Arizona’s Retail Performance Could Predict How Industry Rebounds

By Brandon Brown | Phoenix Business Journal The Macerich Co., which owns some of the largest shopping malls and retail centers in the Valley and across the country, is hoping its Arizona portfolio will be a crystal ball to how the retail industry will bounce back after the Covid-19 pandemic. Because of fewer government-imposed Covid-related …

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$1.5M Cave Creek Shopping Center Renovation Nears Completion

By Corina Vanek | Phoenix Business Journal After making his firm’s first real estate investment in the middle of the Covid-19 pandemic, David Malin is nearing the end of a $1.5 million renovation to the Cave Creek shopping center. Malin, founder of Scottsdale Development Partners, bought the Shops at Dynamite Creek in Cave Creek for …

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Semiconductor Company Will Trigger Growth in the North

By Brent Ruffner | Daily Independent Experts say the announcement of a Taiwanese semiconductor manufacturing company coming to the Valley will trigger new growth in north Phoenix, spurring the region to become a new epicenter for high-wage jobs. Taiwan Semiconductor Manufacturing Co. announced plans last year it would build a new facility in north Phoenix, …

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Construction Wraps Up On North Scottsdale Spec Office Building

By Corina Vanek | Phoenix Business Journal Axis Raintree, a 175,112-square-foot speculative office building, developed as a partnership between Trammell Crow Co. and PGIM Real Estate completed construction. Trammell Crow Co. and PGIM Real estate completed construction on Axis Raintree in north Scottsdale. The building began construction in October 2019 on one of the last …

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255 Apartment Units Planned for Corner of Scottsdale and Bell

By Mark Carlisle | Scottsdale Independent A high-rise apartment building is planned for the southwest corner of Scottsdale and Bell roads, across the street from The Promenade shopping center. The project could face pushback, as two members of the local planning committee have already said they think the 157-foot, 14-story building is too tall. The …

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Scottsdale Passes The Kimsey Development in Old Town

By Melissa Rosequist | Scottsdale Independent Will The Kimsey give downtown Scottsdale proprietors a much-needed shot in the arm? Most of Scottsdale City Council thinks so. The Kimsey — with plans that include a 168-room hotel, 190-dwelling units, a restaurant and commercial space at 7110 E. Indian School Road — was opposed only by Councilwoman …

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Old Town Scottsdale Remains King

By Corina Vanek | Phoenix Business Journal All eyes remain on Old Town as a prime employment and redevelopment area in Scottsdale, even as other parts of the city, including the Scottsdale Airpark and the McDowell Road Corridor, emerge as heavy-hitters for attracting new development. Stockdale Capital Partners, led by Managing Principal Shawn Yari, has …

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Out-of-State Investors Bullish On Metro Phoenix Apartments

By Angela Gonzales | Phoenix Business Journal Out-of-state investors are swooping into town to pay big bucks for apartments as the landscape gets even more competitive. Salt Lake City-based Millburn & Co. paid $178.5 million for the 832-unit Heritage at Deer Valley, making it the highest sale price for a single multifamily community in Phoenix …

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Commercial Investments Dip 20 Percent in Phoenix Metro

By Corina Vanek | Phoenix Business Journal Despite a surge in the fourth quarter, the COVID-19 pandemic caused a significant decline in real estate investment in the Phoenix metro in 2020, which saw a 20% decline from the previous year. In total, investment reached $9 billion in 2020, with the lion’s share of the money, …

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Scottsdale Airpark Leads Sublease Space Race

By Corina Vanek | Phoenix Business Journal The COVID-19 pandemic and its effects led to the first quarter of negative net absorption of office space in the Valley after nearly nine years of positive net absorption, according to Colliers. The overall direct vacancy rate in the Valley in the fourth quarter was 13%. Available sublease …

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