Author: BEX Staff

By Colliers in Arizona The pandemic’s impact on the Greater Phoenix office market appears to have passed its peak with the market stabilizing in second quarter. Sublease space additions to inventory have slowed and the market returned to positive net absorption following two quarters of negative activity, according to Colliers in Arizona’s mid-year office market report. Arizona’s economy has been booming with record revenue growth, as well as personal income growth. The state is projected to add 325,000 jobs in the next 12 months. As pandemic restrictions have begun lifting, many companies have announced a full return of employees to…

Giving Back 1. Western Wealth Capital is hosting its fifth annual “We’ve got Your Back” event. On Tuesday, July 27th, School supply kits and backpacks will be given to school-age residents of the 21 Phoenix-area Western Wealth Capital-owned apartment communities. The backpacks will include a school district-approved supply kit with notebooks and other vital supplies like pens and art supplies. This year, the company will surpass $200K in donated school supplies since the event’s inception in 2016, with more than 450 backpacks being distributed this year alone. Boards & Commissions 2. Tempe-based First Solar Inc. has expanded its board of…

Sales Transactions 1. Bridge Investment Group purchased Parc Roundtree Ranch, a 275-unit, newly constructed multifamily asset in Peoria, for $88.8M. Steve Gebing and Cliff David with Institutional Property Advisors, a division of Marcus & Millichap, procured the buyer and represented the seller, Evergreen Devco Inc. 2. An undisclosed buyer purchased Paseo Park, a 35-building, 480-unit, garden-style apartment community at 5205 W. Thunderbird Road, Glendale, for an undisclosed amount. Transwestern Investment Group (TIG®), along with its partner, Knightvest Capital, were the sellers. 3. American Homes 4 Rent purchased 184 acres of State of Arizona land near Valencia and Houghton Roads in…

By Tasha Anderson for AZBEX As e-commerce continues to rise, the need for industrial development becomes greater and Arizona’s West Valley is one of the top areas where developers are flocking to in order to fill that need. WDP Partners, in partnership with Brama Holdings, is looking to add to the growing industrial footprint in Avondale, by developing Van Buren 101, a “high quality, institutional-grade industrial building that will permit warehousing/distribution uses,” and, “provide employment opportunities withing the City of Avondale,” according to the project documents submitted to the city. Van Buren 101 is planned to consist of a +/-…

By Mescal Movie Set The Mescal Movie Set, the home to the movies “Tombstone,” “The Quick and the Dead,” and more than 80 other westerns, was recently acquired by local ranchers and saved from destruction. The set was in an advanced state of deterioration, which limited its appeal to film production companies. The new owners, Kartchner Ventures, have started a complete renovation and expansion of the set. Extensive plans are in place to renovate the 27 existing buildings, all of which need complete makeovers, from stabilizing foundations, renovating interiors and exteriors, and replacing roofs. New buildings will be added, including…

Having served the Valley’s healthcare needs for more than 140 years and has won voter approval for $935M in funding under 2014’s Proposition 480, Valleywise Health has embarked on an ambitious series of projects to enhance medical services for the area’s vulnerable populations. Serving as the cornerstone of the master plan is The Valleywise Health Medical Center, a 673KSF, 10-story state-of-the-art care and teaching facility at 24th and Roosevelt streets in Phoenix. The project includes improvements to the hospital’s Level 1 Trauma Center and the Arizona Burn Center, one of the top-rated burn units in the world. Valleywise is also…

After hitting a record high of $1,670.50 for 1,000 board feet in May, lumber futures contracts had dropped 68 percent to $536 by July 16th. So when will those lower prices start to show up in the market at large? When the pandemic swung into full force last year, U.S. lumber companies scaled back production to avoid having to sit on inventory during a downturn. Supply was also negatively impacted through ongoing lumber trade disputes between the U.S. and Canada, as well as Canada’s more strict approach in managing COVID-19 precautions. However, demand during the crisis surged, as homebound Americans…

Groundbreakings 1. Lincoln Ventures and Cross Harbor Capital Partners started construction at 811 N. 3rd Street, a 24-story, 326-unit multifamily development in Phoenix. The to-be-named project will feature market leading amenities, including a ground floor coffee to cocktails concept, co-working and conference spaces with business lounge, secure bike parking and a dog run. Shepley Bulfinch is the design firm and JE Dunn is the general contractor. 2. High Street Residential has broken ground on Smith & Rio, a 310-unit residential community at 1979 E. Rio Salado Parkway, Tempe. The five-story property is expected to be completed in 2023. ESG Architecture…

By Tasha Anderson for AZBEX  COVID-19 definitely slowed certain markets down in 2020. Retailers briefly shut down and employers closed offices to allow their employees to work from home; however, the Phoenix office and retail markets are certainly not dead. In fact, they are busier than ever in 2021.  That was the consensus at the Leading Market Series event held on July 14th. Attendees gathered in-person at Sky Song in Scottsdale and online for BEX’s first hybrid event experience, in order to get an owner’s perspective on what’s going on in the office and retail markets.  Panelists included Walt Brown, Founder, CEO and Designated Broker of Diversified Partners, LLC; Laurel Lewis, Senior Vice…

By Arizona Department of Transportation  The Final Tier 1 Environmental Impact Statement for the 280-mile Interstate 11 study corridor – stretching from Nogales to Wickenburg – is now available for public review.   After five years of study, technical analysis and input from communities and stakeholders, this publication of the I-11 Final Tier 1 EIS marks a milestone for the proposed corridor.  The Final Tier 1 EIS, including a Preliminary Section 4(f) Evaluation, is available at i11study.com/Arizona. The website also lists locations throughout the study area where a hard copy of the Final Tier 1 EIS is available for review. The 30-day public review period runs through the…