How SkySong transformed Scottsdale’s McDowell Road Corridor in 20 years
As SkySong, The ASU Scottsdale Innovation Center marks its 20th anniversary, the transformation of Scottsdale’s McDowell Road Corridor stands as one of the clearest and most compelling examples of its long-term impact — turning a once-declining stretch of underutilized land into a vibrant center for innovation, housing and economic growth. When SkySong was first envisioned in the mid-2000s, the corridor was defined by a shuttered mall and aging auto-oriented development. Today, it…»
Mystery LLC wins $180M Desert Ridge land auction after 90-minute bidding war
After an hour-and-a-half-long bidding war, a winner finally emerged during an Arizona State Land Department auction on April 30. Desert Ridge 293 LLC placed the winning bid of $180 million. That LLC was incorporated on April 8 in Delaware — a state notorious for helping safeguard the identities of entities registered there. The representative holding the winning paddle was Lori Anderson with Exp Realty. The 293.5-acre site, which is located at Deer Valley Drive and…»
Luxury apartment complex rising near Westgate
Location: 91st and Glendale avenues in Glendale. Description: A 301-unit apartment complex is in the works near the popular Westgate area. Zanjero III Apartments is planned to offer a “luxury residential rental community” on 8.32 acres in the West Valley. Site renderings show the complexes will have four levels. The location is in proximity to restaurants the Tanger Outlets shopping center and entertainment venues. History: The project has been in the works for a few…»
Insurance giant snags 140-unit Peoria property in all-cash deal
A Los Angeles entity tracing to MetLife Investment Management plopped down $45.85 million in cash for a 140-unit West Valley build-to-rent property built in 2023. MetLife bought Grandstone at Sunrise Villas from Thompson Thrift for $327,500 a unit, according to Tempe-based real estate database Vizzda LLC. Thompson Thrift Residential built the rental community on 9.85 acres in 2023 at 24701 N. Lake Pleasant Parkway in Peoria. It is part of Sunrise Promenade, a…»
Fed Rate Pause Comes With Unusual Dissent And Mixed Signals For CRE
The Federal Reserve’s decision to hold interest rates steady may have landed as expected, but the unusual level of dissent exposed a central bank increasingly divided over what comes next and that uncertainty is beginning to matter for commercial real estate. The result keeps the benchmark rate in the 3.50% to 3.75% range, a move widely anticipated by markets. But the decision was marked by a rare split: for the first time since 1992, four officials dissented. One of those votes…»