Arizona

Partnership Receives Final Approval for $1B Mixed-Use Development in Gilbert, Arizona

by Abby Cox August 8, 2025

GILBERT, ARIZ. — A partnership between Las Vegas-based IndiCap, Salt Lake City-based Colmena Group and locally based Langley Properties has received final entitlement approval from the Town of Gilbert’s Planning Commission to begin construction for The Ranch, a proposed $1 billion mixed-use development in Gilbert. Situated near the Phoenix-Mesa Gateway Airport and Arizona State University’s Polytechnic Campus, The Ranch will span more than 295 acres and is anticipated to become Gilbert’s largest mixed-use development to date, according to the development team. The project is also expected to create roughly 6,000 jobs during construction. “This entitlement approval marks a turning point not just for The Ranch, but for Gilbert as a whole,” says Todd Ostransky, vice president of regional development at IndiCap. “This development is designed to meet the evolving needs of businesses and residents while driving sustainable economic growth in the region.” Upon full build-out of the multi-phase project, The Ranch will include a 221-acre light industrial component totaling 3 million square feet, 34 acres of retail space and 729 multifamily units across three communities. Steve Larsen of JLL is managing leasing efforts for the industrial portion of the project. Phase I of The Ranch — which is set to break ground in the fall …

August 8, 2025

Acquisitions Arizona Multifamily Western

Colliers Arranges $109.5M Sale of Country Brook Apartments in Chandler, Arizona

by Amy Works August 8, 2025

CHANDLER, ARIZ. — Colliers has arranged the $109.5 million sale of Country Brook Apartments, a multifamily property in Chandler. Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach of Colliers handled the sales transaction for the undisclosed seller and undisclosed buyer. Luke Donahue and Patrick O’Donnell of Colliers Mortgage coordinated acquisition financing. Located at 4909 W. Joshua Blvd., Country Brook Apartments offers 396 units, averaging 963 square feet, spread across 32 one- and two-story buildings. Community amenities include three resort-style pools, two spas, poolside ramadas, an alfresco kitchen with outdoor TVs, a 24-hour fitness center, 24/7 access package locker and covered parking.

August 8, 2025

Acquisitions Arizona Retail Western

Cohen & Steers, Sterling Organization Acquire 159,000 SF Shopping Center in Metro Phoenix

by Amy Works August 7, 2025

DEER VALLEY, ARIZ. — A joint venture between Cohen & Steers Income Opportunities REIT (CNSREIT) and Sterling Organization has acquired Deer Valley Towne Center, a 159,000-square-foot, open-air shopping center located in the Deer Valley neighborhood of Phoenix. Target shadow anchors the center, which is situated across from Phoenix General Hospital and PetSmart’s corporate headquarters. The property is more than 94 percent leased to tenants including Five Below, Ross Dress For Less, Dollar Tree, PetSmart, Michaels, Jersey Mike’s Subs, Panda Express, Chipotle, Sola Salon Studios, GNC and Bath & Body Works. This transaction marks CNSREIT’s fourth acquisition with Sterling Organization and the sixth open-air shopping center in its portfolio.

August 7, 2025

Arizona Market Reports Multifamily Western Western Market Reports

Phoenix Multifamily Market: Resilient Demand, Shifting Dynamics

by John Nelson August 6, 2025

— By Brett Meinzer of MMG Real Estate Advisors — Despite ongoing challenges, Phoenix’s multifamily market is showing signs of stabilization and strength in key areas. Record Demand, Even in a Cooling Market In first-quarter 2025, net absorption reached 5,149 units, more than double the 10-year quarterly average and the second-highest quarterly total on record. On a 12-month basis, the market absorbed 18,413 units, setting a new high. “We’re seeing demand return to peak levels,” said Brett Meinzer, advisor at MMG Real Estate. “The number of units leased in the last year shows Phoenix’s long-term story remains intact.” Supply Is Slowing, Signaling Potential Stabilization While new supply remains elevated, the pace is shifting. First-quarter deliveries declined 36 percent from the prior quarter, and the development pipeline is now nearly 50 percent below its recent peak. “After years of heavy deliveries, the pipeline is thinning,” Meinzer said. “This pullback could help stabilize rent and occupancy rates as we head into 2025.” Rent Trends Still Negative But Improving Phoenix’s effective rent currently stands at $1,560, down 2.3 percent year over year, with average occupancy at 91.9 percent. Rent softness is largely driven by concessions and intense lease-up competition from new construction. However, …

August 6, 2025

Acquisitions Arizona Retail Western

LMG Investments Sells 12,900 SF BV Shoppes Retail Center in Tucson, Arizona

by Amy Works August 5, 2025

TUCSON, ARIZ. — LMG Investments has completed the disposition of BV Shoppes, a retail center in Tucson, to JP Family Trust for $2 million. Located at 2920-2932 E. Broadway Blvd., BV Shoppes offers 12,900 square feet of retail space. Dave Hammack of Cushman & Wakefield | PICOR represented the seller, while Jeramy Price of Volk Co. represented the buyer in the transaction.

August 5, 2025

Arizona Development Multifamily Western

HSR, MetLife to Break Ground on 189-Unit Multifamily Project in Scottsdale, Arizona

by Amy Works July 31, 2025

SCOTTSDALE, ARIZ. — High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., and joint venture partner, MetLife Investment Management, will break ground in September on Shea Residences in Scottsdale. The project is slated for completion by the end of 2027. The architect is ESG Architects, and Brinkmann Constructors will serve as the general contractor. Shea Residences is a three-story, 189-unit development at 7000 E. Shea Blvd. Positioned on about 3 acres, the project will include studio, one- and two-bedroom units that will feature luxury finishes, such as quartz countertops and islands and wine fridges. Amenities include a resort-style pool and hot tub, two open-air courtyards, a fitness center with a sauna and cold plunge, coworking space, a pet spa and dog park and a club room.

July 31, 2025

Arizona Loans Multifamily Western

GDL Asset Management Receives $22.6M in Refinancing for Villas de la Montaña in Tucson

by Amy Works July 31, 2025

TUCSON, ARIZ. — GDL Asset Management has received $22.6 million in refinancing for Villas de la Montaña, a 332-unit apartment community located at 4880 E. 29th St. in Tucson. Brad Miner and Drew Lydon of JLL Capital Markets’ Debt Advisory arranged the fixed-rate, non-recourse loan through Santander Bank for the borrower. Built in 1988, Villas de la Montaña features a mix of studios, one-, two- and three-bedroom units with an average size of 676 square feet. Community amenities include a swimming pool, stadium-inspired soccer field, playground, resident laundry room, barbecue pits, courtyards, picnic areas, a fitness center, basketball court and a clubhouse. Since the acquisition of the asset in 2021, GDL Asset Management has completed renovations across the property. Unit upgrades include new cabinetry, plumbing fixtures, hardware, resurfaced countertops, vinyl plank flooring, new paint and stainless steel appliances. Exterior renovations included enhanced common areas, pool areas, landscaping, signage and parking lots.

July 31, 2025

Acquisitions Affordable Housing Arizona Development Multifamily Western

Dominium Acquires Land for 304-Unit Affordable Housing Development in Surprise, Arizona

by Amy Works July 30, 2025

SURPRISE, ARIZ. — Dominium has closed on land in Surprise, a Phoenix suburb about 22 miles northwest of downtown. The developer is planning to build Allasso Ranch on the site. The project will comprise 304 affordable homes supported by low-income housing tax credits. While specific area-median-income caps were not disclosed, the developer says a three-bedroom unit will rent for $1,597 per month, and a four-bedroom will rent for $1,770. According to RentCafe, average monthly asking rents for a three-bedroom unit in Surprise are about $2,054. Amenities will include a leasing center, playgrounds, private backyards and a community pool. Development partners include Western Alliance Bank, Old National Bank, Freddie Mac, PNC Bank, Colliers Securities, Arizona Department of Housing, Arizona Industrial Development Authority, Polaris Capital, Winthrop & Weinstine, Langston Hughes, Todd & Associates, Atwell Engineering, TLS Land Services, Commercial Partners Title, Kutak Rock and U.S. Bank. WD Construction is the general contractor. A project timeline was not disclosed.

July 30, 2025

Acquisitions Arizona Office Western

Cushman & Wakefield Negotiates Sale of 116,858 SF Office Building in Phoenix for $10M

by Amy Works July 30, 2025

PHOENIX — Cushman & Wakefield has arranged the sale of Forty6Forty5, a Class A office building located at 4645 Cotton Center Blvd. in Phoenix. PRH XXXXV LLC, a Delaware limited liability company formed by a high-net-worth individual, acquired the asset from an undisclosed seller for $10 million. Situated within Cotton Center Business Park, the two-story building offers 116,858 square feet of office space. The buyer intends to relocate Legacy Capital Services and Shield Legal into a portion of the building while benefiting from passive income generated by existing tenants occupying 23 percent of the space. Chris Toci, Eric Wichterman and Mike Coover of Cushman & Wakefield’s Capital Markets and Private Capital teams represented the seller. The sale of Forty5Forty5 is the last of a three-building portfolio within Cotton Center Business Park.

July 30, 2025

Acquisitions Arizona Restaurant Retail Western

CBRE Negotiates Sales of Two Retail Ground Leases in Goodyear, Arizona for $6.7M

by Amy Works July 29, 2025

GOODYEAR, ARIZ. — CBRE has negotiated the sales of two adjacent single-tenant ground lease properties at 1420 and 1460 N. Bullard Ave. in Goodyear. Two separate West Coast-based private capital exchange buyers acquired the assets for a combined total of $6.7 million. Benjamin Farthing and Owen Littrell of CBRE represented the seller, Tradecor Partners Goodyear LLC, in the transactions. Bubba’s 33 is located at 1460 N. Bullard Ave. and features a brand new 15-year absolute triple-net ground lease on a 1.7-acre parcel. The property sold for $3.5 million. Located at 1420 N. Bullard Ave., the double drive-through White Castle on a 1-acre parcel sold for $3.2 million.

July 29, 2025

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