In 2024, Arizona’s commercial real estate sector witnessed significant transactions across various property types. Notably, the Ave Paradise Valley Apartments in Phoenix sold for $183 million, highlighting robust activity in the multifamily market. The office sector saw the sale of 24th at Camelback II, a Class A office asset in Phoenix, marking the largest metro Phoenix office sale since 2022. Additionally, a $7 billion project called Halo Vista is being planned in Phoenix, aiming to create a comprehensive community around Taiwan Semiconductor Manufacturing Company’s existing facility. These deals underscore Arizona’s dynamic real estate market, driven by industrial expansion, evolving office spaces, and large-scale mixed-use developments. With that being said, here are the 10 biggest commercial real estate deals in Arizona during 2024.
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The 10 biggest commercial real estate deals in Arizona
Here are the 10 biggest commercial real estate deals in Arizona during 2024, according to Vizzda.
1. Arizona Biltmore
Sale price: $705,000,000
Location: 2400 E. Missouri Ave., Phoenix
Buyer: Henderson Park
Seller: Blackstone
2. Copperwing Logistics Center – Lots 7-9
Sale price: $258,081,239
Location: Northwest corner and northeast corner of North Dysart Road and West Northern Parkway, El Mirage
Buyer: Microsoft Corporation
Seller: Dermody Properties
3. Hermosa Ranch – Lot 1 (206.83 acres)
Sale price: $246,886,895
Location: Southwest corner of Avondale Boulevard and Lower Buckeye Road, Avondale
Buyers: Blackstone and QTS Data Centers
Sellers: Terry Klinger and Grand View Dairy
4. Desert Club Apartments
Sale price: $187,500,000
Location: 6901 E. Chauncey Lane, Phoenix
Buyer: Weidner Apartment Homes
Seller: Clarion Partners
5. Ave Paradise Valley Apartments
Sale price: $183,000,000
Location: 12400 N. Tatum Blvd., Phoenix
Buyer: RXR Realty
Seller: Street Lights Residential
6. Carter Apartments
Sale price: $161,400,000
Location: 3300 N. Scottsdale Rd., Scottsdale
Buyer: Kairoi Residential
Seller: Redwood Capital Group
7. Pearl Biltmore
Sale price: $152,000,000
Location: 2323 E. Highland Ave., Phoenix
Buyer: Covenant Capital Group
Seller: Mesirow Financial
8. San Valiente Luxury Homes
Sale price: $142,273,000
Location: 2220 W. Mission Lane, Phoenix
Buyer: Brookfield Properties
Seller: Blackstone
9. Buckeye Tech Corridor (proposed)
Sale price: $136,069,993
Location: Southwest corner of Johnson Road and I-10, Buckeye
Buyer: Tract
Seller: Arizona Land Consulting
10. The Cubes at Glendale Building B (Amazon lease)
Sale price: $128,100,000
Location: 15301 W. Northern Ave., Glendale
Buyer: New York State Common Retirement Fund
Seller: Clayco/CRG
