Author: BEX Staff

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…

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…