Author: BEX Staff

By Roland Murphy for AZBEX The Chandler Planning and Zoning Commission has recommended approval for three requests concerning a 181KSF, three-building industrial development by The Opus Group. The action was taken as part of the consent agenda for the Commission’s Nov. 20 meeting. Chandler 56 is planned on 13.9 acres across two adjacent lots 0.25 miles north of the NEC of 56th Street and Chandler Blvd. Opus has requested a zoning change to the planned area development for the property, as well as approvals for a preliminary development plan and a preliminary plat. According to the developer’s supporting materials, the…

By BEX Staff for AZBEX A Canadian firm is pursuing plans to develop a 510-unit apartment community in Buckeye’s “The Landing,” a 2,100-acre development hub south of Verrado Marketplace, which recently broke ground. Local news sources report Highstreet Ventures Inc. has paid $9.3M to seller Summit Community Lutheran Church for the 17.89-acre site east of the NEC of North Verrado Way and West Fillmore Street. A project narrative initially submitted to the City of Buckeye in July and updated in September highlights a requested rezone from the obsolete commercial center zoning to multifamily and also seeks a site plan approval…

After serving as the multifamily residential equivalent of The Wild West for a few years, the Build-to-Rent market experienced a slowdown (or “softening”) in recent years as capital markets tightened and appetites for the newest thing began to satiate across the country. Now, as an established and mature product type, analysts are no longer caught up in the hype and have accumulated enough data to make projections similar to those in other sectors, such as traditional apartments, houses and townhomes. Following are six key points to consider in BTR going into the new year. 1. More Capital, More Starts, Better…

Giving Back 1. The Arizona Builders Alliance 15th Annual Community Service Board’s 2024 Toy Drive began collecting toys, gifts and donations for seven nonprofit organizations serving thousands of children across the state. The ABA will use monetary donations to purchase toys from a wholesaler, then sort and wrap all the gifts for children at Sunshine Acres Children’s Homes, Arizona Sunshine Angels, Santo Niño Catholic Community, Sequoia Charter School, and Agape Adoption Agency of Arizona, as well as Tucson based Arizona Baptist Children’s Services and TMM Family Services. A variety of Christmas events are being held Dec. 13-Dec. 18. More than…

Sales Transactions 1. Ventas purchased The Country Club of La Cholla for $78.5M. The 217-unit independent/assisted living community is located on 10.6 acres at 8700 N. La Cholla Blvd. in north Tucson. The 236.5KSF property was last sold to Chicago Pacific Founders in 2019. The community is managed by a subsidiary of CPF Living Communities called Grace Management. 2. El Monte Shopping Plaza, located at 8841 N. 19th Ave. in Phoenix, has been sold to Lena Centers, a division of Longpoint. The shopping center was 99% leased by ASI Real Estate at the time of sale. The transaction totaled $17M,…

By Roland Murphy for AZBEX Nationwide Realty Investors’ 134-acre Cavasson master-planned mixed-use site at Hayden Road and Loop 101 has been one of the most consistently prolific development areas in the Valley since the first phase was announced in 2018. Now, two new projects have been submitted to the City of Scottsdale that will, if built, expand both the office footprint and residential unit count at the $1B-plus site. BB Living at Cavasson Multifamily developer BB Living has submitted a request to the Scottsdale Development Review Board for review and approval of BB Living at Cavasson, a 191-unit for-rent townhome…

By BEX Staff for AZBEX An Old Town Scottsdale residential development that once set off an unrelated controversy is set to begin construction early next year. The Goldwater Residences is planned as a five-story, 40-unit condominium community with 7.5KSF of ground-floor commercial space at 7000 E. 4th St. Headquartered in Spain, owner Adlanto secured approval for its plan to build the condo project from the Scottsdale Development Review Board in 2022. It was recently announced Plaza Companies has joined the development team to serve as “advisor, design and construction manager,” to provide “the local knowledge and relationships needed to make…

The City of Peoria may institute a permit process for entities using large volumes of City-supplied water. At its meeting last week, Council presented a draft ordinance that would require non-residential water consumers to obtain a permit for heavy water consumption. The ordinance is intended to uphold sustainability for Peoria’s water supply. Permitting would affect non-residential consumers using more than 50,000 gallons of water/day, on average, for a one-year period or consumers who use more than 100,000 gallons in a single day. Consumers would only be able to connect to a public water source after obtaining the Large Water User…

Giving Back 1. The PICOR Charitable Foundation held its 30th annual Pancake Breakfast Fundraiser and surpassed expectations. The Foundation raised $188K for youth programs in southern Arizona. The original goal was to raise $150K. The Foundation served pancakes to approximately 1,200 people. 2. Estrella collected the most donations for the 2024 West Valley Heart Walk at the City of Goodyear Civic Square, which supported heart disease research. Estrella, comprised of Team Estrella and Team Harvard Investments, raised $20.5K, the most among the 70 participating companies. Estrella led the Top 5 teams list with a $12.8K raise. Harvard Investments ranked fifth…

Sales Transactions 1. BentallGreenOak purchased the 1.1MSF Paloma Vista Logistics Center at 18900 W. McDowell Road near Interstate 10 and Loop 303 for approximately $118.3M. The property was sold by a joint venture of US Capital Development and Ares Management Corp. Cushman & Wakefield’s Will Strong, Michael Matchett and Molly Hunt facilitated the sale. Andy Markham, Mike Haenel and Phil Haenel are the leasing brokers for the property. The building is leased to Amazon.com Inc. 2. Cushman & Wakefield announced the firm advised the $19.05M sale of two manufacturing buildings totaling approximately 194KSF at 1250 and 1300 N. Fiesta Blvd.…