The North Phoenix property occupies 232,648 square feet

PHOENIX (March 5, 2026) – CBRE has arranged the sale of a two‑building, Class A office campus located at 25500–25600 North Norterra Drive in Phoenix, Ariz. An affiliate of Wentworth Property Company, LLC, acquired the property from Workspace Property Trust.

Totaling 238,500 square feet, the campus includes two three‑story buildings with 39,750‑square‑foot floor plates. On‑site amenities include a fitness center with locker rooms, a large kitchen, EV charging stations, multiple indoor and outdoor work areas, and loading docks. Originally built in 2001, the buildings offer flexible configurations suitable for a range of tenant needs.

CBRE’s Jim Bayless and Ashley Brooks, Jr., advised on the transaction. They will lease the property on behalf of Wentworth, and Wentworth Property Management will manage the campus.

“Norterra continues to see strong tenant and investor interest due to its connectivity, amenities, and long‑term growth trajectory,” said Bayless, senior vice president at CBRE. “This was a great opportunity to acquire a well‑located campus with strong infrastructure in one of Phoenix’s most active employment corridors, positioning them for future leasing and operational upside.”

Situated along the Interstate 17 frontage road, the property is near the Taiwan Semiconductor Manufacturing Company (TSMC) campus. Lam Research recently acquired the building directly north of the campus, further contributing to ongoing activity in the submarket.

The area continues to be shaped by TSMC’s broader impact and a sustained flight‑to‑quality among Class A office users. According to CBRE research, the North Phoenix–Deer Valley submarket remains one of the stronger‑performing office markets in the region, with vacancy below the metro average and tighter than most other submarkets.

“Recent market activity highlights strong demand in the area surrounding TSMC, despite a relatively limited amount of available product,” added Brooks, senior vice president at CBRE. “The Happy Valley and Jomax corridor continues to attract a mix of traditional insurance users alongside TSMC‑related and other prospective tenants.”

Wentworth plans to invest in additional enhancements to the campus, including a full mechanical engineering upgrade and new food, wellness, and training amenities designed to elevate the tenant experience.

“This acquisition underscores Wentworth’s ongoing commitment to acquiring premier office properties in Phoenix’s most sought-after and strategically positioned submarkets,” said Jack Wentworth, Vice President at Wentworth. “The Norterra campus offers strong fundamentals, exceptional connectivity, and the ability to further enhance the tenant experience through strategic capital improvements.”

TUCSON, AZ (March 5, 2026) — Hudbay Minerals Inc. (NYSE: HBM) is moving to expand its U.S. copper pipeline with a proposed $1.5 billion acquisition of Tempe-based Arizona Sonoran Copper Company, a deal that would add the Cactus mine development in Casa Grande and position Hudbay as one of North America’s largest copper producers over the next decade.

Hudbay executives said the all-share transaction could close by the end of June, pending customary approvals and a shareholder vote scheduled for May. If completed, Arizona Sonoran shares would be delisted.

“This acquisition positions Hudbay to be the third-largest copper mining company in North America,” the company said, behind Grupo Mexico’s Sonora operations and Phoenix-based Freeport-McMoRan (NYSE: FCX), based on the combined scale of Hudbay’s producing mines and large U.S. development portfolio.

Under the agreement, each Arizona Sonoran shareholder would receive 0.242 of a Hudbay common share for each Arizona Sonoran share held, implying approximately $6.83 per share and a total equity value of about $1.48 billion based on Hudbay’s Feb. 27 closing price on the Toronto Stock Exchange. Hudbay said the offer represented roughly a 30% premium to that closing price.

Hudbay currently owns about 20.8 million Arizona Sonoran common shares, representing approximately 10% of outstanding basic shares. Following the closing, existing Hudbay shareholders would own about 89% of the combined company, with Arizona Sonoran shareholders holding the remaining 11%, executives said.

For Southern Arizona, the transaction adds momentum to Hudbay’s fast-growing U.S. copper footprint. Hudbay already has two U.S. mines in development — Copper World in Pima County, about 28 miles southeast of Tucson, and the Mason project in Nevada. Adding Arizona Sonoran would bring the Cactus project near Casa Grande into the portfolio as Hudbay pushes toward major production growth.

Hudbay President and CEO Peter Kukielski told analysts the combined development track could lift Hudbay’s copper output to approximately 250,000 tons per year by 2030, up from roughly 125,000 tons today. Kukielski said the longer-term potential could reach 500,000 tons annually as projects advance.

“With the advancement of both Copper World and Cactus, Hudbay would become the second largest copper cathode producer in the United States,” Kukielski said on a March 2 conference call, as the company outlined the strategic case for pairing two large-scale, long-life projects in Arizona.

Hudbay currently operates the Copper Mountain mine in British Columbia and the Snow Lake operations in Manitoba, as well as the Constancia mine in Cusco, Peru.

Arizona Sonoran’s flagship Cactus project is located on private land in a “tier one jurisdiction,” with an expected mine life of about 20 years, the company said. Management described the project as a long-life, low-cost copper development with existing infrastructure, including water, power, roads, and an industrial area.

Arizona Sonoran President, CEO, and Director George Ogilvie said proven and probable reserves at Cactus total 465 million tons at a 0.52% copper grade, based on a $4.25-per-pound copper price assumption. He said the project carries an estimated after-tax net present value of $2.3 billion under that framework.

Copper World, meanwhile, remains one of the largest mine development stories in Pima County. Hudbay has described the project as a fully permitted open-pit copper development with an expected 20-year mine life. In January, Mitsubishi announced plans to invest $600 million to become a joint venture partner alongside Hudbay at Copper World, providing a major capital signal for the project’s next phase.

Hudbay said the Arizona Sonoran acquisition would give shareholders “immediate exposure to strong cash flow generation from a larger, diversified and well-capitalized operating platform of long-life, producing assets in tier one jurisdictions in the Americas,” a message echoed by Ogilvie, who emphasized the benefit of pairing Arizona Sonoran’s development-stage asset with Hudbay’s operating base and project execution capacity.

Arizona Sonoran shares, which trade in the U.S. on the over-the-counter market under ticker ACSUF, have been volatile since the deal was announced, reflecting broader market swings this week.

Both companies’ boards have approved the transaction. The timeline now turns to shareholder and regulatory approvals, with Arizona Sonoran shareholders expected to vote in May and Hudbay indicating an end-of-June closing target if conditions are met.

PHOENIX, Ariz. (March 5, 2026) — Gantry, the nation’s largest independent commercial mortgage banking firm, has arranged $21.4 million in financing tied to the continued buildout of Park 10, a master-planned retail development in Avondale, including an $8 million permanent loan to refinance a single-tenant Main Event property and a $13.4 million construction loan for the project’s newest multi-tenant phase.

The $8 million permanent loan refinances maturing debt secured by a 58,000-square-foot freestanding building occupied by Main Event, an experiential family entertainment venue featuring bowling, laser tag, an obstacle course, and interactive games and attractions. Gantry Principal Adam Parker, Senior Associate Chad Metzger, and Associate Andrew Christopherson of the firm’s Phoenix production office represented the borrower, a private real estate investor. The five-year, fixed-rate loan was provided by an insurance company lender from Gantry’s correspondent network and includes a 20-year amortization schedule. Gantry will service the loan on behalf of the lender.

“Gantry originated the original permanent construction takeout financing for this asset 10 years ago, providing us with deep familiarity with the property and its performance,” Parker said. He added that strong site-level sales, experienced sponsorship, and favorable local retail fundamentals supported lender confidence and enabled a fixed-rate structure with no loan covenants, while ongoing insurance company demand allowed Gantry to structure the transaction as a cash-out refinance.

In a separate transaction, Gantry secured a $13.4 million construction loan to support the next phase of development at Park 10. Loan proceeds will fund the construction of three multi-tenant retail buildings totaling approximately 27,700 square feet, along with related carry costs. Gantry’s Parker, Metzger, and Christopherson also represented the borrower on this financing. The floating-rate construction loan was provided by a regional bank from Gantry’s vetted lender network, with terms structured to maximize sponsor proceeds and provide flexibility for extension.

“Strong retail fundamentals in the Avondale market support the continued buildout at Park 10,” Parker said, noting Gantry worked closely with the sponsor on development and capital strategy to identify a lender aligned with the project’s timing and execution plan. He added the team navigated underwriting complexities to structure a solution that maximized loan proceeds for the sponsor.

Park 10 is located in Avondale, a growing West Valley suburb of the Phoenix metropolitan area, where the development continues to add new retail inventory alongside destination users such as Main Event.