Author: BEX Staff

Amerco Real Estate Company has purchased an 11.85 industrial site at Tangerine Road and I-10 in Marana for construction of a new U-Haul Center. The facility will consist of one four-story building, five drive-up buildings and one “U-Box” warehouse. Features include Americans with Disabilities Act-accessible storage units, climate control and modern security features. U-Haul acquired the site last month from Cottonwood Properties Inc. for slightly more than $4.2M. The seller was represented by Jesse Blum of Cushman & Wakefield | PICOR. (Source)

Maricopa’s future has a “golden ticket” of potential, according to Mayor Christian Price’s recent State of the City address. During a Willy Wonka-themed presentation, the mayor recently showcased some of Maricopa’s history and recent accomplishments before turning his remarks to the City’s current and future progress. Projects highlighted in the portion of Price’s address concerning infrastructure included: The East-West Corridor; Porter Road Bridge; Intersection improvements at Smith-Enke Road and SR 347; Improvements to Green Road; Queen Creek Road intersection improvements, and An eventual outer loop or “ring” road. On the private development side, Price named with pride several small businesses…

Litchfield Park Mayor Thomas Schoaf has pledged to make better use of Highway User Revenue Funds for local road projects. Arizona raises HURF monies through fuel taxes and other vehicle operations fees and then distributes a portion to cities and towns for road projects. Litchfield Park had previously allowed HURF monies to accumulate and used general revenue funds for the projects. On average, Litchfield Park spends $300K-$600K on road projects every year and receives approximately $440K in HURF funds. Schoaf explained there had always been enough money in the general fund to cover road projects but that it is better…

Despite rising materials costs and supply shortages, builder sentiment for new single-family homes increased four points in October, rising to 80 in the NAHB/Wells Fargo Housing Market Index. Even while noting the strong demand for and sales of new supply, analysts noted the looming threat of supply chain disruption, labor shortages and other cost-inflating factors, such as the likelihood of increasing interest rates. Like most indices, a score greater than 50 on the HMI is considered positive. All three indicators under HMI were greater than 50 and each gained over September. Current conditions scored 87, sales expectations for the coming…

Awards & Accolades 1. Four organizations were recognized for their achievements at the Western Maricopa Coalition’s 29th annual Best of the West Awards, which were recently held at State Farm Stadium. Winners included: Economic Engine: FLITE Goodyear; Excellence in Innovation: ASU J. Orin Edson Entrepreneurship + Innovation Institute partnership with Peoria Forward; Quality of Life Enhancement in the Community: Peoria Community Arts Project; Quality of Life Enhancement in Education: West-MEC Southwest Campus; Inspiration in Leadership Award: Goodyear Mayor Georgia Lord; Regional Advancement Award: Grand Canyon University, and President’s Choice Award: Karla Moran, Salt River Project. Finalists included: Economic Engine: Andersen Corporation; Excellence in Innovation: City of Peoria’s PopUp Peoria;…

Sales Transactions 1. The Howard Hughes Corp. has purchased the proposed 37,000-acre Douglas Ranch master-planned community in Buckeye. The company paid $600M to El Dorado Holdings Inc. and JDM Partners for the vacant land, which is planned for 100,000 homes and 55MSF of commercial space at build out. 2. As part of a three-asset portfolio deal, Velocis has sold the four-story, 175.5KSF office building Kierland One, which is anchored by the Carlisle Companies corporate headquarters. 3. JLL Capital Markets has closed the sale of and arranged acquisition financing for Oxford Apartment Homes, a 432-unit multi-housing community in Phoenix. JLL marketed the property on…

By Rebekah Morris for AZBEX On Tuesday, October 19th, the Arizona Chapter of the Associated Society for Professional Estimators held its first-ever Construction Conditions Panel discussion to bring forward firsthand industry accounts across a broad perspective of manufacturers, materials suppliers, specialty and general contractors, along with an owner’s viewpoint. The panel dug into the nuances of current conditions, including skilled labor, cost of materials and labor, and ability to deliver projects. The panel consisted of: Bill Smith, Senior Project Executive for Banner Health; Trevor Brown, Director of Preconstruction for Clayco Corporation; Rick Karber, President of Karber Corporation; Tom Van Ort,…

By BEX Staff for AZBEX Scottsdale plastic surgeon Dr. Bryan Gawley has submitted plans to the City’s Development Review Board to create The Gawley Center – a 30.5KSF medical development at the SWC of Bell Road and 91st Street. The two-building proposal would feature a one-story ambulatory surgical center of 13KSF and a two-story medical office building of 17.4KSF. The two buildings would be separated by a courtyard space. According to the development narrative submitted by triARC Architecture and Design, building elements will include contemporary European components while also drawing for local mass-based forms. Landscaping will be primarily desert-inspired but…

By Roland Murphy for AZBEX Developer ZOM Living has submitted a proposal to the City of Scottsdale to develop a vacant “vastly underutilized” nearly 3.74-acre site north of Camelback and Scottsdale roads into a luxury mixed-use residential property. To be called Hazel & Azure, the development will provide up to 536 luxury residential units and 13KSF of commercial area across the street from Scottsdale Fashion Square. According to the Development Review Board project narrative, “The project includes ground floor retail space with new, highly designed residential units above and an abundance of public realm pedestrian improvements and connections.” The narrative…

By Vermaland Vermaland is developing Verma Vistas III, an 1100-acre master planned community in Tonopah. Properties of this size are very difficult to come by, so this makes the parcel the largest piece of privately owned land in the area. Vermaland acquired this parcel at 427th Avenue and Narramore Road due to its strategic location. Mountain ranges three miles south of the property offer spectacular views. Other properties in the area that are 100 acres or more have been developed into solar farms by large energy companies. A number of one-acre residential lots can also be found in the area. Unfinished…