Real Estate

Two Canadian Companies Partner to Develop Industrial Property in Deer Valley

Canadian companies Nicola Wealth Real Estate (NWRE) and Hopewell Development (Hopewell) are strategically developing three industrial properties in low-tax, low-regulation Southwestern states with high migration. NWRE’s focus is growing an industrial portfolio in target markets against the backdrop of the increasing demand for industrial buildings to house e-commerce and distribution operations. NWRE and Hopewell recently acquired North Valley Industrial Park in the Deer Valley. The North Valley Industrial Park is a multi-phase project with Phase 1 commencing this month for the development of 131,000 square feet over two buildings adjacent to the Deer Valley Airport.

“Expanding NWRE’s industrial allocation within our funds involves two strategies; acquiring well located, well maintained, highly functional existing assets, and building to hold new generation product with trusted partners such as Hopewell,” explains NWRE Director of Acquisitions, Matthew Schaeffers. “We remain focused on acquiring quality assets at accretive pricing within our target markets and are very excited about these three development projects.”

“These projects present ideal opportunities to add much-needed supply to areas hungry for multitenant industrial buildings,” says Justin LeMaster, Vice President – US Industrial at Hopewell Development. “We are deploying our fully-integrated and customized approach to commercial real estate development to efficiently deliver a highly desirable best-in-class product to the market.”

NWRE continues to pursue opportunities in all asset types in markets across North America, with a focus on acquiring income-producing properties and development sites. In addition to its Canadian headquarters, Hopewell also has headquarters in Phoenix.

The Related Group Breaks Ground on Multi-family Housing Project in Deer Valley

The Related Group, an international developer known for its metropolitan condominiums, rental, and mixed-use projects, recently announced the groundbreaking of their second multifamily project in Arizona called Town Deer Valley at the crossroads of 19th Avenue and Alameda Road.

Located at 24032 North 19th Ave., the new 388-unit multi-family luxury residential apartment homes are conveniently situated in the desirable area near the Phoenix Deer Valley Airport that serves North Phoenix and the northwest Valley.

“We are excited to be expanding Related Group’s footprint in the greater Phoenix area. The Town Deer Valley project is the second of many Southwestern projects to begin in 2021,” says Michael D’Andrea, Southwest Regional Vice President.

The Town Deer Valley signature property was designed by Gary Todd Architects and the builder is GCON. Upon completion it will include open spaces and top-notch amenities, upscale architectural detailing and finishes, and multiple floor plans from which to choose, according to the company. The first residential units will be available in the second quarter of 2022 with the grand opening slated for fall of 2022.

“Our projects are designed to inspire Phoenix residents seeking a new type of urban living,” D’Andrea says. “We offer a unique product, one that will stand out and stand the test of time.”

The Related Group is also planning for two additional multi-family projects including a 420-unit project located in Chandler, slated to begin first quarter of 2021, and a Related Group signature project in the North Scottsdale area that will provide an additional 360 multi-family units.

Related Development expects to break ground on more than 20 projects in 2021, which will bring over 6,700 units – valued at over $2.1 billion – to the Southwestern and Southeastern markets. To learn more, visit relatedgroup.com.

Real Estate

Locals Can Look Forward to More Change as North Phoenix Continues to Grow

By Shelley Sakala, Realtor

The North Phoenix corridor we call home is turning into a tech hotbed! The land west of I-17, stretching from the 303 to Carefree Highway, is already slated for construction of a massive semiconductor plant, resulting in an estimated 1,900 well paying jobs. Additionally, one of their main suppliers is also planning to build an Arizona factory - creating hundreds or even thousands more jobs. This is outstanding news for the local economy. Restaurants, shops, and grocery stores can expect their registers to ring more frequently. City coffers will take in more taxes to pay for things like infrastructure and emergency services. And we can almost certainly expect home values in the area to grow.

But, new jobs mean that more people will be looking for a place to live… which depletes the inventory of existing homes…which drives up home prices… which creates demand for new home construction. And if this construction doesn’t keep pace (which it hasn’t), people turn to the rental market, which drives up rent (which may explain the influx of new apartment complexes popping up around town). Our community is growing - but this growth comes with trade-offs. We dislike the increase in traffic, but love the increase in our home values. We dread the longer waits for a table at a restaurant, but love that our favorite restaurants are profitable enough to stay in business. We hate searching for a parking spot, but love the variety of new businesses that open their doors.

The takeaway here is simple: changes are coming. Our city is growing. More people are arriving. These are all signs of growth, which is ultimately a good thing. We may be losing a little elbow room, but it’s much better to live in a growing city than one that is shrinking, or even flat. You’ll find cities all across the country that have stopped growing and look like ghost towns. Home values fall, businesses close, and young people move away. Once this downward spiral begins, it’s nearly impossible for a city to recover.

Who can say just how big North Phoenix will grow? Only time will tell. But if you’ve studied history you know it’s far better to live during the rise of an empire than its decline.

Shelley Sakala is a local Realtor with The Sakala Group.

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