Author: BEX Staff

Awards & Accolades 1. Fulton Homes was recently announced as 2021 ENERGY STAR® Partner of the Year winner for Sustained Excellence, marking the seventh consecutive year the homebuilder received recognition from the Environmental Protection Agency’s program. 2. AZ Big Media issued the Top 10 Multifamily Brokerage Firms in Arizona based on public voting for the 2021 edition of Ranking Arizona. They are: ABI Multifamily Colliers International CBRE ORION Investment Real Estate SVN Desert Commercial Advisors Cushman & Wakefield NAI Horizon JLL Commercial Properties Inc. LevRose Commercial Real Estate/TCN Worldwide 3. AZ Big Media issued the Top 10 Office Brokerage Firms…

Sales Transactions 1. An entity tracing to Raymond Kao purchased Escape at Arrowhead, a 324-unit multifamily property at 7951 W. Beardsley Road, Peoria, for $103.75M, from an entity tracing to Embrey Development. 2. An entity tracing to Investcorp purchased Carleton Club Apartments, a 436-unit multifamily property at 17425 N. 19th Avenue, Phoenix, for $86.5M, from an entity tracing to Tides Equities. 3. An entity tracing to Investcorp purchased The Edge Apartments, a 380-unit multifamily property at 15202 N. 40th St.., Phoenix, for $83M, from an entity tracing to Tides Equities. 4. MG Properties Group purchased The Retreat Apartments, a 480-unit…

By Tasha Anderson for AZBEX A new assisted living facility is being proposed for a vacant, undeveloped 5.1-acre site at the NWC of 10th Street and Baseline Road in Phoenix, near the Western Canal. Owner, Vermilion Acquisitions, LLC recently submitted conceptual plans to the City of Phoenix and is requesting to rezone the property from Single-Family Residence, Baseline Area Overlay District, to Multifamily Residence, Baseline Area Overlay District. The project, known as Silver-Birch of South Mountain, is proposed to include a single, two-story building housing a total of 124 beds. The building will have a maximum height of 30 feet…

By CBRE CBRE announces the sale of a 28.4-acre parcel at 1110 N. 52nd Street in Phoenix, formerly a Motorola semiconductor manufacturing facility, to Baker Development Corporation. CBRE’s John Werstler, Cooper Fratt and Tanner Ferrandi represented BDC. The property – located just north of Sky Harbor International Airport on Loop 202 at the 52nd Street exit – represents one of the few new Class A industrial projects in northeast Phoenix. BDC plans to build 800KSF of data center space or a 400KSF Class A industrial project, to be completed in 2022. The CBRE team also represented the seller, Reich Brothers.…

As Arizona faces historic water cuts due to supply shortages and droughts, Peoria Water Services staff will conduct a water loss audit, update the City’s integrated master plan, and take part in pilot projects and studies in an attempt to ensure preparedness. Arizona is expected to see cutbacks in its water supply from Central Arizona Project in the next year. While Peoria would not be immediately directly affected, officials have stated the need to be prepared for whatever water issues may arise in the future. Water shortages are ranked on three tiers. Peoria and other Municipal and Industrial users would…

By Associated Builders and Contractors Associated Builders and Contractors has reported its Construction Backlog Indicator rose to 7.9 months in April, according to an ABC member survey conducted April 20th-May 5th, 0.1 months higher than in March 2021 and April 2020. ABC’s Construction Confidence Index readings for sales and profit margins declined modestly in April, while confidence regarding staffing level expectations increased. Only 8.6 percent of respondents expected staffing to decrease. All three indices remain above the threshold of 50, indicating growth expectations over the next six months. “There was little movement in contractor sentiment in April,” said ABC Chief Economist…

Groundbreakings 1. Marwest Enterprises, LLC broke ground on Elliot 202, a 1.08MSF foot speculative industrial development at the NEC of Hawes Road and Elliot Road. The project is anticipated to be completed by December 2021. Ware Malcomb is the design firm and Willmeng Construction Inc is the general contractor. 2. DAUM Commercial Real Estate Services has announced the groundbreaking of Gateway Executive Airpark, a three-hangar development totaling more than 185.5KSF at Phoenix-Mesa Gateway Airport in Mesa. The project is now leasing and will be available for occupancy by Q4 2021. Winton Architects, Inc. is the design firm and Sun State…

By Tasha Anderson for AZBEX Developer, Sterling Real Estate Partners is looking to convert an existing hotel located on approximately 4.526 acres at the NWC of Scottsdale and Mountain View Roads into a new multifamily residential complex. Plans were recently submitted to the City of Scottsdale for the project, currently called Scottsdale & Mountain View, and the developer is requesting Development Review Board approval. Scottsdale & Mountain View will include renovating the existing three-story, 144-room hotel into a three-story, 85-unit apartment community. Residences will consist of one-, two- and three-bedroom units ranging from approximately 440 square feet to 1,340 square…

By Paragon Development Group Paragon Development Group recently closed on the $3.1M purchase of 15.67 acres in the Southeast Valley. The site, located on the NEC of West Southern Avenue and South Meridian Road in Apache Junction, is slated to become Hampton Meridian, a new 195-unit luxury build-to-rent community. The new community will provide residents with convenient and direct access to US 60, and offers a low-maintenance, luxurious lifestyle in a gated and private community. Construction of the site is beginning immediately, with its first units expected to be available in March 2022. Modeled after its Arizona Multihousing Association award-winning…

Peoria’s $695M Fiscal Year 2022 tentative budget has been approved by City Council. The budget represents a 4.5 percent increase from FY 2021. Council will likely approve the final budget May 18th. The City’s $835.6M Capital Improvement Program was also approved. Ongoing and planned major projects included under the CIP include: Paloma Community Park Reclaimed Water Extension; Building a new section of Jomax Road from Loop 303 to Vistancia Boulevard; Expanding the Pyramid Peak Water Treatment Plant; Paloma Community Park Phase II; Drainage improvements on Pinnacle Peak Road; A new fire station in the north part of town; Beardsley Water…