Author: BEX Staff

Sales Transactions 1. Decron Properties purchased Broadstone Rio Salado, a 276-unit Class A multifamily property in Tempe for $96.15M, from Alliance Residential Co. The purchase is Decron’s first acquisition within the state. 2. Ezralow Company, LLC purchased Cactus Forty-2, a 200-unit Class A apartment community at 4242 E. Cactus Road, Paradise Valley, for $56.05M. David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller, Olympus Property. 3. Tower 16 Capital Partners purchased a two-property multifamily portfolio, Summerhill Place Apartments, a 232-unit property at 6801 W. Ocotillo Road, Glendale, and The Villas at Montebella…

By Tasha Anderson for AZBEX Plans for a new in-patient rehabilitation hospital to be located in the San Tan Village area are making their way through the Town of Gilbert. The project, called the Dignity Health Mercy Gilbert Rehabilitation Hospital, will be developed by the joint venture of Kindred Healthcare, LLC and Dignity Health, and was announced back in August 2020. The hospital will be located on approximately 4.52 acres just north of the NWC of Santan Village Parkway and Coronado Road, just south of the Doubletree by Hilton hotel. The two-story building will total approximately 53.3KSF and provide 40…

Diversified Partners announced a major 17 acre mixed-used development at NEC of Ellsworth and Elliot roads in Mesa, Arizona. The Elliot tech corridor, which includes Apple, Edgecore, Dignity Health, and the future Google site, will be home to the project which will include medical, office and retail components. The development is directly north of Phoenix-Mesa Gateway Airport, a hub to over 1.5 million travelers annually. East Gate Plaza is also adjacent to Eastmark, the number one master-planned community in Arizona, with 15,000 homes at completion. Ellsworth Road has the highest traffic volume in Mesa, which has a population of 511,000. Diversified…

Yuma County’s proposed budget for FY 2021-2022 has come out as $464M, up 58 percent from the year before. No property tax increase was recommended. Assessed property values increased by $79M, up 6.15 percent. New construction was up 63.8 percent to $13.3M. The general fund balance currently sits at 39 percent, significantly exceeding the recommended 20 percent to be considered “healthy”. Some potential uses for the additional funds could include $11M to pay off debt or reduce future building debt, and a $4.5M loan to the Greater Yuma Port Authority to develop vacant land and lots in the industrial park.…

By Associated Builders and Contractors National nonresidential construction spending declined 1.1 percent in March, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $778.5B for the month. Spending was down on a monthly basis in 11 of the 16 nonresidential subcategories. Private nonresidential spending was down 0.9 percent, while public nonresidential construction spending fell 1.5 percent in March. “While the longer-term outlook for nonresidential construction is superb, the pandemic is lingering, creating much damage to commercial real estate fundamentals,” said ABC Chief Economist Anirban…

Groundbreakings 1. Clayco recently broke ground on a 388KSF speculative industrial building in Glendale’s Loop 303 Corridor for developer Scannell Properties. In collaboration with architect Ware Malcomb, Clayco is on track to complete the project by fall 2021. Progress Reports 2. Turner Impact Capital’s Turner Healthcare Facilities Fund will be the new real estate owner for New Freedom’s $17.6M behavioral health campus at 2532 W. Peoria Avenue, Phoenix. In partnership with Waltz Construction, New Freedom has launched a state-of-the-art behavioral health campus model of treatment programs in collaboration with Gold Canyon Heart & Home. The property was a 248-room 143KSF…

By Tasha Anderson for AZBEX A new self-storage facility is being proposed on approximately 16.45 acres at the NWC of Sweetwater Avenue and Litchfield Road in the Marley Park Planned Area Development of Surprise. Hunter Engineering, the applicant and civil engineer for the project, known as the Litchfield Self-Storage Facility, is requesting a Conditional Use Permit and Site Plan approval on behalf of the owner, Insite Property Group. Litchfield Self-Storage Facility is planned to include an office building and five buildings housing a total of 785 storage units. Building A, which is the office building, will be approximately 1.1KSF and…

Partnering with Mortenson Construction, The San Carlos Apache Healthcare Corporation, has announced planning and construction will move ahead on the following four major projects: The SCAHC Healthcare Expansion Master Plan; A 100-Bed Long-term Care/Skilled Nursing facility near the SCAHC Peridot campus; A new Clarence Wesley Health Center four miles southwest of the current CWHC Medical Clinic, and A warehouse and storage facility next to the SCAHC Peridot campus. Using a variety of funding sources, SCAHC has allocated $61M for the projects. (Source)

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…