Author: BEX Staff

By Roland Murphy for AZBEX HB 2674 – the bipartisan legislation proposed by Republican Arizona State Representative Steve Kaiser and co-sponsor Democratic State Representative César Chávez to preempt “local laws, ordinances and charter provisions” that limit residential development – has generated increasing levels of controversy among local officials, development opposition groups, housing advocates and other stakeholders dealing with the quagmire minutia of guiding proposed projects through the approval process. Excellent high-level overviews of the bill are available at The Arizona Republic and AZ Big Media. The full text of the legislation is available here. In this piece, we will provide…

Arizona Land Consulting LLC will manage development of a planned industrial center on nearly 2,000 acres in Buckeye west of the municipal airport and south of I-10. The site was once intended as a master-planned community that would have been known as Cipriani. The community was first proposed in 2008. ALC and its investment partners bought the land from Cipriani Land Holdings for nearly $40M earlier this month. Buckeye Municipal Airport is one of four primary industrial areas in the rapidly growing city. ALC officials plan to rezone the Cipriani land for industrial development, after which infrastructure plans must be…

A bill sponsored by State Representative David Cook of Globe that will appropriate $15M to fund an extension of SR 24 and develop a connector that extends from SR 24 along the Central Arizona Project canal alignment has won unanimous approval from the House Transportation Committee. The money, which equals roughly half the estimated project cost, will be taken from the General Fund next year and issued to the Arizona Department of Transportation for distribution to Pinal County. The County will acquire the right of way for the SR 24 extension and develop the connector route. (Source)

The Mesa Board of Adjustment approved a development incentive permit for an industrial project planned near Baseline Road and Horne. The proposed warehouse and office development from AZ Baseline Industrial LP combines three parcels into one to create a 3.67-acre infill lot, according to documents submitted to the City. The developer requested an increase in building height from 40 to 42 feet, permission for truck docks to face the street, and reductions in the landscaping requirements, among others. (Source)

By Sterling Real Estate Partners Sterling Real Estate Partners recently acquired Suites on Scottsdale in an off-market transaction with plans to convert the hotel into market rate apartments. Originally built in 1996, the 114-room extended stay hotel will be transformed into a luxury, 85-unit apartment community. The property is located on the corner of Scottsdale Road and Mountain View Road, just south of Shea Boulevard. This acquisition marks Sterling’s second adaptive reuse project. This is Sterling’s fifth acquisition in the last six months, totaling more than $60M. Sterling had the property under contract since December of 2020 while it processed…

Single-family homes and traditional apartments are not the only residential sectors being hit by a lack of supply. Senior-focused homes are also feeling the pinch. Maricopa County data showed only 505 homes available last month in retirement communities. Real estate professionals in Peoria have called the city’s supply “infinitesimal,” with only 33 homes of any type listed as “active” or “coming soon.” Six of those were manufactured homes. Demographic shifts in birth and death rates could eventually make retirement home supplies more plentiful, but that process will take years. Builders and planning officials have long worried about the risk of…

Even after adjusting for inflation, softwood lumber prices in both 2020 and 2021 were record-setting, according to a report from the National Association of Homebuilders. The industry benchmark Random Lengths Framing Lumber Composite Price and the lumber futures price – the two most common price quote outlets – do not adjust for inflation. The FLCP price was more than $1,500/thousand board feet in May of last year, almost tripling its pre-pandemic record. The framing lumber price averaged $550 in 2020 and $850 in 2021, both of which were records. Even after adjusting prices for inflation, framing lumber in 2021 was…

On a 4-1 vote, the Yuma County Planning and Zoning Commission has denied recommendation of the County’s Comprehensive Plan. The plan provides a guide for development in the county’s unincorporated areas, particularly in the area of land use. Under state law, counties must update or extend their plans every 10 years. The County Board of Supervisors directed staff last year to keep the existing 2012 Comprehensive Plan and make updates. After hearing comments from agencies and residents pointing out obsolete information, particularly the existing plan’s housing data from 2000-2010, staff told commissioners they intend to update the information but that…

Awards & Accolades 1. The Arizona Masonry Council has announced Dave Endres of Superlite, an Oldcastle Company, as the 2022 Clem Hellmann Award recipient. Boards & Commissions 2. Kirk McClure of JE Dunn Construction has been appointed to the Greater Phoenix Economic Council’s Ambassador Steering Committee. Company News 3. Grand Canyon Development Partners is returning to the Valley and opening a Phoenix office with the intention of growing its development pipeline. The company left Phoenix during the Great Recession to focus on opportunities in Las Vegas. 4. The Frank Lloyd Wright Foundation has announced the launch of the Taliesin Institute,…

Sales Transactions 1. Wentworth Healthcare Properties recently purchased a four-building, 180KSF medical office portfolio, including three in Arizona, for $56M from Centum Health Properties. The Arizona locations were Princess Medical Center (79.6KSF), Anthem Medical Plaza (49.8KSF) and Sun Lakes Medical Center (39.2KSF). Centum was represented by CBRE. 2. Tri-Pointe Homes, Inc. has closed on 137-acre for $45.2M to build the 468-home Waterson Central phase of its 480-acre, 1,284-home Waterson master-planned community in Gilbert. 3. Commercial real estate firm Lincoln Property Co. has closed on two buildings at AZ 202 Commerce Park in Chandler for $32.5M. The newly acquired project totals…