Author: BEX Staff

Union Station, the historic train depot on West Harrison Street in downtown Phoenix, could soon be home to a mixed-use redevelopment that will include a boutique hotel, apartment/condo tower, office space and movie production studio. Aaron Klusman heads the Rivulet Media Inc. production company and bought the 30.3KSF building from Spring Communications LP for $4M. Rivulet Media will move its company headquarters into the renovated facility when finished. The 7.34-acre site is located in an Opportunity Zone and includes other structures and two telecommunications towers. The unit count and space allocations have not been finalized yet, and estimated development costs…

The Buckeye Planning and Zoning Commission has voted to recommend the 211-unit BTR Verrado build-to-rent site plan for approval by City Council. The development is planned for 17 acres at the SEC of Verrado Way and Indian School Road. Nearby residents addressed the P&Z meeting to voice concerns about traffic, density, infrastructure impacts and other issues. City traffic engineering staff reported a widening project on Indian School Road should provide sufficient capacity to reduce current congestion and meet future demands. Project representatives told the meeting the planned density of 12.19 units per acre is far less than the maximum of…

Looking to capitalize on pent-up pandemic demand and highlight the Phoenix Convention Center in association with other downtown amenities, the Phoenix Economic Development and Equity Subcommittee last week discussed the possibility of establishing a downtown entertainment district. Staff drew inspiration from existing areas like the Gaslamp Quarter in San Diego, Sixth Street in Austin and Honky Tonk Highway in Nashville. The original discussions began in early 2020 with a sports and leisure study by the Phoenix Convention Center, which found most convention centers do not have a tie-in with area nightlife and events that make them part of a cross-marketable…

Two new industrial buildings totaling more than 500KSF of space are planned for the Skybridge Arizona master-planned development owned by the Phoenix-Mesa Gateway Airport Authority. The site is located on 28 acres near Sossaman and Pecos Roads. According to the submittal by ADM Group Inc., the project consists of two 44-foot, single-story industrial shell buildings. The narrative says the group use warehouse space will eventually be divided into three tenant spaces. Planning requirements call for a minimum of 640 parking spaces, and the plan proposes 670. The proposal was discussed at the May 10th Mesa Design Review Board meeting and…

In its most recent newsletter, the American Council of Engineering Companies of Arizona gave a status update for Department of Energy projects under the Bipartisan Infrastructure Law/Infrastructure Investment Jobs Act. ACECA reports only 11% of the $62B in DoE spending under IIJA energy funds will be distributed under state formula programs and that DoE funds are usually distributed more slowly than transportation and water project funding. DoE is expected to expand existing programs and develop 60 new ones in the next five years. It will have to issue RFIs, develop and publish project strategies and follow up with funding announcements…

1. Ethos Engineering recently designed a Condor Enclosure for Liberty Wildlife, a bird rescue, rehabilitation and sanctuary in south Phoenix. 2. Rose Law Group and Habitat for Humanity recently collaborated on a metaverse charity and fundraising event Awards & Accolades 3. AZ Big Media has published the 2022 Ranking Arizona lists of Top 10 Brokerage Firms. They are: Brokerage Firms of 28 Brokers or More: CBRE,Colliers,ORION Investment Real Estate,Cushman & Wakefield,LevRose Commercial Real Estate/TCN Worldwide,Marcus & Millichap,NAI Horizon,Lee & Associates,Kidder Mathews, andJLL. Brokerage Firms of 27 Brokers or Fewer: City to City Commercial,ABI Multifamily,Commercial Properties Inc.,Avison Young,Menlo Group Commercial Real…

Sales Transactions 1. Service Property Trust has successfully sold 42 Sonesta-branded hotels, part of its plan to sell a total of 68. Among the 42 is the 120-room Tucson Sonesta Hotel on South Tucson Blvd., which sold for a reported $8M. The 42 hotels sold to date have totaled proceeds of $397.6M. 2. Rise48 Equity LLC has purchased the 288-unit apartment community The Nolan in Mesa for $92M. They were represented by Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq Phoenix. Interior upgrades are planned as a value-add. Northmarq’s Brandon Harrington, Bryan Mummaw, Tyler Woodard and Bryan…

Following a meeting between Payson Mayor Tom Morrissey and U.S. Senator Kyrsten Sinema, the mayor, Town Council and staff have put together a wish list of the town’s top capital improvement priorities. The total price tag tops out at approximately $160M. First on the list is a $4M project to design and build an extension of Green Valley Parkway that would provide alternative access to Main Street and Green Valley Park. Stormwater management came in as the second priority, particularly in the form of a comprehensive storm sewer system. Estimated cost to develop and implement an updated master plan is…

The CBRE Capital Markets Q1 2022 report shows Commercial Real Estate Investment in the U.S. jumped 45% year-over-year. Phoenix ranked 7th for overall investment in the top 20 cities tracked. Total U.S. CRE investment totaled $150.4B in Q1. New York led the country at $63B, followed by Los Angeles at $62B. Orlando had the most year-over-year investment growth at 272%. The six sectors’ Q1 national totals and their year-over-year percent changes were: Multifamily: $56.7B, +41.8%;Industrial: $32.2B, +44.3%;Office: $31.9B, +45.9%;Retail: $17.1B, +87.3%;Hotel: +62.5%, andOther: -46.2% Multifamily led the six sectors tracked with 37.7% of the market share, followed by Industrial at…

A submission by the City of Glendale on behalf of EMRLAND LLLP and Ferrantino Enterprises AZ LLC is seeking a Planned Area Development for a mixed-use master plane on more than 161 acres between Glendale Avenue and Ball Park Blvd. west of Loop 101. Twenty potential uses are listed in the proposed mix for the Vision 2 plan, including: Healthcare,Financial operations,Pedestrian-oriented commercial,Hotel,Restaurant,Entertainment,A “spectrum” of retail,High-density residential,Regional operation centers, andClass A office users. The employment and office use place an emphasis on attracting corporate headquarters, according to the submitted project narrative. The narrative points out the project may develop over an…