Author: BEX Staff

Giving Back 1. The 2nd Annual Ellen Kirton Memorial Charity Fundraiser, presented by the Arizona Association for Economic Development Southern Committee, is scheduled for Nov. 9 at the Lodge on the Desert, 306 N. Alvernon Way in Tucson. The event raises money for Mobile Meals of Southern Arizona. Representatives of the organization will be present to talk about their charity. Proceeds from a raffle will benefit Mobile Meals as well. 2. More than 40 students attended the second annual CCIM/GCU Mentorship Speed Networking Event held recently at the Colangelo College of Business at Grand Canyon University. CCIM Central Arizona Chapter mentors and GCU…

Sales Transactions 1. Braemar Hotels and Resorts Inc. will purchase the 210-room Four Seasons Resort Scottsdale for $267.8M from Strategic Hotels & Resorts. $26.8M has been placed in escrow pending the purchase agreement’s closing or termination. 2. Nelson Partners Student Housing has sold the 340-unit/972-bed student housing property Sol y Luna Apartments in Tucson to Vesper Holdings for $203M. Vesper plans more than $7M in improvements on the property. Nelson was represented by Brad Cooke with Colliers. Tim Bradley of TSB Capital Advisors represented Vesper. 3. Cushman & Wakefield has advised the sale of a 156KSF light industrial portfolio in…

Two new industrial projects have been proposed in the West Valley. Nexen DC LLC (Nexen Properties) has proposed a speculative warehouse/distribution/manufacturing development on 27.65 acres in the master-planned Copperwing Logistics Center. The project will feature three buildings of 132.9KSF, 172.2KSF and 205.5KSF. Nexen plans to occupy one of the buildings. Ware Malcomb is the project architect. Completion is expected next fall. Cardinal Capital to Build in Buckeye The other project is a proposal from Cardinal Capital Company LLC asking to rezone approximately 226 acres near the SWC of SR 85 and Broadway Road in Buckeye. Cardinal Capital Industrial Park is…

The Mesa Planning and Zoning Board approved two multifamily and one warehouse development, among others, despite opposition from some neighbors and community members. The two multifamily projects both involve some of the final Killian Family citrus and beef farm parcels near Greenfield Road and Southern Avenue. The two developments will sit on approximately 24 acres. The Multifamily Projects Sparrow Mera Greenfield (also known as Mera Greenfield at Killian Farms) will offer 208 55-plus age-restricted units in a single apartment building. Emblem Mera (also called Mera Greenfield Emblem) will be a 248-unit luxury apartment development with a dozen two- and three-story…

Garden Deer Valley LLC (Garden Communities) has won an Arizona State Land Department auction for 40.87 acres at the NEC of Tatum Blvd. and Deer Valley Road in north Phoenix, across from Desert Ridge Marketplace. The company was the only bidder and won the auction with a minimum bid of $44.1M. Garden Communities is a residential developer specializing in high-end multifamily properties. No specific plans have been filed for the north Phoenix location. The firm was represented in the purchase by Dillon Hopley and Jim Keeley of Colliers in Arizona. (Source)

By Roland Murphy for AZBEX The sky is not falling. The End of Days is not at hand. Still, the raucous party that has been the U.S. multifamily investment market for the past few years is running into serious threats of a shutdown. The surge in inflation – and the Federal Reserve’s blunt tools to manage it – have dramatically increased debt and equity costs across the economy. Having soared to among the greatest heights of any sector, multifamily has been hit especially hard and particularly rapidly. While national multifamily sales are still up 25% year-to-date over 2021 volumes, they…

By City of Chandler The Chandler City Council adopted the provisions of a development agreement and purchase agreement between One Chandler Owner, LLC and the City of Chandler at their meeting on Oct. 27. The agreement is for the sale and redevelopment of nearly 1.7 acres of City-owned property located at the NEC of Arizona Avenue and Buffalo Street, known as Site 7. This parcel is currently vacant and used for parking. In December 2021, Jackson Dearborn Partners, now known as One Chandler Owner, LLC, acquired the parcels immediately north and adjacent to Site 7. The City Council directed staff…

By Rebekah Morris for AZBEX Late last month, UMB Bank provided notice that Legacy Cares has officially defaulted on a series of tax-exempt bonds that were meant to fund the Bell Bank Park construction project. While that has been widely reported (examples here and here), the fact that more than a dozen local contractors have not yet been paid on a project that completed construction back in Jan. 2022 has been mostly just a sidenote. While most stories quote the project cost at $280M, the primary construction contracts were substantially less than that. Roughly $130M between contracts were issued to…

By Associated Builders and Contractors The construction industry had 422,000 job openings in September, 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 36,000 last month and are up 74,000 from a year ago. Construction workers quit their jobs at a lower rate than they were laid off or discharged for the first time since February 2021. “Given healthy Construction Backlog Indicator levels and elevated Construction…

Groundbreakings 1. The Howard Hughes Corporation has broken ground on Teravalis, a 37,000-acre mixed-use master planned community in the West Valley projected to include 100,000 homes and 55MSF of commercial development. Teravalis, previously known as Douglas Ranch, will become Arizona’s largest master planned community. 2. Greenlight Communities has broken ground on Streamliner 67th – a 292-unit affordable housing development at 67th Avenue and McDowell Road. The community is being developed as a joint venture with Stockbridge. 3. Construction preparations are underway for a $14M expansion at the Abrazo Arrowhead Campus in Glendale. The 8.5KSF addition will expand the neonatal unit from 21 beds to…