Following the failure of several projects, including the $300 million Legacy Sports Park, Arizona Governor Katie Hobbs is implementing new guidelines for projects bonded under the Arizona Industrial Development Authority (AIDA). The Auditor General’s report criticized AIDA for lax oversight in funding and fee payments, with the failed projects representing approximately 4% of AIDA’s portfolio. Under the new guidelines, AIDA will be required to prepare background information, financial history, and a project business plan for potential developers before Governor Hobbs signs off on the projects.

Kohlberg Kravis Roberts & Co. has acquired a 1.3M sq ft industrial park in Arizona for $165M, marking the largest industrial sale in the state in 2023. Cushman & Wakefield advised US Capital Development in the sale of a 599.5K sq ft industrial building for $81.7M. Ivanhoe Electric paid $34.3M for 5,975 acres in Casa Grande, and Christ Church Gilbert acquired a 31.9K sq ft church building and two commercial buildings for $24M. NAI Horizon facilitated a $4.5M office building sale in Oro Valley, and The Niki Group purchased a 20.4K sq ft store for $3.13M. Lincoln Property Company signed Tempur-Pedic to a full-building pre-lease at Buckeye85, and Engineered Foam Packaging Corp. leased a 152.2K sq ft building in Casa Grande. Picklemall leased 104K sq ft in Tempe, and RED Development announced six new tenants for the redevelopment of the former Paradise Valley Mall.

Kohlberg Kravis Roberts & Co. has acquired a 1.3 million sq ft industrial park in Arizona for $165 million. Cushman & Wakefield advised US Capital Development in the sale of a 599.5K sq ft industrial building in Glendale for $81.7 million. Ivanhoe Electric purchased 5,975 acres for its Santa Cruz Copper Project for $34.3 million. Christ Church Gilbert bought a church and commercial buildings for $24 million. NAI Horizon facilitated the sale of a 26.7K sq ft office building for $4.5 million. The Niki Group acquired a 99 Cents Only store for $3.13 million. 29th Street Capital bought a 124-unit apartment complex in Tempe, with no price disclosed. In lease transactions, Tempur-Pedic signed a full-building pre-lease at Buckeye85, Engineered Foam Packaging Corp. leased Building A at Confluence Industrial Park, and Picklemall leased 104K sq ft at Arizona Mills Mall.