Author: BEX Staff

Awards & Accolades 1. The 2021 Best of NAIOP Arizona Awards were announced June 9th in a ceremony at the Arizona Biltmore. Check out next Tuesday’s issue for the Company, Individual and Broker Awards. Winners in the Project Awards were: Economic Impact Project of the Year: HelloFreshIndustrial Build-to-Suit Less Than 500K SF Project of the Year: FedEx Prologis Commerce Park 2Industrial Build-to-Suit More than 500K SF Project of the Year: White Claw DistilleryIndustrial Tenant Improvement Project of the Year: Covetrus GrandviewMedical Office Project of the Year: U.S. Department of Veterans Affairs Phoenix Outpatient ClinicMixed-Use Project of the Year: Park CentralOffice…

The Maricopa Planning and Zoning Commission is considering a proposal to change the land use map and zoning for nearly 17 acres of City-owned land from Public/Institutional to High Density Residential. The City has requested the change for the site north of City Hall, likely to enable the development of multifamily housing. The spaces around City Hall have been targeted for development after the mitigation of the nearby North Santa Cruz Wash floodplain is complete. When that is in place, 11 square miles of land will be open for economic development. City officials last year estimated the assessable value at…

The Queen Creek Town Council approved new funds totaling $34M for water and road system infrastructure projects near Ironwood and Germann Roads. The allocation is the most recent for the Northeast Infrastructure Improvements project suite planned in support of the LG Energy Solution Battery Plant planned in the town. Project components include: A new section of Pecos Road from Ironwood to Kenworthy Road,Connection of a new section of Kenworthy from Pecos to Germann,Widening Ironwood from Germann to SR 24, andWidening Germann from Kenworthy to Meridian Road. Each section would have three lanes in each direction, as well as a bicycle…

The Pinal County Board of Supervisors have approved a federal grant application that, if awarded, would provide $301M to extend SR 24 from Ironwood Drive to US 60. The grant funds would be in addition to a previously approved SR 24 state budget allocation that went toward interim work. The project would create a four-lane highway, which Pinal said in its application is a necessary alternative route for congested arterial streets in the area, given the extent of overall growth. The application cited recent traffic studies that predict most current arterial streets in the project area will be overwhelmed by…

The Mesa Board of Adjustment has approved a set of variances that will permit ZenniHome to build Zen City – a 90-unit midrise apartment development with ground floor commercial at 29 W. Main St. Each of the five upper floors will have 18 units – 12 640SF two-bed units and six 320SF studios. Zen City will be ZenniHome’s first mid-rise apartment development, according to the project narrative. The configuration will feature two five-story residential towers over ground-floor commercial spaces. According to the staff report presented to the Board, “The proposed dwelling units are standardized manufactured modular housing units, which are…

Giving Back 1. During its quarterly grant disbursements, the Sundt Foundation donated $82,308 to 18 Phoenix-area charities. Four nonprofits, Arizona Helping Hands, Dress for Success Phoenix, Soldier’s Best Friend and Treasure House, each received a $7,500 grant. Nonprofits that received smaller grants include: Arizona Association for Foster & Adoptive Parents,Arizona Pet Project,Arizona Safe Baby Haven Foundation,Brighter Way Institute,Christ Child Society of Phoenix,Mom’s Pantry Phoenix,Control Alt Delete,Elder TLC,F.O.R. Maricopa,Gabriel’s Angels,Nourish Phoenix,Scott Foundation,Upward for Children and Families, andWaste Not AZ. Boards & Commissions 2. Arizona Self-Storage Association recently announced its 2022-2023 leadership team and re-elected board members. AZSA’s 2022-2023 leadership team comprises: Jeff…

Sales Transactions 1. Northmarq recently announced the $119.7M sale of TerraLane at Canyon Trails in Goodyear and the $66.2M sale of TerraLane at South Mountain in Phoenix. The firm’s Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle represented seller RSI Holding, Inc. The buyer was Inland Real Estate Acquisitions. 2. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented buyer SB Real Estate Partners in the $91M purchase of Azura Apartments, a 387-unit community in Phoenix. The seller was an entity linked to Carol Ann Watson. 3. Cliff David and Steve Gebing…

A Wall Street Journal article has noted April’s $39.4B in commercial property sales was 16% lower year-over-year after 13 straight months of increases. Increases in both asset prices and prices and interest rates were cited as causes. Sales in several sectors – particularly multifamily and industrial – had been increasing rapidly since the start of the pandemic. Rising demand and migration trends drove demand up and served as a hedge against inflation, according to a report from MCSI Real Assets. Even as late as March, CRE year-over-year sales were up 57%, making the speed of the transition appear “shocking,” according…

Developer Spike Lawrence Ventures has secured approval for a plan change from office to condos for the remaining portion of its New Square development at the NWC of Chicago Street and Arizona Avenue in Chandler. Chandler City Council first approved the overall development in 2018. Since then, a three-story office tower and a Hilton Garden Inn have been built. The remaining portion had been planned for an office project of approximately 95KSF. The post-pandemic decrease in demand for office space, however, led the developer to rethink its position. Spike Lawrence instead proposed building a four-story condominium development with 34 residential…

Peoria’s Planning and Zoning Commission has recommended City Council approval for a rezoning and general plan amendment necessary for the Moderne Park West apartment development near Olive and 95th Avenues to advance. Plans call for a 130-unit development with eight buildings, including the leasing office and clubhouse. Amenities will include a pool, dog park and pet wash, outdoor cooking area, and a fitness center in the clubhouse. In presenting the project, planning staff said the 5.7-acre property’s irregular size and a nearby gas station would make access difficult if the site were planned for commercial development. Commissioners speaking in support…