Daily News 8-27-2026

Two fully leased buildings at a massive industrial park in Glendale sold for $170,250,000 on August 24, according to Maricopa County records. The buildings, which are located at Park 303, traded hands from the developer, Lincoln Property Company, to entities tracing to Nuveen Real Estate, according to Tempe-based real estate database Vizzda LLC. The deal marks the highest two-building industrial sale price in state history, according to Lincoln. The buildings included in the latest deal total roughly 1.1 million square feet, with the first coming in at 629,835 square feet and the next at 483,300 square feet. The first is fully leased to…»

A trophy office building in the Camelback Corridor in Phoenix sold for $86M this week in the market’s largest single-building sale of the year, the Phoenix Business Journal reported. The 10-story, 222K SF Class-A property, called Esplanade III, was purchased by Southwest Value Partners. An LLC connected to Transwestern and C-III Capital Partners was the seller, represented by JLL brokers, the PBJ reported. The partnership acquired the building in 2019 for $60.2M. Esplanade III is just one building in the 1.3M SF mixed-use Esplanade campus, which also houses Esplanades I, II, IV and V, co-owned by Monarch Alternative…»

Growth in data center development is fueling an increasing share of U.S. industrial demand, CoStar Group reported. Data center-adjacent occupiers now account for more than 6% of leasing activity across logistics properties within five miles of data center facilities, up from less than 3% in 2020. Nationally, data center inventory has reached roughly 69 gigawatts of existing capacity, with another 43 GW under construction. This has led to broad-based growth across several categories related to development and operation of the centers, including construction firms, power and cooling equipment suppliers, operators…»

Glendale leaders agreed to move forward with incorporating land into the city for a massive data center project and a natural gas plant that’s expected to bring in millions in city revenue. Councilmembers wanted the public to know the city could do nothing to stop the development of Project Eagle, formerly known as Project Baccara. Maricopa County officials cleared the 160-acre site for construction near Litchfield Road and Olive Avenue in May. “I know this has garnered quite a bit of attention with the general public,” said Councilmember Lauren Tolmachoff. She had City Attorney Michael Bailey clarify that the developer…»

U.S. hotels extended their growth streak during the week of Aug. 9-15, with revenue per available room (RevPAR) increasing 6.2% year over year, marking 19 consecutive weeks of growth. While average daily rate (ADR) remained the primary driver and rose 3.5%, hotel occupancy gains continued to strengthen as demand growth accelerated. U.S. hotel occupancy rose 1.7 percentage points as demand increased 3%, representing the third consecutive week of demand growth above 3%. That is the first time demand has grown above 3% for three straight weeks since 2023 and another indication that performance gains are becoming increasingly demand-driven rather…»