Author: BEX Staff

Sales Transactions  1. Knightvest Capital purchased Signature Place, a 300-unit multifamily community at 600 W. Grove Parkwayin south Tempe for $62.5M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Western Wealth Capital.  2. A joint venture between AEW Capital Management and Condor Cold Storage, a division of the real estate investment firm Brookhollow purchased the Café Valley Headquarters, a 285KSF, Class-A food processing and cold storage facility located within the Estrella Commons Business Park, for $42M, from Cornerstone Arizona. The Lee & Associates investment team of Ross Sanzari, Greg Guglielmino, Marcus Muirhead, and Steve Gonzalez handled the transaction.   3. Logan Capital Advisors purchased the Pacific Bay Club, a 192-unit multifamily community in Ahwatukee for $35.7M. CBRE’s Tyler Anderson,…

By Tasha Anderson for AZBEX  The Arizona Department of Emergency and Military Affairs is looking for a firm to provide design-build services for the 70KSF Rita Road Readiness Center to be located at 7901 S. Rita Road in Tucson.  A Request for Qualifications was recently issued for the design, permitting, site preparation and construction of the new facility for the Arizona Army National Guard.  Around the same time last year, the Department issued an RFQ for a firm to provide design build criteria consultants and technical advisory services to help create these solicitation documents along with a geotechnical investigation, evaluation criteria, performance specifications and more. DWL Architect + Planners, Inc.…

Budget, Policy & Stimulus News  Republicans Unveil New $1T Relief Package  Republicans in the U.S. Senate unveiled a roughly $1T stimulus package, titled the HEALS Act, geared toward reopening the economy. Key provisions include stimulus checks to individuals and a host of small items for businesses, but it also contained a number of changes and adjustments to the Small Business Administration’s $659B Paycheck Protection Program. (Source: Phoenix Business Journal)  Economic News  How to Prosper Post-Pandemic  A recent article by AZ Big Media compiles the thoughts and recommendations of business, accounting and financial operations leaders on how companies can benefit from the new “be prepared” approach to crisis response and maintain…

By Raquel Hendrickson for inMaricopa  One planned project brought out frustrations entailed in the City of Maricopa’s General Plan and how traffic flow is designed.  Though the Planning & Zoning Commission unanimously recommended El Dorado Holding’s Rev Development to the city council for approval, commissioners and staff used the opportunity to push for change.  Rev is planned as a 25-acre residential and commercial area on the SEC of Bowling Road and Porter Road. It was before the commission asking for a minor General Plan amendment and a zoning change. The residential portion of the project is to be a gated complex of 200 rental housing units.  Those units…

Groundbreakings  1. Bearizona broke ground on an all-new 40KSF habitat called The Grizzly Encounter. The nearly $1M addition will offer a top-of-the-line grizzly bear habitat and multiple viewing experiences for guests upon completion in Spring 2021.  2. Landsea Homes announced it has begun construction on 75 single-family homes at Riata at Alamar. Sales are expected to begin in September and the community Grand Opening is currently scheduled for October 10.  Progress Reports  3. Sagewood has reached more than 70 percent in construction progress for its $100M, 220KSF Phase II that includes 101 independent living apartment homes, new restaurants and community amenities. Sagewood is being developed by LCS Development and is managed by Life Care Services. Todd & Associates is the architect…

By Tasha Anderson for AZBEX  A new 144-unit affordable multifamily development is being proposed for the Town of Prescott Valley.  Owner, Matthew Hepperle is requesting a zoning map change for the approximately 5.4-acre site encompassing the Baja Circle right-of-way and Prescott Valley Unit 24 (Lots 1-3, 7-10), from Commercial; general Sales ad Services-Planned Area Development to Residential and Services-Planned Area Development. The owner is also requesting approval of the preliminary development plan for the project, called Baja Professional Apartments.  The Baja Professional Apartments is proposed to comprise six, three-story buildings housing 24 dwelling units each. Buildings two and five will consist of one-bedroom units, while…

Economic News  Who Foots the Bill for COVID Building Changes  Incremental operating costs for office buildings could increase by at least $19.40/SF or 5.8 percent of average annual office rents at the beginning of 2020, according to a recent report from consulting firm Deloitte. These incremental costs could vary based on the measures taken at each property and the quality of materials used. But whether these added costs are the responsibility of the owner or the tenant will largely depend on the terms outlined in each lease. (Source: National Real Estate Investor)  Resources  Maricopa County Small Business Grant Opportunities  A number of Small Business Grant Opportunities remain available for…

By Corina Vanek for Phoenix Business Journal  The City of Avondale is seeking ideas from private developers about how to best develop 34 acres of city-owned land into a mixed-use development with office, hospitality, retail, residential and community amenities.  The area, which the city has named “The BLVD,” is at Avondale Boulevard south of Interstate 10.  Ken Chapa, economic development director for the city, (said) the BLVD is envisioned to be “the flagship development for our city.”  The city’s request for information asks potential developers to submit a project development plan containing some key features, including a central gathering area…

Source: 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 April 1st, 2020 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.   The impact of the coronavirus is seen in construction project shut-downs and pauses that marked the early phase of the pandemic, generating elevated unemployment numbers. Jobsite reopenings are encouraging, but as these projects wrap up, the business equation will shift: the construction backlog appears to be evaporating quicker than the pipeline…

Giving Back  1. Rosendin Holdings, Inc., the parent company to Rosendin and Modular Power Solutions (MPS) announced it has established The Rosendin Foundation, a 501(c)(3) non-profit incorporated to positively impact communities, build and empower people, and inspire innovation through financial grants and volunteer hours.  Awards & Accolades  2. SOLON Corporation has been recognized by Solar Power World magazine as the number one commercial EPC solar contractor in Arizona for the second year in a row, and the company is among the top 26 percent nationally. SOLON’s 2019 installations totaled 12.3 MW, a 66 percent year-over-year increase.   Company News  3. Phoenix West Commercial announced it moved into a new office at 700 N. Estrella Parkway, Suite 205,…