Author: BEX Staff

By ZOM Living  ZOM Living has acquired a portfolio of four parcels totaling 33 acres in Phoenix and Scottsdale with plans to deliver up to 1,600 units over the coming years.  The Florida-based firm plans to build up to 1,600 luxury units as part of a first phase of development across five rental communities based in north Phoenix, Scottsdale and the Biltmore District, resulting in a combined investment exceeding $500M. The four sites were purchased by an affiliate of ZOM Living through an auction in the U.S. Bankruptcy Court.  The acquisition marks the firm’s entrance into the Arizona market, where it will open a regional office…

Boards & Commissions  1. Libby Ekre, principle and certified property manager with MEB Management Services, will be elected to the national position as secretary and treasurer for 2022 with the Institute of Real Estate Management (IREM) at their annual meeting held in Las Vegas, Nevada in October 2021.  Company News  2. Civic CM is proud to establish roots in Phoenix. Originally founded in 2014, Civic CM provides construction management, CPM scheduling, 4D/5D scheduling, claims, cost management, dispute resolution, expert witness and advisory services for contractors, owners and attorneys. Clients trust Civic CM to champion their most difficult construction challenges. Their goal is to keep the client’s best interest a top…

Sales Transactions  1. TerraCap Management, LLC purchased Anchor Centre, a 333KSF, Class A office asset at 2201 and 2231 E. Camelback Road, Phoenix, for $103.5M. The JLL Capital Markets team consisting of Director Ben Geelan, Senior Managing Director Michael Leggett and Managing Director Brian Ackerman, represented the seller, KBS. JLL also procured the buyer.  2. Rise48 Equity purchased Pointe Vista Apartments, a 160-unit multifamily apartment property in Phoenix, for $24.25M. ABI Multifamily’s Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented the buyer and the seller, a California-based company who was not disclosed.  3. HK Real Estate Investment purchased Tri-City Pavilions, a 94.3KSF Safeway grocery-anchored shopping center at the NEC of North Main Street and Dobson Road, Mesa, for $15M. Glenn Smigiel, Bob Young…

By Tasha Anderson for AZBEX  A new dual-branded hotel is being proposed for a +/- 2.5-acre infill site south of the SEC of Power and Ray Roads in Mesa.  Earl & Curley, on behalf of developer, Equinox Hospitality, is requesting an amendment to the current PAD zoning to allow a height adjustment, site plan review/modification approval, and design review approval of the site plan, landscaping plan and elevations for the project, known as Sleep Inn and MainStay Suites Dual-Branded Hotel. The City of Mesa heard the requests at its January 12th Design Review Board meeting.  The property is part of a larger, 4.74-acre site consisting of two…

Economic News Tempe Chamber Focused on Help Like its economic development and businesses assistance peers around Arizona and the U.S., the Tempe Chamber of Commerce saw, and continues to see, challenges in helping members navigate the complexities of the COVID-19 pandemic. Leaders say they had to adapt quickly to provide resources and information in the early stages, and that they continue to work diligently to stay abreast of evolving needs and processes. (Source)  Adaptability, Focus Helped GPEC Gains  Even though it was taken by surprise as much as any other organization, the Greater Phoenix Economic Council saw a 15 percent gain in net new deal activity by the end…

By ViaWest Group and Colliers International  ViaWest Group of Phoenix has purchased three real estate assets in Tempe from Insight Enterprises, Inc. for $26.85M. The portfolio includes Insight’s corporate headquarters building situated on a 19-acre site at 6280 S. Harl Avenue. ViaWest plans to replace the building and re-develop the property into a Class A industrial park. Insight has purchased a building in Chandler for its new headquarters, One Insight Way.  In addition to the Insight headquarters property, ViaWest purchased a 130KSF industrial/back office building at 910 W. Carver Avenue and an adjacent 56KSF office building at 8123 S. Hardy Avenue.   The three properties were purchased by a joint venture partnership led by…

SimonCRE recently purchased a 13.5-acre multi-pad center at the SEC of Ocotillo and Ironwood roads in San Tan Valley and is planning a retail project valued at $20M at build-out.   The company will develop a 22KSF building for Goodwill. Additional plans include developing more retail space and a future outlet. Current buildings on the site include a Walgreens, an Ace Hardware, a McDonald’s and two buildings for multiple tenants.  The site is immediately north of the proposed Ironwood District master-planned mixed-use development. John Appelbe of Appelbe Commercial Real Estate represented the seller, Relo Queen Creek, LLC, in the $14.4M purchase. (Source) 

By CBRE  Phoenix offers one of the most favorable development markets for commercial construction in the U.S. according to CBRE’s U.S. Development Opportunity Index. The Valley of the Sun secured the third overall spot on the inaugural list with sector rankings of second for office and multifamily development opportunities, third for industrial and fifteenth for retail.   The report, which analyzed the top 50 U.S. markets by population, scored markets based on four performance categories: construction costs, fundamental strength of existing supply, prior cycle performance and property forecast.   The full report is available here. 

Groundbreakings  1. Bethany Home Industrial, LLC broke ground January 19th on the 653KSF Brooklyn Bedding/Dreamfoam HQ and Manufacturing Building in Glendale. The design build team on the $44.8M project includes Ware Malcomb and Alston Construction.  2. Robert E. Porter broke ground on Air Guitar, a new upscale convenience store “grab and go” concept that showcases healthy food and snack items, premium beer & wine, coffee & tea and more. Located on the NWC of Higley and Ray roads, the 5.3KSF store is designed by debartolo architects. The new bodega-style store brings “Life’s Little Luxuries” under one stylish, beautifully designed roof. The design utilizes a clean environment with light-filled modern spaces. Air Guitar is scheduled to open…

By Tasha Anderson for AZBEX  Despite the collective gut-punch that COVID-19 brought in 2020, Arizona’s state economy and construction industry has done really well, and BEX predicts 2021 will be another big year for construction.  Such was the overall takeaway from the BEX 2021 Construction Activity Forecast event, held on Friday, January 15th, via a virtual Zoom webinar.  More than 150 attendees logged in with anticipation to hear the state of the construction industry in 2020, as well as the top projects and players and future outlook in each market sector presented by Rebekah Morris, BEX President & Founder; Rachel Pratt, Vice President of Operations; Kristen Amado, Senior Market Researcher; and Roger Alvarez, Market Researcher.  All…