Author: BEX Staff

New data from Cushman & Wakefield shows Phoenix ranking in the Number Five spot in the country in terms of industrial construction. Dallas/Fort Worth led the nation with 54.1MSF under construction, followed by Pennsylvania’s I-81/I-78 corridor at 33.7MSF, Atlanta at 32.6MSF, and Inland Empire at 30.7MSF. Phoenix trailed closely behind at 30.3MSF. Nationwide, Q4 vacancies hit a record low of 3.7%. Net absorption dipped 6.3% from Q3, coming in at 145.2MSF. New leases were 178.9MSF for Q4, down from Q3’s 232.2MSF. (Source)

Giving Back 1. Valley Partnership announced the 33rd Community Project raised $60K benefitting The Salvation Army Tempe. 2. The Arizona Builders Alliance’s 12th Annual Toy Drive provided toys for more than 1,800 children served by five different institutions over the Holiday season. Boards & Commissions 3. Arizona Multihousing Association has announced the election of its 2022 officers and board members. AMA’s 2022 Board Chair is Scott Hines, PEM Real Estate Group. Joining him on the board leadership team are Linda Coburn, vice chair, NexMetro Development; Tina Schreiber, treasurer, Greystar Real Estate Partners; Lisa Rosenfeld, secretary, HSL Asset Management; Reid Butler,…

Sales Transactions 1. ABI Multifamily announced the $150M sale of Sierra Ranch Apartments, a 582-unit multifamily apartment community in Phoenix. ABI’s Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick – facilitated the transaction. The parties were not disclosed. 2. Decron Properties has acquired BB Living at Eastmark, a 132-unit multifamily Build-to-Rent community in Mesa, for $76M. 3. Berkadia Institutional Solutions announced the $73.2M sale of The Bungalows on Estrella, a 183-unit apartment complex in Goodyear. Berkadia’s Mark Forrester and Andrew Curtis represented the seller. Cavan Companies, LLC. St. Clair Holdings was the buyer. 4. Cushman…

By Roland Murphy for AZBEX Plans are underway for a major residential addition to John F. Long Properties’ Algodón Center in the West Valley. Western Garden is planned as a two-phase development that will ultimately feature 1,191 traditional single-family, 185 townhomes and 314 Build-to-Rent homes on more than 290 gross acres in the mixed-use development/master-planned commerce park. Algodón Center lies primarily between Indian School and Thomas roads between 91st and 99th avenues, bisected north and south by Loop 101. A commercial and residential component on the west side of the center extends north to Campbell Avenue. What’s Being Planned? Materials…

The Casa Grande Planning and Zoning Commission is considering two new industrial proposals this week. The first concerns a 100-acre parcel south of the Maricopa-Casa Grande Highway purchased by construction company Walbridge in November for $1.15M. Planning documents do not identify an intended user, but the project is intended to develop two buildings (898.7KSF and 312.7KSF) in two phases for a total complex of 1.2MSF. Walbridge’s background includes construction for manufacturing, distribution, chemical manufacturing and other industrial uses. The second project up for consideration is a request to rezone approximately 81 acres east of Burris Road for industrial development. No…

By Tenet Health for Abrazo Health Abrazo Health has acquired property to develop a medical campus on 27 acres near the SWC of I-10 and Verrado Way. The initial phase of the development is expected to break ground in 2022. Plans for the campus include a medical office building, ambulatory services and an acute care hospital. Abrazo Health anticipates its new medical campus will be a healthcare anchor for the area and a driver of economic activity. Medical campus construction, staffing and support services for the future medical facilities are projected to add numerous jobs in the West Valley. Abrazo…

Caliber Companies is planning a 12-building, 144-unit apartment development on 2.5 acres in Mesa. Commons of Mesa will be located on 2nd Avenue between Robson and MacDonald streets. The proposed mix is 48 one-bedroom and 96 two-bedroom units. Caliber is positioning the proposal as workforce affordable and plans to develop it under the Caliber Opportunity Zone Fund. The company is raising $9M in equity and will take on a $32.5M U.S. Department of Housing and Urban Development construction loan. Caliber will co-develop Commons of Mesa in partnership with Cardinal Capital Management. (Source)

A Wyndham hotel under the dual Wingate-Hawthorn brand earned a recommendation for approval to City Council last month from the Mesa Planning and Zoning Board. The 4.5-acre site near Pecos and Sossaman roads is owned by the Phoenix-Mesa Gate Airport Authority and will be developed under the Skybridge Arizona master plan. Plans for the hotel call for a total of 129 rooms, with 72 branded under Wingate and 57 under Hawthorn. (Source)

Hines and partner New York Life Insurance Company are teaming up to develop the 160-unit Build-to Rent community Enclave Point in Surprise. Construction on the 12.9-acre project is expected to start in Q4, with completion targeted for 2024. Floor plans include 692SF one-bedroom and 1,065SF two-bedroom units. According to news reports, amenities will include private yards, a dog park, pool, clubhouse, co-working space and a fitness center. Hines officials said the company will continue to seek out more Build-to-Rent opportunities in metro Phoenix and across the Southwest. (Source)

By Sterling Real Estate Partners Sterling Real Estate Partners recently acquired Hotel Tucson City Center in an off-market transaction with plans to convert the hotel into market-rate apartments. Originally built in the 1960s, the 278-unit downtown hotel will be transformed into a modern, 210-unit apartment complex with approvals to develop an additional 154 units. This acquisition marks the first adaptive reuse project undertaken by Sterling. Sterling had the property under contract since January of 2021 while it underwent the rezoning process for residential use. Sterling collaborated with the neighbors throughout the process to receive zoning approval without opposition. Upon acquisition,…