NW Valley Commercial Market
August 11, 2014 |
By Michelle Rider
Although we have yet to return to pre-recession activity levels, cities in Phoenix metro are issuing an increasing number of building permits which is a step in the right direction for our commercial economic growth.
One of the most exciting developments in the west valley is the Loop 303. On Saturday, August 16, the Arizona Department of Transportation and the city of Goodyear will celebrate the completion of the Loop 303/Interstate 10 traffic interchange. This is the last link connecting 35 miles of Loop 303 between Interstate 10 in Goodyear and Interstate 17 in Phoenix.
Many projects are happening on the healthcare front. Dignity Health’s St. Joseph’s Westgate Medical Center recently opened on Loop 101 near Glendale Avenue. Banner Estrella Medical Center also completed its new patient tower. The tower is part of a $161 million project, which includes revamping the emergency department to make room for Banner Estrella to treat 120,000 patients a year in the emergency department when fully open in 2015. Last month, West Valley Hospital became the first facility to offer Level 1 trauma care in the west valley. Midwestern University is opening the state’s first veterinary school on their campus at 59th Ave and Loop 101. The school will have an inaugural class of 100 in 2014.
Cardon Development Group has broken ground on a mixed use project, called Aspera, at the northwest corner of 75th Avenue and Loop 101, which will be anchored by Banner Medical Group. An apartment complex and retail space is also planned for the site. Zanjero Falls, a 147,000 square foot office building with an adjacent 10 acres of land, was recently purchased by Select Healthcare Solutions. The company will be developing an 11,000 square foot cancer center on a portion of the site, with plans to develop other medical uses on the remainder of the space.
Other recent commercial real estate wins for the west valley include GEPAK, an international plastics manufacturer based in Portugal, opened a new U.S. headquarters in Peoria northwest of Loop 101 and Thunderbird Road. Further, Netherlands-based Schoeller Arca Systems Inc. has leased an additional 77,000 square feet west of Phoenix in Goodyear near the Phoenix Goodyear Airport.
The development of the newest campus for the Arizona School of Real Estate and Business at 18185 N. 83rd Avenue, Building D, Suite 101 in Glendale is also a very positive project in the education arena. The grand opening is September 15, 2014.
I look forward to participating in The Commercial Resurgence Seminar on the morning of August 22nd at the Arizona School of Real Estate & Business. I will outline further developments and projects that are accomplishments for the west valley. I hope to see you there.