Author: BEX Staff

Centris Industrial – a REIT sponsored by CA Ventures – has plans to build a two-building, 412.2KSF industrial project at 80th Street and Pecos Road in Mesa. The first building will be 101.4KSF, with spaces divisible between 25KSF and 50KSF. The second building is planned at 310.8KSF, with spaces divisible between 50KSF and 100KSF. Represented by Phil Haenel of Cushman & Wakefield, Centris acquired the 23-acre-plus site in May for $16.1M. Phil Haenel, Mike Haenel, Andy Markham and Brandon Borsheim of C&W will serve as leasing brokers. The seller was an entity formed by Cedar Point Builders. LGE Design Build/Group…

The Scottsdale Development Review Board approved plans for three major developments in its June 16th meeting. Gentry on the Green Phase 1 The first item reviewed was the site plan for Phase 1a of the Gentry on the Green multifamily development master plan on Camelback Road west of Hayden Road. The overall plan calls for 1,864 apartments and 156KSF of commercial space. The first phase is divided into two components, with Phase 1a having 262 units and 1b providing 320. A commercial component of 7.3KSF is also part of the Phase I. DRB was originally scheduled to consider Phase 1b…

The Pinal County Board of Supervisors has approved a lease/purchase agreement with Lucid Motors for more than 1,300 acres near the company’s existing headquarters. It also approved a $126M tax revenue bond, the proceeds of which could go toward purchasing the property to be leased by Lucid or for other industrial development. Under the agreement, Pinal County and Casa Grande can lease the property to Lucid in exchange for payments of $7.1M for four years, after which the company may purchase the site. Casa Grande plans to annex and rezone the site for industrial use. Lucid recently purchased 120 acres…

By Roland Murphy for AZBEX No matter how hot the market, it sometimes takes years for the right mix of vision, team and timing for a project to come together, but a good location will almost always win out. In March of 2007, Phoenix City Council approved a plan for a 23-story, two-tower condominium and hotel development west of the NWC of 11th Street and Van Buren. That 390-unit/260-room project was never started. Now, developer Alliance Residential has submitted an Application for Planning Officer Action to modify stipulations attached to that approval from 15 years ago so it can build…

New data from The Cromford Report shows sellers are dumping listings into the Metro Phoenix housing market at a rate 34% higher than average. In its most recent four-week review, Cromford found 1,845 listings had been added to the Arizona Regional Multiple Listing. The report said the Greater Phoenix housing market is shifting faster than it had seen at any point in the past 22 years, that supply is increasing at the worst possible time and that, “We are seeing the fastest cooling trend that the Greater Phoenix housing market has ever experienced.” The increase in supply comes as demand…

The Pinal County Board of Supervisors has unanimously approved a measure seeking voter approval for a half-cent sales tax to fund the Pinal Regional Transportation Authority on the November ballot. An earlier version of the tax was struck this year by the Arizona Supreme Court. The tax was challenged because it exempted purchases of more than $10K, and two-tier taxes are prohibited under Arizona law. The tax proposed for consideration in November eliminates that exemption. Voters narrowly approved the initial tax in 2018. Approximately $82M was collected while the challenge made its way through the courts. The County is currently…

Groundbreakings 1. Greystar has broken ground on the three-building, 2MSF industrial project Gateway Grand – formerly known as Unbound Gateway – at the NEC of Pecos and Sossaman roads in Mesa. 2. Partnering as Miramar Capital, Contour Real Estate and Miramar Industrial Partners have broken ground on Southern Industrial Center – formerly known as Enscape – a 1.2MSF warehouse and logistics development at the SEC of Southern Avenue and Apache Road in Buckeye. 3. Officials from Pinal County Public Works and other stakeholders broke ground recently on the $17.9M Inland Port Arizona Improvements project that will improve Hanna and Houser…

By LPC Desert West LPC Desert West, the Southwest division of Lincoln Property Co., has announced it will develop a more than 1MSF Class A industrial development in the Tucson airport submarket, highlighting the rising relevance of Tucson as a strategic industrial location. Plans for I-10 International include four warehouse/distribution buildings totaling 476,000SF, 214,882SF, 188,327SF and 158,908SF, located on 77 acres just minutes from both Interstate 10 and Tucson International Airport. All buildings will be state-of-the-art cold storage capable with other features including 32’- 36’ clear height, 14’ tall glass entrances, full concrete truck courts and an R-38 insulated roof deck…

A plan from Urbaneer Investment Partners to develop 120 two-story homes and 210 apartments in seven buildings on the former site of Quail Canyon Golf Course is encountering opposition from some area residents. The proposal would redevelop approximately 53 acres on Oracle Road between River and Rudasill roads. The apartments would be placed on the west side of the property near existing hotel and restaurant spaces. The property’s east side would see the single-family offerings, nearest to existing homes. The site is currently zoned for 1.2 houses/acre. Urbaneer is seeking a rezoning to allow the higher densities. Approximately 100 people…

The Phoenix-Mesa Gateway Airport Authority has approved a 40-year master development agreement with The Boyer Company to develop GatewayEast, a 270-acre area on the airport’s northeast side dedicated for non-aeronautical projects. While the ultimate planning process lies with Boyer, the long-term vision is a three-phase mixed-use commercial area. The tentative master plan calls for a mix of 50% industrial, 32% office, 9.5% retail and 6.25% hospitality development. The airport is restricted from selling the land outright, but it has the right to allow outside parties to develop on the site. Boyer will pay $0.55/SF for developed lots and a 10%…