$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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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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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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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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Phoenix Real Estate Leaders: ‘Guarded Optimism’ for 2021

By Corina Vanek | Phoenix Business Journal Some areas, particularly users of industrial real estate, continued to do well during the pandemic as many people shifted their buying online, bolstering an already strong industrial market in the Valley in 2020. “We had record numbers on the industrial side and that’s not going to change,” Mark …

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Old Town, CityNorth Commercial Projects to Watch in 2021

By Corina Vanek | Phoenix Business Journal 2020 was a momentous year and one that had a dramatic impact on commercial real estate. Office and retail leases stalled, building sales halted and hotel projects were largely put on hold during the height of the Covid-19 pandemic. But that isn’t evident with the massive amount of …

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Scottsdale Approves $450M Mixed-Used Redevelopment Plan

By Corina Vanek | Phoenix Business Journal The Scottsdale City Council narrowly approved the planned redevelopment of the southeast corner of Scottsdale and Camelback roads known as the Scottsdale Collection at its (Dec. 7) meeting. The project, planned by Los Angeles-based Stockdale Capital Partners, totals 10.25 acres of land, though not all will be redeveloped. …

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CityNorth Project Primed for Office, Apartment Development

By Corina Vanek | Phoenix Business Journal Nearly 100 acres in north Phoenix near Desert Ridge Marketplace are primed for construction to begin on apartments, office space, a hotel and restaurant. The developer of the CityNorth mixed-use development, Irvine, California-based Crown Realty & Development, has completed infrastructure construction on the site at Loop 101 and …

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Inbound Migration Accelerates From California to Arizona

By Corina Vanek | Phoenix Business Journal Even before the novel coronavirus pandemic, people moving to Arizona from California represented 23% of all inbound residents over more than a decade. And more are on the way. Migration patterns from 2006 to 2018, studied by CBRE Group Inc. show, on average 52,251 people moved from California …

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