Commercial Real Estate & Business News – June 4, 2024

$250 Million Park Algodon Breaks Ground in Phoenix

Park Algodon, a $250 million industrial and mixed-use project in Phoenix, officially broke ground this week by leading Phoenix-based real estate development firm Creation, alongside joint-venture partner Clarion Partners. To mark the occasion, the developer held a groundbreaking…»

Sole Bidder Mack Real Estate Buys 2,300 Acres Near Phoenix for $56M

Mack Real Estate Group has bought 2,300 acres of state land at auction to build a $7 billion tech village in north Phoenix. The New York-based investor, the only bidder, bought the land surrounding the Taiwan Manufacturing Semiconductor plant with a minimum bid of $56.28 million…»

Top 5 Industrial Properties Under Construction in Phoenix

Industrial projects continue to move forward, albeit at a more moderate pace. According to CommercialEdge data, approximately 401 million square feet of industrial space was under construction across the U.S. by the end of April, accounting for 2.0 percent of total stock. The…»

This Phoenix-Area Retail Center has Decayed for Decades. A Fresh Plan Aims to Bring New Life

Danelle Plaza was first built in 1963, when it was billed as “the heart of Tempe’s new downtown” by its original developer. It was even the location of City Hall for a period of time around 1970. Hopes for the property outdistanced reality. Today, the 14-acre site at Mill and Southern…»

Cities With the Fastest-Growing Home Prices in the Phoenix Metro Area

The real estate frenzy spurred by the coronavirus pandemic continues, though at a slower pace. Buyers are still competing for a limited supply of housing, driving up prices for affordable properties. In April, the typical home value in the United States was $359,402—4.4%…»