Author: BEX Staff

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…

Sales Transactions 1. Sunroad Enterprises purchased Parcland Crossing, a 383-unit multifamily community at 800 W. Willis Road, Chandler, for $125M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, PrivatePortfolio Group. 2. A partnership between Highgate and Rockpoint Group purchased the Scottsdale Plaza Resort at 7200 N. Scottsdale Road, Scottsdale, for $90.75M, from Scottsdale Plaza Resort LLC. 3. Tides Equities purchased Palm Valley, a 264-unit multifamily community in Goodyear, for $71.8M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Avanti Residential.…

By Tasha Anderson for AZBEX  More luxury residential units are being planned for the Kierland area in Phoenix.  Developer, Mill Creek Residential, is looking to build Modera Kierland, a seven-story luxury multifamily and retail development located at the SWC of Paradise Lane and Scottsdale Road. A Planned Unit Development application was recently submitted for the project on June 25th.  Modera Kierland is proposed to comprise up to 435 dwelling units with two distinct living arrangements, including traditional urban apartment units and larger homes for families, people who work from home and older down-sizers. The project also proposes to have a restaurant and retail space at…

By Anchor Health Properties   In collaboration with Intuitive Health and HonorHealth, Anchor Health Properties has recently commenced a local, long-term development and expansion initiative.   Through the addition of strategically located facilities in and around Phoenix, Anchor, Intuitive, and HonorHealth are focused on improving the health and well-being of the community by providing convenient and easily accessible care in customer service-led environments that are patient- and family-centered.   As a strategic real estate partner for Intuitive’s growing pipeline of build-to-suit hybrid provider-based combined emergency department/urgent care facilities across the United States, Anchor led key leadership from Intuitive and HonorHealth through a site selection and community engagement process resulting in identification and control of centrally positioned retail locations with…

By Kidder Mathews and AZBEX Staff  The Phoenix Industrial market continued to set records in the Second Quarter, with the Kidder Mathews Phoenix Industrial CRE Market Update reporting record highs in net absorption, rental rates and construction activity, and record lows in vacancy rates.  There is currently 23.5MSF of construction underway in the area, fueled largely by the pandemic-related surge in e-commerce, and net absorption hit a high of 5.9MSF.  Triple-net rental rates surged to a new high of $0.66/SF, placing Phoenix among the top 15 markets for rent growth, but allowing it to maintain favorable affordability compared with California.  In the near-term, Industrial in…

By Kidder Mathews and AZBEX Staff  Kidder Mathews, in its recent Phoenix Office CRE Market Update for Q2 2021, reported the Phoenix office market continues to see record office sublease availability.  Rental rates also reached a record high in the Second Quarter, hitting $28.08/SF on a full-service basis. Year-over-Year sales transactions hit 2.6MSF, more than doubling over the period.  The report notes lease volume also improved YoY and over the quarter, even though demands remained weak when compared to pre-pandemic levels.   Even though the construction pace has slowed, the pipeline has still delivered record volumes YoY. Even though the supply delivered this year…

Awards & Accolades  1. DWL Architects + Planners, Inc. (DWL) received the AIA Twenty-Five Year Award for the Burton Barr Central Library designed in collaboration with William Bruder Architects. Opened in 1994, the 280KSF five-story building is partially situated over a major interstate highway tunnel and to this day features the largest reading room in Arizona, 43KSF. At the project’s inception in 1989, the joint venture design team was faced with the challenge of creating a symbolic yet functional cornerstone for downtown Phoenix’s Margaret T. Hance Deck Park and a gateway to the City’s newly designated Downtown Arts District redevelopment. The library simultaneously changed the City’s skyline and created a featured destination in the downtown Phoenix landscape.  Groundbreakings …

By Tasha Anderson for AZBEX  Scottsdale-based developer, The Wolff Company, is proposing to build a high quality, garden-style multifamily community at the NWC of 34th Way and Bell Road in Phoenix.  The approximately 12.78-acre site, which is zoned Planned Shopping Center (PSC), currently houses the Harkins North Valley 16 movie theater, which has served the North Phoenix community for nearly twenty years since its construction in 2001.   The Wolff Company recently submitted a request to the City of Phoenix to rezone the property to R-3A and is looking to redevelop the site into the 278-unit, two- and three-story development, known as Wolff 34th & Bell.  The project will contain several three-story buildings…