Author: BEX Staff

Giving Back 1. Fain Signature Group and the Fain Family held an event on Sept. 26 to show appreciation to the agencies, municipalities and individuals that responded to the fire that destroyed the 329-unit Legado apartment development under construction in Prescott Valley earlier this year. The honorees included: Yavapai County Sheriff’s Office; Town of Prescott Valley; Prescott Regional Communications Center; Yavapai County Office of Emergency Management; Prescott Valley Police Department; Prescott Police Department; Prescott Fire Department; Central Arizona Fire and Medical Authority; Cottonwood Fire Department;and Yavapai County Attorney’s Office. Fain Signature Group recognized the individual agencies involved by gifting each…

Sales Transactions 1. Sagard Real Estate purchased a 209-unit apartment community in Tempe. Nasim Sikder sold the property, Trovita Rio, for $77.3M. The 93% occupied property at 701 W. Rio Salado Pkwy. was built on 3.2 acres. Plans call for renovations of common areas, amenities and units on an individual basis. Cushman & Wakefield’s Steve Nikoluzakis and David Fogler negotiated the off-market transaction. 2. Arizona Land Consulting announced it has purchased 600 acres near the NWC of Interstate 10 and Florence Road in Pinal County for $40M. The company plans to develop the Casa Grande land into a mixed-use facility,…

By Arizona Department of Transportation An Arizona Department of Transportation event scheduled for Tuesday, Oct. 22, is designed to help small businesses and firms qualifying for ADOT’s Disadvantaged Business Enterprise Program compete for contracts in the transportation industry. With a theme of “Bridging Inclusive Growth,” the ADOT DBE & Small Business Conference will be held at the Delta Hotel in Mesa. It will feature extensive opportunities for networking, discussions with prime contractors, one-on-one appointments with buying agencies and prime contractors, educational breakout sessions, opportunities to learn about ADOT programs designed to help build businesses and much more. Join us for…

By Roland Murphy for AZBEX Plans for a major master-planned growth area in north Peoria continue to make quick progress. Local news outlets reported Peoria City Council approved the required General Plan amendments needed for the two major components in north Peoria’s expansion: North Peoria Gateway and the Peoria Innovation Core. Approximately 75% of Peoria’s vacant land is owned by the Arizona State Land Department. The GPAs create two master-planned areas and will force the creation of Planned Community Developments. The City will work with ASLD to entitle the land and make it available for development. Planning and Zoning Acts…

By Pivotal Group The Hilton Phoenix Resort at the Peak has been purchased by Pivotal Group. The seller was Fortress Investment Group. The $100M acquisition and repositioning includes major renovations for the 20-acre resort. The property was built on the slopes of Piestewa Peak near 16th Street and Northern in 1977. Pivotal Group plans to undertake a two-and-a-half-year renovation that includes: Upgrading and renovating of more than 430 suite-style rooms; Construction of a new adult pool; Creating a new elevated spa; A new fitness center; New dining options; Creation of new outdoor gathering/event spaces, and Modernization/upgrade of the entire facility.…

The City of Buckeye is proposing two propositions containing several projects that, if approved by voters, would be funded by a nearly $300M general obligation bond. Proposition 494 will ask voters if they want the City to spend $137M on public safety projects. Proposition 495 will ask voters for $145M for road improvements to ease traffic and improve safety. Projects include: A Public Safety Headquarters, valued at approximately $97M. This headquarters would provide Buckeye with a centralized police and fire administration facility. The facility would serve as a base for Buckeye police while also offering a laboratory and holding cells.…

By CJ Jorgensen for AZBEX Metro Phoenix heavily leads the U.S. industrial supply pipeline. The Sept. 2024 National Industrial Report by Yardi Matrixshows many U.S. markets have seen industrial pipeline shrinkage, yet Phoenix stands apart as a major outlier. Phoenix has 36.8MSF of industrial space under construction, which equates to 9.1% of stock. Adding in planned projects brings that number to 20.6%. A large portion of the construction began in 2024, equating to 10.6MSF. Warehouse/distribution accounts for roughly half of the pipeline, but manufacturing and data centers both have a notable presence in the Phoenix market. Manufacturing makes up 25%…

Awards & Accolades 1. The Arizona Masonry Council celebrated its 33rd Annual Excellence in Masonry Architectural Awards for outstanding masonry design. The ceremony was held at the Scottsdale Resort McCormick Ranch. The project winners and their awards were: Copperleaf, Monument and Entry Way Citation Award; Wildera, Monument and Entry Way Merit Award; Hawes Crossing; Honor Award and Perimeter Walls Honor Award; Barney Farms, Perimeter Walls Citation Award; Union Park at Norterra, Perimeter Walls Merit Award; The Hideaway on Palm, Multi-Family Merit Award; Moontower Phoenix, Multi-Family Honor Award; Andrus Residence and Modern Sunset, Residential Citation Award; Andrew Weil Center for Integrative…

By CJ Jorgensen for AZBEX IPlan Consulting Corp, on behalf of Landmark Land Investments LLC, submitted a proposal for a new hotel in Gilbert. At the NWC of Galveston Street and Power Road, the 96.1KSF, 110-guestroom hotel will sit on an approximate 2.6-acre site within the Circle G Corporate Park. The hotel, Staybridge Suites, is branded by Intercontinental Hotel Group. The area is zoned Business Park and Regional Commercial with a Planned Area Development overlay. The site is within Area Two of the Vertical Development Overlay Zoning District. Staybridge Suites will have a height of 60 feet, which is permitted…

The Gila River Indian Community received approximately $107M from the Bureau of Reclamation for three separate water infrastructure projects. GRIC expects the funding to not only benefit the tribe, but the region as well. These are the first long-term pacts signed with GRIC, and the Bureau of Reclamation hopes they can create system conservation of over 73,000 acre-feet within the next decade. The first project is to replace and upgrade irrigation systems on Gila River Farms; $64M has been pledged. The second project is to concrete line more than 7.5 miles of earthen canals in the Blackwater area; $26M has…