Commercial Real Estate & Business News – March 10, 2025

Mesa’s latest major retail development is quickly coming together. Medina Station, a 64.5-acre mixed-use development, will break ground next week with two major national retail anchor tenants in the fold. Medina Station developer SimonCRE on March 5 announced Dick’s Sporting Goods…»

Crafts giant Joann recently announced plans to close its entire fleet of roughly 800 stores in the United States. Eleven are in the Phoenix metropolitan statistical area, with 10 in Maricopa County and one in the Pinal County city of Casa Grande. The average rentable building area of the impacted…»

Major Western office markets continue to struggle with high vacancies, with the Bay Area experiencing the steepest annual increase, as shown in our latest office report. Notably, Phoenix saw a 3.2% year-over-year growth in office asking rents, highlighting that the office sector in the area remains…»

Fiesta Redefined developers Verde Investments Inc. closed on the sale of the remaining 34 acres of land for nearly $24 million in February. The fate of the 80 acres that once housed the 1.2-million-square-foot Fiesta Mall has long been a question for Mesa residents and February’s sale solidifies Verde…»

GLENDALE — Local leaders on Thursday celebrated the opening of a new West Valley affordable housing project that received support from a state program that is in danger of expiring. Centerline on Glendale offers 368 mixed-income apartment units near 67th Avenue and Glendale Road in Glendale…»