Author: BEX Staff

By Roland Murphy for AZBEX Once known as a place where grandiose development visions went to fizzle out, where the cart routinely went before the horse and where developers’ and planners’ grasp often exceeded their reach, Casa Grande has grown up to become one of the state’s leaders in cross-sector development. Three recently submitted development requests offer clear insights into just how far Casa Grande has come. Walbridge Spec Industrial Last week, a Phoenix Business Journal article reported on a newly proposed by Walbridge to create a two-building 1.2MSF speculative industrial development to be known as the Desert 100 Pinal…

The Gilbert Planning Commission recently considered two proposed infill multifamily developments totaling 354 units. Fred’s Place would build 93 units on nearly 14.5 acres at the NEC of Williams Field and Recker roads in Cooley Station. In a study session, the Commission reviewed a request to rezone nearly five acres for a shopping center and 9.5 for the multifamily component under a minor general plan amendment. The Gieszl Family is partnering with Circle G Property Development. The multifamily component will include one- and two-story buildings with standalone and duplex units. The commercial portion would consist of three one-story buildings. Planning staff…

Ongoing disputes between the boards at Yuma Regional Medical Center and Hospital District No. 1 have left up to $95M in healthcare-related capital improvement projects in limbo, according to media reports. The Hospital District is a government body with elected members. It owns the main hospital property and facilities at Avenue A and 24th Street, which it leases to YRMC. Under lease agreement terms, YRMC must seek District approval for construction projects valued at more than $500K. The District board claims it has tabled the project requests while it awaits more detailed financial information. YRMC says the projects have been…

Domestic sawmill production has failed to keep pace with gains in new home demand since the middle of 2020, and the problem continues to persist, fueling rising lumber prices. Mills noted they continue to face labor challenges, even though the number of workers has increased in the last year, according to the Bureau of Labor Statistics, gaining 2,100 (2.4%) from October 2020-October 2021. In that same time, residential construction added 118,500 jobs, a 4% gain. Total sawmill output increased 3.3% from 2019’s numbers to 2020 and continued to an increase of 3.1% through September 2021. The increases, however, have failed…

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…