Author: BEX Staff

Groundbreakings 1. Mack Real Estate Group has begun construction on the first part of its massive industrial development – Mack Innovation Park – on 19th Avenue north of the Deer Valley Airport. Sites A and C will eventually provide 917KSF of warehouse space between the two sites. 2. Construction has begun on Saiya, a Hatteras Sky development consisting of a 329-unit, 23-story apartment tower with 12.6KSF of retail at First Avenue and McKinley Street in downtown Phoenix. 3. The Town of Queen Creek has broken ground on Frontier Family Park, an 85-acre parks and recreation project with a recreation and…

RAS Developments, Inc. has proposed a new mixed-use development in several aging commercial buildings along Phoenix’s Grand Canal. The project, called Forty600, will be located on approximately two-acres near Central Avenue and Coolidge Street in Phoenix’s Alhambra Village. Per city documents, the mixed-use facility will be a seven-story building consisting of about 150 luxury multifamily units, 6.8KSF of ground-floor commercial, restaurant, retail and office space. Facing the canal, the project will include four two-story live/work spaces that are intended for small business owners who can live on one floor and work on another. The canal frontage is also expected to…

By TradeUp! TradeUp! a Phoenix nonprofit dedicated to empowering children through hands-on learning in the construction trades, is seeking parents, educators and professionals in the skilled trades to volunteer at its educational workforce development program. The free afterschool program, now in its sixth session at Madison Park Middle School, introduces students to careers in the skilled trades through interactive training modules led by local construction industry experts. To kickstart the Fall 2022 program, TradeUp! is inviting industry professionals to join them on Wednesday, Aug. 31, from 3:30 – 5:30 pm at the Helios Education Foundation at 4747 N. 32nd Street,…

By Roland Murphy for AZBEX While we usually think of master-planned developments as coming in or around high-traffic growth areas, a proposal in the small town of Gila Bend in southwestern Maricopa County shows no area is immune to growth and development around the state. DG AZ Investments has requested a minor general plan amendment and a rezoning from Rural to Planned Area Development for a 238-acre site at the NWC of Gila Blvd. and Williams Street to develop a multi-phase master planned community. According to the project description submitted by Town staff, “The first phase will include a variety…

MODUS Companies has closed on 39 acres at I-10 and Florence Blvd. in Casa Grande with the intention of developing 470 Build-to-Rent units for the growing market. MODUS bought the land near the Promenade Shopping Center from Walton Companies for $2.9M. The new homes will feature MODUS’ Net Zero Energy efficiency and sustainability features. Planned amenities for the two-phase development include a clubhouse, fitness center, dog park and pickleball courts. MODUS has a project in negotiations in Florence and has also recently closed on a 30-acre site in Buckeye at Watson Road and I-10 where it plans to develop between…

The Peoria City Council has approved a requested rezoning and general plan amendment from Xanadu Investments, LLC to develop an 82-unit Build-to-Rent community on 10.3 acres near Happy Valley Road and 107th Avenue. The site is located in the Tierra Del Rio Planned Area Development. The proposal calls for single-story buildings with floorplans for 32 one-bedroom, 34 two-bedroom and 16 three-bedroom units. Planned amenities include a pool, picnic area, clubhouse and fitness center, and a barbeque area. Edifice Architecture is the design firm, and the project is represented by Tiffany & Bosco, P.A. (Source)

A legal fight over affordability concerns at the South Pier at Tempe Town Lake development, the appropriate extent of citizen involvement in project approval, Tempe’s unique affordable housing funding program and the issue of affordable housing, itself, is continuing to roil City policy and development efforts. Following City Council’s approval in March, affordable housing advocacy group Central Arizonans for a Sustainable Economy launched a signature drive to put the South Pier project on a Tempe ballot. CASE’s primary complaints are that there are no designated affordable housing units as part of the project and an allegation that there was not…

Giving Back 1. The Central Arizona chapter of CCIM is offering two scholarships for classes in 2023 that lead toward getting the Certified Commercial Investment Member designation. The 2023 scholarship programs are: The Tim Hatlestad, CCIM Endowed Scholarship, $1,000 value (CI 102, 103 or 104);The David S. Miller, CCIM Endowed Scholarship, $1,000 value (CI 102, 103 or 104). Applications should be submitted directly to the individual’s local CCIM chapter. Incomplete or late applications will not be accepted. Deadline for submission is Nov. 7. Recipients will be notified on or before Dec. 1. Company News 2. Big-D Companies announced Johnson Carlier, an…

Sales Transactions 1. Cushman & Wakefield has advised the $109.2M sale of a fully leased 730.8KSF big-box distribution building on more than 46 acres in Goodyear. Lakin Park Building 1A was acquired by BentallGreenOak. The seller was the joint venture of Clarius Partners, LLC and Walton Street Capital. Will Strong, Greer Oliver, and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller. Mike Haenel and Andy Markham also provided leasing advisory. 2. KKR & Co. Inc. has purchased the two-building, 633.3KSF industrial property 101 at Van Buren in Avondale for $91.8M. The development was recently completed…

Larson Development Group is planning a 240-unit Build-to-Rent development on 20.2 acres in Casa Grande on Burris Road. President and CEO Kirk Larson expects to spend approximately $56M on the development. Planned units at The Element at Casa Grande include one- and two-bedroom duplexes of 800SF and 1,050SF, respectively, and two-story triplex townhomes of between 1,400SF and 1,550SF. The homes will feature synthetic turf backyards and smart home technology. Planned amenities include a 3.5KSF clubhouse with a fitness center, lounge, kitchen and gaming area. Larson has requested a planned area development for the site since the property was originally platted…