Microsoft spends $130M on Goodyear land to expand West Valley data center footprint
Microsoft spent over $130 million for a 100-acre site in Goodyear in a deal that closed May 29, according to real estate database Vizzda, even as some other projects in the region are being downsized or curtailed. The tech giant previously had a five-year ground lease for the property with the seller, First Industrial Realty Trust. The site is adjacent to additional land Microsoft owns — about 150 acres that it purchased back in 2019 for $37 million. That overall site, now spanning nearly…»
Dallas and Phoenix lead the nation in industrial demand
The Southwest has continued to drive industrial growth over the past 12 months. Dallas-Fort Worth and Phoenix have both emerged as national leaders in demand, reporting 29 million and 20.7 million square feet of net absorption. Net absorption measures the change in occupied inventory and is the key demand metric for the commercial real estate industry. New supply has been the primary catalyst for both markets, with a combined 54 million square feet constructed since the start of…»
Pricing Disconnect Slows Multifamily Dealmaking
A persistent gap between buyer and seller expectations is slowing multifamily dealmaking, even as investors continue to find opportunities across the market. That disconnect—rooted in sellers holding onto peak-era pricing and buyers waiting for clearer valuation signals—is forcing a more cautious and disciplined approach to acquisitions, according to panelists at the GlobeSt. Multifamily Owners Summit in Tampa. Moderated by John Sebree, senior managing director and head of…»
How one developer works to meet demand from TSMC workers in Arizona
Beyond the cranes and work trucks, mostly empty desert surrounds the thousands of employees when they leave work for the day at Taiwan Semiconductor Manufacturing Co.’s Phoenix chipmaking plant. That may not be the case in coming years. A nascent development push aims to give those workers places to shop, have lunch or dinner at familiar restaurants — and maybe take a short car ride home to the emerging neighborhoods in planning and development. This 2,300-acre…»
One Camelback opens for pre-leasing as luxury apartment conversion nears completion
One Camelback has hit another milestone as the luxury apartment complex is finally on the verge of completing its offices-to-apartments conversion project. The 11-story glass tower is now more than 90% completed and available for pre-leasing, about six months since Mesa-based Kinella Capital LLC acquired the former BMO bank building for $36 million in the wake of an earlier foreclosure sale after the original developer defaulted on the loan. The project — located at the prominent…»