Author: BEX Staff

By BEX Staff for AZBEX Commercial real estate brokerage and research firm Kidder Mathews has released its Q4 2025 Phoenix market reports for several sectors. Office The company’s Office sector report shows year-over-year vacancy fell 140 basis points, decreasing to 23.6%. Average rents held steady at $30.97/SF/year. Net absorption was positive, hitting more than 211.5KSF for the quarter. Class A space contributed nearly 414KSF. While leasing activity was strong, hitting 1.8MSF for the quarter and 6.4MSF for the year, sales transactions were down 18% and totaled 1.76MSF. There were no new deliveries in Q4, as the production pipeline remained flat.…

Groundbreakings 1. Construction has begun on the Cambria Hotel Mesa, a five-story, 107-room upscale hotel at the corner of Elliot and Ellsworth roads in Mesa as part of the $60M East Gate Plaza development. Aspect Hospitality Group owns the project and is developing it alongside Clarity Strategic Opportunities and O’Reilly Hospitality. Canyon Builders is the general contractor, RKAA Architects is serving as development manager and architect, Spokes Hospitality is handling interior design, and EPS Group is responsible for engineering. The hotel is expected to open in early 2027. Progress Reports 2. Taylor Morrison has unveiled model homes for Verdin, a…

The City of Phoenix has approved a preliminary site plan that will enable North Valley Christian Academy to build a new preschool and kindergarten on 4.5 acres at the NEC of 27th Drive and Westland Road. Plans call for two two-story buildings to be built across Westland from the current school. The early childhood development will include play areas and administrative space, along with parking and landscaped areas. Traffic will enter from a collector street and from 27th Drive. NVCA is the owner. The design firm is Grace Design Studios. Waltz Construction is the general contractor. Engineering is by Ament…

By Roland Murphy for AZBEX Owner LKY Development Company is requesting a zoning change for 1,120 acres in the 24,800-acre Belmont Mixed-Use plan area near Buckeye. Specifically, according to the Maricopa County Planning and Zoning Commission report, “The site consists of 1,120 acres and is generally located at the southwest corner of 339th Ave. and Indian School Road in the Tonopah area. This site is in the southern portion of the Belmont master planned community with various commercial, residential, and industrial uses first approved in 1991 and encompasses approximately 24,800 acres. Since the approval of Belmont master planned community, markets…

A Request for Qualifications by the City of Chandler is seeking a developer to create a mixed-use project on 16 acres at Tumbleweed Park, at the SWC of Germann and McQueen roads. Desired uses include a hotel, restaurants, retail and entertainment options that will complement the park’s existing amenities while providing new economic stimulus and opportunities for residents. The project is driven by recent transportation infrastructure improvements and ongoing growth in the area. Chandler officials want an upscale-to-very-upscale hotel for the area. While there are no specific restaurants identified for the location, Chandler wants full-service, sit-down restaurants that do not…

By Roland Murphy for AZBEX The Arizona Center for Law in the Public Interest has filed a lawsuit in Pima County Superior Court on behalf of activists opposed to Beale Infrastructure’s proposed Project Blue data center project in southeast Tucson. The Arizona Daily Star reported the group filed the lawsuit against Pima County and the County Planning and Zoning Commission, alleging County staff violated Arizona’s open meeting law and misled the public leading up to the Commission’s recommendation for, and the Board of Supervisors subsequent approval of, a rezoning and land use plan change necessary for the 290-acre site for…

Awards & Accolades 1. The International Economic Development Council recently reaccredited the Queen Creek Economic Development Department. The department originally received its accreditation status in 2018 and has now been reaccredited twice. Boards & Commissions 2. Valley Partnership announced its 2026 Board of Directors, led by Nicholaus Fischer, Executive VP of Merit Partners, who will serve as Board Chair. Board Officers consist of: Chuck Carefoot of Ryan Companies as Vice Chair; Todd Weiss of ViaWest Group as Treasurer; Kate Kaminski of Howard Hughes as Secretary; Jay Kramer of FENNEMORE as Counsel, and Rob Bassett of Pederson Group as Immediate Past…

Sales Transactions 1. Bascom Arizona Ventures, LLC, an affiliate of The Bascom Group, LLC, acquired The Retreat at Speedway, a 304-unit multifamily community in Tucson, for $53.4M. The garden-style property, constructed in 2001, is located along Speedway Blvd. near the Catalina Foothills. Plans call for a value-add capital improvement program in the community. Institutional Property Advisors’ Steve Gebing, Cliff David, Hamid Panahi, and Clint Wadlund advised both the buyer and seller. Bryten Real Estate Partners will provide property management. 2. Cushman & Wakefield arranged the $23M sale of West 10 Business Center, a 146.7KSF industrial property at 4703 West Brill St. in…

By Roland Murphy for AZBEX Despite opposition expanding in several communities, new restrictions imposed by local governments and policy changes proposed at the State level, demand for data center capabilities continues to fuel new project proposals across the Valley. Two new data center developments—one near Luke Air Force Base and one in Mesa—were recently brought forward for discussion. Project Baccara In the West Valley, developer Takanockhas proposed two data centers and a natural gas power plant north of Luke Air Force Base at West Olive Avenue and the North Bullard Avenue alignment. According to the company’s application for a certificate…

A new $23.4M extension to John Wesley Powell Blvd. in Flagstaff could move forward more quickly with the Flagstaff City Council’s recent approval of a $2.3M state grant application to cover a portion of the costs. The currently approved budget for the project is $14.5M, to be provided by funds from the Proposition 419 sales tax. Council has approved an application under the Arizona State Match Advantage for Rural Transportation that will help complete the engineering design phase. The City will have two years to apply for federal construction grants if the AZ SMART Fund grant is approved. Plans for…