Author: BEX Staff

Glendale City Council’s recent approval of the Urban 95 residential master plan could pave the way for the city’s tallest buildings. At 11 stories, the Renaissance Phoenix Glendale Hotel & Spa is currently the tallest building in the city. The 34-acre plan includes two 15-story apartment towers near 95th and Missouri avenues. The overall site is planned for a total of 1,500 apartments across four parcels and ranges from the high-rise towers down to mid- and low-rise offerings. The first phase of the development – a 198-unit complex on 11.5 acres called Cardinal 95 – is currently under construction. Along…

FedEx’s recent announcements that its earnings have fallen far short of projections – and that it will close more than 100 facilities and examine additional cost cutting measures – are causing ripples of concern through the Industrial and Logistics commercial real estate sector. FedEx disclosed on Sept. 15 its ecommerce deliveries for the three-month period ending Aug. 31 missed projections by $300M, and its FedEx Express division forecasts were off by $500M. FedEx plans to close five corporate offices and as many as 140 FedEx Office stores. The company will also cancel some of its network capacity expansion projects. FedEx…

Company News 1. Caliber Companies Inc. disclosed in a Sept. 29 Securities and Exchange Commission filing it intends to go public, offering shares of common stock on the NASDAQ exchange at an expected initial offering price of $5.50/share. The company’s ticker symbol will be CWD. 2. Kimley-Horn announced the Pangolin Structural, LLC team has joined its Phoenix office. Established in 2014 as a full-service structural design and consulting firm, Pangolin Structural is led by partners Crystal Blanton, Pamela Singleton, and Jeffrey Novak. 3. Phoenix West Commercial – a family-run, full service real estate brokerage – is celebrating its 10th year…

Sales Transactions 1. The Ezralow Company has purchased two multifamily communities from The Premiere Residential for more than $238M. The 360-unit Azul at Spectrum sold for $138.2M, and the 264-unit Borrego at Spectrum sold for $99.9M. The seller was represented by CBRE’s Sean Cunningham, Asher Gunter, Matt Pesch and Austin Groen. 2. Harbor Group International has purchased the 384-unit Colter Park apartment community in Phoenix from an affiliate of 3rd Avenue Investments for $80.75M. The transaction was brokered by Northmarq Phoenix’s Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle. 3. A joint venture between Cypress West Partners and an…

Looking to address a shortage of lodging space around the recently opened Bell Bank Park in southeast Mesa, developer Tharaldson Hospitality has proposed building three hotels, along with two retail and restaurant buildings, on 10.67 acres near Ellsworth and Williams Field roads. Tharaldson’s submittal for the project says an operator is already in place for the Residence Inn by Marriott, Home2 Suites by Hilton and Element by Marriott hotels it wants to build for the total 365-room project, which would also include 7.6KSF of retail and restaurant area. The 320-acre, $230M Bell Bank Park was built by Legacy Sports USA…

Well-known Valley auto dealers The Berge Family is looking to rezone more than 45 acres at Signal Butte and Williams Field roads in Mesa. The rezoned site will be added to approximately 85 acres that was rezoned in 2019 and all 130 acres are planned for commercial, light industrial and residential uses. Ten parcels are being added to the site plan, making up the 45 acres to be rezoned. Four of those sites will require annexation into Mesa. Seven of the 10 parcels will be zoned as general commercial. The remaining three will be zoned light industrial. The commercial uses…

By BEX Staff for AZBEX Glendale City Council held a hearing Sept. 27 on a blank annexation petition from Iron Rock Development II LLC for annexation of a 64.09-acre site at the NWC of Cotton Lane and Olive Avenue. City documents show Council directed staff to initiate the annexation process for the site on Aug. 23. Iron Rock Development II is affiliated with industrial developer Eisenberg Company. If annexed and subsequently rezoned, the developer plans to build a 1.1MSF industrial facility in one or two buildings, according to the staff report. The site is currently used for agriculture and is…

By Rebekah Morris for AZBEX The annual State Transportation Improvement Plan shows a significant 17.32% increase in the five-year total from last year, primarily due to federal funding increases. This is the third year in a row the Arizona Department of Transportation has seen 10%+ increases in the five-year total. Consistently the second-largest capital improvement plan in the state, this increase in funding bodes well for future transportation project opportunities for design & construction firms. The plan and associated programs are divided into four primary operational areas: Highways,Maricopa Association of Governments’ Regional Transportation Plan Freeway Program,Pima Association of Governments Regional…

By Roland Murphy for AZBEX Capital Allocation Partners has proposed an 80-unit townhome apartment development at the NEC of 73rd Avenue and Thunderbird Road on a 6.23-acre Maricopa County island site in Peoria. To proceed with The Ville, the developer is seeking a rezone from rural to R4-RUPD, which allows for lot sizes of 2KSF per dwelling and a residential unit plan of development. If the rezoning is approved, the owner will seek to have the cite annexed into Peoria and will pursue a formal site design review there. Annexation is necessary for the public utility and City services required…

Commercial developers and restaurant industry representatives were heavily represented among the approximately 60 attendees of a Sept. 21 online community meeting with the Mesa Planning Division to discuss the City’s proposed zoning changes for drive-thrus. All the representatives who spoke during the meeting expressed concerns about the plan. Under the proposed changes: Only two drive-thrus (not including pharmacies, banks and similar drive-up service windows) would be allowed per intersection or commercial center;Only two drive-thrus will be allowed adjacent to each other. If a third is planned, it must be at least 750 feet from the two adjacent ones, andNew drive-thrus…