Author: BEX Staff

Sales Transactions 1. Sales TransactionsReNUE Properties has sold its portfolio of affordable housing communities to Starwood Real Estate Income Trust for $345M. It is reportedly the largest affordable housing sale in Arizona history. The properties consisted of: Desert Eagle, Glendale, 196 units;Village at Sun Valley, Mesa, 276 units;Tierra Antigua, Mesa, 174 units;Lake Pleasant, Peoria, 152 units;San Fernando, Mesa, 264 units;Bella Vista, Phoenix, 200 units, andReNUE Downtown, Phoenix, 200 units Closing for Bella Vista and Legacy Bungalow are expected by April 30th following regulatory approvals. CBRE Affordable Housing team, led by Jeff Kunitz, facilitated the transaction. 2. Velocity Retail Group, in partnership…

The Maricopa Association of Governments has begun its push for an extension of the Proposition 400 half-cent transportation tax. MAG representatives recently presented a series of bus and road projects it has targeted to the Chandler Chamber of Commerce. Among the projects laid out for attendees were a rapid bus route between Scottsdale and Chandler Fashion Center and another between downtown Chandler and Mesa. These and other projects are intended to improve connectivity and ease of travel between Valley cities. MAG representatives said passing a Prop 400 extension is essential to meeting all those connectivity goals. The extension request is…

The Phoenix Planning Commission has approved a rezone that paves the way for the city to sell 87 acres of land in Laveen to the Arizona Department of Transportation for development of SR 30. SR 30 will connect the Loop 202 and Loop 303 freeways. ADOT will use the land purchased from Phoenix for whatever rights of way the project needs and then sell any remaining land bordering the freeway. Phoenix City Council delayed a vote on the sale in October of last year and again in January to give staff more time to review the request. The current general…

Groundbreakings Advanced Industrial Park, a 20.77-acre, permit-ready site in Mesa, will break ground next month to deliver three Class A industrial buildings totaling more than 335KSF. ViaWest Group and Nicola Wealth Real Estate recently teamed up to buy the site for $9.69M.Willmeng Construction and VanTrust Real Estate have broken ground on a 154KSF distribution facility for Frito-Lay, the first project to get underway in the 350-acre Legacy Point Master Plan.JDM Partners announced it will begin work on Phase I of the planned renovations at the Biltmore Golf Club.Progress ReportsBuilding Companies has topped out the University of Arizona Applied Research Building…

By Cushman & Wakefield for BET Investments BET Investments has started its first phase of what will be one of the largest industrial developments in Buckeye’s history. The 145-acre project, Buckeye I-10 Logistics, is the largest industrial complex under development along Buckeye’s I-10 frontage freeway, just west of Verrado Way. The industrial park will be constructed with more than 2.2MSF of industrial space. The 641KSF Phase I building has already broken ground, with completion expected before the end of 2022. Beginning in Q3 of this year, BET Investments will build its Phase II building, consisting of approximately 1.15MSF, located adjacent…

Banner Health is working with the Arizona State Land Department and the City of Scottsdale to purchase 40-50 acres at the NEC of Hayden Road and Loop 101. Banner representatives said the healthcare provider will begin a phased development on more than 50 acres in the area next year if it succeeds in purchasing the land at auction. Banner has submitted an application to ASLD to purchase 40 acres of an approximately 185-acre Department-owned site in the area. No auction date has been set, and no appraisal has been conducted yet. The company said its intent is to expand services…

Earlier this month, the Surprise City Council approved an intergovernmental agreement with Maricopa County to create a multigenerational community resource center in the City’s Original Town Site. The Maricopa County Board of Supervisors has also approved the agreement and will contribute $18M made available under the American Rescue Plan Act. The total cost estimate for the new 38KSF center is $26.4M. Surprise will use $5.04M of its own ARPA funding and a one-time $3.35M general fund expenditure to cover the remainder of the cost. The new Northwest Community Resource Center is expected to provide more room for expanded youth and…

Last week, Exceptional Healthcare confirmed its plans to build a 20KSF hospital facility near Highway 95 and Marina Blvd. in Bullhead City. According to an article in Mohave Valley Daily News, the hospital will be built on part of a 268-acre parcel owned by CSQ H95 LLLP, which is planning a residential and commercial mixed-use development. Bullhead City officials praised the announcement, as the hospital will support the area’s ongoing growth in both population and amenities. Construction is planned to commence later this year, with the opening targeted for late 2023 or early 2024. Exceptional Healthcare delivered its first hospital…

Information from the Federal Reserve shows a housing pricing environment out of step with fundamentals to a degree not seen since before the Great Recession. Among the factors raising concerns are national price-to-rent ratios and price-to-income ratios. Impacting factors include low interest rates, COVID-stimulus programs and supply chain issues driving a fear of missing out on opportunities before prices rise even more, as well as an aggressive rate of speculation among investors. While price appreciation is excessive, experts caution that is not a definition of a bubble in and of itself. Other factors, such as access to credit, rising materials and labor…

Stillwater Superstition, a 373-unit multifamily development in the pre-construction phase near the Superstition Springs shopping center in Mesa, took another step forward recently when developer Stillwater Capital Investments officially purchased the site for $11.1M. The sellers were Lamar Companies and GFI-Mesa Investments Ltd. Stillwater was represented by David Fogler and Steven Nicoluzakis of Cushman & Wakefield. Stillwater Superstition is one of two projects the company has in process, the second being the 360-unit Biltmore Lakes multifamily development at 2910 E. Camelback Rd in Phoenix. Stillwater has named MT Builders as the general contractor for the Mesa project. Architectural services are provided by OMNIPLAN. Planned amenities for Stillwater Superstition include a fitness center, pool and…