Author: BEX Staff

Sales Transactions 1. Cortland Growth and Income OP, LP purchased a $245M, 754-unit portfolio from Tucson Rental Homes in a sale that closed on December 29th. The larger properties included: Tucson National Casitas, 119 units, $38M; Tanque Verde Casitas, 105 units, $34M; Richland Heights Homes, 38 units, $12M. Sabino Canyon Homes, 44 units, $14M; Tucson Apartments on Tanque Verde Creek, 96 units, $32M; Cortaro Casitas, 135 units, $44M, and La Mariposa Casitas, 142 units, $46M. With the exception of Tucson Apartments on Tanque Verde Creek, all properties consist of stand-alone casita units. Art and Clint Wadlund with Berkadia Tucson represented…

By Roland Murphy for AZBEX Developers have added two new proposals to Avondale’s rapidly growing list of private projects in development. Since DATABEX launched in 2016, 50 private project requests of more than $5M have been submitted in the city that was once a sleepy farming and bedroom suburb. Of those, only three have been canceled and only three more are currently listed as on hold. The new additions add an estimated $93M and 715KSF to a six-year project pool of almost $2B and more than 10.5MSF. Fairway Commerce Center LaPour Partners is requesting a general plan amendment and rezoning…

By Roland Murphy for AZBEX Jet Aviation is planning a new hangar and aircraft vehicle storage facility on 3.26 acres across two adjacent parcels in Scottsdale. The planned development parcels are located at 7819 E. Greenway Road (35KSF) and 14901 N. Airport Drive (107.3KSF). The Airport Drive parcel is owned by Scottsdale Airport and leased to the company. The plans consist of a 29.4KSF aircraft hangar, 4.2KSF of support space and a 9.5KSF terminal “for transient and based aircraft,” according to a project overview video prepared by Scottsdale planning staff. The Greenway Road portion of the project will serve as…

By Roland Murphy for AZBEX Even though economic development officials can (and should) continue to tout the fact that the cost of living in Arizona is significantly less expensive than it is in California as they try to recruit firms to relocate, it’s safe to say Arizona’s long-vaunted affordability is dead as a street-level issue. According to a January 12th article in GlobeSt.com citing data from Apartment List, four Valley cities ranked in the Top 10 for 2021 U.S. rent growth. 2021 ranks as the highest year for rent growth since Apartment List started keeping track in 2017. In a…

By BEX Staff for AZBEX The City of Glendale announced on January 10th it has chosen HOK to modernize the City-owned Gila River Arena. The announcement said, “The entertainment industry has changed dramatically since Gila River Arena opened its doors in 2003. The renovations will modernize the facility, ensuring that it’s a world-class venue of choice with cutting-edge technology and updated guest amenities.” Glendale City Manager Kevin Phelps said the modernization project will help Glendale attract prominent entertainment acts to the venue, which serves as an anchor for the Westgate Entertainment District. ASM Global serves as the management firm for…

By JLL and BEX Staff JLL Capital Markets announced it has closed the $9.3M sale of an 18-acre prime development site for a to-be-built, two-building, 197KSF speculative industrial property in a last mile-location on West Warner in Tempe. A vacant six-story office building on the site, which was owned by seller Honeywell International, according to media reports, will be demolished as part of the project. JLL arranged the sale on behalf of the buyer, Opus Development Company, L.L.C. Construction is set to begin in first quarter of 2022, and the buyer has engaged JLL’s leasing team. The site is at…

By Trammell Crow Company Trammell Crow Company has closed on a 68-acre development site in Goodyear for the development of Cotton Lane Commerce Park. Located at the SWC of Elwood Street and South Cotton Lane, the project will include 975KSF square feet of Class A logistics space. The project design will include both cross-dock and rear-load buildings with 36’ to 40’ clear height, ample trailer and auto parking, and frontage along Cotton Lane and Elwood Street. The site is also served by the Union Pacific Rail line. Brady Maus, a senior associate in Trammell Crow Company’s Phoenix office, said, “Cotton…

Longstanding plans for two malls in Goodyear will be scrapped and replaced with new ideas that better address the needs of the current market. Developer Westcor, now part of Macerich, had announced plans for a mall at Bullard Avenue and McDowell Road in 2006. Those plans, however, encountered multiple delays and never progressed. Globe Land Investors purchased the land from Westcor in June. Goodyear City Council updated a standing agreement at the end of 2021 to reflect the new ownership and allow time for a new plan, which will likely consist of housing, retail and restaurants, to be put together.…

New numbers from property data provider Attom Data Solutions LLC shows that while it is still generally more affordable to own a home versus renting, that gap may be narrowing. Relying on data from the U.S. Department of Housing, the Bureau of Labor Statistics and sales-deed data, Attom looked at the costs of owning a median-priced home or renting a three-bedroom apartment in 1,154 counties across the county. While home prices are rising in 90% of U.S. markets, it is still more affordable to own a home in 58% (666) of the counties examined. That gap may be narrowing, since…

Groundbreakings 1. Steelmaker CMC has broken ground in Mesa on its new facility, next to its existing micro mill on Germann Road. The new mill is being billed as the world’s first “combination merchant bar and rebar producing micro mill.” 2. Real Estate Equities will break ground later this month on Copa Flats, a 312-unit, three-story apartment community in Maricopa. Buildout on the $88M project is expected by the end of next year. 3. Adolfson & Peterson Construction has started construction on the three-story, 49KSF Reunion Rehabilitation Hospital on 3.7 acres in Peoria. 4. Construction is set to begin soon on…