefield has brokered the $38 million sale of Koll Cotton Center, a light industrial property located at 4050 E. Cotton Center Blvd. in Phoenix. The property comprises 228,605 square feet across seven buildings on 17.8 acres. California-based G.W. Williams Co. acquired the development, which was 98 percent leased at the time of sale, from TerraCap Management. Kirk Kuller, Will Strong, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield arranged the sale in collaboration with Tracy Cartledge and Robert Buckley, also of Cushman & Wakefield. The seller orginally acquired the property in 2021 and implemented upgrades including new roofs and exterior improvements. 

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Juniper-Square_Glendale-Ariz
Affordable HousingArizonaDevelopmentMultifamilySeniors HousingWestern

Dominium to Break Ground on Two Affordable Housing Communities Totaling 605 Units in Glendale, Arizona

by Hayden Spiess

GLENDALE, ARIZ. — Dominium is scheduled to break ground on two affordable housing communities in Glendale, roughly 10 miles northwest of Phoenix. Totaling 605 units, the apartment communities will be reserved for individuals earning 60 percent or less of the area median income (AMI). Juniper Square, a seniors housing community, will comprise 287,468 square feet and 221 apartments in one-, two- and three-bedroom floorplans. Amenities at the property will include a pool, courtyard, fire pits, a clubroom, fitness center, theater and salon. 67 Flats will span 875,141 square feet with 384 apartments in one-, two- and three-bedroom layouts. Amenities at the community will include a pool, playground, soccer field, courtyard, clubroom and fitness center. Juniper Square and 67 Flats are scheduled to open in the spring and summer of 2026, respectively. W.D. Construction, a joint venture between Weis Builders and Dominium Construction and Architectural Services, will serve as the general contractor. 

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AVE-Phoenix-Sky
ArizonaDevelopmentMultifamilyWestern

Korman, RXR Complete 254-Unit AVE Phoenix Sky Multifamily Community in Downtown Phoenix

by Hayden Spiess

PHOENIX — Korman Communities, in partnership with RXR, has completed development 254-unit multifamily community in downtown Phoenix. Dubbed AVE Phoenix Sky, the property features apartments in studio, one- and two-bedroom layouts. Amenities at the community include an outdoor sky deck, pool, hot tub, grilling stations, clubhouse, social lounge, work spaces, a courtyard, hot beverage bar, 24-hour fitness center, dog spa and electric vehicle charging stations. In addition to residences, the property features 4,350 square feet of retail space, with 580 square feet reserved as artist studio space. 

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