$60M retail project going up at Ellsworth and Elliot roads in Mesa
Location: Northeast corner of Ellsworth and Elliot roads. Description: East Gate Plaza is a $60 million retail project led by Scottsdale-based Diversified Partners. The 17-acre project “is designed to meet growing demand for high-quality retail, dining and wellness experiences in the rapidly expanding East Valley,” according to a news release from the company. It’s also envisioned to meet the needs of the master-planned Eastmark community and the…»
Phoenix apartment rents continued to slide in November
Phoenix apartment rents slipped another 0.4% in November, extending the market’s losing streak to 10 consecutive months. Asking rents are now down 3.2% year-to-date, double the 1.6% decline recorded during the same period in 2024. Most of the recently completed rental complexes are in high-end communities. That wave of luxury supply is weighing on fundamentals at the top end of the market. Asking rents at four- and five-star apartments fell 0.5% in…»
Office market headed for ‘normalization,’ says NAIOP report
The NAIOP Research Foundation today released its newest office market forecast, revealing that national demand for office space surged in the third quarter of 2025 — a sharp reversal from earlier in the year that may signal the beginning of a broader market recovery. The report, “Office Space Demand Forecast, Fourth Quarter 2025,” analyzes current market dynamics, economic conditions and trends shaping office utilization across the U.S. According…»
Is a soccer stadium coming to the former Fiesta Mall in Mesa?
Mesa’s Fiesta Mall is projected to have a new future that could lure professional soccer teams to Arizona. The Mesa City Council created a theme park district that would allow developers to generate tax revenue to pay for the construction of a future sports stadium. The plan for the newly named Palo District was approved Nov. 26, the day before Thanksgiving. It sets up a future buildout of the property that once was the epicenter of shopping in the…»
Developer buys One Camelback, with plans to finish luxury tower
The lender that foreclosed on One Camelback, a former bank building being converted to apartments, has sold the 11-story tower for $36 million. San Francisco-based Acore Capital Mortgage — which bought the property through a credit bid of $44.1 million at a November 2023 trustee sale — has sold the structure to Mesa-based Kinella Capital LLC. The transaction closed Dec. 4, according to Tempe-based real estate database Vizzda LLC. The project…»