Author: BEX Staff

Awards & Accolades 1. AZ Big Media announced its 50 commercial real estate leaders to watch in 2024. In the order originally presented, these consist of: Chris Anderson, Hines; Adam Baugh, Withey Morris Baugh; Devin Beasley, Cushman & Wakefield; Rachelle Strole, Capital Asset Management; Ed Beeh, SRS Real Estate Partners-West; Jenna Borcherding, VanTrust Real Estate; Katie Haydon, Haydon Companies; Tyson Breinholt, Commercial Properties, Inc.; Tim Brislin, Harvard Investments; Chris Burson, Flagstar Bank; Susan Byram, Plaza Companies; Michelle Walker, SSC Underground; Chris Burbach, Fundamental Income; Rory Carder, Gensler; Chuck Carefoot, Ryan Companies; Tammy Carr, Brinkmann Constructors; Robert Cortazzo, Adolfson & Peterson…

Sales Transactions 1. Institutional Property Advisors has announced the $33M sale of the 256-unit apartment community The Place at Spanish Trail in Tucson. IPA’s Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David represented the undisclosed seller and found the buyer. 2. Ventana Medical Systems, Inc. has paid $25M for the 112.5KSF Icagen Pharmaceutical R&D Facility at 2090 E. Innovation Park Dr. in Oro Valley. Ventana is owned by Roche Tissue Diagnostics. 3. Capstone Advisors has acquired 420 S. Mill Ave and 501 S. Mill Ave. in Tempe for $22.2M. Century Drive Investments LLC was the seller. 4. The Meritex…

The Valley Interfaith Project, a coalition of religious organizations and nonprofits, has stepped in to help fight opposition to Phoenix-area affordable housing developments. Neighborhood opposition, including in the form of highly organized groups, routinely emerges to oppose multifamily developments, particularly when those developments have any type of affordable designation attached to them. Opponents regularly cite worries about height, density and the potential draw of lower-income people to the neighborhoods around the planned locations. VIP is working to counter those claims in an attempt to increase affordable housing options and shelter space in the Phoenix area. Homelessness has increased by nearly…

By Roland Murphy for AZBEX The weigh-in banter is over and the contenders are getting ready to square off in the fight over prevailing wage laws in Arizona. As expected, the Phoenix City Council voted earlier this week to enact an ordinance establishing so-called “prevailing wage” requirements for many municipal construction contracts. As we reported Tuesday, Council passed a prevailing wage ordinance last year but repealed it following outcry over procedural concerns and the possibility of conflict with Arizona state law. (AZBEX, Jan. 9) The new ordinance mandates businesses that contract with the City for construction projects valued at $4M…

By Roland Murphy for AZBEX Construction costs continue to rise across the country, but the latest Rider Levett Bucknall Quarterly Construction Cost Report shows Phoenix costs going up at consistently lessening rates than other major markets. October 2023 data for the Phoenix market shows a cost index increase of 1.04%. In October 2022 the rate was 2.1%, and the index has steadily decreased over the intervening quarters. Of the 12 major markets tracked, only Los Angeles has seen a similarly consistent gradual stepdown. All the others have, to varying degrees, shown a set of spikes and dips. Six of the…

After three failed attempts in the face of opposition from Scottsdale City Council and vocal resident outcry, Caliber Companies has submitted another proposal for an apartment-centric development near 92nd Street and Shea Blvd. targeted at adding housing options for staff at HonorHealth Scottsdale Shea Medical Center. The planned project had previously been named 92 Ironwood and then changed to Mercado Courtyards. Past proposals have been repeatedly scaled down and revised to accommodate opponents’ expressed concerns about density and traffic impacts. Unit mixes had been revised to include both market-rate apartments and for-sale condominiums to address the perception held by some…

By Associated Builders and Contractors Associated Builders and Contractors has released a statement from VP of Regulatory, Labor and State Affairs Ben Brubeck opposing the U.S. Department of Labor’s independent contractor final rule under the Fair Labor Standards Act. “By undermining the flexible, independent work for millions of Americans, President Joe Biden’s DoL is choosing to move forward with a final rule that creates an ambiguous and difficult-to-interpret standard for determining independent contractor status,” said Brubeck. “Under the rule’s multifactor test, employers will now be forced to guess which factors should be given the greatest weight in making the determination.…

By BEX Staff for AZBEX Gilbert’s police and fire departments are asking for nearly $400M in combined projects to meet the Town’s public safety needs as it approaches build-out. Both Police Chief Michael Soelberg and Fire Chief Rob Duggan discussed their desired project lists in meetings last month. Gilbert Police Projects Soelberg addressed six primary projects for the Gilbert Police Department. Gilbert is ranked one of the safest communities in the country for its size. Soelberg said fulfilling the project requests will help it maintain that status and continue to improve it in the face of ongoing growth. The six…

Groundbreakings 1. Empire Group of Companies announced the start of construction on its largest build-to-rent project in Arizona, the 354-unit Village at Bronco Trail. The 30-acre development site is located at Sonoran Desert Drive and 29th Avenue. 2. Trilogy Investment Co. and Pinnacle Partners broke ground on Reve at Avondale Station, a $50M, 107-unit rental home community in Avondale. Some amenities will include a community clubhouse, pool and dog park. There was no expected completion time provided. 3. Wild Horse Pass Development Authority and the Gila River Indian Community began construction on Sacaton Market, a grocery store, fueling station and…

By Roland Murphy for AZBEX – BEXclusive The Bullhead City Planning and Zoning Commission has voted 6-0 in favor of a zoning map change that would allow for the development of an approximately 18.7-acre parcel into a travel-centric mixed-use project with hotels, condos, self-storage, fuel services and restaurant outlets. The site is currently zoned Public Lands and had been held under Arizona State Land ownership until 2022 when it was purchased by real estate acquisition and development preparation firm Legacy Commercial Real Estate LLC. The zoning change is required for the land to be developed, and developer Anthem Oil (Anthem…