Author: BEX Staff

Sales Transactions 1. Cushman & Wakefield announced the firm advised Westcore in arranging $73.3M in acquisition financing for Hatcher Industrial, a newly constructed 906KSF industrial park in Glendale. A Cushman & Wakefield Equity, Debt & Structured Finance team of Rob Rubano, Brian Share, Max Schafer and Becca Tse represented the borrower. Will Strong, Kirk Kuller, Micki Strain, and Molly Hunt of the firm also provided local market advisory. 2. CBRE arranged the sale and leaseback of six buildings in metro Phoenix. The combined 233.8KSF properties were negotiated by CBRE’s Geoffrey Turbow, Gary Cornish and Colliers’ Todd Noel on behalf of the sellers for $63.2M. The two properties…

By BEX Staff for AZBEX The Gilbert Planning Commission recently reviewed a proposal from developer Wood Partners in a study session for a 257-unit apartment development site plan near the SEC of Arizona Avenue and Desert Lane. The Gilbert Town Council approved a minor General Plan amendment for the development in December. Aldi Commons will be built on 4.91 acres of a 10-acre site. The remaining space may be used for an Aldi store to be built later, though no plans have yet been filed. Planned amenities for the multifamily component include two pickleball courts, a clubhouse, a fitness center,…

By University of Arizona Health Sciences The University of Arizona Health Sciences Center for Advanced Molecular and Immunological Therapies received a strong vote of support from the Maricopa County Board of Supervisors with the June 28 approval of $4M in funding for the life sciences innovation hub being developed on the Phoenix Bioscience Core in downtown Phoenix. The Center for Advanced Molecular and Immunological Therapies, or CAMI, builds on the idea that the most effective defense against health issues is the body’s natural immune system. CAMI will advance knowledge of the immunology of cancers, infectious diseases and autoimmune conditions. The…

By Roland Murphy for AZBEX COVID and the social and market repercussions of the post-pandemic shift have created new development opportunities yielding tens of millions of square feet and hundreds of thousands of new units, not to mention hundreds of millions of words written about the phenomenon over tens of thousands of news articles. One equally interesting but less frequently reported on phenomenon is how the market changes have brought many projects that had previously sat idle off the sidelines and back into the development pipeline. One such project that’s certain to add significantly to the coverage word count once…

Brundrett Properties Inc., owners of Norwood Furniture in Gilbert’s Heritage District, proposed a 68-foot-tall mixed-use development with office space, restaurants and a rooftop patio and bar two years ago. That request was recommended by the Redevelopment Commission but ultimately received a recommendation for denial from the Planning Commission because it exceeded the Heritage District height limit. This week the Planning Commission was scheduled to hear a revised infill proposal for the project, which lies between Norwood Furniture and the Farmhouse Restaurant near the SWC of Gilbert Road and Page Avenue. The new plan is for a four-story building that tops…

By Mesa Community Colleges The Construction Trades program at Mesa Community College will offer new certificate programs beginning with the Fall 2023 semester. Plumbing courses will be offered in Fall 2023, HVACr courses in Spring 2024 and masonry and solar classes will be available in Summer 2024 at the Southern and Dobson Campus. A Certificate of Completion can be completed in two semesters. Students begin with an eight-week online course covering construction safety, hand and power tools, calculations and blueprint reading. The last eight weeks consist of hands-on training in a lab, based on the student’s chosen area of specialization.…

By PB Bell Momentum has shifted in the Phoenix apartment market as the area transitions from being one of the hottest multifamily metros in the country during the pandemic, to facing substantial challenges today. Starting in late 2021, the surge in multifamily demand that drove unprecedented performance in the prior 18 months began to evaporate as potential renter households buckled under the weight of high inflation and economic uncertainty. The slowdown in rental demand came just as new supply was ramping up, an imbalance that sent vacancy rates soaring and rent growth negative. Moving forward, Phoenix has yet to feel…

Groundbreakings 1. Construction has started at Meritum Sonoran Desert, a 348-unit apartment community at Sonoran Desert Drive and 29th Avenue. The development from IDM Companies features DAVIS as the design firm, IDM Builds as the general contractor and HILGARTWILSON as the civil engineer. 2. SunCap Property Group is adding to its portfolio at Gilbert Spectrum with construction of the 119.2KSF Building 3. SunCap has selected Graycor Construction Company as the design-build contractor for the building, which will continue the evolution of the developer’s 64-acre industrial park in Gilbert. Construction is scheduled to begin this month, with delivery in Q4 2024.…

The Mesa Design Review Board discussed plans for the 144-unit Apache Gardens garden-style apartment development planned on five acres near Main Street and Crismon Road in its July 11 meeting. The property currently lies in Maricopa County and is part of an annexation and rezoning request. Plans submitted by developer BFH Holdings LLC call for six three-story buildings and a central amenity area. The townhouse-style units will also have two-car garages and a five-foot private backyard or patio. (Source)

Edged Energy has filed preliminary applications with the City of Mesa to develop a 126KSF data center with office space and equipment space on a 14-acre site near Warner Road and the Loop 202 freeway. Reflecting a growing trend in modern data center development, the Edged proposal calls for a facility with a zero carbon footprint and a zero water use cooling system. If approved, the project will require development of a new electrical substation, which would be coordinated with Salt River Project. Edged Energy is the developer. HKS Architects is the design firm, and HILGARTWILSON LLC is the civil…