US Merchants pays $63.8 million for industrial building in Surprise
The Phoenix Office of JLL announced today that it has completed the sale of the 453,960-square-foot Building One at West Summit at Surprise, a new two-building industrial project developed by Mohr Capital in Surprise, Arizona – one of Arizona’s fastest growing cities. US Merchants, a leading North American manufacturer of consumer goods and packaging, purchased Building One for $63,887,560, creating the company’s second metro Phoenix location. Completed Q3 2024, West…»
Empire Group breaks ground on $170M luxury apartment tower; plus more Valley residential deals
Scottsdale-based Empire Group of Cos., through its luxury urban infill division Aspirant Development, has closed on a $131.2 million financing package and broken ground on The Whitney. Total development costs for the 24-story tower at the southwest corner of Central Avenue and McDowell Road in Phoenix are estimated around $170 million, Geoffrey Jacobs, managing partner of Aspirant Development, told the Business Journal. The 328-unit apartment community will include more…»
Four Fed Benchmarks Every CRE Investor Should Watch
A handful of obscure economic benchmarks quietly shape the Federal Reserve’s interest rate decisions, yet most of the business world rarely considers them. That blind spot can be costly. As Trepp Chief Economist Rachel Szymanski notes, these underlying gauges become especially important during periods of mixed signals—when inflation, growth, and employment data pull in different directions and policy becomes less predictable. Szymanski argues that understanding these…»
Phoenix data center boom gets bigger as NTT’s speculative project advances
A massive project moving through the approval process is adding to Phoenix’s growing list of data center developments. Japan-based NTT Data Group Corp.’s plans for a seven-building, 2.2 million-square-foot campus in the suburb of Mesa received a recommendation of approval from the city’s planning and zoning board earlier this month. The city council will have the final say. No users have publicly signed on to use NTT’s proposed data center upon completion, but the firm…»
Consumer Cellular hones corporate real estate portfolio with Arizona headquarters deal
Consumer Cellular is dialing in on plans to streamline its corporate real estate portfolio, signing the Phoenix market’s largest office deal this year to consolidate multiple teams currently scattered throughout the region. The mobile network operator will relocate its headquarters to 8501 E. Raintree Drive in Scottsdale after fully leasing the 123,340-square-foot building, Consumer Cellular confirmed in a statement. The 15-year deal is the largest office commitment in the Phoenix…»
