Author: BEX Staff

By George Oliver Phoenix-based developer George Oliver has announced plans for its next Arizona experiential office transformation: The five-building Hayden Station mixed-use office campus, located on the SWC of Mill Avenue and Third Street in the heart of downtown Tempe. Built in 1986, Hayden Station has served as a downtown Tempe landmark for more than three decades. It spans 107.5KSF, including one five-story office building and four two-story mixed-use buildings that are home to office, retail and restaurant space. The five-story tower offers views of downtown Tempe, Tempe Town Lake and Hayden Butte. With an approximate $14M capital improvement budget, George Oliver will…

By Kidder Mathews Kidder Mathews has released its reports on First Quarter 2021 activity in the Industrial and Office sectors. Economic Overview Phoenix lost fewer jobs (on a percentage basis) than any other large metropolitan area and maintains its place among the best-performing markets for job growth. A recent study by EMSI placed the Phoenix Metro as the top ranked county in the nation based on the ability to attract and retain quality workers and other economic-development factors. According to the Arizona Labor of Statistics Office of Economic Opportunity, Phoenix metro’s unemployment rate in January increased 1 basis point month-over-month…

Giving Back 1. Rosendin hosted a popular booth at the Queen Creek High School Career Fair 2021. Rosendin guided students through opportunities to enter the workforce after graduation or college, answering questions about the industry, job openings, and salary ranges. The construction industry is one of several facing a workforce shortage in Arizona, so representatives from Rosendin and Adolfson & Peterson Construction (AP) also offered advice for those seeking training and apprenticeships. 2. During the pandemic, MEB Management set up the MEB Cares Team which proactively identified, communicated and guided struggling residents through the various nonprofit networks and government systems…

Sales Transactions 1. KKR purchased a five-building industrial portfolio, representing 540,039 square feet of multi-tenant, fully leased infill space at 4441 W. Polk Street, 120 E. Watkins Street, 4720 W. Van Buren Street and 5240 and 5302 W. Buckeye Road, Phoenix, for $68M, from Lincoln Property Company. CBRE’s National Partners Team, led by Darla Longo, represented LPC in the portfolio sale. 2. 29th Street Capital purchased Lunaire, a 240-unit garden-style multifamily property at 949 S. Goodyear Boulevard, Goodyear, for $59.7M. Senior Managing Directors Mark Forrester and Ric Holway, Senior Director Dan Cheyne and Director Andrew Curtis of Berkadia’s Phoenix office…

By Tasha Anderson for AZBEX Developers Sub4 Development and Jackson Dearborn are looking to build a new, approximately $30M mixed-use project in Old Town Scottsdale consisting of a multifamily component, commercial space and more. Zoning attorney Berry Riddell LLC, on behalf of the developers, recently submitted a request to the City of Scottsdale to rezone the +/- 1.92-acre property at the SWC of Indian School Road and Marshall Way, from Central Business Downtown Overlay district to Downtown/Downtown Multiple Use Type-2 Planned Block Development Downtown Overlay and Downtown/Downtown CoreType-1 Planned Block Development Downtown Overlay. The property consists of six vacant parcels…

By Great Hearts Academies In response to increasing demand, representatives of Great Hearts Academies have announced an expansion of its network of nonprofit public charter schools. Roosevelt Preparatory Academy is slated to open in fall of 2022 in Buckeye, and the doors of an upsized and newly built permanent home for Anthem Preparatory Academy will open for the 2022-23 school year. In addition to the two new builds, Great Hearts is also expanding its current Trivium Preparatory Academy to increase capacity. The first is the expansion of the current Archway Trivium and Trivium Preparatory Academy. The demand in the West Valley has increased, and to accommodate this growth, Great Hearts will be adding two new sections per grade at Archway Trivium to serve more students, adding new classrooms for Trivium Prep, building an additional multi-purpose room, and readjusting…

By Central Arizona CCIM Chapter The Central Arizona CCIM Chapter is making it easy for industry professionals to stay ahead of changing technology, market conditions and government regulations by taking a Ward Center workshop for real estate studies. Real estate remains one of the largest contributors to gross domestic product across the globe. Whether it’s changes in the economy, the local market, or government programs and regulations, real-time information from the industry’s most renowned thinkers and practitioners is crucial. Non-members taking the first workshop course will receive 2021 Chapter membership free. The first workshop course, “Lease Modification Strategies & Solutions”…

By Rider Levett Bucknall International property and construction consultancy firm Rider Levett Bucknall has released its latest Crane IndexÒ and Quarterly Cost Report. Together, the two documents provide an eye-opening perspective on the North American construction industry in 14 key markets. The latest quarterly cost report data show that despite the slow-down in construction, the combined effects of material price increases with challenges in maintaining the supply chain have sent costs escalating back to the familiar range of one percent per quarter (four percent annualized). In the last 12 months, construction materials prices have increased strikingly. The price of copper…

Groundbreakings 1. City of Avondale broke ground on The BLVD Water Features project, which includes two signature entrance water features, a one-acre lake, koi pond, splash pad, pedestrian bridges, and inviting landscaping at Avondale Boulevard and Dale Earnhardt Drive. A virtual groundbreaking was hosted on Monday, April 5th. J2 Engineering & Environmental Design is the design firm and Willmeng Construction, Inc. is the general contractor. The $4.8M project is expected to be completed in August 2021. 2. Tesla Inc. is building a 30KSF service center in Glendale’s Westgate Entertainment District at the corner of 93rd and Glendale Avenues. This expansion…

By Tasha Anderson for AZBEX The City of Glendale’s Planning Commission recently heard a request to rezone approximately 33 acres at the NWC of 99th Glendale Avenues, for a new mixed-use development which will include multifamily, a medical office building, assisted living and commercial/retail uses. The request was made by Burch & Cracchiolo, P.A., on behalf of developers, Mangat Investments II, LLC and Continental 562 Fund, LLC, for a Minor General Plan Amendment from Business Park to Entertainment Mixed-Use and to rezone the site from Agricultural to Planned Area Development. The request was heard and recommended for approval by the…