Author: BEX Staff

The new issue of RealAccess, a report from Nuveen Real Estate, a TIAA company, takes a look at the impacts of the pandemic on the built environment. The study shows Arizona and other Sunbelt states faring well. Migration to Sunbelt states was already a strong factor in commercial real estate, and the pandemic accelerated it. Enhanced appeal to Millennials for space in suburban areas, and the movement of more Baby Boomers into senior housing also are demand drivers. Migration is contributing to demand for distribution and fulfillment, healthcare, retail, and other supporting services. Major employers relocating to less expensive Sunbelt…

Giving Back 1. Concord General Contracting came up with the idea of showing appreciation to teachers, school administrators and communities by providing some cheer to various school districts within Arizona, called Show the Love. They supplied free, multiple variations of coffee (via the Traveling Cup and the Coffee Cure food trucks) along with pastries to each employee and teacher within numerous districts. At the end of the Show the Love event, Concord and various sponsors presented donations of the leftover proceedings in the amount of $4.5K to the Queen Creek Schools Education Foundation and another donation of $5.7K to the…

Sales Transactions 1. CapRock Partners purchased Northern 101 Commerce Center, a 388.6KSF, state-of-the-art industrial development at Glen Harbor Airpark, Glendale, for $44M, from Creation Equity. The development was designed and built by LGE Design Build. Will Strong and Greer Oliver with Cushman and Wakefield managed the sale. 2. ZH Multifamily purchased Sunnybrook, a 103-unit, garden-style multifamily property at 138 W. 1st Street, Mesa. Sterling Real Estate Partners purchased Pennytree, a 146-unit, garden-style multifamily property at 232 S. MacDonald, also in Mesa. Senior Director Dan Cheyne and Senior Managing Directors Ric Holway and Mark Forrester of Berkadia Phoenix completed the $31.3M…

By Tasha Anderson for AZBEX This month, instead of looking at several different markets, BEX looked at the ever-growing multifamily market and put together a Top 10 list of multifamily projects, sorted by project valuation, that are currently in the design stage of development. We did our research and dug into DATABEX, our online searchable database, to find these projects and update you on when they are expected to move forward on construction. Note: We excluded large mixed-use projects that include multifamily (unless the multifamily portion is a separate project within a master plan development). We do count mixed-use projects…

By Transwestern Real Estate Services Transwestern Real Estate Services has announced the rebranding and upcoming renovations to 201 E. Washington in downtown Phoenix. Purchased by Sumitomo Corporation of Americas in late 2019 and formerly known as Collier Center, the 613.4KSF high-rise will undergo a $10M capital improvement program and be reintroduced as 201 E. Washington. Specific upgrades include a new tenant amenity lounge, conference center with meeting rooms, library, event space, and bike storage room. Additionally, a resort-style fitness center with state-of-the-art equipment, a group fitness studio, and full locker rooms will be added. Completion is expected by the fourth…

Attendees to a recent Westmarc webinar were treated to an overview of the West Valley’s dramatic healthcare sector expansion, particularly along I-10 and McDowell Road. As a result of the region’s population growth, demographics are now trending younger. Two projects discussed at the event aimed at serving those demographics were Phoenix Children’s Hospital’s $33M Avondale expansion and a number of medical offices planned for the city’s The BLVD mixed-use development. Trevor Stokes, CEO of The Partnership for Workforce Innovation, told attendees healthcare has overtaken government as Maricopa County’s largest employer, and the county’s growing population will ensure healthcare-related jobs remain…

By Associated Builders and Contractors Construction employment is holding its own, although it is not back to pre-pandemic levels, according to state-by-state analysis of U.S. Bureau of Labor Statistics data released by Associated Builders and Contractors for March 2021. These data show that on a year-over-year basis, the not seasonally adjusted construction unemployment rates rose nationally and in 33 states, fell in 15 states and were unchanged in two states, Oklahoma and Washington. National NSA construction employment was down 80,000 from March 2020. Seasonally adjusted construction employment remains 182,000, or 2.4 percent, below its February 2020 peak, before the impact of the…

Groundbreakings 1. The joint venture of Metro Commercial Properties and Principal Real Estate Investors announced the commencement of development for five new light industrial properties totaling 406.6KSF to be added to the fully-occupied Metro East Valley Commerce Center at US 60 and Mesa Drive in Mesa. The five new buildings, which range from 58KSf to 112KSF, are designed by McCall & Associates Architects and will be constructed by Graycor Construction, with completion scheduled in late Q4 of 2021. 2. Neighborhood Outreach Access to Health (NOAH) Desert Mission Health Center’s current facility is a 6.6KSF renovated former church in the Sunnyslope…

By Tasha Anderson for AZBEX Lodgeworks Partners, L.P. is planning a unique Archer-branded luxury boutique resort and multifamily residential project at the NEC of SR-89A and Art Barn Road in Uptown Sedona. The site encompasses approximately 19 acres; however, the developer only intends to build on six acres at the southern end of the property because of an extreme topography that limits the developable area due to large rock cliffs and Oak Creek. The remaining acreage is anticipated to be left undisturbed. The project, called Archer Sedona, is proposed to be a mixed-use development which will include a 188-room luxury…

By ABI Multifamily ABI Multifamily announced the $10.5M sale of FirstStreet at the Ballpark, a land deal located in Goodyear. Located on the SEC of Estrella Parkway and West Lower Buckeye Parkway, the 25.6-acre site is in a designated Opportunity Zone and contiguous to the spring training facilities for the Cleveland Indians and Cincinnati Reds spring training facility. The preliminary plan for the site consists of a total of 251 units arranged in a combination of single-story individual and duplex buildings featuring one, two, and three-bedroom configurations ranging from 800SF to 1,500SF. A clubhouse with a built-in fitness center, yoga…