2025 RED AWARDS
Record number of projects are in the running for the Academy Awards of Arizona commercial real estate
TYSON BREINHOLT & CLIFFORD JENKINS
SHOUTOUTS
Leading the way in 2025 NAIOP Arizona leaders for 2025
The Arizona Chapter of NAIOP, the Commercial Real Estate Development Association, elected officers and board members for 2025.
The 2025 Executive Committee of NAIOP Arizona includes Phil Breidenbach, SIOR, Colliers, board chair; Derek Flottum, VanTrust Real Estate, vice chair; Jenna Borcherding, VanTrust Real Estate, programs chair; Mike Olsen, Globe Corporation, treasurer; and John Orsak, Lincoln Property Company, immediate past chair.
Beginning their first three-year term are Tim Chester, Wentworth Property Company; Adrian Evarkiou, The Boyer Company; Cathy Teeter, CBRE; and Korey Wilkes, Butler Design Group. Josh Tracy with Ryan Companies US, Inc. will serve as the ex-officio representative for the Developing Leaders in 2025.
Continuing board members for 2025 are Chris Anderson, Hines; Chris Burson, Flagstar Bank; Jamie Godwin, Stevens-Leinweber Construction, Inc.; Robert Guerena, GO Industrial; Kevin Miller, Kitchell Development Company; Laura Ortiz, Evergreen Development; Byron Sarhangian, Snell & Wilmer; and Eric Whitehurst, Kimley-Horn.
BOMA Greater Phoenix leaders
BOMA Greater Phoenix, the industry group that advances the commercial real estate industry through advocacy, influence, and knowledge, elected its 2025 officers and board members. Kathryn Rhinehart, CMP, RPA, LEED GA, with NAI Horizon, will serve her second term as president in 2025. Rhinehart is joined by Vice President Amanda Forsmo, LEED AP O+M, Ryan Companies; Treasurer Carrie Scott, Allegis Group, Inc.; and Allied Chair Mary Crowder, SERVPRO of North Tempe. Board members for 2025: Bella Barker, Ace Building Maintenance; Patty Hartley, MODE Commercial; Ernie Jackson, RPA, FMA, Plaza Companies; Debbie Laing, Ryan Companies; Jeremy Lane, Paragon Services; Alexis Matt, Newmark; Emily Mehta, CPM, RPA, FMA, LEED GA, Shorenstein Realty Services; Jeff Potts, Shorenstein Realty Services; Sara Temple, MODE Commercial; and Jennifer Wiener, ViaWest Group.
President and CEO: Michael Atkinson
Publisher: Amy Lindsey
EDITORIAL
Editor in chief: Michael Gossie
Associate editor: Kyle Backer
Staff writer: Lux Butler
Contributing writers: Jennifer Cranston | Katie Hurst
Interns: Bella Mazzilli | Gabrielle Wallace
ART
Creative services manager: Bruce Andersen
Chief photographer: Mike Mertes
Junior graphic designer: Leslie Durazo
MARKETING/EVENTS
Marketing and events director: Jacque Duhame
OFFICE
Special projects manager: Sara Fregapane
Database solutions manager: Amanda Bruno
Operations coordinator: Michelle Zesati
AZRE | PTK
Director of sales: Ann McSherry
AZ BUSINESS MAGAZINE
Sales manager: April Rice
Account executives: Tom Allen | Maria Hansen
AZ BUSINESS LEADERS
Director of sales: Colleen Brady
EXPERIENCE ARIZONA | PLAY BALL
Director of sales: David Harken
RANKING ARIZONA
Director of sales: Sheri King
AZRE: Arizona Commercial Real Estate is published bi-monthly by AZ BIG Media, 3101 N. Central Ave., Suite 1070, Phoenix, Arizona 85012, (602)277-6045. The publisher accepts no responsibility for unsolicited manuscripts, photographs or artwork. Submissions will not be returned unless accompanied by a SASE. Single copy price $3.95. Bulk rates available. ©2023 by AZ BIG Media. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without permission in writing from AZ BIG Media.
Phil Breidenbach
Kathryn Rhinehart
ADVANCING YOUR INTERESTS IN REAL ESTATE DEVELOPMENT
Valley Partnership advocates for public policies that advance the interests of the commercial, industrial and master planned real estate development industries.
Our goal? To build a legacy for the future of development. We hope you’ll join us.
HELP US RECOGNIZE THE PEOPLE AND PROJECTS TO KNOW IN
COMMERCIAL REAL ESTATE
PTK magazine highlights the people and projects that are driving and shaping commercial real estate in Arizona!
We will celebrate all the People and Projects featured at the magazine launch party FALL of 2025!
NOMINATION IS EASY!
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TRENDSETTERS
DID YOU KNOW?
Surprising facts about some of the commercial real estate companies that were voted No. 1 for their sectors in Ranking Arizona
ABLA:
“It’s not a surprise that we are big bourbon and whiskey aficionados. However, what a lot of people don’t know is that we produce our own batch of bourbon that we release every year.”
BCS Enterprises:
“We have had no recordable or lost time injuries in over seven years.”
Candelaria Design Associates:
“Mark Candelaria cooks a multi-course dinner for his clients and their friends in their new kitchen once they move in. He also auctions this experience off for local charities and raises thousands of dollars per dinner.”
Cawley Architects:
“As an ESOP-based company, everyone has a stake in the success of our firm and that has helped to reinforce a culture of collaborative excellence.”
Corgan: “92% of our business comes from repeat clients.”
LGE Design Build:
“LGE stands for the middle initials of our founder, David R. Sellers’ children. It’s a reflection of the family-driven values that shape our company culture and commitment to building lasting relationships.”
NAI Horizon:
“We have been led by a female CEO for more than 20 years which is a rarity for a commercial real estate brokerage.”
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MANAGEMENT EXCELLENCE
Here are the winners of BOMA’s Member Awards
BOMA Greater Phoenix is a leading trade organization representing commercial real estate professionals, providing advocacy, education, and networking opportunities to enhance the performance and value of commercial properties in the Phoenix metropolitan area.
BOMA Greater Phoenix held its 2024 Fall Gala Member Awards Dinner at The Clayton House in Scottsdale. Members were honored in 10 categories. They were:
• Allied Partner of the Year (tie): Cynthia Aburto, sales and marketing, Allstar Pro Painting; and Dave Little, solutions provider, K.M. Facility Services.
• Building Engineer of the Year: Jeff Potts, chief building engineer, Shorenstein Realty Services.
• Civic Excellence Award: Patty Hartley, founder and designated broker, MODE Commercial Property Management.
• Committee Chair of the Year Award:
BOMA Open golf Co-Chairs Michael Scott, client advisor, Weems Asphalt; and Carrie Scott, corporate real estate manager, Allegis Group.
• Committee Member of the Year: Jim Quinn, business development, Diversified Roofing Group.
• Helping Hand Award: Ernie Jackson, director of property and facility services, Plaza Companies.
• Positive Attitude Award: Mary Crowder, vice president of business development, SERVPRO of North Tempe.
• Property Manager of the Year Award: Emily Mehta, CPM, RPA, FMA, LEED GA, property manager, Shorenstein Realty Services.
• Service to the Profession: Jayme Bartholomew, vice president of real estate, Development Services of America.
• Young Professional of the Year Award: Craig Petrovich, director of business development, Sanders & Wohrman Corporation.
BREAKING GROUND
INDUSTRIAL NEXTWAVE TEMPE
Developer: Overton Moore Properties
General contractor: Layton Construction
Architect: HPA Architecture
Broker: CBRE
Location: 1500 N. McClintock Dr., Tempe (former Big Surf site)
Size: 689,000 square feet
Start date: January 2025
Completion: Fourth quarter of 2025
HOSPITALITY TEMPO BY HILTON AND HOMEWOOD SUITES BY HILTON
Developer: VIVO Development Partners
General contractor: Porter Brothers
Architect: DesignCell Architecture
Location: Gallery Park in Mesa
Size: 174 rooms spread across four stories
Start date: December 2024
Completion: TBA
INDUSTRIAL SOURCE LOGISTICS CENTER
Developer: CrossHarbor Capital Partners and Creation
General contractor: LGE Design Build
Architect: LGE Design Build
Broker: CBRE
Location: Southeast corner of Warner Road and Hardy Drive, Tempe Size: 144,885 square feet
Start date: February 2025
Completion: Mid-2026
INDUSTRIAL 17 NORTH CORPORATE CENTER PHASE 2
Developer: Ryan Companies US
General contractor: Ryan Companies US
Architect: Butler Design Group
Financing: Bankers Trust
Broker: CBRE
Location: Deer Valley submarket of Phoenix
Size: 186,000 square feet
Start date: January 2025
Completion: Fourth quarter of 2025
MULTIFAMILY SCOTTSDALE LUXURY PROJECT
Developer: High Street Residential and Mitsui Fudosan America
General contractor: Wespac Construction
Architect: ESG Architects
Location: Scottsdale Road and Gold Dust Avenue, Scottsdale
Size: 215 units
Start date: January 2025
Completion: Mid-2027
INDUSTRIAL
DREXEL COMMERCE CENTER AND CORONA COMMERCE CENTER
Developer: Schnitzer Properties
General contractor: Willmeng Construction
Architect: VLMK Engineering + Design
Location: Corona Commerce Center is located at 2717 E.
Corona Rd., Tucson
Size: Drexel Commerce Center will consist of 184,080 square feet across two buildings. Corona Commerce Center will provide 146,963 square feet.
Value: $73 million total investment in two Class A industrial spaces
Start date: January 2025
Completion: TBA
How Mike Godbehere started GCON thanks to a call from a friend CLASSMATES TO CO-FOUNDERS
By LUX BUTLER
Mike Godbehere, a fourthgeneration Arizonan, grew up in a blue-collar household, which he credits for shaping his deep understanding of the construction industry. Today, he is the co-founder and CEO of GCON, one of the Valley’s fastest-growing construction firms.
Godbehere’s father, a lifelong UA Local 469 tradesman plumber and pipefitter, instilled in Godbehere a love for the hands-on work it takes to build a multi-million dollar construction firm. At the helm of GCON, Godbehere and his team guided the firm through its recent revenue boom, increasing from $62 million in 2019 to $250 million in 2023.
Founding GCON
After earning his degree in construction management from Arizona State University, Godbehere began his career at Intel. For about 10 years Godbehere worked at Intel building the manufacturer’s large-scale facilities before they asked him to relocate to China.
“Intel asked me to go to China with them to build a plant up there and my wife said, ‘Absolutely not and you’re going to move us back to Phoenix,’” Godbehere recalls, reflecting on the pivotal points that led to the founding of GCON. “Then I connected with an old high school buddy of mine, Gabe Gavriilidis, who, believe it or not, also graduated from construction management, and we started GCON, really, as a hobby.”
At first, Godbehere had no intention of leaving Intel, but GCON grew rapidly. “I convinced my wife the right thing to do for our family was to leave Intel and focus on the company,” he says.
Since its founding in 2003, GCON has grown to be a major player in Phoenix’s construction industry. Today, the construction firm builds everything from semiconductor manufacturing facilities and data centers to multifamily homes and schools. GCON’s diverse portfolio of projects is a reflection of the growth of the larger city’s diversified industrial sector.
A bright future
Having been in the construction industry for a majority of his life, Godbehere has a positive outlook on the continuing development of the Grand Canyon State’s capital city. “We’ve got the right climate, we’ve got the right workforce, we’ve got the availability of resources and land, and there’s just so much that is positive about Arizona,” Godbehere says. “The new Arizona is going to be industrial-based as much as it is tourism-based.”
As GCON builds towards the future, the next generation of skilled tradesmen are finding a home at GCON, but so are some seasoned professionals. “We have a very strong internship program
where we bring in a lot of interns every summer and we work hard to teach them about our industry,” Godbehere says. “I also love hiring individuals from the technical side who are ready to retire and don’t want to work with their hands every day. They’ve seen and done a ton in our industry and we can use their minds in the office.” As the co-founder and CEO of GCON, Godbehere has had a lot of success, but he doesn’t attribute it to luck or chance. Godbehere and Gavriilidis spent years of hard work building the construction firm to its current status as a multi-million dollar business.
“Chance favors the prepared mind,” Godbehere says. “[Gavriilidis] is actually the one that called me up and asked me, ‘Hey, remember that time in college where we were talking about starting a construction company?’ He loves buildings, and he likes to go out and tackle some of our larger, more challenging projects. He’s boots on the ground. It’s definitely neat to see in a company of our size that one of the founders is sitting in the job trailer this week covering for someone over the holidays.”
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GAME TIME
How Blake Sutton winds down by winning big
By KYLE BACKER
For Blake Sutton, president at Est Est Interior Designs, running the company has been a family affair.
“I grew up in this industry. My mom and dad owned Est Est for 40 years after they bought it from the original owners,” he says. “I always wanted to run a small business, so I went to ASU and got an engineering degree in construction management.”
After starting in the industry building custom homes, Sutton’s father asked him to come work at Est Est Interiors in 2010. When his father passed away in 2023, Sutton took over at the helm of the company.
“We actually have two businesses. At Est Est Interior Designs, we help homeowners design homes from the ground up or help them remodel existing properties,” Sutton explains. “With Sutton Staging, we work with realtors and homeowners to help stage their houses to get them ready to sell.”
But when the day’s work is done, Sutton enjoys unwinding by playing strategy games, even recently ranking in the top 500 players in the popular online trading card game Hearthstone. AZRE magazine sat down with Sutton to learn more about how his hobbies give him an outlet to relax while still honing his decisionmaking skills.
The following responses have been edited for length and clarity.
AZRE: When did you start playing Hearthstone?
Blake Sutton: I’ve always been interested in strategy games, so I started when Hearthstone came out a little over a decade ago. I’ve made lots of friends over the years from all over the country gaming. One of them I play Hearthstone with frequently in a two-player mode called battlegrounds where we compete against other teams of two. Last season — each one runs
(rafikovayana
for about four months — my buddy and I ranked 473 in the Americas, which is one of three regions across the world. I work all day and have three kids, so I can’t play all the time.
AZRE: That’s impressive considering how many people play. Is it like chess rankings where you earn and lose points depending on the outcome of the game?
BS: Yes, it’s an Elo system, so as you move up farther up the ladder, you gain less and less points when you win and lose more points with each loss. When you start off, each win will get you a couple hundred points. I was in the position last season where I would get 25 points for a win and lose 50 to 60 points each loss. It becomes very difficult to move up to the top of the rankings.
AZRE: While this is something you do for fun — hobbies are good to have in their own right — do you feel like you’re developing skills while doing it?
BS: When I’m playing games like this, it’s all about managing and analyzing opportunity costs quickly. That’s a skillset that benefits you in just about everything you do in life. Running a business requires you to look for patterns, strengths and weaknesses, and having to make wise decisions constantly. You have to make lots of small decisions that add up to a larger result at the end of the day.
Does it relate to business directly?
No, but it’s developing skills that are important. I find it mentally stimulating, just like reading is great for your brain. They’re healthy habits to develop as long as it’s done in moderation.
AZRE: Are there any trends you’re seeing in the industry you’d like to share with readers?
BS: 2024 was a year of hesitancy in the marketplace. People were concerned about the election, and that happens every cycle. There was a lot of capital
sitting on the sidelines waiting to see what was going to happen. From all the signs I see from the developers and builders we work with, 2025 is going to be a crazy year. There’s a lot of transactions already taking place. Buyers are eager and looking at properties, so I anticipate a strong 2025 and 2026.
From a design perspective, we had a long period of time on the residential side where everything was light and bright. We’re starting to see warmer wood tones become more popular. Contemporary is still the most sought after design style, but we’re seeing more Old World elements making a comeback. But we work in all different design styles, and we help every homeowner customize their property to perfectly fit their needs and lifestyle.
THE TOP ISSUES AAED IS WATCHING IN 2025
The Arizona Legislature gaveled into session in early January, with a notable number of freshman lawmakers taking the oath of office. A typical legislative session will see more than a thousand bills introduced, and this year will be no different. Legislators came out of the gate with hundreds of bills ranging from those focused on gun control and election reforms to water security, education and economic policies.
Katie Hurst AAED Executive Director
Alongside the flurry of bills, Gov. Hobbs’s Executive Budget identifies her fiscal priorities and provides insight into potential conflict areas with the legislature. Her budget includes several issues important to the business and economic development communities, including restoration of cuts to Arizona’s universities, as well as funding for childcare, the Arizona Competes Fund, and major events like the Superbowl and Final Four.
With all that in mind, here are the more prominent issues the Arizona Association for Economic Development (AAED) expects to see addressed this year:
Transportation
The Arizona Legislature prioritized transportation funding for its 57th session, introducing more than 80 road and highway projects throughout the state. These projects include expanding
“Policy discussions at local, state, and federal levels play a crucial role in shaping Arizona’s future and the path of responsible economic development.”
– Katie Hurst
the I-10 in the West Valley and SR 24 in the East Valley to Colorado City and Sierra Vista roads. Additionally, bills such as HB 2117, HB 2304, HB 2557, HB 2234 and others fund infrastructure projects around Arizona.
Water
More than 130 bills were introduced in January to address water in Arizona. From ag-to-urban to an assured water supply, water will be a significant issue at the Arizona Legislature.
Economic Development
Legislation reducing the Government Property Lease Excise Tax (GPLET) abatement period from eight to four years returns this session. Gov. Hobbs vetoed a similar bill last year, citing the impact on economic development. Additional bills with an economic development impact include HB 2383, which appropriates funding for applied
research activities, and HB 2421, which reduces corporate income tax rates to a flat 2% in 2026.
Policy discussions at local, state, and federal levels play a crucial role in shaping Arizona’s future and the path of responsible economic development.
Shifting dynamics in Washington, D.C., with President Trump’s inauguration and Republicans gaining control of the House and Senate, will directly impact Arizona’s priorities and focus. Already, federal policies, such as banning birthright citizenship, have spurred local action as our leaders navigate what’s best for Arizona’s citizens.
AAED advocates for policies and legislation that make Arizona more attractive for business, job creation and retention. If you have questions about these or other economic development bills at the Arizona Legislature, please contact AAED at (602) 240-2233.
AIR QUALITY
Serious nonattainment
Here’s what air quality regulations mean for the future of real estate development
By KYLE BACKER
Recent years have brought numerous big deals and billions of dollars in investment to the Valley. That growth has come with challenges, such as concerns over water supplies, rising construction costs and the need for more power. But another issue affecting development is getting more attention — air quality. During Willmeng Construction’s Fence Post Speaker Series event on Oct. 30, James Murphy, CEO of Willmeng Construction, notes that a slew of major deals that will impact the state for generations were completed under moderate nonattainment, but Maricopa County will soon pass into a higher level of nonattainment.
The Clean Air Act outlines air quality standards across the nation, and the Valley has been in moderate nonattainment for some time. According to Eric Massey, director of sustainability for APS, the Valley is expected to enter serious nonattainment in early 2025, which affects permitting for certain industrial projects.
“There is reason for hope,” Massey explains. “The standard [under the Clean Air Act] has changed over time. Back around the turn of the century, we had a lot of nonattainment issues. The long and the short of it is that we solved this problem before. It takes collaboration, but we can do it again.”
PM2.5
Looking across the country, urban centers, including Denver, Salt Lake City and Las Vegas all struggle with nonattainment. But what exactly pushes an area into that classification? Massey explains that when discussing ozone, it refers to an atmospheric chemical reaction that combines three oxygen molecules together.
“Ozone at the stratospheric level is good because it protects us from ultraviolet rays,” he continues. “But at the ground level, it’s bad for public health issues. Ozone forms from what we call volatile organic compounds — such as gasoline when it evaporates — mixed with oxidized
nitrogen, called NOx, which is usually a product of combustion from engines or powerplants. When combined with sunlight and heat, there’s a complex reaction that forms ozone.”
Another crucial aspect of what teeters a region into nonattainment has to do with the classification of the pollution. Standards are tied to what’s called PM2.5, which refers to particulate pollution that is 2.5 microns or smaller. For context, 2.5 microns is somewhere between 20 and 30 times smaller than a human hair.
“[Air quality] is a public health issue because we’re all obligated to breathe,” Massey says. “These pollutants can damage airways, make chronic conditions such as COPD and asthma worse, and in the case of PM2.5, the particulates are small enough to pass through your lungs and enter your bloodstream, potentially creating cardiovascular challenges or even death.”
The good news is that the Clean Air Act has been exceptionally successful in reducing air pollution across the
nation. Massey notes that during the last four decades, emissions have been reduced upwards of 70% as the economy has expanded by 300% — all while the population has continued to grow.
Complicating the problem is that there are some peculiarities about Arizona, both geographical and historical. Danny Seiden, president and CEO of the Arizona Chamber of Commerce & Industry, explains that the state is relatively new to manufacturing, meaning there are fewer facilities producing high levels of emissions that can be modernized — something other states can do to meet pollution targets.
“We’re not an old school industrial state. We’ve been using good, efficient equipment, yet we keep finding ourselves with attainment problems,” he continues. “We don’t control the pollution [that blows into Arizona from outside its borders] — 80% comes from somewhere else. So, in a way, we’re being punished for things out of our control, and that’s why we at the chamber have done everything from litigation to sitting in the White House to solve these problems.”
Seiden and others met with then-U.S. Secretary of Commerce Gina Raimondo to discuss how Arizona is solving its air quality issues, including accounting for pollution that is created in other states and countries but ends up here due to wind patterns.
“Arizona is doing the right things, and we want to make sure we’re rewarded for that,” Seiden says. “The government at all levels wants to work with the industry to solve this problem and see Arizona be successful.”
Impact of serious nonattainment
When it comes to how air quality issues will affect development moving forward, Christine Mackay, community and economic development director for the City of Phoenix, notes that it’s already hard for companies to get air quality permits under moderate nonattainment. When the Valley enters into serious nonattainment in early 2025, Mackay says it’s the smaller business that will be most affected.
“Big companies can take care of themselves. They have people working on getting [air quality] credits,” she continues. “I’m not saying we won’t help them — we absolutely will — but our small and medium manufacturers are going to be shocked the next time they go for an air quality permit and they can’t get one. We’ve worked diligently for so long to create an Arizona with a thought-leading knowledge economy, and it’s going to get snatched away from us if we can’t fix this quickly.”
Sandra Watson, president and CEO of the Arizona Commerce Authority (ACA), notes that the ACA has been speaking about air quality issues with clients for the past few years. When having conversations around where a company
may locate, she says that the ACA asks about their emission levels to help them locate in the appropriate place.
“Out of the 460 or so projects we’re currently working on, about 70% of them are in the advanced manufacturing sector,” Watson continues. “We’ve targeted about 19 of them that are at risk [due to the Valley passing into serious nonattainment.] Not all hope is lost — we know what those projects are and what we need to do. Companies are now looking at new equipment to reduce emissions and we’re talking to them about credits.”
Companies can receive credits towards their air quality permits based off of steps they take to reduce emissions.
Mackay gives the example of Sky Harbor International Airport, which recently worked with a group to switch its baggage tugs from gas powered to electric, reducing overall emissions and earning credits.
“Like I said earlier, it’s not the big companies that I’m worried about,” she concludes. “What keeps me up at night are the small- and medium-sized businesses that want to expand or renew their air quality permit. They don’t know how to find me [or other economic development organizations.] They may just say, ‘Wow, we can’t expand or get a permit, so we’re going to have to close.’
That’s why we need to be educating and working together with these companies to help them, so they don’t move somewhere else.”
Sandra Watson
James Murphy
Christine Mackay
Eric Massey
Danny Seiden
BIG DEAL
BUCKEYE’S NEXT DESTINATION
Vestar brings the $275 million Verrado Marketplace to West Valley
By KYLE BACKER
On Nov. 20, Vestar broke ground on Verrado Marketplace, which will serve as an entrance to DMB Associates’ 8,800-acre masterplanned community. Located at the northeast corner of the I-10 Freeway and Verrado Way, Verrado Marketplace will bring 500,000 square feet of retail space to the West Valley, with more than 50 retailers and restaurants once completed in spring 2026.
“Not many people know this, but we were among the first residents to move into Verrado,” explains City of Buckeye Mayor Eric Orsborn. “For the last 20 years, we’ve driven past this lot, envisioning all the incredible possibilities and opportunities that would come in the future, and thanks to Vestar and DMB Associates, that future is happening right now.”
Residents of Buckeye, Orsborn continues, have desired more entertainment and dining options — especially date-night destinations — within the city, which Verrado Marketplace will provide. The shopping center will also include a splash pad, live performance stage and a half-acre central lawn. Guests over the age of 21 can enjoy an alcoholic beverage in the designated common areas — a feature offered at other Vestar properties as well.
Verrado Marketplace will also be a part of Vestar’s GreenStar sustainability program, utilizing ecofriendly features and energy-efficient practices throughout the project’s lifespan, such as solar power, EV charging stations and using energyefficient building materials.
“This project is the result of years of meticulous planning, collaboration and
hard work from countless individuals,” says David Larcher, president and CEO of Vestar. “It’s a testament of what can be achieved when landowners, developers and the city come together with a shared vision. We owe a great deal of gratitude to Mayor Orsborn and the Buckeye City Council for their unwavering commitment and leadership to bring this project forward.”
Executing a vision
Beyond providing a new place for Buckeye residents to enjoy a night out, Verrado Marketplace also represents a significant investment in the city. The $275 million project is expected to generate more than $50 million in tax revenue and contribute an estimated $1.8 billion in economic output over the next 10 years, according to Vestar. Verrado Marketplace is also slated to
create more than 1,500 permanent jobs in the West Valley.
“Bringing a project like this to life also requires building critical infrastructure to ensure Verrado Marketplace is successful from the get-go, like building more travel lanes and dedicated left and right turn lanes on both Verrado Way and McDowell in front of the center. New traffic signals will be added, and McDowell will punch all the way though to Jackrabbit Trail [from Verrado Way],” Orsborn says.
While many in Buckeye and the West Valley will enjoy the amenities at this new shopping center, it is especially important to those who live in Verrado.
“True master-planned communities such as Verrado emerge over long time horizons. We opened Verrado 20 years ago with a vision to craft a thriving community that provided the richest environment possible for the people who call it home,” explains Dan Kelly, COO of DMB Associates.
Today, Verrado is 60% built out with 7,500 homes, 17,000 people and four schools. With 8,800 acres of total land within the master plan, there could be up to 14,080 homes and 4 million square feet of office, light industrial and retail space upon full buildout.
“Entertainment, shopping and dining are so important to how we build our communities,” Kelly concludes. “Now we get to welcome our newest addition, Verrado Marketplace by Vestar, which will anchor the next 15 years of growth in Verrado. People keep thinking we’re just about done, but the best of Verrado is still in front of us.”
WHAT TO EXPECT ANCHORS
Target Harkins Backlot
Safeway Ross
CURRENT TENANTS
ULTA Beauty
Famous Footwear
Buckle
Nekter Juice
See’s Candies
Salt Tacos + Tequila
Bath & Body Works
Shake Shack
Handel’s Ice Cream
Thai Chili
Einstein Bros.
Bagels
Tropical Smoothie
Hawaiian Bros
Island Grill
Marshalls HomeGoods
European Wax Center
Zara Nails
Pacific Dental
America’s Best Contacts & Glasses
Mountain America
Credit Union
Eric Orsborn David Larcher Dan Kelly
RETAIL OASIS: Located at the northeast corner of the I-10 Freeway and Verrado Way, Verrado Marketplace will boast more than 50 retailers and restaurants across 500,000 square feet once completed in spring 2026. (Renderings provided by Vestar)
BIG DEAL TOP 10 COMMERCIAL REAL ESTATE DEALS
Here are the 10 biggest deals in Metro Phoenix commerical real estate from Dec. 10, 2024 through Feb. 14, 2025, according to data collected by the commercial real estate tracking website Vizzda and AZRE magazine.
GREAT BUY: “Due to its solid fundamentals, the dynamic Phoenix Metro has maintained great investor momentum throughout 2024. Broadway 101 Commerce Park represented an outstanding opportunity to acquire historically one of the best performing Class A industrial parks in Metro Phoenix, a rare infill project of scale,” says Will Strong of Cushman & Wakefield. (Photo provided by Cushman & Wakefield)
1. Broadway 101 Commerce Park
PRICE: $168,300,000
DETAILS OF THE DEAL: Cushman & Wakefield has advised the sale and acquisition financing for Broadway 101 Commerce Park, an 809,230-square-foot Class A multi-tenant industrial park spanning 11 buildings on ±53 acres in Mesa, Arizona. The sale set several local records including: the largest Phoenix industrial sale in 2024, the largest legacy industrial sale in the history of Phoenix, and the largest single transaction for an industrial park in Phoenix’s Southeast Valley. Built in 2005 through 2007, the modern property is strategically situated in the heart of Metro Phoenix within the highly coveted infill Phoenix Sky Harbor Airport/Tempe area. The project is currently 98% leased to a strong and diverse roster of 34 tenants.
Cushman & Wakefield’s Will Strong, Michael Matchett, and Molly Hunt of the firm’s
National Industrial Advisory Group – Mountain West represented the seller in the transaction. The firm’s Mike Haenel, Andy Markham, Phil Haenel, and Justin Smith also provided local advisory and were retained by the buyer to continue leading leasing for the 809,230 SF project.
SECTOR: INDUSTRIAL
LOCATION: 2140-2360 W. BROADWAY RD., MESA
SIZE: 809,230 SQUARE FEET, SPANNING 11 BUILDINGS
BUYER: CIP REAL ESTATE
SELLER: CANYON PARTNERS REAL ESTATE
BROKER: CUSHMAN & WAKEFIELD
2. Town Deer Valley Apartments
PRICE: $131,100,000
SECTOR: MULTIFAMILY
LOCATION: 24100 N. 19TH AVE., PHOENIX
SIZE: 388-UNIT APARTMENT COMPLEX
BUYER: GOODMAN REAL ESTATE
SELLER: ROCKPOINT
3. IMT Desert Ridge Apartments
PRICE: $126,000,000
SECTOR: MULTIFAMILY
LOCATION: 21155 N. 56TH ST., PHOENIX
SIZE: 370-UNIT APARTMENT COMPLEX
BUYER: IMT RESIDENTIAL / IMT CAPITAL
SELLER: CWS CAPITAL PARTNERS
4. Tempe Commerce Park
PRICE: $112,000,000
SECTOR: INDUSTRIAL
LOCATION: 7333 & 7434 S. HARDY DR. | 7340, 7350 & 7360 S. KYRENE RD., TEMPE
SIZE: 536,051 SQUARE FEET ACROSS FIVE BUILDINGS
BUYER: LASELLE INVESTMENT MANAGEMENT
SELLER: INVESTCORP
BROKER: JLL
5. Smith & Rio
PRICE: $106,250,000
SECTOR: MULTIFAMILY
LOCATION: 1979 E. RIO SALADO PARKWAY, TEMPE
SIZE: 310-UNIT APARTMENT COMPLEX
BUYER: GOLDMAN SACHS
SELLER: PGIM REAL ESTATE
BROKER: CBRE
6. Park Lucero East
PRICE: $99,600,000
SECTOR: INDUSTRIAL
LOCATION: 410, 430 & 450 GERMANN RD., GILBERT
SIZE: 562,920 SQUARE FEET
BUYER: EXETER PROPERTY GROUP
SELLER: ARTIS REIT
7. District at Civic Square
PRICE: $95,500,000
SECTOR: MULTIFAMILY
LOCATION: 15400 W. MONTE VISTA RD., GOODYEAR
SIZE: 352-UNIT APARTMENT COMPLEX
BUYER: NASIM SIKDER
SELLER: THE CARLYLE GROUP
8. Lexington 420 – Lot 1
PRICE: $86,522,060
SECTOR: LAND
LOCATION: 8805 N. REEMS RD., WADDELL
SIZE: 100.01 ACRES
BUYER: ALIGNED DATA CENTERS
SELLER: LEXINGTON REALTY TRUST
9. CopperWynd Resort and Club
PRICE: $57,500,000
SECTOR: HOSPITALITY
LOCATION: 13225 EAGLE RIDGE DR., FOUNTAIN HILLS
SIZE: 32-ROOM HOTEL
BUYER: LIONGROVE
SELLER: PALISADES RESORTS LLC
10. Papago Park Center
PRICE: $57,500,000
SECTOR: INDUSTRIAL
LOCATION: 424 S. 56TH ST., PHOENIX
SIZE: 252,650 SQUARE FEET
BUYER: SONORA QUEST LABORATORIES
SELLER: JDM PARTNERS
BROKER: NEWMARK
A Gateway to the Future
How
Phoenix-Mesa
Gateway
Airport
is helping the region take flight
By KYLE BACKER
In today’s interconnected world, airports facilitate the flow of people and goods that are essential for society to function. Phoenix-Mesa Gateway Airport is a prime example of how these pieces of critical infrastructure are not only economic powerhouses in their own right — it contributes $1.8 billion to Arizona’s economy annually, according to the airport — but also generates further investment from companies. On Dec. 6, ULI Arizona hosted a panel discussion on the airport’s impact on the region, how the Innovation Zone at ASU’s Polytechnic Campus is growing and what lies ahead for the submarket.
Phoenix-Mesa Gateway Airport started as an airfield to support the military efforts during World War II before becoming Williams Air Force Base in 1948. At the end of the Cold War, U.S. military strategy shifted, leading to a base realignment process. The Air Force base closed before reopening in March 1994
as Williams Gateway Airport, but with different boundaries than before.
“There was a huge community planning process that took place,” explains Lori Collins, director of business and economic development for the Mesa Gateway Airport Authority. “ASU was granted property through the
closure process, as was Chandler Gilbert Community College and the Gila River Indian Community. A little chunk was broken off for [the U.S Department of Housing and Urban Development], which is run by the House of Refuge today.”
Three decades later, Phoenix-Mesa Gateway Airport serves about 2 million passengers primarily through Allegiant and Sun Country Airlines in an 11-gate passenger terminal. The airport also recently completed a five-gate expansion totaling 30,000 square feet.
“We have 60 businesses on site, including a who’s who of private aviation — Cessna Citation, Embraer and Gulfstream, which just opened,” Collins continues. “We have about 1 million square feet of private development that has just finished or is under construction, and we still have about 700 developable acres to go. We’ve just hit our stride, and the sky’s the limit.”
Education and collaboration
After Williams Air Force Base was closed and pieces of the original parcel were granted to other entities, ASU used its allotment to open the Polytechnic Campus in 1996. In the almost 30 years since its opening, the Polytechnic Campus has emerged as a hub for engineering in the Southeast Valley.
Chandler Gilbert Community College’s Williams Campus was also born from the division of the Air Force base’s original acreage and houses a FAA-certified aviation maintenance program. The proximity to both the Polytechnic Campus and Chandler Gilbert Community College gives the Phoenix-Mesa Gateway Airport unique educational assets that are hard to find elsewhere.
“Businesses that want to locate at the airport are always eager to learn more about ASU and the Polytechnic Campus because it’s a hands-on learning
AVIATION
environment. They see that as a differentiator,” Collins says. “We’ll have companies ask for a tour, and they’ll start talking about what car to take until I tell them we’re just walking across the street, and they’re blown away.”
ASU understands the mutually beneficial nature of having businesses near its campuses, which is why the university designates Innovation Zones, which are “place-based opportunities for companies to colocate with ASU, either in a strategic location such as SkySong or adjacent to a campus, to tap into the university’s innovation and talent,” explains Denise Christensen, director of real estate development at ASU.
At the Polytechnic Campus, a $185 million building is under construction that Christensen says will function as a gateway between the campus and the Innovation Zone. Currently named Interdisciplinary Science and Technology Building 12, it will represent a $250 million investment when factoring in equipment and machinery.
“Overall, the Innovation Zone is going to be about 300 total acres,” Christensen continues. “We’re deep into the details of refreshing our master plan, but right now we’re
looking at phase one, which will be about 160 acres and ready for development very soon.”
Ripple effects
As the very land that Williams Air Force Base was built upon is transforming to meet the needs of the 21st century, the surrounding region has also turned into a powerful economic engine for the City of Mesa and the region at large.
According to Mesa’s Economic Development Department, the Mesa Gateway area is a 35-square-mile submarket that is ideal for aerospace, aviation, defense, semiconductors, electric vehicles, battery technologies, as well as large industrial users, manufacturers, research and development, and educational institutions.
Jackie Orcutt, senior vice president at CBRE, recalls that when she started working in the region in 2017, the only industrial-related projects were at Phoenix-Mesa Gateway Airport or very close to it.
“There was under 2 million square feet total in the submarket,” she continues. “Today, we have 27.5 million square feet [of product] with another 2.9 million square feet under construction. The rate of growth over the last five
years in Mesa Gateway is 256%.”
As far as what sort of businesses are scoping out the submarket, Orcutt says that she and other CBRE brokers have collected data on the types of companies taking tours and what their requirements are.
“As of October 2024, there are just under 15 million square feet of tenants in the market looking at the Southeast Valley,” Orcutt says. “Almost half of those tenants are tied to manufacturing. That’s the biggest trend that I’ve noticed. Manufacturing has always been huge near Mesa Gateway because of the highly educated and young workforce that want to work at these types of companies, and businesses know that.”
That said, the vacancy rate for industrial in Mesa Gateway is 43.3%, which Orcutt says is among the highest in the nation.
“But I’m not freaking out about it, and thankfully, a lot of my clients aren’t either because demand has been really robust,” she concludes. “Where we’ll see some struggle over the next 18 months are with smaller buildings. If you’re in the market for 100,000 square feet, there are plenty of options to choose from. But if a business is looking for more than 200,000 square feet, there’s not much left.”
Lori Collins Denise Christensen
Jackie Orcutt
2024 2025
RED Awards
Celebrating the best of the best in Arizona’s commercial real estate industry
By KYLE BACKER
Year after year, Arizona’s commercial real estate industry delivers top-tier projects that leave an enduring mark on the state. These facilities create jobs and foster economic ecosystems, generating a gravitational force that pulls in even more investment. As the population grows, so too does demand for housing, retail, healthcare and other services. This virtuous cycle creates prosperity and ensures resiliency when downturns inevitably come.
Beyond contributing to the overall economy, an individual project has the unique capacity to create a sense of place and identity. Whenever a new building is erected — whether from fresh dirt or atop of where another once stood — the state’s skyline is changed. Redevelopment projects radically reimagine what is possible in a given space or location. Few other professionals get to see the fruits of their labor physically manifested in the community at such a scale.
It is AZRE magazine’s privilege to commemorate the exacting work of the companies that shape the future of Arizona. Real Estate Development (RED) Awards finalists represent the finest the industry has to offer — state-of-the-art education buildings, life-saving healthcare facilities, chic offices spaces, lavish hotels, elite industrial projects and more.
The 2025 RED Awards will honor finalists and announce winners in 17 categories on Tuesday, March 18 at Hilton Scottsdale Resort & Villas. The year’s top developer, general contractor, architecture firm and subcontractor will also be celebrated. Details can be found at azbigmedia.com.
Meet this year’s finalists on the pages that follow.
EDUCATION (K-12)
HOPETECH AT EVIT
Owner: East Valley Institute of Technology (EVIT)
General contractor: CHASSE Building Team
Architect: SPS+
Subcontractors: Alignment Steel, Avanti Windows, Cactus Pipeline, Caliente Landscape, CMR Construction
Size: 28,807 square feet
Value: $8,902,000
City: Mesa
Larry C. Kennedy
Elementary School
Owner: Creighton School District
Developer: Facilities Management Group
General contractor: CHASSE Building Team
Architect: Weddle Gilmore
Architects
Subcontractors: Sportsmans
Concrete, Stone Cold Masonry, Wholesale Floors, Professional Commercial Plumbing, NKW
Size: 60,000 square feet
Value: $23.3 million
City: Phoenix
Madison Park Middle School
Owner: Madison School District
General contractor: CHASSE
Building Team
Architect: ADM Group
Subcontractors: Stone Cold Masonry, Pete King Construction, Amber Steel, Venetian Plastering, Western Acoustics
Size: 112,199 square feet
Value: $41.9 million
City: Phoenix
Scottsdale Pueblo Elementary School
Owner: Scottsdale Unified School District
General contractor: McCarthy Building Companies
Architect: BWS Architects
Subcontractors: RN Electric, McCarthy Self-Perform, Sun Valley Masonry, Alignment Steel, Progressive Roofing
Size: 56,000 square feet
Value: $25 million
City: Scottsdale
Sun Valley Academy Glendale
Owner: Morrison Education Group Inc.
General contractor: Willmeng
Construction
Architect: Carhuff + Cueva
Architects
Size: 58,000 square feet
City: Glendale
Unified Approach. National Presence. Regional Expertise.
Leveraging our extensive expertise and resources to deliver exceptional projects across the Southwest.
Powered by partnership, we prioritize transparency to foster client engagement and ensure a positive project experience.
ARIZONA STATE UNIVERSITY CASA DEL VALLE
Owner: Arizona State University
Developer: American Campus Communities
General contractor: Okland Construction
Architect: Todd & Associates
Size: 134,000 square feet
City: Glendale
Arizona State University
University Gateway Building
Owner: Arizona State University
General contractor: McCarthy
Building Companies
Architect: DFDG Architecture
Subcontractors: KT Fabrication, MKB Construction, PK Associates, Henderson Engineers, Trueform
Concrete
Size: 128,000 square feet
Value: $88 million
City: Tempe
Arizona State University
Wilson Hall
Owner: Arizona State University
General contractor: Holder
Construction
Architect: RSP Architects
Subcontractors: Affiliated Engineers, PK Associates, Dibble, GBtwo, Corporate Interior Systems
Size: 178,000 square feet
City: Tempe
Mayo Clinic Integrated Education and Research Building
Owner: Mayo Clinic
General contractor: DPR
Construction
Architect: DFDG Architecture
Subcontractors: DH Engineering, MBJ, Kimley-Horn, Cannon & Wendt, TDIndustries
Size: 150,000 square feet
Value: $135 million
City: Phoenix
University of Arizona Grand Challenges
Research Building
Owner: University of Arizona
General contractor: Kitchell
Architects: ZGF, BWS Architects
Subcontractors: Sturgeon
Electric, Sun Mechanical, Baker Concrete, MKB Construction, Giroux Glass
Size: 125,338 square feet
Value: $81,742,685
City: Tucson
IRONWOOD CANCER & RESEARCH CENTER - GOODYEAR
Owner: Ironwood Cancer & Research Centers General contractor: Okland Construction Architect: SmithGroup
Subcontractor: DP Electric Size: 29,000 square feet Value: $20 million City: Goodyear
One Scottsdale Medical
Owner: HR RC One Scottsdale JV
Developer: Ryan Companies
General contractor: Ryan Companies
Architect: Ryan A+E
Subcontractors: Design Drywall West, Rouser Concrete, RKS Plumbing and Mechanical, Cutting Edge Fabrication
Size: 101,136 square feet
City: Scottsdale
Mayo Clinic West Expansion
Owner: Mayo Clinic
General contractor: DPR Construction Architect: HKS
Subcontractors: PK Associates, Kimley-Horn, Suntec Concrete, W.D. Manor, Cannon & Wendt
Size: 583,000 square feet
City: Phoenix
Tucson Medical Center
Rincon Hospital
Owner: Tucson Medical Center
General contractor: JE Dunn
Construction
Architect: Devenney Group
Subcontractors: MWG Structural, Bowman Consulting Group, LSW
Engineers, Swaim Associates
Size: 132,284 square feet
Value: $81.3 million
City: Tucson
Valleywise Health Medical Center
Owner: Valleywise Health
General contractor: Kitchell
Architect: Cuningham Group Architecture
Subcontractors: University Mechanical and Engineering Contractors, Delta
Diversified Enterprises, Cates Brothers, Firestop Southwest, PCI
Size: 825,000 square feet
Value: $491 million
City: Phoenix
CAESARS REPUBLIC SCOTTSDALE
Developer: HCW General contractor: Layton Construction Architect: BRP Architects
Subcontractors: Suntec Concrete, E&K of Phoenix, Spectrum Mechanical, SECON, JFN Mechanical Contracting Size: 260,000 square feet
Value: $200 million City: Scottsdale
Desert Mountain
Owner: Desert Mountain
General contractor: Haydon
Architect: DTJ Design
Subcontractors: AF Steel
Fabricators, CMR Construction, Fireplace Specialist, Universal Piping, Vermont Timber Works
Size: 21,083 square feet
Value: $20,301,881
City: Scottsdale
Developers: Plaza Companies, Holualoa
Companies and Fayth Hospitality Group
General contractor: Layton
Construction
Architect: PK Architects
Subcontractors: Pete King
Construction, Suntec Concrete, Wood
Patel, Colwell Shelor, Offay Design Studio
Size: 112,315 square feet
Value: $55.5 million
City: Phoenix
Owner: Hopi Tribe Economic
Development Corporation
General contractor: Wespac
Construction
Architect: Smith Architects
Subcontractors: Summit
Tell Your Friends
Developer: Creation Hospitality
General contractor: LGE
Design Build
Architect: Dwell Boldly
Size: 2,000 square feet
City: Scottsdale
Construction, Dewey’s Plumbing, Major League Painting, Commercial Glass Company, JSC Contracting
Size: 32,763 square feet
City: Clarkdale
Renegade Clubhouse
Home2 Suites/Tru by Hilton Hotels
Taawaki Inn
COMARCH DATA CENTER
Owner: Comarch General contractor: The Weitz Company Architect: Gensler
Subcontractors: Suntec Concrete, Swanson Rink, PK Associates, Colwell Shelor, Wood, Patel & Associates Size: 50,000 square feet City: Mesa
EMPIRE 101
Owner: Nuveen Real Estate
Developer: KBC Advisors
General contractor: Stevens-Leinweber Construction
Architect: Deutsch Architecture Group
Subcontractors: Riggs Companies, The Structures Group, Integrity Electric, Alignment Steel, CJ Enterprises Size: 153,145 square feet City: Peoria
Cove Logistics Center
Developer: ViaWest Group
General contractor: Wespac Construction
Architect: Deutsch Architecture Group
Subcontractors: Apache Pipelines, Riggs Companies, DP Electric, L&H Mechanical, Wayne Dalton
Size: 99,498 square feet
Value: $25 million
City: Phoenix
Desert Cove Industrial Center
Developer: Evergreen Devco
General contractor: Willmeng Construction
Architect: Cawley Architects
Subcontractor: Suntec Concrete
Size: 168,000 square feet
City: Surprise
Goodyear Crossing Industrial Park, Phase II
Developer: ViaWest Group
General contractor: Stevens-Leinweber Construction
Architect: K&I Architects & Interiors
Subcontractors: Raven Concrete, Adobe Drywall, Suntec Concrete, Ikon Steel, Structures Group
Size: 86,875 square feet
Value: $20 million
City: Goodyear
Toy Barn Scottsdale
Developer: Wesley Development Company
General contractor: Renaissance Companies
Architect: DLR Group
Size: 85,000 square feet
Value: $35 million
City: Scottsdale
INDUSTRIAL
(175,000 TO 270,000 SF)
CAPROCK LONGBOW
Developer: Chamberlain Development
General contractor: Sun State Builders
Architect: Cotton Architecture
Subcontractors: Riggs Companies, The Structures Group, Tilmann Electric, RPC Commercial Plumbing, Wall Assemblies
Size: 246,127 square feet
Value: $25.7 million
City: Mesa
Gateway Executive Airpark
Developer: Gateway Executive Airpark
General contractor: Sun State
Builders
Architect: Winton Architects
Subcontractors: Riggs
Companies, Agate Construction, Bunger Steel, Aero Automatic Fire Sprinkler, RPC Commercial Plumbing
Size: 187,435 square feet
Value: $37.5 million
City: Mesa
NTT Building PH2
Owner: NTT Global Data Centers
Americas
General contractor: Clayco
Architect: Corgan
Subcontractors: Corbins, Bel-Aire
Mechanical, Hard Rock Concrete, WPI, Steel Fab
Size: 230,000 square feet
City: Mesa
ELLIOT TECH CENTER 1
Developer: Thompson Thrift General contractor: Clayco Architect: Butler Design Group Size: 251,300 square feet Value: $41,682,713 City: Mesa
Rehrig Pacific Facility
Developer: Merit Properties
General contractor: FCL Builders
Architect: Ware Malcomb
Subcontractors: PK Associates, Studio DPA, Kraemer Consulting Engineers, Kornacki & Associates, Harrington Group
Size: 250,000 square feet
City: Buckeye
Vantage Data Centers AZ13
Owner: Vantage Data Centers
General contractor: McCarthy
Building Companies
Architect: Corgan
Subcontractors: Rosendin
Electric, Southland Industries, Amfab Steel, Pete King
Construction, T-P Acoustics
Size: 231,246 square feet
Value: $232 million
City: Goodyear
INDUSTRIAL (270,000 TO 500,000 SF)
BUCKEYE85
Developer: Lincoln Property Company
General contractor: Layton Construction
Architect: Butler Design Group
Subcontractors: Hunter Engineering, AME Electrical, Hardrock Concrete, Desert Structures, Western Building Group
Size: 321,892 square feet
Value: $50 million
City: Tolleson
CALIBER BY GREYSTAR
Developer: Greystar
General contractor: Layton Construction
Architect: Deutsch Architecture Group
Subcontractors: Suntec Concrete, Sunland Asphalt, Global Roofing, Desert Structures, RMJ Electric
Size: 411,918 square feet
Value: $90 million
City: Peoria
Germann Commerce Center
Developer: Thompson Thrift
General contractor: American Retail Contractors
Architect: Butler Design Group
Subcontractors: Kraemer Consulting Engineers, McGrew Consulting Engineers, PK Associates
Size: 391,700 square feet
Value: $25,460,500
City: Queen Creek
Midway Commerce Center
Developer: Creation
General contractor: LGE Design Build
Architect: LGE Design Build
Subcontractors: Riggs Companies, S&S Paving & Construction, Phoenix Commercial Electric, ARC Steel, T Bar H’s Desert Horizon
Size: 301,994 square feet
Value: $57 million
City: Chandler
Pima DC 1
Developer: Prologis
General contractor: Willmeng Construction
Architect: HPA Architecture
Subcontractors: Suntec Concrete, Wilson Electric, Encore Steel, Hunter Engineering, Panelized Structures, Clayton Floor
Covering
Size: 300,000 square feet
City: Phoenix
Surprise Crossings
Developer: Panattoni Development Company
General contractor: Wespac Construction
Architect: Cawley Architects
Subcontractors: Suntec Concrete, Saguaro Steel, Desert Structures, Apache Pipelines, Wilson Electric
Size: 274,040 square feet
City: Surprise
(500,000 TO 700,000 SF)
COTTON LANE COMMERCE PARK BUILDINGS A AND C
Developer: Trammell Crow Company General contractor: Willmeng Construction Architect: Butler Design Group
Subcontractors: Laskin & Associates, Kraemer Consulting Engineers, McGrew Consulting Engineers, PK Associates
Size: Building A is 279,961 square feet; Building C is 262,912 square feet; total is 542,873 square feet
Value: $51 million City: Goodyear
Echo Park 303 –
Buildings A and B
Developer: Echo Real Estate Capital
General contractor: LGE Design Build
Architect: LGE Design Build
Subcontractors: Arc Steel, Clear Cut Concrete, Denny Clark
Masonry & Concrete, Milam Glass Co., Vintage Plastering
Size: Building A is 220,240
square feet; Building B is 455,936 square feet; total is 676,176
square feet
Value: $56 million
City: Glendale
Project Dynasty
Owner: Nestlé
General contractor: Clayco
Architect: Clayco Design &
Engineering
Subcontractor: MKD Electrical
Size: 630,000 square feet
City: Waddell
SIHI Camelback 303
Developer: Sunbelt Investment
Holdings
General contractor: Graycor
Construction
Architect: Butler Design Group
Subcontractors: Suntec
Concrete, Desert Structures, Ronning Landscape, Castle Steel,
Progressive Roofing
Size: 514,063 square feet
Value: $49,136,872
City: Goodyear
Sub-Zero
Owner: Sub-Zero
Developer: ViaWest Group
General contractor: Willmeng
Construction
Architect: DLR Group
Subcontractors: Riggs
Companies, ICON Electric, The Structures Group, Comfort System
USA, Adobe Drywall
Size: 599,351 square feet
City: Goodyear
INDUSTRIAL
(700,000 TO 1,100,000 SF)
EASTMARK CENTER OF INDUSTRY PHASE 1
Developer: IndiCap General contractor: Layton Construction Architect: Deutsch Architecture Group
Subcontractor: Suntec Concrete, Pro-Low, Panelized Structures, Castle Steel, Redpoint Contracting Size: 983,720 square feet across five buildings Value: $83 million City: Mesa
Mission Park
Developer: Martens Development Company
General contractor: Willmeng
Construction
Architect: Ware Malcomb
Subcontractor: Kimley-Horn
Size: 723,508 square feet across two buildings
City: Buckeye
Kohler Vikrell
Manufacturing Facility
Owner: Kohler Co.
General contractor: M.A. Mortenson Co.
Architect: Ware Malcomb
Subcontractors: Suntec Concrete,
TDIndustries, BZI Group, Capra Group, Sturgeon Electric
Size: 1,050,000 square feet
Value: $286 million
City: Casa Grande
Superstition Commerce Park
Developer: Dalfen Industrial
General contractor: Layton Construction
Architect: Deutsch Architecture Group
Subcontractors: Suntec Concrete, Blucor
Contracting, Pro-Low, Walters & Wolf, AME
Landscape Companies
Size: 969,211 square feet
Value: $87 million
City: Mesa
Tucson Commerce Center
Developer: Flint Development
General contractor: Brinkmann Constructors
Architect: Davidson Architecture + Engineering
Subcontractors: Vicon Construction, K2
Electric, Sun Mechanical Contracting, Applied
Rite Door and Docks, Santa Rita Landscaping
Size: 807,000 square feet
Value: $60 million
City: Tucson
Derek Builders is honored to be recognized as a 2025 RED Awards Finalist We extend our heartfelt thanks to Southwest Value Partners, along with our dedicated subcontractors and vendors, for making this achievement possible.
INDUSTRIAL (MORE THAN 1,100,000 SF)
HUB @ 202
Developer: Madison Ventures+
General contractor: Layton Construction
Architect: Ware Malcomb
Subcontractors: Suntec Concrete, Pro-Low
B&F Contracting, Desert Structures, AF Steel
Size: 1,497,453 square feet
Value: $145 million
City: Mesa
Prologis Loop 303 Building 1
Developer: Prologis
General contractor: Layton
Construction
Architect: Ware Malcomb
Subcontractors: Panelized Structures, Integrity Electrical, Johnson Controls, Aero Automatic Sprinkler Company, Ricor
Size: 1,226,834 square feet
City: Goodyear
The Base
Developer: ViaWest Group
General contractor: Willmeng
Construction
Architect: DLR Group
Subcontractors: Suntec
Concrete, The Structures Group, Atwater Construction II, Rummel
Construction, Hawkeye Electric
Size: 1,182,877 square feet
Value: $240 million
City: Litchfield Park
The Cubes at Glendale Building B
Developer: CRG
General contractor: Clayco
Architect: Lamar Johnson
Collaborative
Subcontractors: Concrete Strategies, AROK, Canyon State Electric, Brightview Landscaping, Shambaugh & Son
Size: 1,200,140 square feet
City: Glendale
Virgin Industrial Park Phase 1
Developer: IndiCap
General contractor: Graycor
Construction
Architect: Deutsch Architecture Group
Subcontractors: Suntec Concrete, Markham Contracting Company, Tecta America Arizona, DP Electric, Castle Steel
Size: 1,019,840 square feet
across three buildings
Value: $90 million
City: Glendale
MULTIFAMILY
MODERNE AT ROCKING K
Developer: Moderne Communities General contractor: LSH Construction Architect: KTGY
Subcontractors: Escalante Concrete, En Fuego Construction, RMP Living
Size: 224 units City: Vail
Presidio Palms Apartments
Developer: Sterling Real Estate Partners
General contractor: G&J Development
Architect: FORS Architecture
Size: 212 units
Value: $40 million
City: Tucson
The Bungalows on Bowlin
Developer: Cavan Companies
General contractor: La Casa Dulce
Architect: Mooradian & Associates
Size: 196 units
City: Maricopa
Scottsdale on Main
Owner: Baron Properties
Developer: Haselden Real Estate
Development
General contractor: Wespac
Construction
Architect: CCBG Architects
Subcontractors: Suntec Concrete, PK Associates, Peterson Associates, CollectiV Landscape Architects, Charlene Falk
Size: 119 units
Value: $31.5 million
City: Scottsdale
The Village at Schnepf Farms
Developer: The Empire Group of Companies
General contractor: LSH Construction
Architect: Felten Group
Subcontractors: Coppernail Development, McGough Adamson, Wright Engineering, Terrascape Consulting
Size: 144 units
Value: $43 million
City: Queen Creek
MULTIFAMILY (MORE THAN 250 UNITS)
MOONTOWER PHOENIX
Developer: LV Collective General contractor: JE Dunn Construction Architect: Shepley Bulfinch
Subcontractors: Ardurra, PK Associates, Michael Hsu Office of Architecture, Peterson Associates, HACI Mechanical
Size: 326 units Value: $90.1 million City: Phoenix
PALMtower
Developer: North American Development Group
General contractor: Clayco
Architects: Will Bruder Architects, Lamar Johnson Collaborative
Subcontractors: Dibble, Peterson
Associates, Baldridge & Associates
Structural Engineers, Shiner
Acoustics, HLB Lighting Design
Size: 352 units
City: Phoenix
Royal Oaks Phase 1, 2, and 3
Owner: Royal Oaks
General contractor: GCON
Architect: Spiezle Architectural Group
Subcontractors: RKS Plumbing & Mechanical, Wholesale Floors, T-P
Acoustics, Three Phase Electric, Valley Canvas
Size: 668 units
Value: $6 million
City: Sun City
Skye on 6th
Developer: Hubbard Street Group
General contractor: Clayco
Architect: Shepley Bulfinch
Subcontractors: Ardurra, PK
Associates, Peterson Associates, Dig Studio, Harken Interior
Size: 309 units
City: Phoenix
Weylyn Luxury Apartments
Developer: P.B. Bell
General contractor: MT
Builders
Architect: BMA Architecture
Subcontractors: JR McDade,
Tile Signs and Graphics, Tribal Waters, Encore Cabinets, Sierra
Sun Landscaping
Size: 308 units
City: Laveen
CHILD CRISIS ARIZONA CENTER FOR CHILD & FAMILY WELLNESS
Owner: Child Crisis Arizona General contractor: CHASSE Building Team Architect: Architectural Resource Team
Subcontractors: RN Electric, Universal Piping Industries, Corporate Air Mechanical Services, T-P Acoustics, Pete King Construction
Size: 38,000 square feet Value: $20.5 million City: Mesa
High Place Investments Office
Owner: High Place Investments
General contractor: Gray Properties
Architect: Pinnacle Design
Size: 4,000 square feet
City: Phoenix
Phoenix Children’s Hospital
Thomas Campus Office Building
Owner: Phoenix Children’s Hospital
General contractor: Kitchell
Architect: SmithGroup
Subcontractors: Suntec Concrete, Canyon
State Electrical, Midstate Mechanical, Pueblo Mechanical, T-P Acoustics
Size: 94,000 square feet
Value: $29,189,869
City: Phoenix
Tempe Vale
Developer: Verde Investments
General contractor: Wespac
Architect: Butler Design Group
Subcontractors: Suntec Concrete, Saguaro Steel, Western Building Group, Coreslab Structures
Size: 243,211 square feet across two buildings
Value: $82,399,327
City: Tempe
ALLIANCE BANK EXECUTIVE OFFICES
Owner: Cityscape Developer: RED Development General contractor: Stevens-Leinweber Construction Architect: Anne Sneed Architectural Interiors Subcontractors: Thanos Mechanical, A-1 Desert Electric, Adobe Drywall, Quality Floor Covering, Accent Marble & Stone Size: 23,475 square feet City: Phoenix
Concord Servicing Headquarters
Owner: Concord Servicing
General contractor: Princeton
Construction
Architect: Corgan
Subcontractors: L&H Mechanical, Wellco Electric, Coss Framing & Drywall, Arrowhead Doors, Desert Ridge Glass
Size: 21,321 square feet
Value: $1.5 million City: Scottsdale
Lee & Associates
Arizona office
Owner: Lee & Associates
General contractor: RSG Builders
Architect: RSP Architects
Subcontractors: Forward Tilt, Peterson Associates Consulting Engineers, ProjeX
Size: 10,500 square feet City: Phoenix
IMAGINE LEARNING NEW GLOBAL HEADQUARTERS
Owner: Imagine Learning General contractor: GCON Architect: Corgan Subcontractors: Alpine Mechanical, Arizona Partition, Fine Line Manufacturing, T-P Acoustics, Three Phase Electric Size: 31,000 square feet
Value: $4.1 million City: Tempe
Perkins Coie Phoenix
Owner: Perkins Coie
General contractor: Clune
Construction
Architect: Stantec
Subcontractors: Stith Electric, Pueblo Mechanical, Todek Acoustics, Exhibits Southwest, Reeve’s
Paperhanging
Size: 25,547 square feet City: Phoenix
Player 15 Group Headquarters & Phoenix Mercury Training Facility
Owner: Player 15 Group
General contractor: Okland
Construction
Architect: Gensler
Subcontractors: DP Electric, PK Associates, Next Level Steel, Kovach, Dibble
Size: 123,000 square feet
Value: $55 million
City: Phoenix
RECREATION AND PUBLIC WORKS
CITY OF AVONDALE POLICE DETENTION CENTER
Owner: City of Avondale General contractor: Willmeng Construction
Architect: Perlman Architects of Arizona Size: 30,000 square feet
Value: $15.9 million City: Avondale
City of Tempe Clark Park
Owner: City of Tempe
General contractor: Haydon
Architect: DIG Studio
Subcontractors: Shasta Pools, Western Building Group, T-Bar H’s Desert Horizon
Development, Sonoran Drywall, J&M Glass
Size: 15,556 square feet
Value: $12.4 million
City: Tempe
Mesa City Hall
Owner: City of Mesa
General contractor: Okland Construction
Architect: Adaptive Architects
Size: 20,000 square feet
Value: $30 million
City: Mesa
City of Scottsdale Pima Happy Valley Road Improvements
Owner: City of Scottsdale
General contractor: Haydon
Subcontractors: Kimley-Horn, Ardurra, Metro Traffic Control, WSP, PaveCo, Earthscapes, CS
Construction
Size: Three miles of roadway improvements
Value: $72 million
City: Scottsdale
Phoenix-Mesa Gateway Airport Authority Terminal Modernization
Owner: Phoenix-Mesa Gateway Airport Authority
General contractor: McCarthy Building
Companies
Architect: DWL Architects
Subcontractors: Martin, White & Griffis
Structural Engineers, Dibble, LSW Engineers, J.B. Steel, Pete King Construction
Value: $28 million
City: Mesa
REDEVELOPMENT
ARIZONA BILTMORE
GOLF CLUB RENOVATIONS
Developer: JDM Partners
General contractor: Sundt Construction
Architect: Doug Fredrikson Architects
Subcontractors: Canyon State Electric, Tempe Mechanical, Sundt Concrete, Sun Valley Masonry, Aspen Construction
Size: 40,000 square feet
Value: $29,261,928
City: Phoenix
Arroyo Campus Reposition
Owner: Southwest Valley Partners
General contractor: Derek Builders
Architect: Gensler
Subcontractors: Desert State
Electric, AAA Landscaping, Mirasol
Paint and Drywall, Sun Country Floors, Indwell Woods
Size: 287,481 square feet
Value: $20,391,748
City: Tempe
Esplanade Repositioning
Developer: Tourmaline Capital Partners
General contractor: Layton
Construction
Architect: Corgan
Subcontractors: Pete King
Construction, Western Building
Group, Wholesale Floors,
Integrity Electric, DP Electric
Size: 70,000 square feet
Value: $38 million
City: Phoenix
Firestone Building
Rehabilitation
Developer: 48 DevCo & JAG
Development joint venture
General contractor: Irwin Construction Company
Architect: Motley Design Group
Subcontractors: DJB Enterprise, Devil Dog Demolition, CMR
Construction, Alta Vista Masonry, J&M Glass
Size: 16,961 square feet
Value: $2,607,380
City: Phoenix
Fountainhead Heights Office Lobby Refresh
Developer: Shorenstein
Properties
General contractor: CHASSE
Building Team
Architect: Gensler
Subcontractors: Dibble, ESD, MBJ, Trueform Concrete
Size: 445,000 square feet
City: Tempe
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We see our work through the eyes of the people who will use them every day. Through their eyes, we see places of entertainment, education, innovation, technology, healing and research.
The result? Powerful structures with impacts that reach far beyond these walls.
Skye on 6 th
Ray Phoenix
Palm Tower
The Cubes at Glendale
EARNHARDT GENESIS CHANDLER
Owner: No Bull 202
General contractor: LGE Design Build
Architect: John Mahoney Architect
Subcontractors: Hashknife Hotshots, ARC Steel, Hawkeye Electric, Carlson Glass, Impact Property Solutions
Size: 24,000 square feet
Value: $11.5 million
City: Chandler
Restaurant Row at Prasada
Developer: SimonCRE
General contractor: DG Fenn Construction
Architect: RKAA Architects
Subcontractors: Xterior Innovations, Designing Commercial Interiors, Chaparral Glass, Moreno’s Welding, Arizona Stucco
Systems
Size: 32,572 square feet
Value: $22,146,153.85
City: Surprise
Mox Boarding House
Owner: Card Kingdom
General contractor: LGE Design Build
Architect: Leisure Corporation
Subcontractors: Phoenix
Commercial Electric, Pueblo
Mechanical, Cortel Communications, Adobe Drywall, Tri-Mega Mechanical
Size: 10,466 square feet
Value: $2.5 million
City: Chandler
The Park at 83
Developer: Common Bond Development Group
General contractor: A.R. Mays
Construction
Architect: PHNX Design
Subcontractors: Berghoff Design Group, Rick Engineering
Size: 16,000 square feet across three
buildings
City: Peoria
Trailhead
Developer: Pederson Group
General contractor: Campbell Development
Architect: Butler Design Group
Subcontractors: Skyce Steel, Sunnyside Masonry, Desert Rock Concrete and Masonry, Ganado
Painting & Wallcovering, Progressive Roofing
Size: 26,004 square feet across three buildings
Value: $26,314,000
City: Peoria
REAL ESTATE LAW
Road to clarity
Arizona Supreme Court clarifies just compensation involving condemnation of easements
In January of this year, the Arizona Supreme Court issued a decision of significance to the eminent domain community and is worth a read for anyone else interested in real property rights.
The case — State v. Foothills Rsrv. Master Owners Ass’n, Inc. — arose out of the Arizona Department of Transportation’s acquisition of land to construct the Loop 202 South Mountain Freeway. In its decision,
Jennifer Cranston Real estate law
the Court held that the defendant property owners were entitled to a category of compensation called “severance damages” for the taking of certain easement rights that resulted in “proximity damages” to the remainder of their property not taken for the project.
Background facts
The defendants in the case were a group of more than 500 homeowners
in a master-planned community located south of metropolitan Phoenix. Like many residential developments, the defendants owned the lots on which their homes were constructed as well as easement rights in the community common areas. The common areas were owned by the HOA. The easement rights were created by certain declarations of covenants, conditions and restrictions and included “negative easements” (also known as “restrictive covenants”)
reserving the common areas as undevelopable open space for all residents in the community to enjoy.
In 2017, the state filed a lawsuit against the HOA to condemn the common areas, for which the state ultimately agreed to pay the HOA $6.5 million. However, in order to construct the freeway on the common areas set aside as undevelopable open space, the state also needed to condemn the homeowners’ negative easements.
As in most eminent domain cases, the primary fight was not over whether the state could condemn the easements, but how much the state would have to pay as just compensation. The HOA, on behalf of the homeowners, sought compensation for severance damages, which are damages that compensate a defendant for the diminution in value to the portion of the parcel not taken (called the “remainder”) caused by its severance from the condemned portion
REAL ESTATE LAW
as well as by construction of the project.
Specifically, the HOA asserted that the homeowners were entitled to two components of just compensation as a result of the state’s taking and project: (1) damages for the loss of the easements, measured as the difference between the value of the defendants’ properties with and without the easements, and (2) the reduction of the value of the homes due to their proximity to the new freeway, which accounted for elements such as noise, pollution and loss of view.
After the trial court ruled that the homeowners could pursue their claim for “proximity damages,” the parties agreed to a judgment so that the state could appeal the trial court’s decision. The judgment included two damage award options: (1) $6 million for the loss of the easements or (2) $6 million for the loss of the easements plus $12 million in proximity damages, if the trial court’s ruling was affirmed. In other words, the state and defendants decided to settle their dispute over the amount of proximity damages, but continued to fight over whether such damages are recoverable under the law.
The court’s ruling
On the first stage of the appeal, the state succeeded in convincing the Arizona Court of Appeals that the defendants were not entitled to proximity damages under Arizona statutory law. Relying on language from A.R.S. § 12-1122(A) that requires a jury to assess severance damages “if the property sought to be condemned constitutes only a part of a larger parcel,” the appellate court found that no severance damages were awardable because the homeowners’ easement rights were not parcels of land.
The Supreme Court accepted review of the case and framed the issue as “whether severance damages are available to landowners when their appurtenant easements are condemned but their physical real property is not taken.” In a unanimous
opinion written by Chief Justice Ann Timmer, the Court concluded that the statute does indeed authorize severance damages in the circumstances described.
Significance to eminent domain practitioners
The opinion issued by the Court of Appeals caused a stir among eminent domain practitioners. Many struggled to understand the court’s interpretation of the term “larger parcel” or how it could be applied in the context of other condemnation scenarios involving easement acquisitions.
For example, condemning entities regularly acquire easements for public purposes without acquiring fee title, such that the Court of Appeals’ decision created doubt over whether severance damages would continue to be available in those cases. Similarly, some landowner attorneys wondered whether the court’s interpretation of the statute might violate the constitutional mandate that just compensation be paid for the taking or damaging of private property in cases in which remainder parcels would unquestionably suffer damage as a result of an easement acquisition or project.
The Supreme Court’s reversal of the Court of Appeals’ decision helped allay these concerns and uncertainties.
Moreover, Justice Timmer’s opinion contained additional proclamations that will guide practitioners — including attorneys and appraisers — in future eminent domain matters.
First, the Court confirmed that nonpossessory interests in land, such as restrictive covenants, can form part of a “larger parcel” as that term is used in A.R.S. § 12-1122(A). The Court’s analysis of this issue, and especially the term “parcel,” created consistency with other eminent domain statutes. It also aligned condemnation law with general real estate principles by recognizing the various estates and interests that comprise the “bundle of sticks” associated with a given parcel of land.
Next, the opinion acknowledged that, for purposes of evaluating the availability of severance damages, the “larger parcel” is not limited to a single parcel. Instead, it can consist of varying interests held in multiple, distinct parcels of land, so long as the property rights held by the defendant are used for a common purpose. Finally, in addressing the specific issue of whether severance damages are available where the condemnor acquires only a party’s easement rights but not the party’s physical property, the Court cited a handful of cases from other states tackling similar issues. The citation to and discussion of these non-Arizona cases — several of which involve the important topic of access rights — will likely spark new conversations among Arizona eminent domain practitioners and could lead to further developments in the law.
Good read for the rest of the real estate community
The Supreme Court’s opinion is also a worthwhile read for the real estate industry in general. Chief Justice Timmer provided an excellent summary of the law concerning easement rights and how those rights may be impacted by eminent domain. And, even though the case involved residential property, the principles and legal issues discussed are equally applicable in the commercial context where restrictive covenants abound.
Jennifer Cranston is a shareholder and member of the board of directors at Gallagher & Kennedy in Phoenix, where she represents land developers and private property owners in condemnation and valuation disputes. She also assists condemning entities in acquiring property rights, which provides her with a unique perspective on eminent domain issues. Jennifer’s trial experience has resulted in two of the largest condemnation verdicts in the history of Arizona. She is the co-host and organizer of the semi-annual Condemnation Summit, which attracts more than 100 eminent domain practitioners throughout Arizona. Learn more about Cranston at gknet.com/jennifercranston/.
WEST VALLEY UPDATE
WEST VALLEY WONDERS
Avondale, Peoria and Buckeye keep the growth streak alive
By LUX BUTLER
The West Valley is rapidly emerging as a hub for businesses and economic development, drawing in major manufacturers, new residents and retail spaces. Cities such as Avondale, Peoria and Buckeye are at the forefront of this hot streak, attracting companies with their strong workforces, accessible transportation corridors and competitive real estate options. As these municipalities continue to expand, experts are expecting continued growth in both job opportunities and development, solidifying these cities’ important role in the region’s economy.
AZRE magazine sat down with economic development directors from the West Valley to learn more about how they are addressing their city’s needs, the impact of the semiconductor and retail boom, and the future of economic development in their cities:
Jennifer Stein
Economic development director, City of Avondale
Cheryl Covert
Assistant economic development director, City of Avondale
Mike Faust
Deputy city manager, City of Peoria
Suzanne Boyles
Economic development director, City of Buckeye
The following responses have been edited for clarity and length.
Jennifer Stein
Economic development director City of Avondale
AZRE: What makes Avondale an ideal location for businesses looking to grow and succeed?
Jennifer Stein: For me, Avondale is the center of it all. It’s geographically positioned in a very critical transportation corridor off the I-10 with direct connection to Loop 101, the 202 and the future SR30. We are geographically placed so that we have a really significant trade area pulling in a very solid workforce. That workforce is incredibly important to our narrative
as to why a business should land or locate in Avondale because they’ll find success with a talented labor force. We’ve got access to the workforce, a transportation corridor and we have solid infrastructure.
We also have incredible educational partners. From Agua Fria to Estrella Mountain Community College to Universal Technical Institute (UTI) to West-MEC, we have a lot of specialized programming. Estrella Mountain Community College had one of the first AI labs and robotics learning labs in conjunction with Microsoft and Intel. They have a unique AI, cybersecurity type program that is giving employers the workforce they’re looking for. Between these assets our strategic parcels, we’re ready to go.
Cheryl Covert
Assistant
director of economic development City of Avondale
AZRE: Can you tell us about a few of the key developments happening in Avondale?
Cheryl Covert: Avondale is home to one of the newest mixeduse developments called The Boulevard. The Boulevard is a mix of restaurants, entertainment, sports and residential. It houses over 2,000 multifamily residential units, all highly amenitized, and it’s surrounded by our 100,000-square-foot indoor sports center called American Sports Center. It’s anchored at the Boulevard Park Avenue District.
About two years ago, we brought in a master-planned community called Alamar, a Brookfield Residential development, which is similar to that of Verrado in Buckeye. We have multiple communities within Alamar, constructed by eight to 10 home builders, with over 4,000 homes expected at full build-out.
We continue to have multifamily residential, as well as healthcare, under development along McDowell Road. Avondale Commons, which is located on the northwest corner of Avondale Boulevard and McDowell Road, will have over 300 multifamily units. It will have a beautiful urban design, along with garden offices totaling about 60,000 square feet for medical use.
AZRE: How is Avondale preparing for future growth and development in terms of infrastructure and retail?
CC: Avondale owns about 17 acres in the Park Avenue District, and the city has put a lot of infrastructure and money into this development. We put in water features, uplighting on all the medians and trees, artwork and a $1.4 million lake in the center of the district.
We’re really excited to announce that Cooper’s Hawk Winery and Restaurants has decided to locate in Avondale. They are currently in site plan design review, and they should be breaking ground in March with plans to open their doors toward the end of 2025. Additional retail is coming to the area, though we can’t announce specifics yet.
This year, we opened a SpringHill Suites, an exciting project as one of the first in Arizona to receive Opportunity Zone funding. It is surrounded by additional multifamily units and retail paths that are currently available and being marketed. We’ve also welcomed USPS to one of our large industrial parks and completed two of four new buildings totaling more than 350,000 square feet, with the remaining two currently under construction.
Then, with Prop 479 passing and the funding of SR 30, we’ll have another freeway bifurcating our city to the south and essentially connecting the Loop 303 to the Loop 202 through Avondale. We’re really excited about the opportunity for the additional transportation connectivity.
WEST VALLEY UPDATE
“
” We’re very thankful to have a role to play in supporting the semiconductor ecosystem through facility fabrication.
Mike Faust
Deputy
city manager
City of Peoria
AZRE: What are the key priorities for industrial growth in Peoria this year?
Mike Faust: First and foremost is Amkor Technology, the world’s largest automotive outsourced semiconductor assembly and test (OSAT) provider. Bringing a $2 billion project is a big lift and requires a lot of our attention. Secondly, ACCO Engineered Systems is improving a 93,000-square-foot building they recently acquired so they can start local production of process piping to support facilities like TSMC and Amkor. We’re very thankful to have a role to play in supporting the semiconductor ecosystem through facility fabrication. Thirdly, we’re working with Greystar to continue filling the roughly 360,000 square feet of space remaining at Peoria Place. We’re excited to see what the new year brings in terms of new tenants there. Our primary focus is bringing more land to market. We’re working with VanTrust on 13 acres in the southern part of town and with Greystar on a 14-acre parcel just north of their Caliber project. However, available project sites are limited. The North Peoria Gateway zoning case, along with our partnership with Arizona State Land,
aims to create a retail-lifestyle hub along the Happy Valley 303 corridor. The intergovernmental agreement announced at the December 17 City Council meeting further supports this effort. Together with GPEC and ACA, we’re promoting the North Phoenix Loop 303 corridor as a prime location for top-tier employment.
AZRE: How is Peoria addressing the growing demand for skilled labor?
MF: The answer to our workforce needs is regional and twofold. First, we need the workers to build the facility, many of whom move between jobs. When there’s demand, like at TSMC, it often leads to skilled workers relocating to the area.
The second thing that is important for us — and I’m glad to see the community recognizing it — is the importance of career and technology education. We have partnerships with West-MEC and local school districts to promote STEM programs and establish additional campuses. The demand for welding programs, driven by the need for welders at large sites, highlights the importance of encouraging young people to consider careers in trades and STEM fields. We know that a large portion of West-MEC’s students are Peoria residents, and they’re having to travel outside of our city. We’re hopeful we can work with them to stand up a campus here in the near future.
AZRE: What does the future of development in Peoria look like?
MF: We have a clear plan that builds on our relationships with state land. First, through the 1,600acre North Peoria Gateway project, which we envision as a lifestyle hub. As a city, we’re ensuring that public infrastructure evolves alongside this growth. We’re working with state land and developers to bring essential services, such as medical facilities, retail and commercial spaces, closer to residents, supporting the needs of these expanding communities.
The 6,700-acre Peoria Innovation Core project aims to reduce the outcommuting of our residents, 84% of whom travel east on Loop 101 to Scottsdale and Tempe for work. Our goal is to bring jobs closer to home, creating opportunities for local employment. As Biscuit Flats and the area south of TSMC develop, we expect to add 20,000 homes and provide more commercial and retail jobs, complementing the quality of the community we’ve built.
We have a clear vision, led by our council, prioritizing economic development and the tactical execution of bringing land to market. Now, it’s about ensuring we work closely with successful bidders to meet the retail, commercial, and employment needs our community is asking for.
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WEST VALLEY UPDATE
Suzanne Boyles
Economic development director City of Buckeye
AZRE: Buckeye has seen exponential growth in multiple sectors recently. What would you say is driving this growth?
Suzanne Boyles: A lot of the growth comes from pent-up demand. Buckeye has always been underserved in a number of categories, specifically retail. The exponential growth in our population created additional demand in the retail sector, and that’s why we’ve got 1.5 million square feet of retail coming.
We are also seeing a tremendous amount of growth on the industrial side. We’ve got around 7 million square feet of active development right now, and that’s mainly because of our strategic location as the westernmost city in Maricopa County. We have a robust transportation corridor, and we check a lot of the boxes that these advanced manufacturers and these logistic companies need. When they’re looking at picking new real estate
to set up their new shop, Buckeye is positioned well for that, and we offer different things that other communities just can’t.
AZRE: How has the growth in Buckeye’s industrial sector contributed to the city’s overall economic development?
SB: When we categorize industrial, we really look at advanced manufacturing, logistics, energy — those kinds of projects — and it’s been one of our main drivers of growth for the last several years. We’ve welcomed new brands to the community like Amazon, Ross and Rehrig Pacific, and we’ve got Ravago that’s coming.
Our industrial sector also took off because the city did things very strategically several years ago, working with a lot of developers to bring speculative industrial buildings to the market. We did that because not a lot of companies want to build their own facility, they want a turn-key building that they can move into. We pushed and worked with a lot of the developers to bring those speculative
buildings online, and now we’re seeing a lot of those buildings being filled with these businesses.
AZRE: What companies are contributing to Buckeye’s employment growth?
SB: The new major employers that are coming are in advanced manufacturing and distribution and logistics. We are opening a Ross Distribution Center, a 1.72-millionsquare-foot facility, and they’re going to employ 1,300 people. We just opened an Amazon facility; they are also employing up to 700 people in that 1 million square foot building. Rehrig Pacific, which is an advanced manufacturer, is employing several hundred people, and Cardinal Glass employs several hundred people. Walmart Distribution Center is also here, and they employ 1,500 people. Those are the big brands that are driving a lot of that job creation on that employment side for us. And the great news about a lot of those brands is they’re joining some of our existing brands that have been here a long time and are very successful.
Cheryl Covert Jennifer Stein
Mike Faust
Suzanne Boyles
BUILDING A CONNECTION
How tribal developments bring jobs and better outcomes
By GABRIELLE WALLACE
Tribal development is unique to each individual tribe and its needs. Sometimes the development is rural, sometimes it’s urban. Regardless, both the struggles faced and successes celebrated are unique to each tribe.
Take, for example, Desert Diamond Casino White Tanks and the Clarence Wesley Health Center. The former opened in the West Valley in December
2024, just west of Glendale. The new Desert Diamond Casino, courtesy of the Tohono O’odham Gaming Enterprise (TOGE), will increase the enterprise’s revenue which helps fund the nation’s day-to-day government functions.
The San Carlos Apache tribe is currently working on the Clarence Wesley Health Center, which will serve the Bylas community, located
southeast of Globe. Construction is expected to finish in May 2025, providing improved care access and updated medical technology for the people of Bylas.
While both developments are vastly different, beyond just their purpose, tribe, and location, they will both serve the needs of their community — whether it’s through job creation or better health outcomes for residents.
Economic connections
Building on tribal land brings a different set of challenges compared to projects located elsewhere in Arizona. The Indigenous Community Collaborative works with tribal and nontribal entities to promote development — like that of the Clarence Wesley facility and the Desert Diamond Casino — through open communication between tribal and non-tribal
partnerships.
Co-founder of the Collaborative and member of the Fort Mohave Indian Tribe, Melody Lewis, says one of the biggest roadblocks in tribal development is misunderstandings surrounding tribal sovereignty.
“Every nation is different. They have their own infrastructure, their own rules, their own laws,” Lewis says. Because tribes are sovereign nations
they also function like their own businesses. This makes the president of a tribal nation also the equivalent of a CEO. Lewis highlights how tribal leadership and government focus on development that promotes tribal values such as “revitalization, reclamation or creating a generational impact.”
Eric Shepherd, market leader at Willmeng Construction, has worked on Indian Country developments since
INDIAN COUNTRY
1994. He says at Willmeng, the priority is building a relationship with the tribe to fulfill its visions and needs.
“It’s not just about building the structures — it’s building a future that honors, respects and empowers the Native American people. That’s really what it comes down to,” Shepherd says.
Desert Diamond Casino White Tanks
The Tohono O’odham Nation is largely located in south and central Arizona, but the tribe’s newest casino is in the West Valley near Glendale. The White Tanks location is just off Loop 303 and Northern Parkway. White Tanks is the second TOGE casino in the West Valley but TOGE’s fifth casino in total.
The project began in April 2023 and celebrated its grand opening on Dec. 18. The 19-month construction period supplied 5,500 construction jobs. Now operational, the casino is expected to support an additional 1,000 permanent positions.
The $450 million project resulted in a 184,000-square-foot casino floor with high-end restaurants, slot machines and table games such as roulette and baccarat. The casino isn’t done yet, though. Desert Diamond expects to eventually undergo an expansion to include a hotel, an outdoor pool and an amphitheater with an event-lawn space.
Lewis says that development is fueled by a nation’s needs, and money brought in from the TOGE and other Tohono O’odham enterprises helps
fuel government operations and infrastructure. The addition of a fifth casino will increase the TOGE’s revenue, while also having a significant impact on the West Valley’s economy.
Clarence Wesley Health Center
Breaking ground in Sept. 2023, the Clarence Wesley Health Center is expected to open in May 2025. The new facility will replace an older and smaller health center in Bylas that was outdated and in need of refresh.
According to Shepherd, an update has been long overdue but the project was waiting for funding approval from the Indian Health Service. Once funding had been secured, the San Carlos Apache were free to construct the project as they saw fit.
Upon completion, the new center will be host to a pharmacy, a feature the previous center lacked. Shepherd notes that at the old center people could be treated and given a prescription but then had no place near Bylas to fill it. The Clarence Wesley Center will also offer expanded services and new and improved technology including ultrasounds and other imaging services.
Shepherd also says there wasn’t any pushback from the community, in fact, most people were asking “Can you get it done sooner?”
“I mean it had very, very strong support from the Bylas community, from the healthcare corporation, from chairman with the tribe,” he continues.
“It was really a collaborative effort between all the parties involved.”
According to Shepherd, the project faced very few setbacks. Normally, the issue with tribal land development is getting workers to relocate out to rural areas from the metro parts of the state. Depending on the economy, many workers don’t see a reason to leave the city when there is metropolitan work available.
When working on rural projects like the one in Bylas, Willmeng collaborates with the Tribal Employment Rights Office (TERO) for the respective tribe. On this project, Willmeng worked with the San Carlos TERO to supply construction jobs to Indigenous members of the community. The company hosts hiring fairs and tries to maintain certain percentages of native workers in accordance with subcontractors on projects such as the Clarence Wesley Health Center.
The center is a much-needed update for the Bylas community, but it’s also an homage to Clarence Wesley himself. Clarence Wesley was a major Native American rights activist and Tribal Chairman of the San Carlos Apache. Wesley also served as the president of the Inter Tribal Council of Arizona and was the only San Carlos Apache member and leader to become president of the National Congress of American Indians. A plaque honoring Wesley will be displayed at his namesake’s health center at the conclusion of construction.
Eric Shepherd Melody Lewis
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FUTURE FOCUSED
The AZRE Forum brings industry experts together for five-year forecast
BY KYLE BACKER
The past five years have brought an eye-watering amount of growth to the Valley. TSMC’s $65 billion investment in North Phoenix remains the poster child for this era of expansion, but it is by no means the only project that will reverberate through Arizona’s economy in the years to come.
Since the early days of the COVID-19 pandemic, more than 100 million square feet of industrial development came to market, sophisticated hospitality projects such as the Global Ambassador and Ceasers Republic Scottsdale opened their doors, and region-shaping medical investments — such as Mayo Clinic’s West Expansion and the replacement of a more than
50-year-old hospital with Valleywise Health Medical Center — provided a much needed increase in healthcare capacity.
But with the first half of the decade in the rearview, what lies ahead for the region in the next five years? Can utilities meet the ever-increasing demand for power? Will air quality issues hinder Greater Phoenix’s capacity to grow? As the population increases, will declining affordability affect business attraction? How will negotiations around Colorado River water supplies shape the state’s future?
“The AZRE Forum, our annual commercial real estate update and
forecast, will answer those questions,” says Amy Lindsey, publisher of AZ Big Media, which produces AZRE magazine. “Our panels of experts represent some of the brightest minds in the industry whose insights will leave you better informed about the most pressing issues in commercial real estate today.”
AZRE magazine will host the annual AZRE Forum on April 8, 2025, bringing together Arizona’s most brilliant and informed commercial real estate minds for panel discussions covering all things commercial real estate. To get tickets or to learn more, go to azbigmedia. com and click on Awards & Events.
CHARLEY FREERICKS, president, Phoenix region, Howard Hughes Holdings
EMILY GANEM, executive vice president, Ganem Construction
JAMIE GODWIN, president, Stevens-Leinweber Construction
BEN GOTTLIEB, founder, Gottlieb Law
MICHAEL MARSH, associate vice president, Colliers
THE AZRE FORUM MODERATORS AND PANELISTS INCLUDE
(in alphabetical order):
JACKIE ORCUTT, executive vice president, CBRE
JOE STEWART, senior business development manager, City of Goodyear
JOE STROBBE, vice president, Phoenix, Brinkmann Constructors
JENNIFER SWANTON, director of business strategy and growth, DAVIS
CHARLIE VON ARENTSCHILDT, senior vice president, CBRE
DEREK WRIGHT, president & CEO, Suntec Concrete
ADAM WOJACK, executive vice president, Clune Construction
AZRE FORUM PANELISTS
Charley Freericks
President, Phoenix region, Howard Hughes Holdings
BACKGROUND: Freericks leads the residential and commercial development, leasing and operations of Teravalis, Howard Hughes’ new 37,000-acre master-planned community in the West Valley. Freericks is an industry veteran with more than 40 years of experience in large-scale community development throughout Arizona — including acquisition, entitlement, planning and design, implementation, and operations with an emphasis on commercial and mixed-use environments for the likes of Catellus Development Corporation and DMB Associates. He is an active contributor to numerous nonprofit organizations and currently serves on the board of the Arizona Community Foundation.
IMPORTANCE OF AZRE FORUM: “The real estate industry is very dynamic, with changes happening daily. Events like the AZRE Forum give all stakeholders the opportunity to share and learn from one another, and the collaboration makes us all better at what we do.”
TREND TO WATCH: “The stability of interest rates at a slightly lower level is what everyone is looking, hoping and praying for. I was expecting to hear a plan this quarter. We’re planning scenarios that include no change in mortgage rates, slight change (5-6%), and meaningful change (4-5%). Unfortunately, the trend is likely to be more of the same. It isn’t good news, and it isn’t horrible news.”
AZRE FORUM PANELISTS
Emily Ganem
Executive vice president, Ganem Construction
BACKGROUND: Ganem brings a hands-on, energetic approach to leadership. With over five years in the industry, she has played a pivotal role in shaping the company’s strategic direction, fostering a collaborative team culture and strengthening its position in the highly competitive construction market. Deeply connected to the local Phoenix business community, Ganem is passionate about innovation and creating a workplace that thrives on positivity and progress.
IMPORTANCE OF AZRE FORUM: “Events like the AZRE Forum are crucial because — let’s be honest — we all get so wrapped up in the day-to-day grind, focused on how our companies are operating, performing and navigating challenges. It is so easy to get tunnel vision. These forums create a space for us to step back, gain fresh perspectives from our peers and engage in meaningful conversations that help us see beyond our own walls. They’re not just networking opportunities; they are moments to reflect, exchange ideas and discern new opportunities we might have otherwise missed. It’s about sharpening our strategies, challenging our thinking and leaving with insights that inspire growth not just for our companies, but for the industry as a whole.”
TREND TO WATCH: “At Ganem, we are always looking ahead to ensure we’re adapting to the changing landscape of commercial real estate, development and construction. As we move into 2025, three key trends are shaping how projects are planned, built and experienced. Whether in retail, hospitality or office development, there is a growing demand for spaces that foster connection, community and engagement. This trend is influencing everything from site selection to architectural design, with an emphasis on creating destinations that resonate beyond transactional interactions.
“ We’re also seeing a trend that as population growth accelerates in areas like the West Valley, retail development is following closely behind. The traditional model of focusing on core urban centers is shifting as developers and investors recognize the untapped potential of these rapidly expanding communities.
“ Third, the construction landscape in Arizona is being shaped by increasing expectations around project timelines, cost management and operational efficiency. Clients are demanding faster turnarounds without compromising quality, driving a shift toward more strategic scheduling, stronger trade partnerships and lean operational models.”
Jamie Godwin
President, Stevens-Leinweber Construction
BACKGROUND: As president and CEO, Godwin applies 32 years of CRE and construction experience to lead SLC, a full-service general contractor operating across the office, industrial, retail, medical and mixed-use sectors. He prioritizes industry leadership and a best-in-class experience as SLC deploys millions of square feet of award-winning space each year.
IMPORTANCE OF AZRE FORUM: “Events like the Forum add to our collective industry knowledge and inform our strategic planning, empowering us to build a healthy local economy by thoughtfully delivering the right commercial real estate product in the right place, at the right time.”
TREND TO WATCH: “We’re starting to see the office market bounce back, particularly in the tenant improvement sector as more companies implement back-to-office policies. There’s a general consensus that this momentum will continue, which is a welcome and positive shift for the industry.”
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AZRE FORUM PANELISTS
Ben Gottlieb
Founder, Gottlieb Law
BACKGROUND: Gottlieb attended the Sandra Day O’Connor School of Law at Arizona State University, where he served as the managing editor for the Arizona State Law Journal. Gottlieb is an experienced attorney who has handled hundreds of real estate, business and commercial cases. His 15-plus-year legal career has been highlighted by numerous court victories and successful settlements for his clients. Gottlieb Law has more than a combined 70 years of focused legal experience and is a trusted leader in real estate, business and probate law.
IMPORTANCE OF AZRE FORUM: “Staying current with Arizona’s commercial real estate market is critical as the state continues to buck national trends and serve as a haven for key investments. While interest rates and inflation remain critical factors, Arizona’s robust population growth, tech sector expansion, and transformative developments are creating a dynamic landscape. Projects like the $7 billion Halo Vista community in Phoenix, built around the Taiwan Semiconductor Manufacturing Company, and the surge in data center developments in Buckeye are redefining commercial opportunities in the state. The AZRE Forum provides a platform to understand how these macro and microeconomic forces intersect, helping investors and stakeholders navigate this rapidly evolving market.”
TREND TO WATCH: “In 2025, interest rates and AI are the key forces shaping not only broader economic trends and the way people live but also commercial real estate. While higher rates impact financing and refinancing, Arizona is seeing a surge in AI-driven developments, especially data centers in Buckeye and research hubs in Phoenix. Investors should watch how AI infrastructure and demand for tech-ready properties reshape the market.”
Michael Marsh
Associate vice president, Colliers
BACKGROUND: As an associate vice president with Colliers, Marsh offers a wealth of experience and a client-centered approach to office property leasing. He has successfully been involved in over 500 transactions, totaling more than $500 million in total consideration. These transactions span a variety of services, including leasing, subleasing, sales, acquisitions, consulting and portfolio management. Marsh specializes in corporate advisory, tenant representation, investments and managing distressed or turnaround situations. Working closely with clients, he sets himself apart by becoming an integral part of their team. His legal and operational background allows him to ask the critical questions that lead to deeper insights into each client’s unique challenges and goals. By truly understanding their needs, he crafts customized real estate solutions designed to maximize value and create long-term success.
IMPORTANCE OF AZRE FORUM: “Events like AZRE Forum allow for unfiltered ideas to come into contact with our thinking. So much of what we see and hear is now filtered through some algorithm that limits things to what we are likely to want to see, hear and engage with which ultimately limits our ability to grow and come up with new ideas.”
TREND TO WATCH: “Office is quickly evolving in Phoenix. With all of the new to market companies — as well as growing local companies — desirable space will become more and more difficulty to find on the right budget and timeline.”
AZRE FORUM PANELISTS
Jackie Orcutt
Executive vice president CBRE
BACKGROUND: Orcutt and her team specialize in institutional landlord and buyer representation, industrial and back-office leasing, and sales. In the last ten years alone, Orcutt has completed more than 82 million square feet of transactions valued at over $2.1 billion. She also serves on the Board of Directors for Positive Paths and the Professional Advisory Committee for SARRC. Additionally, she served as a director on the 2019 and 2020 Global Board of Directors for CREW.
IMPORTANCE OF AZRE FORUM: “Events like the AZRE Forum are crucial for bringing together industry professionals who exchange ideas and learn about innovative solutions and best practices. This can drive the industry forward and help companies improve their operations and services.”
TREND TO WATCH: “The demand for industrial space remains strong, driven by the growth of manufacturing, reshoring and logistics companies needing more warehousing and distribution centers. We are also on the lookout for an increasing demand for build-to-suit opportunities tied to specialized and high-tech manufacturing.”
Joe Stewart
Senior business development manager City of Goodyear
BACKGROUND: Stewart brings both experience in economic development and public administration to the City of Goodyear. With nearly a decade in economic development and more than 15 years in the public sector, he has a proven track record of leading award-winning initiatives and fostering community engagement. Since joining Goodyear in 2022, Stewart has spearheaded the city’s retail, restaurant and entertainment business attraction efforts. He represents Goodyear at national trade shows, engages with hundreds of businesses annually, and leads strategic studies to drive economic growth.
IMPORTANCE OF AZRE FORUM: “Events like the AZRE Forum provide a critical platform for collaboration, knowledgesharing and relationship-building within the commercial real estate industry. Arizona’s market is evolving rapidly, and staying ahead requires a
strong network of developers, brokers, investors and public sector partners working together. From a municipal perspective, forums like this allow us to connect with key stakeholders, share our community’s vision and ensure that cities like Goodyear are positioned for smart, sustainable growth. These conversations ultimately help drive investment, support job creation, and shape the future of our region.”
TREND TO WATCH: “One of the biggest trends shaping commercial real estate in 2025 is the rise of experiencedriven developments — whether that’s in retail, office or mixed-use spaces. Businesses and consumers alike are prioritizing convenience, walkability and destinations that blend work, lifestyle and entertainment. In Goodyear, we’re seeing strong demand for vibrant, amenity-rich developments like GSQ, where people can shop, dine and gather in a connected environment. Companies looking to expand are also considering quality of life factors more than ever, making cities with strong community assets and workforce pipelines increasingly attractive.”
AZRE FORUM PANELISTS
Joe Strobbe
Vice president, Phoenix Brinkmann Constructors
BACKGROUND: Strobbe has more than 20 years of experience in construction and executive leadership. He is focused on growing Brinkmann’s presence, team and opportunities in the Southwest as well as the day-to-day operations of the Arizona office. His insight into the industry and passion for advocating for Brinkmann’s clients have positioned him to make an impact and help strengthen the community.
IMPORTANCE OF AZRE FORUM: “The commercial real estate market is incredibly dynamic. Conditions can change quickly and those who are watching trends, analyzing data and preparing their teams will be in the best position to capture opportunities and market share. Time spent at programs like the forum offer invaluable quick hits of data and perspectives good business leaders utilize to lead their teams to success.”
TREND TO WATCH: “We all heard the term Survive to 25! In 2025, the Arizona construction market is likely to see growth in both residential and commercial sectors, driven by the state’s expanding population and infrastructure needs. With the continuing development of urban centers like Greater Phoenix and Tucson, especially in multifamily housing and mixed-use projects, construction will likely focus on meeting growing housing demands. Additionally, the increasing availability of smart building technologies and automation could drive the adoption of tech-focused solutions in new projects. Labor shortages remain a challenge and solving for both electrical demand and equipment will likely continue to be hurdles for projects.”
Jennifer Swanton
Director of business strategy and growth DAVIS
BACKGROUND: Swanton provides leadership on the executive team at DAVIS and uses her 25-plus years of eclectic professional experience and entrepreneurship to improve business outcomes by creating and executing a plan for success. She uses her unique abilities to create meaningful relationships which mutually benefit those within her professional, personal and non-profit worlds. Deeply connected to the community, Swanton serves on multiple committees and boards including Chair of the WLI Committee of ULI, AAED Government Affairs Committee, LLS Executive Challenge Chair, 50/50 Women on Boards Committee, and the Arizona Soccer Foundation Board.
IMPORTANCE OF AZRE FORUM: “It is important for the industry to come together for events like the AZRE Forum because I truly believe that we all need to work together to make Arizona a better place to live, work, and ‘be.’ When we share our experiences, ideas and intellect with each other we all benefit. I appreciate AZ Big Media for creating opportunities for us to collaborate and connect with other.”
TREND TO WATCH: “A trend that I will be speaking to throughout this year will be RTO (return to office). With high-profile companies like Amazon and Dell requiring employees to return to the office five days a week, other companies are using this to set new mandates themselves, whether to encourage resignations or to improve culture and collaboration.”
AZRE FORUM PANELISTS
Charlie von Arentschildt
Senior vice president, CBRE
BACKGROUND: Von Arentschildt focuses on helping institutional clients with the disposition of office properties throughout the Phoenix Metro. Since joining CBRE in 2014, he has transacted over 800 deals valued at $3.7 billion in total consideration. He dedicates time to Phoenix Children’s Hospital, Executive Council Charities and the Phoenix Art Museum. In 2023, he chaired the Phoenix Children’s Golf Tournament, raising over $1.5 million for the hospital’s foundation.
IMPORTANCE OF AZRE FORUM: “The AZRE Forum is an important event for our industry. It brings together industry leaders and allows them to collectively share their knowledge of the market through panel discussions and presentations. Our shared insights, challenges and opportunities can only help elevate our great state's success.”
TREND TO WATCH: “The return of office! We expect tremendous bright spots in office in 2025 for the first time in some time. We’ve seen capital return to not only the very best projects but also significant value-add opportunities in the best pockets in Arizona. We also anticipate some very positive news in the fundamentals as tenants return to work and older supply comes off line and is put to better use.”
AZRE FORUM PANELISTS
Derek Wright
President and CEO
Suntec Concrete
BACKGROUND: Wright joined the company in 1990 as a carpenter and steadily rose through the ranks of leadership, becoming president in 2014. Suntec has grown into the leading concrete specialty contractor in the Southwest. In the decade that Wright has been at the helm, Suntec went from 700 employees and one office to 2,100 employees across four regions, and more than $900 million in annual revenue.
IMPORTANCE OF AZRE FORUM: “The AZRE Forum provides a critical platform for industry leaders to collaborate, share insights, and address challenges that impact the future of Arizona’s real estate and construction sectors. In an industry where relationships, market intelligence, and innovation drive success, coming together allows professionals to stay ahead of trends, forge strategic partnerships, and influence policies that shape our built environment. Events like the AZRE Forum also create opportunities for thought leadership, ensuring that companies remain competitive and well-positioned for growth in a rapidly evolving market.”
TREND TO WATCH: “One major trend shaping 2025 is the increasing demand for industrial and logistics infrastructure. With e-commerce growth, reshoring of manufacturing, and supply chain shifts, there is a heightened need for advanced industrial facilities, including distribution centers, cold storage, and high-tech manufacturing hubs. This demand is driving changes in site selection, building design, and construction methods, with an emphasis on speed-to-market, automation, and sustainability. Companies that adapt to these shifts — through strategic land acquisitions, innovative building solutions, and workforce development — will be well-positioned to capitalize on these opportunities.”
Adam Wojack
Executive vice president Clune
BACKGROUND: Wojack brings over 25 years of experience in the construction industry. A proven leader in field management, he has overseen millions of square feet of high-end build-outs and critical infrastructure projects across multiple sectors, including tenant improvements, hospitality, data centers and SCIF construction. Wojack, alongside Co-General Manager and Executive Vice President Jeremy Stanek, has played a pivotal role in building strong relationships with local subcontractors, developers, brokers and design partners, successfully expanding Clune’s portfolio in the region. Their leadership has been instrumental in growing the region’s resume in healthcare, hospitality, office tenant improvements and headquarters projects while expanding their mission-critical presence. Under their guidance, the Clune Phoenix office has grown to 43-plus fulltime employees, reinforcing Clune’s long-term commitment to the Arizona market.
IMPORTANCE OF AZRE FORUM: “It’s always beneficial to stay connected with our peers to discuss industry trends, share best practices, and discuss potential solutions to common challenges that the market is experiencing.”
TREND TO WATCH: “The commercial real estate market is picking up, with larger HQ projects focusing in on the Phoenix Market. The development in Downtown Phoenix continues see rapid growth, once again becoming a viable option for multiple opportunities.”
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