Author: BEX Staff

Groundbreakings 1. Marwest Enterprises, LLC broke ground on Elliot 202, a 1.08MSF foot speculative industrial development at the NEC of Hawes Road and Elliot Road. The project is anticipated to be completed by December 2021. Ware Malcomb is the design firm and Willmeng Construction Inc is the general contractor. 2. DAUM Commercial Real Estate Services has announced the groundbreaking of Gateway Executive Airpark, a three-hangar development totaling more than 185.5KSF at Phoenix-Mesa Gateway Airport in Mesa. The project is now leasing and will be available for occupancy by Q4 2021. Winton Architects, Inc. is the design firm and Sun State…

By Tasha Anderson for AZBEX Developer, Sterling Real Estate Partners is looking to convert an existing hotel located on approximately 4.526 acres at the NWC of Scottsdale and Mountain View Roads into a new multifamily residential complex. Plans were recently submitted to the City of Scottsdale for the project, currently called Scottsdale & Mountain View, and the developer is requesting Development Review Board approval. Scottsdale & Mountain View will include renovating the existing three-story, 144-room hotel into a three-story, 85-unit apartment community. Residences will consist of one-, two- and three-bedroom units ranging from approximately 440 square feet to 1,340 square…

By Paragon Development Group Paragon Development Group recently closed on the $3.1M purchase of 15.67 acres in the Southeast Valley. The site, located on the NEC of West Southern Avenue and South Meridian Road in Apache Junction, is slated to become Hampton Meridian, a new 195-unit luxury build-to-rent community. The new community will provide residents with convenient and direct access to US 60, and offers a low-maintenance, luxurious lifestyle in a gated and private community. Construction of the site is beginning immediately, with its first units expected to be available in March 2022. Modeled after its Arizona Multihousing Association award-winning…

Peoria’s $695M Fiscal Year 2022 tentative budget has been approved by City Council. The budget represents a 4.5 percent increase from FY 2021. Council will likely approve the final budget May 18th. The City’s $835.6M Capital Improvement Program was also approved. Ongoing and planned major projects included under the CIP include: Paloma Community Park Reclaimed Water Extension; Building a new section of Jomax Road from Loop 303 to Vistancia Boulevard; Expanding the Pyramid Peak Water Treatment Plant; Paloma Community Park Phase II; Drainage improvements on Pinnacle Peak Road; A new fire station in the north part of town; Beardsley Water…

By Colliers in Arizona The Greater Phoenix medical office market posted 6.2 percent rental rate increases over the past 12 months and investment sales were relatively strong in first quarter, despite recording a three-month period of negative net absorption. These statistics are part of the quarterly Medical Office Report released by Colliers in Arizona. Rental rates for medical office space rose during the past 12 months and are anticipated to continue rising as Phoenix becomes a top tier destination for medical practices to relocate and expand. Phoenix is the top major metropolitan area in the country for population growth, which…

Giving Back 1. SDB Contracting Services announced it has reached the $100K Lifetime Giving amount to Phoenix Children’s Hospital. SDB has a long history of corporate philanthropy with Phoenix Children’s having made its first donation in 1992. 2. Rosendin dedicated its activities to the importance of creating a safe work environment during this year’s annual Construction Safety Week, May 3rd-7th.  Rosendin produced and released each day of Construction Safety Week to educate workers about important topics. 3. To help bridge the diversity gap in the real estate industry, the W. P. Carey School of Business at Arizona State University has…

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.…