Metro Phoenix posts strongest quarter of industrial investment on record
The Greater Phoenix industrial market posted its strongest quarter on record for industrial property investment sales, according to a report released by Colliers. Net absorption during first quarter was more than three and a half times the 1.38 million square feet of new supply delivered during the period, pushing vacancy down to 9.2 percent. Investment activity posted its strongest quarter on record with $990.8 million in total sales volume, highlighting Phoenix’ position as the country’s top…»
Discount giant Target sets six new store openings for May
Target is doubling down on its commitment to large stores by opening a half dozen new locations next month as part of a $5 billion capital-investment initiative this year. The Minneapolis-based discount giant will be rolling out two new stores each in Arizona and North Carolina and one each in New Jersey and Missouri. They are part of the 30 locations the chain plans to debut this year. Most of the new sites are bigger than the retailer’s average size, with the largest one 149,000 square…»
Deer Valley mixed-use project adds apartments, Aldi grocery store
A mixed-use project in Deer Valley from Sunbelt Investment Holdings is progressing into its next phase with new apartments and an Aldi grocery store in the works. Bell 17 Business Center is located off Interstate 17, along Bell Road and 19th Avenue, and right across from the Turf Paradise racetrack. San Diego-based Sunbelt acquired the roughly 90-acre site through an Arizona State Land Department auction back in 2018, paying $26,500,000. The first phase included building out a…»
What national retailer will have a huge Buckeye distribution center?
Location: MC 85 and Broadway Road in Buckeye Description: A national, off-price retailer is constructing a 2 million-square-foot distribution center that’s expected to bring thousands of jobs to the southwest Valley. Burlington, which sells clothes and home decor, will have an automated facility with smarter sorting systems, enhanced work stations and custom software to streamline daily operations, according to a news release from the company. The enhancements help get merchandise to the…»
Creation buys 38-acre site to build Avondale Tech Center
Creation, a performance-driven real estate development and alternative investment firm, in partnership with a real estate fund advised by Crow Holdings Capital, has closed on a 38-acre site in Avondale for the development of Avondale Tech Center, a three-building Class-A industrial campus totaling approximately 700,000 square feet. Located on the northwest corner of 117th Avenue and Corporate Drive within the West Valley’s premier manufacturing corridor, Avondale Tech Center…»