Author: BEX Staff

Giving Back 1. AireBeam presented a check for $5K to the Arizona City Fire District to support community events throughout the year, starting with their Summer Water and Safety Days. Summer Water and Safety Days are put on by the fire district to encourage young people in Arizona City to beat the heat by participating in water activities while also learning crucial safety techniques. Awards & Accolades 2. The National Apartment Association has announced MEB Management Services as a winner of the 2023 NAA Top Employers Awards, which recognize organizations that foster cultures of collaboration, innovation and hard work. The…

Sales Transactions 1. Cushman & Wakefield announced the firm has advised the sale of University Logistics Park, an 86.4KSF multi-tenant industrial project at 730 E. University Drive and 2440 S. 8th Place in Phoenix. The two-building park was fully leased at the close of escrow. Stonelake Capital Partners acquired the property for $18.1M from 20 Mule Team Holdings LLC. Cushman & Wakefield’s Phil Haenel and Foster Bundy represented both parties. The firm’s Mike Haenel and Andy Markham also provided leasing advisory. 2. Marcus & Millichap Inc. negotiated the $6.25M sale of Urbana at Glenrosa, a 22-unit apartment community at 4250…

By Maricopa County The Maricopa County Board of Supervisors has approved $6M in American Rescue Plan Act funding for the construction of a new affordable housing community in Phoenix. The development, known as Bret Tarver Terrace, will be located at 3101 W. McDowell Road. The community is named after fallen Phoenix firefighter Bret Tarver who perished on duty while fighting a fire at a shopping center in 2001. The new community will have a total of 96 units, including 32 one-bedroom units, 32 two-bedroom units, and 32 three-bedroom units. UMOM Helping Hands Housing Services, a local non-profit organization, will develop…

By Roland Murphy for AZBEX Liv Communities and Vintage Partners have submitted pre-application materials to the City of Phoenix for a plan to develop nearly 21 acres at the NWC of 59th Avenue and Elliot Road with a mixed-use development of 362 multifamily units on 17.72 gross acres and supporting commercial uses on 3.27 gross acres. The partners plan to request height and density waivers for rezoning, as well as a General Plan amendment to allow the development to proceed. According to the pre-application narrative, the multifamily component will include single-story amenity buildings and residential buildings of two- and three-stories…

By Roland Murphy for AZBEX (BEXCLUSIVE) The Prescott Valley Planning and Zoning Commission will consider two proposals in its June 12 meeting that will, if approved and built as planned, deliver 385 rental homes and 90 new hotel rooms to the community’s inventory. Villas at Prescott Valley Developer Trilogy Investment Co. wants to build Villas at Prescott Valley, a 385-unit “condo-like rental community” planned for roughly 33 acres at the NWC of Market Street and Great Western Drive, according to the staff report accompanying the proposal. The site lies roughly a quarter mile north of SR 69. Building heights are…

Friction has arisen between the City of Prescott and Prescott Frontier Days, Inc. over a $40M master-planned renovation project for the Prescott Rodeo Grounds. The rodeo grounds is the site of the City’s “World’s Oldest Rodeo” event, a major tourism event held every July. The State of Arizona announced in its upcoming budget that it had allocated $15.3M for improvements to the facility. While Frontier Days had presented the $40M master plan to City officials in an information and study session in March, officials, including Mayor Phil Goode, said they were unaware the property manager had requested state funds. Goode…

By Associated Builders and Contractors The construction industry had 383,000 job openings in April, according to an Associated Builders and Contractors analysis of data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. JOLTS defines a job opening as any unfilled position for which an employer is actively recruiting. Industry job openings increased by 68,000 but are down by 35,000 from the same time last year. “Demand for construction workers remained elevated in April despite an array of economic headwinds,” said ABC Chief Economist Anirban Basu. “There are signs that higher interest rates have dampened demand…

By Roland Murphy for AZBEX Generally considered the birthplace of the Build-to-Rent/Single-Family Rental sector in multifamily housing, a recent report from RentCafé shows Metro Phoenix still retains a leadership position despite an ongoing boom across the rest of the country. Across the country, 2022 saw 14,541 new units delivered, an increase of 47% since 2021. From 2016 to 2020, the sector was delivering units in the mid-6,000s every year. 2020 saw the sector take off, fueled in part by the pandemic-fueled desire for more space between neighbors, with 7,469 units delivered. 2021 saw a new peak of 9,928. While Dallas…

Progress Reports 1. Tractor Supply Co. has confirmed construction of its store at Shea Way and Maricopa-Casa Grande Highway in Maricopa is progressing and is on track for a fall opening. Foundation work for the 21.7KSF location in the Maricopa Wells Power Center is in process. Completions 2. StreetLights Residential has announced its 320-unit multifamily community The Tyler is open in Gilbert’s mixed-use Epicenter at Agritopia. According to the announcement, The Tyler is the multifamily component of the Epicenter, which also features approximately 50KSF of retail space. 3. Sun Valley Elementary School in the Somerton Elementary School District has received…

Chemical Strategies Inc. has paid $2.4M for approximately 10 acres in Saint Holdings’ Central Arizona Commerce Park in Casa Grande. The company plans to develop a 70KSF-100KSF chemical distribution and third-party logistics facility at the NEC of Burris and Peters roads, costing between $10M and $14M. The location is expected to open by mid-2024. JLL’s Kelly Royle represented Chemical Strategies in the purchase. Only around five acres of land remain available in Saint Holdings’ 740-acre CAZCP site, according to company officials. Saint Holdings CAZCP dealings are represented by JLL’s Bill Honsaker, Tony Lydon and Marc Hertzberg. Chemical Strategies’ new distribution…