Tempe
REAL ESTATE
Developers can now raze a popular Tempe apartment complex, despite controversy
Developers will raze an apartment complex in northern Tempe and build a new, taller one, following a unanimous approval by the city council late last month over the objections of existing tenants. ColRich, the owner of Scottsdale Gateway Apartments at Scottsdale and McKellips roads in Tempe, plans to build a taller, denser building...
Luxury Queen Creek home with airplane hangar, shooting range listed for nearly $20 million
PHOENIX — Looking for a modern castle in the East Valley? A new Queen Creek home hit the market this week with a price tag of almost $20 million. The 32,000-square-foot estate is in Pegasus Airpark, a gated community with a private taxiway near Signal Butte Road and Hunt Highway.
Existing home sales continue to slide in Arizona, nationwide
Existing U.S. home sales slipped 5.4% to an annualized 3.89 million — the lowest level since December 2023 — after falling 0.7% in May, according to the National Association of Realtors. This is the fourth-straight drop amid high mortgage rates and low affordability, which have undermined home demand,...
206 acres of land in Avondale sells for $247 million
In one of the biggest commercial real estate deals of the year, QTS Data Centers acquired 206.08 acres of land in Avondale for $246,866,895, according to Vizzda. The sellers were Terry Klinger and Grand View Dairy. The sale breaks down to $1,198,014.82 per acre. The land is part of the...
New Mixed-use Proposed in Mesa
East Valley landowner and developer The Saia Family have turned in a pre-submittal application to the City of Mesa for a mixed-use project on approximately 20 acres at Elliot and Power roads north of the Avalon Ranch retail center. The project seeks to rezone 7.8 acres for a luxury multifamily...
JLL Brokers the Successful Sale of Corona Del Sol, a 64-unit Apartment Complex with Value-Add Potential to KDF Communities
JLL Capital Markets announced the $12.6 million sale of Corona Del Sol, a 64-unit, garden-style apartment complex in Phoenix, Arizona. JLL represented the private high-net worth seller and sourced the buyer, KDF Communities. Corona Del Sol is located at 27 E Corona Avenue and benefits from excellent freeway and transit...
Okland Capital, San Tan Development Break Ground on $100 Million Northside at SanTan Village Mixed-Use Project Near Phoenix
Gilbert, Ariz. — Okland Capital and San Tan Development Group have broken ground on Phase I of Northside at SanTan Village, a $100 million mixed-use development in the Phoenix suburb of Gilbert. The first phase will feature 37,245 square feet of retail and restaurant space across six buildings, with completion scheduled for mid-2025.
Real Estate Investment Trust Completes $160 Million Sale of Eight Arizona Facilities to Dignity Health
Medical Properties Trust, Inc. announced the sale of the 50-bed Arizona General Hospital in Mesa and seven freestanding emergency department (“FSED”) facilities in the Phoenix metropolitan area to Dignity Health, a wholly-owned subsidiary of CommonSpirit Health, for $160 million. The sale price and current cash rents imply a capitalization rate of less than 7.5%. The Company intends to use the proceeds from the transaction to reduce debt and for general corporate purposes.
Investment Real Estate Co. Expands to Arizona, Veteran Broker to Lead Phoenix-Based Team
Secure Net Lease, a nationally-recognized brokerage that specializes in the acquisition and disposition of investment real estate throughout the United States, is expanding its national footprint. Senior commercial real estate broker Steve Lowe and his Phoenix, Arizona-based team that specializes in multi-tenant retail and shopping center sales, have joined Secure Net Lease.
Homebuilder Breaks Ground on 663 Homesites in San Tan Valley
Tri Pointe Homes Arizona, a recognized leader serving the Phoenix market for over 30 years under the name Maracay®, has announced the groundbreaking of 663 new homesites at Soleo, a premier planned community in San Tan Valley. Tri Pointe Homes’ 252-acres are expected to feature eight model homes with a grand opening anticipated in 2025, furthering Tri Pointe’s strategy to build quality, innovative homes in highly sought-after locations.
Kimley-Horn opens new location at Union office development in Mesa
Full-service commercial real estate firm Lincoln Property Company (Lincoln) has signed Kimley-Horn, one of the nation’s premier planning and design consultants, to a 34,771-square-foot, long-term lease at Union Building One. Building One is the first building completed within the 1.35 million-square-foot, Class A Union office project being developed by Lincoln and Harvard Investments in the Arizona Riverview District in Mesa, Arizona.
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