Author: BEX Staff

By Pivotal Group The Hilton Phoenix Resort at the Peak has been purchased by Pivotal Group. The seller was Fortress Investment Group. The $100M acquisition and repositioning includes major renovations for the 20-acre resort. The property was built on the slopes of Piestewa Peak near 16th Street and Northern in 1977. Pivotal Group plans to undertake a two-and-a-half-year renovation that includes: Upgrading and renovating of more than 430 suite-style rooms; Construction of a new adult pool; Creating a new elevated spa; A new fitness center; New dining options; Creation of new outdoor gathering/event spaces, and Modernization/upgrade of the entire facility.…

The City of Buckeye is proposing two propositions containing several projects that, if approved by voters, would be funded by a nearly $300M general obligation bond. Proposition 494 will ask voters if they want the City to spend $137M on public safety projects. Proposition 495 will ask voters for $145M for road improvements to ease traffic and improve safety. Projects include: A Public Safety Headquarters, valued at approximately $97M. This headquarters would provide Buckeye with a centralized police and fire administration facility. The facility would serve as a base for Buckeye police while also offering a laboratory and holding cells.…

By CJ Jorgensen for AZBEX Metro Phoenix heavily leads the U.S. industrial supply pipeline. The Sept. 2024 National Industrial Report by Yardi Matrixshows many U.S. markets have seen industrial pipeline shrinkage, yet Phoenix stands apart as a major outlier. Phoenix has 36.8MSF of industrial space under construction, which equates to 9.1% of stock. Adding in planned projects brings that number to 20.6%. A large portion of the construction began in 2024, equating to 10.6MSF. Warehouse/distribution accounts for roughly half of the pipeline, but manufacturing and data centers both have a notable presence in the Phoenix market. Manufacturing makes up 25%…

Awards & Accolades 1. The Arizona Masonry Council celebrated its 33rd Annual Excellence in Masonry Architectural Awards for outstanding masonry design. The ceremony was held at the Scottsdale Resort McCormick Ranch. The project winners and their awards were: Copperleaf, Monument and Entry Way Citation Award; Wildera, Monument and Entry Way Merit Award; Hawes Crossing; Honor Award and Perimeter Walls Honor Award; Barney Farms, Perimeter Walls Citation Award; Union Park at Norterra, Perimeter Walls Merit Award; The Hideaway on Palm, Multi-Family Merit Award; Moontower Phoenix, Multi-Family Honor Award; Andrus Residence and Modern Sunset, Residential Citation Award; Andrew Weil Center for Integrative…

By CJ Jorgensen for AZBEX IPlan Consulting Corp, on behalf of Landmark Land Investments LLC, submitted a proposal for a new hotel in Gilbert. At the NWC of Galveston Street and Power Road, the 96.1KSF, 110-guestroom hotel will sit on an approximate 2.6-acre site within the Circle G Corporate Park. The hotel, Staybridge Suites, is branded by Intercontinental Hotel Group. The area is zoned Business Park and Regional Commercial with a Planned Area Development overlay. The site is within Area Two of the Vertical Development Overlay Zoning District. Staybridge Suites will have a height of 60 feet, which is permitted…

The Gila River Indian Community received approximately $107M from the Bureau of Reclamation for three separate water infrastructure projects. GRIC expects the funding to not only benefit the tribe, but the region as well. These are the first long-term pacts signed with GRIC, and the Bureau of Reclamation hopes they can create system conservation of over 73,000 acre-feet within the next decade. The first project is to replace and upgrade irrigation systems on Gila River Farms; $64M has been pledged. The second project is to concrete line more than 7.5 miles of earthen canals in the Blackwater area; $26M has…

By CJ Jorgensen for AZBEX Phoenix is one of the few cities that demonstrated positive YOY office-using employment growth. Yardi Matrixrecently released a National Office Report for 2024. Phoenix’s listing rates increased by 0.9% in the last 12 months, at a current rate of $28.07 per square foot. The vacancy rates in Phoenix decreased by 60bps, with a total vacancy rate of 18.2%. Camelback Collective was the top listing in Phoenix, with the price coming in it $52.50 per square foot. Phoenix was the 23rd highest U.S. city when it came to office space under construction. Yardi Matrix reports that…

Giving Back 1. Three Sundt employee-owners are competing to see who can raise the most money for the Sundt Foundation’s “Ink It & Pink It” 25th anniversary fundraising campaign. The funds raised from Sept. 23-Oct. 10 will be distributed from the Sundt Foundation to nonprofit organizations fighting breast cancer. Sundt Construction will match donations up to $150K. The employee-owners are Danny Gumm, Melissa Moreno and Scott LaPoint. 2. The PENTA CARES Foundation, the charitable arm of The PENTA Building Group raised $65K for local nonprofit Home Base Arizona during its first Charity Golf Classic in Scottsdale. 3. A group of…

Sales Transactions 1. Lennar Arizona, Inc. and Richmond American purchased Block 1 at the master-planned community, Monarch, in Marana for $30M. The purchase contains 254 finished lots. The lots were sold by the developer, Sunbelt Holdings. Will White and John Carroll of Land Advisors Organization handled the transaction. 2. Starfire Golf Course in Scottsdale sold for $24M. Swing First Golf purchased course from Greenlight Communities. 3. Westwood Financial, LLC purchased the 83.8KSF Paradise Hills Shopping Center in Phoenix for $16.8M. The property was sold by Abbington Emmerson Investments LLC. The seller was represented by Colliers’ Mindy Korth, JK Jackson, El…

By CJ Jorgensen and Roland Murphy for AZBEX Roers Companies is proposing a new 147-unit affordable multifamily project in north Phoenix at the NWC of Deer Valley Road and 30th Avenue. The developer has requested a rezoning from R-4A Multifamily Residential to Planned Unit Development with modified R-4A development standards. The sole purpose for the change, according to the submitted narrative, is to allow for additional building height. Roers intends the building to be 60 feet tall, while the current zoning only allows for 48 feet. The parcel fronts to an arterial street, has two streets and backs to the…