Author: BEX Staff

Sales Transactions 1. Affiliates of Harbor Group International announced the $80.75M acquisition of the 384-unit Colter Park Apartments community in Phoenix. The off-market transaction was brokered by Steven Vegh of Westwood Realty Associates. HGI plans to spend $5M on renovations and upgrades. 2. Newmark has announced the $68.5M sale of the 272-unit Ponderosa Ranch apartment development in Tempe. The sale is the last of an 864-unit, four-property portfolio deal valued at nearly $276M. The other three properties were Omnia on 8th and Omnia McClintock in Tempe and Palm Trails in Chandler. Seller KKR was represented by Newmark’s Brad Goff, Brett…

Christian worship network Christ’s Church of the Valley wants to build a campus in Maricopa on 10.3 acres near the SEC of East Honeycutt and North Porter roads. The church has submitted preliminary documents for a site that will include a 680-seat auditorium, spaces for children’s and youth activities, office, a kitchen and coffee café, covered outdoor seating with a barbeque space, sport fields and courts, and onsite parking. (Source)

ZOM Living’s plan for a two-tower, 532-unit apartment development with more than 14KSF of retail space has won the unanimous approval of the Scottsdale City Council. The approval follows more than 11 years of plans, ownership changes and other complications that have left the 3.78-acre site at 4605 N. Scottsdale Road – near the junction of Scottsdale and Camelback roads and the Arizona Canal – vacant and fenced off while awaiting development. The site had once been the planned home for a much taller and higher unit-count project known as BlueSky, which was approved in 2011 but never came to…

Proposals for two new industrial projects totaling nearly 270KSF recently moved forward in El Mirage with recommendations for approval from the Planning and Zoning Commission. In the first project, owner Cold Water Holdings LLC is seeking to build a 216.8KSF multitenant warehouse and light manufacturing space near the NEC of Olive Avenue and El Mirage Road. The second proposal looks to create Desert Truss West, a 52.8KSF manufacturing development planned at the SWC of Dysart Road and Peoria Avenue. The plan includes 12KSF of warehouse space and 4.8KSF of office. Both projects now advance to City Council. Also in Surprise,…

The Small Business Administration and the U.S. Department of Transportation have announced new memorandums of understanding as part of an effort to include more small and underserved businesses in contracts awarded under the Infrastructure Investment and Jobs Act, Inflation Reduction Act and other laws and programs. SBA officials said the Administration can use its Small Business Investment Companies network to help federal contractors as well as manufacturers and technology companies previously selected. The first MOU announced will help small disadvantaged businesses and Disadvantaged Business Enterprises working in transportation to obtain bonds or increase their bonding capacities to bid on more…

By Roland Murphy for AZBEX Developers Saunders & Amos LLC and current property owners Russell and Michael True have proposed a new master-planned development featuring Build-to-Rent multifamily, resort rental casitas, a Western heritage center, single-family equestrian-centered homes, and a commercial area to be built in Marana. The proposal would require three concurrent actions from the Town to proceed: Annexation of the 218-acre site, a minor general plan amendment to Master Plan Area, and rezoning to the Specific Plan Zone. The White Stallion Specific Plan would take 218 acres from the True’s White Stallion Ranch – a resort guest ranch (also…

A new 4.4MSF industrial development could be coming to Olive and Sarival avenues in Glendale. If all the necessary actions and approvals are granted, the 276-acre site will see four buildings of approximately 1.1MSF each in a campus to be known as Parkway 303 East. City documents do not identify a developer, but the property is owned by Suburban Land Reserve Inc. (Property Reserve Inc.) the real estate division of the Church of Jesus Christ of Latter-day Saints. Suburban Land Reserve is also the owner of Parkway 303 West, a six-building 3.4MSF industrial development with nearly 66KSF of commercial space…

Pedestrian improvements in Flagstaff’s Downtown Mile will receive $32.5M in funding under the Infrastructure Investment and Jobs Act, according to a U.S Department of Transportation announcement last week. Officials called the funding the largest transit investment in years for the City. Flagstaff will provide matching funds of $15M, with another $11M coming from the Burlington Northern Santa Fe Railway. The Downtown Mile Safety and Connectivity Improvement Project makes improvements along a mile-long span of rail and roadway in Flagstaff’s downtown. Components include: Pedestrian gates at rail crossing at both San Francisco and Beaver streets,A pedestrian underpass at Rio de Flag,A…

Beck Legacy Group – managing partner of the Hampton Inn and Suites in Prescott Valley – wants to bring another hotel to the area. The company is proposing a 93-room Marriott TownePlace Suites hotel on the NEC of Glassford Hill and Florentine Roads. Beck Legacy Group will also serve as managing partner for the new hotel. The hotel was originally planned in 2019 and 2020, but plans were waylaid by the pandemic. The company is collaborating with Fain Signature Group to develop the project and hopes to break ground in January. (Source)

Awards & Accolades1. Phoenix Sky Harbor has been recognized for its strong commitment to reducing its environmental impact. Airports Council International – North America recently presented this year’s Environmental Achievement Award in the Innovation Category to Phoenix Sky Harbor International Airport for the newly opened Eighth Concourse in Terminal 4. The Eighth Concourse was developed with a focus on reducing environmental impacts from the early planning stages throughout the design and construction lifecycle. Progress Reports 2. Lucid Motors’ expansion plans – both those under construction and those still in planning – continue to progress in Casa Grande. Sr. VP of…