RED Development fills 30,000-square-foot office footprint at Biltmore Fashion Park
Two new tenants are moving into the Biltmore Fashion Park, allowing RED Development to announce its office space there is now fully occupied. VanTrust, a real estate development company, and interior architecture firm Phoenix Design One have signed leases at the 30,000-square-foot office footprint within the shopping mall. They are among four tenants, which also include RED Development’s corporate headquarters and Smead Capital Management, a registered investment…»
Smaller Markets Outpace Gateway Cities as Commercial Property Prices Rise Modestly
The commercial property recovery is happening, just not where most people are looking. Secondary markets posted a 1.8 percent year-over-year price gain in April while the six major metros—Boston, Chicago, Los Angeles, New York, San Francisco and Washington—managed only 0.2 percent growth, according to a report from MSCI. That gap isn’t just a recent development. Over the past three years, non-major metros have risen 1.9 percent, while major metros have lost 6 percent of…»
Arizona landowner scoops up more acreage to expand data center empire
A major Arizona landowner is scooping up more acreage in the far West Valley to set it up for data center campuses. Arizona Land Consulting acquired 956 acres in Tonopah for $25 million on May 20, CEO Anita Verma-Lallian told the Business Journal. As a result, the firm now owns about 4,000 acres of vacant desert land across three separate sites in Tonopah, which is about an hour’s drive west of Phoenix. The latest chunk it acquired was set up for a master-planned…»
Novus Corridor at ASU readying to add hotel, office, restaurants
The 330-acre Novus Innovation Corridor on the east side of Arizona State University’s Tempe campus is nearing completion of its latest phase, with only one retail space remaining available for lease in the existing buildings. Novus is generally located on Rural Road and Sixth Street in Tempe, but spans north to Tempe Town Lake and includes the former Karsten Golf Course, which is closed and in the process of redevelopment. About 850 apartment units are now open in the…»
Sports tourism provides winning opportunities for hoteliers
Experience-led travel is driving growth across the hotel industry and sports tourism is a huge component of that momentum — especially this year with North America hosting the 2026 FIFA World Cup. “Fans are not just booking for the soccer match itself or for the event itself,” said Brandon Ehrhardt, vice president of marketing for travel partners and advertisers at Expedia Group, on a recent episode of the CoStar News Hotels podcast. “They’re designing an entire trip around that, and that’s…»
