Commercial Real Estate & Business News – August 30, 2023

311 Acres of Land in Gilbert Sells for $107.5 Million

Indicap, Colmena Group and Langley Properties announced today the successful acquisition of the 311+ acres of land at the northwest corner of Power Road and Warner Road in Gilbert, Arizona for $107,500,000 in an all cash transaction, which is believed to be one of the…»

60 Acres of Mesa Desert May be Developed Into Apartment Hub with 851 Units

Developers want to turn about 60 acres of raw desert in Mesa at Signal Butte Road and Southern Avenue into a hub of apartment complexes and a shopping center. Bela Flor Communities LLC and Vivo Partners submitted initial plans to the city on Aug. 21. Bela Flor is…»

High-rise Apartments, Proposed East of ASU Tempe Campus, Could Displace Popular Sports Bar

An apartment building aiming to be “the most luxurious in Tempe” will go before the City Council next month, with two towers proposed near Rural Road and University Drive. Scottsdale-based Aspirant Development, a division of Empire Group, bought two parcels, totaling about…»

Martens to Build 900 KSF Phoenix Industrial Park

Martens Development Co. is moving forward with the development of an eight-building industrial project in the Phoenix area. Set to comprise more than 900,000 square feet, The Brickyards on Ellsworth received a unanimous approval from The industrial park will…»

The Hard Reality of Converting an Office Into a Residence

Companies are trying their best to get their office workers to return to the office, at least a few days a week, with only middling success. Landlords are starting to face what many say is the inevitable: some buildings will simply stay empty. As they come to this…»