Month: January 2019

Sales Transactions 1. The Standard, a 228-unit apartment complex near Hardy and University drives in Tempe, sold for $31.3M. Neil Sherman and Shane Benjamin of Sperry Commercial represented both the buyer, Tides Equities, and seller, 29th Street Capital. 2. Cushman …

By Tasha Anderson for Arizona Builder’s Exchange A new mixed-use development planned for North Avondale is expected to shake things up by adding a multifamily and commercial element to an area comprised of mostly “homogenous, …

By Jessica Boehm for The Arizona Republic The Phoenix City Council approved a controversial deal with the Phoenix Suns that will keep the NBA franchise in downtown Phoenix through at least 2037. The council voted 6-2, with Vice …

Giving Back 1. The Tucson office of Terracon presented a $10K check from its foundation to the University of Arizona College of Engineering. The grant will be used to support graduate students studying Geotechnical and …

Groundbreakings 1. FatCats Entertainment started construction on a new 64.1KSF family entertainment center at 5740 E. Longbow Marketplace, Mesa. The $11.5M project will include eight theaters, 20 bowling lanes, arcade, nine-hole glow in the dark mini …

By Tasha Anderson for Arizona Builder’s Exchange A Planned Unit Development proposal has been submitted to the City of Phoenix to develop a 221-unit luxury multifamily community in north Phoenix called LCG Kierland. The developer, …

By Raquel Hendrickson for inMaricopa.com With a high school already more than 200 students over capacity, Maricopa Unified School District is making moves for short-term solutions while weighing options for the long term. In a …

Sales Transactions 1. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Monterra Apartment Homes, a 258-unit multifamily property in Phoenix. The complex sold for $37.2M. IPA Senior Managing Directors Steve Gebing and …

By Tasha Anderson for Arizona Builder’s Exchange Long-awaited plans for the Copper Sky Development have finally been revealed. Maricopa Economic Development Director, Denise Airheart presented plans for the $146M, mixed-use development adjacent to the Copper …

By Tasha Anderson for Arizona Builder’s Exchange Arizona’s seasonally adjusted unemployment rate increased to 4.8 percent in December, up from the November rate of 4.7 percent, according to the latest report published by the Arizona …

AZBEX Staff Announcements 1. Corwyn Geiger – New Hire We are very excited to announce that Corwyn Geiger has joined the AZBEX team as Account Manager. Corwyn will be spreading the word about our products and …

Groundbreakings 1. Scottsdale-based 1784 Capital Holdings, LLC, has broken ground on its Gold Dust Self Storage project at 7245 E. Gold Dust Ave. The former Macaroni Grill location will be home to a high-end self-storage …

Forecast Event Shows Impending Doom Seems Highly Unlikely By Roland Murphy for Arizona Builder’s Exchange 2018 was an excellent year, if not quite as excellent as experts predicted at the outset. 2019 will also be …

Those who attended the AZBEX 2019 Construction Activity Forecast on January 10 got a preview of an important company change for 2019. The Arizona Builder’s Exchange has announced we are rebranding and will be known …

By AZBEX Staff for Arizona Builder’s Exchange Despite U.S. Multifamily rent growth remaining flat at 3.2 percent in December from November, 2018 proved to be a solid year for multifamily. According to the December 2018 …

Sales Transactions 1. Alden Street Capital Management has acquired The Retreat at Tucson, a 183-unit student housing community with 774-beds, at 1000 E. 22nd St, Tucson, for $56.2M. The seller was an affiliate of Heitman Capital …

Source: Sun Corridor, Inc. Northwest Healthcare is planning the development of a 70-bed hospital near Houghton Road and Old Spanish Trail. The announcement is part of Northwest Healthcare’s “No Boundaries” strategy to increase access points …

Source: George Oliver Companies Phoenix-based George Oliver Companies – a co-developer of the record-breaking Quad redevelopment in Scottsdale – has identified its next metro Phoenix transformation project, purchasing Catalina Terraces in Phoenix for $16.49M. According to George …

Groundbreakings 1. Electronic Responsible Recyclers, or ER2, and its sister company, Revive IT, began construction on a $5M, 40KSF expanded facility in Mesa. The addition will increase inventory space, allow the company to consolidate processing operations …

Giving Back 1. P.B.Bell recently donated $7K to The Singletons, a non-profit organization that has aided over 300 single parents diagnosed with cancer and receiving active chemotherapy along with their 1000+ children. The donation will enable …

Source: Town of Queen Creek It is no secret the Town of Queen Creek and the surrounding areas have experienced substantial growth and with that growth has come traffic to the Town’s roadways. With this …

By Daisy Finch for Cronkite News LeRoy Shingoitewa dug his hiking boots into loose gravel and sand, watching the early November morning sunlight slowly spread across shrubby hills and rocky valleys near the proposed site …

Sales Transactions 1. A Miami limited-liability company called Uptown Plaza Associates has sold Uptown Plaza shopping center located at the NEC of Camelback Rd and Central Ave for $51.6M. Levine Investments paid cash for the …