Author: BEX Staff

Sales Transactions  1. Federal Realty Investment Trust purchased the Camelback Colonnade, a shopping mall at 4724 N. 20th Street, Phoenix, for $162.5M. The seller was RED Development.  2. Decron Properties purchased Aura on Broadway, a multifamily community at 1221 E. Broadway Road, Tempe, for $64.75M. Brass Enterprises was the seller.  3. Kohlberg Kravis Roberts & Co. purchased Sierra Pines Apartments, a multifamily community at 9422 N. 31st Avenue, Phoenix, for $55M. The seller was Western Wealth Capital.  4. Capital Real Estate purchased The Villas at Mountain Vista, a multifamily community at 16630 N. Reems Road, Surprise, for $55M, from an undisclosed seller.  5. Greenwater Investments purchased Westcreek Apartments, a multifamily community at 4040 W. Peoria Avenue,…

By Tasha Anderson for AZBEX  The Town of Gilbert recently issued a Request for Proposals for a development firm to build a small-scale, pedestrian-oriented mixed-use project within the Heritage District.  The 2.18-acre site at the NWC of Gilbert and Elliot Roads, known as the South Anchor, is located in an opportunity zone and will serve as the gateway entrance to the Heritage District and the Lacy Tract neighborhood. The South Anchor was identified as a key project in the Town of Gilbert’s 2018 Redevelopment Plan.  The town and the Heritage Village Center zoning district encourages a mix of uses including retail, service, office, lodging, entertainment, high-density lofts above residential, public and cultural uses.   “The design of this site should…

By Tasha Anderson and Rebekah Morris for AZBEX  Arizona’s seasonally adjusted unemployment rate increased to 6.8 percent in June 2021, from 6.7 percent in May 2021, according to the latest report published by the Arizona Office of Economic Opportunity.   The national rate increased to 5.9 percent from 5.8 percent in May. In June 2020, the state had a seasonally adjusted rate of 10.7 percent, and the national was at 11.1 percent.  The state had a net loss of 8,800 non-farm jobs over the month. “Historically (2011-2020), Nonfarm employment has recorded a loss of 45,000 jobs in June,” the report states. Trade, Transportation & Utilities had the largest net gain of 10,500 jobs, followed by Leisure & Hospitality with 4,800. Government had the largest net loss of 34,800 jobs. Construction gained 2,200 jobs for the month.   Trade, Transportation & Utilities took the top spot in job gains from June 2020 to June 2021 with a total of 46,100, followed by Leisure & Hospitality with 41,500. Construction…

By CBRE  CBRE announced Ti Cold Development purchased a 27.2-acre site for an undisclosed amount. The land is part of the first phase of the future development of Copperwing Logistics Center, a speculative cold storage facility scheduled to be constructed in El Mirage.  CBRE’s Jason Lev, Rusty Kennedy, Pat Feeney and Dan Calihan represented the buyer in the transaction. The team will also be responsible for the marketing and leasing of the property, located at the NWC of Joe R. Ramirez Road and Dysart Road.  The future state-of-the-art Copperwing Logistics Center will contain 45,000 pallet positions, 50’ clear height, a 40’ deep refrigerated rear rail dock, 51 trailer stalls, a pre-approved foreign trade zone, rail service provided by BNSF Railway and 320KSF of…

The Tucson Department of Transportation and Mobility’s “Move Tucson” master plan is entering its final phase of soliciting public input.  Over the past year-and-a-half, residents have recommended 234 projects that would total out to nearly $5.7B if fully implemented. Residents have until Aug. 1 to offer final suggestions.  The projects fall into four general types, with each type divided into three tiers by priority.  Catalyst Corridors are large street projects intended for multiple modes of transportation. These total 122 miles of road at a projected cost of $1.8B. The highest priority projects include:  Intersections on Golf Links Road from Kolb to Alvernon way ($289M), and   An enhanced…

Groundbreakings  1. Attesa, the multi-use, advanced transportation technology development near the City of Casa Grande, broke ground on the Podium Club, its inaugural project at the 2,351-acre site. The Podium Club will offer a bi-directional, 15-turn, 2.25-mile paved road course and leased garages for phase one, followed by residential and industrial areas, track expansion, and an RV park. It is expected to open 4th quarter, 2021. The project was designed by Rose Design of Arizona and engineered by Apex Circuit Design. DanRick Builders is the general contractor.  2. Sun State Builders announced that the MyDogToys.com building, located on the SEC of 137th Avenue and Test Drive, Goodyear, will break ground on August 1st. The building totals 95.4KSF,…

By Tasha Anderson for AZBEX The General Services Administration has recently issued a pre-solicitation for the first phase of the San Luis I Land Port of Entry project, in preparation of releasing a two-step Design-Build Request for Qualifications. The San Luis I Port of Entry is the second busiest non-commercial land port of entry in Arizona and according to the pre-solicitation, the structures are nearing or are past their operational life. To accommodate future growth and to address the issues, the GSA is finalizing a A/E Pre-Design Submittal for a two-phased construction plan. Phase one of the project is expected…

Development for the Kino Sports and Entertainment Complex, recently took a step forward, with the Pima County Board of Supervisors approving a development plan with Knott Development, along the proposed business plan for the project. Plans for the privately-funded, public-private partnership development include an ice sports area, a field house with indoor courts, various other sports and entertainment outlets, parking, hotel and restaurant space, retail, medical office uses, apartments, event plazas and a roadway connection. Knott will further study and refine aspects of the project in the predevelopment phase over the next 10 months. (Source)

By Rider Levett Bucknall International property and construction consultancy firm Rider Levett Bucknall has released its new Quarterly Cost Report for North America. With data current to mid-Q2 2021 and featuring construction cost information for 14 US and Canadian markets, the QCR provides a statistical view of the state of the construction industry, detailing indicative construction costs for eight building sectors. Market Highlights: RLB reports that from January 2021 to April 2021, the U.S. national average increase in construction costs was approximately 2.91 percent (11.64 percent annualized). This is the largest quarter-to-quarter increase since RLB has reported QCR data (the…

Giving Back 1. Fulton Homes is partnering with multiple entities in the midst of two water safety awareness campaigns for the summer of 2021. One of the campaigns, Fulton Homes’ Fence Patrol, partners with KMLE 107.9 and Ironman Pool Fence, awarding $1,500 in pool fence gift certificates to deserving Valley families throughout the summer. Awards & Accolades 2. Matthew Krause has been named 2021 Chairperson for the NAIOP Arizona’s Developing Leaders’ Steering Committee. Krause is the Marketing Director and Financial Manager of Krause – Architecture & Interiors. He has been a member of NAIOP and DL for more than 7…