Author: BEX Staff

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…

The Punchcard Building, also known as the Phoenix Financial Center, may finally be moving ahead with a long-desired mixed-use campus renovation plan. The 18-story tower and two 9KSF rotundas have been undergoing a series of tenant improvements overseen by developer Ironline Partners, which is operating in partnership with owners The Geddes Family. Renovations have been made to the 7th, 17th and 18th floors at the iconic 312KSF building, and representatives say approximately 200KSF is available for lease. The building, which was once largely used for government office space and resembles a vintage computer punch card on its south side, was…

The Arizona Department of Transportation has officially delivered a grant application through the Federal Infrastructure, Investment and Jobs Act for an added $300M to supplement the $400M state appropriation signed into law by Governor Doug Ducey earlier this month. That commitment of state dollars made ADOT eligible to apply for the federal competitive grant. There is also $290M previously budgeted, for a potential project total of $990M. Construction is funded in part by Prop. 400, a dedicated half-cent sales tax approved by Maricopa County voters in 2004. ADOT is collaborating closely with the Gila River Indian Community and Maricopa Association…

By Arizona Department of Transportation The Arizona Department of Transportation submitted a competitive grant bid that, if awarded, would allocate approximately $65M to speed up already-planned improvement projects on US 93 between Wickenburg and Interstate 40. If the grant application is approved, these competitive funds would be added to state match funding and additional federal dollars, for a potential total of more than $200M for the improvements on US 93, in partnership with the Federal Highway Administration. The prospective funding and work would come from an Infrastructure for Rebuilding America grant through the federal Infrastructure Investment and Jobs Act. It…

Banner Health has submitted conditional use permits and rezoning requests for its Banner North Scottsdale Medical Campus, planned at the NEC of Loop 101 and Hayden Road in Scottsdale. Quoting the project narrative, the specific requests are: A zoning map amendment to confirm the Arizona State Land Department’s allocation of the Commercial Office (C-O) zoning for the Property as allowed within the Crossroads East PCD;A Conditional Use Permit (CUP) to allow a hospital use with helipads in a C-O zoning district pursuant to Section 11.201.A of the Scottsdale Zoning Ordinance; andAmended Development Standards to allow for an increase in the…

Groundbreakings 1. Starting this week, the Arizona Department of Transportation will begin a project along a 22-mile stretch of State Route 260 west of Heber-Overgaard to improve roadway safety. The improvement project includes increasing the shoulder-width on each side of the highway by five feet, making guardrail improvements, extending and improving drainage systems and making pavement repairs. 2. On May 2nd, Concord General Contracting hosted the groundbreaking for Mountain Park Health Center’s new Glendale Clinic. Located near downtown Glendale on 71st and Glendale Avenues, the 27.5KSF facility will serve an estimated 18,000 people each year. Progress Reports 3. Boys &…