Author: BEX Staff

Sales Transactions 1. MG Properties Group purchased Centra, a five-story, 223-unit podium-style multifamily property in Midtown Phoenix for $74.5M. Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller, FORE Property. 2. APRA Capital purchased Sundown Village, a 330-unit multifamily property at 8215 N. Oracle Road, Tucson, for $54.45M, from HSL Properties. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer. 3. Federal Realty Investment Trust purchased The Shops at Hilton Village, a 92.7KSF trophy shopping center at the NEC of Scottsdale…

By Tasha Anderson for AZBEX CARVANA, the nationally recognized, online used car-retailer, is planning to expand their Tempe headquarters in order to hire more than 1,000 new employees. Plans were recently submitted to the City of Tempe for the development of new office buildings and parking structures to be located on approximately 15.18 acres at the SEC of Rio Salado Parkway and Priest Drive. The applicant and architect on the project, Butler Design Group, is requesting a Planned Area Development Overlay and Development Plan Review approval. According to the project documents, the site has been partially developed as a two-story…

By Tasha Anderson for AZBEX Arizona’s seasonally adjusted unemployment rate remained at 6.7 percent in May 2021, from April 2021, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate decreased to 5.8 percent from April. In May 2020, the state had a seasonally adjusted rate of 10.6 percent, and the national was at 13.3 percent. The state had a net gain of 900 non-farm jobs over the month. “Historically (2011-2020), Nonfarm employment has recorded a loss of 700 jobs in May,” the report states. Leisure & Hospitality had the largest net gain of…

Chandler voters will see five bond issues totaling $272M on the all mail-in November 2022 ballot. The issues will address projects under the City’s 10-year Capital Improvement Plan and will not increase property tax rates. Under the requests, voters will be asked to approve $85.8M for streets, $73M for parks, $55.2M for police, $33.6M for public facilities, and $25.2M for the fire department. Specific major projects to be funded include: A $38M crime lab for the police department, $40M to finish Mesquite Groves Park, $16M for Folley Park, $12M for J. Chandler Park, $15M to rebuild fire stations 282 and…

By Associated Builders and Contractors Construction input prices increased 4.6 percent in May compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices increased 4.8 percent for the month. Construction input prices are 24.3 percent higher than a year ago, while nonresidential construction input prices increased 23.9 percent over that span. Similar to last month, all three energy subcategories registered significant year-over-year price increases. Crude petroleum has risen 187 percent, while the prices of unprocessed energy materials and natural gas have increased 100…

Groundbreakings 1. Sundt Construction, Inc. recently returned to the University of Arizona campus to renovate the Old Chemistry Building it originally built in 1936. The renovation will consist of 55KSF. Additionally, the team will add a new three-story, 23KSF building consisting of offices, classrooms and a relocated machine shop and nuclear magnetic resonance space. Construction is scheduled for completion towards the end of 2022. Shepley Bulfinch is the architect on record and Poster Frost Mirto will consult on historic preservation. 2. McShane Construction Company has begun construction on Springs at Eastmark, a 276-unit, garden-style multifamily community in Mesa. The development…

By Tasha Anderson for AZBEX Owner, Advanced Acquisitions, LLC, an affiliate of Cavan Companies, is looking to develop a new 191-unit bungalow-style rental community located at the SWC of Florence Boulevard and N. Via Del Cielo Road in Casa Grande. A request for Major Site Plan Review and Major PAD Amendment to the Los Prados PAD was submitted to the City of Casa Grande by RVi Planning + Landscape Architecture, on behalf of the owner. The request was heard and recommended for approval at the city’s Planning and Zoning Commission meeting on June 3rd. According to the project documents submitted…

Crystal Lagoons Island Resort has announced it has entered into an agreement with Mattel, Inc. to add a Mattel Adventure Park to its planned theme park and resort project in Glendale. The partnership will create Mattel’s initial foray into theme parks and will feature attractions branded on the company’s popular products, such as a Hot Wheels roller coaster and a Thomas the Tank Engine electric passenger train, along with go-karts, dining and retail outlets. A groundbreaking ceremony for the adventure park was held last week. Both facilities are expected to open before the 2023 Super Bowl. (Source)

By Brad Johnston for SCS Engineers Brownfields may not be the first locations that come to mind when considering your next project. SCS Engineers, an environmental consulting firm with 40 years of experience in Arizona, offers tips when considering whether Brownfields sites can work for your project. Funding Sources The U.S. Environmental Protection Agency and Arizona Department of Environmental Quality have grant programs that can pay for assessment and cleanup of brownfields. These programs are typically only available to governmental and non-profit organizations, but a private entity may be able to team with these eligible parties. Local governments or other…

Awards & Accolades 1. Taylor Morrison has earned a coveted spot on the Fortune 500. Taylor Morrison climbed 115 spots from its 2020 position to No. 452 and is one of 39 newcomers to this year’s list. Taylor Morrison’s debut on the Fortune 500 represents the culmination of a multi-year strategy to build a best-in-class organization focused on maximizing shareholder value while creating a reputation of quality construction and holdings, with an unparalleled customer experience. Company News 2. Mosaic and its building partner Mandalay Homes have hit a new milestone, with the construction of more than 315 homes for Arizona…