Author: BEX Staff

Groundbreakings  1. Banyan Residential announced the start of construction on the long-anticipated Scottsdale Entrada development, a vibrant mixed-use campus, including 736 apartment units, 250KSF of office space, 5KSF of retail at the NEC of 64th Street and McDowell Road. Construction on all project components will begin immediately, with the office building scheduled to open in Q3 2021, followed by the first apartment units in late 2022.  2. General contractor Hensel Phelps recently broke ground on Derby Roosevelt Row, a 21-story high-rise featuring 222 residential units over six stories of above-ground parking at 800 E. 2nd Street, Phoenix. Construction completion is scheduled for Q1 2022. The owner is Ascentris, the development manager is Transwestern Development Company. Architect of record is Wilder Belshaw Architects.  Progress Reports  3. Construction continues…

By Tasha Anderson for AZBEX  Balmer Architectural Group, on behalf of owner, Hopewell Development, is requesting preliminary plat approval for site layout and building architecture for the development of two flex industrial buildings with office use at the NEC of Germann Road and Northrop Boulevard in Chandler.  The approximately 9.6-acre site lies within the Chandler Airpark Area Plan on the northwest portion and is zoned as Commercial/Office/Business Park.  The project, known as Hopewell Chandler Airport Center, is proposed as two, one-story concrete tilt flex buildings totaling 143.4KSF with a centralized screened truck yard shared between the two buildings. The development will allow for uses such…

By: Thomas M. Brophy for Colliers International Multifamily Times   AZBEX Note: Thomas M. Brophy is National Director of Research & Analytics | Multifamily Investments for the Colliers Cooke Multifamily Team. This column was distributed March 18, and all data were considered current at that time. Even though it has been edited for length, you will notice it is appreciably longer than most of the content we run. This is, however, the most comprehensive, best-explained and best-sourced analysis of the current state of affairs out of the dozens we have seen so far and warrants an exception to our general policy of concision.  Multifamily Times is an internal publication…

Source: Valley Partnership  AZBEX Note: To keep members informed of the operating status of the various planning and development offices, Valley Partnership issued the following list on Monday, March 23rd. The list is current as of March 20th. The group plans to update and add new information as it becomes available.   Members with questions are asked to contact Valley Partnership President & CEO, Cheryl Lombard.  Phoenix  City offices are open and some staff is on-site, but the City is strongly discouraging in-person submittals. Staff is utilizing alternative work hours to maintain employee and customer health.  Digital submittals, requests for information, and access to web services can…

Source: Associated Builders and Contractors  Confidence among U.S. construction industry leaders generally improved in January, consistent with the burgeoning momentum of the U.S. economy during the early weeks of 2020, according to the Associated Builders and Contractors Construction Confidence Index. While the reading for sales expectations edged lower for the month, confidence pertaining to sales, profit margins and staffing levels remain well above the threshold of 50, signaling expected growth in those three metrics.  As of January 2020, nearly 72 percent of contractors expected to expand their staffing levels over the next six months, while more than 68 percent expect their sales levels to…

Awards & Accolades  1. NAI Horizon has named their 2019 Top Producers. They are:  Laurel Lewis, Office;   Lane Neville, Investment Sales (office and retail);  Shelby Tworek, Retail;   Chris Gerow, Retail;   Isy Sonabend, Industrial;   Matt Harper, CCIM, Retail;   Denise Nunez, Investment Sales (self-storage); Troy Giammarco, Office;  Gabe Ortega, Retail;  Mike Gaida, Business/Industrial/Retail.  2. Banker Insulation, Chandler, and Markham Contracting Company, Inc., Phoenix, were 2 of 13 construction subcontracting firms to earn the American Subcontractors Association’s Certificate of Excellence in Ethics. Another Arizona ethics certificate recipients includes EyeSite Surveillance, Inc., Chandler.  Boards & Commissions  3. The Maricopa Economic Development Alliance (MEDA) announces the return of William H. Stacy, P.E. to its Board of Directors.  Company News  4. Restoration Builders, Inc. announced that it…

Sales Transactions  1. Guardian Storage Centers purchased Storage at Anthem, a 784-unit self-storage facility located in Anthem for $18.2M. Brian Fulton, Mike Mele, Luke Elliott, and Devin Beasley of Cushman & Wakefield’s Tampa, Florida-based Self-Storage Advisory Group represented the seller, The Bell Group in partnership with Lockhart Capital.  2. Crowne Pointe Equity, LLC purchased a 32.4KSF Class A office/flex building at 914 S. 52nd Street, Tempe, for $5.9M. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix/Vegas and Pat Feeney, Dan Calihan, Rusty Kennedy and James Cohn of CBRE in Phoenix represented the seller, a joint venture between ViaWest Group and a capital partner.  3. Marcus…

By Rebekah Morris for AZBEX  Construction continues on sites throughout Arizona while other industries have paused amid COVID-19 restrictions. Here are the locally observed impacts so far:  In-person networking events and pre-submittal meetings have all but dried up. Drastic measures are being imposed to limit personal interaction. The City of Phoenix has canceled all in-person pre-submittal meetings not required by law. More municipalities are moving them to conference calls or virtual meetings.  All industry events, including major awards banquets have all been canceled or postponed. From the AZRE RED awards to the Ranking Arizona awards, scheduled spring golf tournaments, monthly association meetings and even our own in-person industry events are either moving online or…

By Tasha Anderson for AZBEX  MK Company Inc., recently submitted plans to the City of Phoenix for a new multifamily development, known as Metro Lofts, at the NEC of Dunlap and 29th Avenues.  The site is located on approximately 7.32 acres at 9201 N. 29th Avenue, and is immediately adjacent to the Arizona Canal, “which is envisioned as a regional amenity and transportation route for bicyclists and pedestrians,” according to the project documents. It is also near a future light rail station, Metrocenter Mall and a water treatment facility.  The Scottsdale-based developer is requesting to rezone the site from Commercial and Planned Shopping Center to Commercial, Height…

Source: Hines  Hines, with funds managed by Oaktree Capital Management, L.P., has announced they have closed on the property for the future development of two speculative industrial buildings, each 569.5KSF in size, in Glendale. The project, located just off Loop 303 between Glendale Avenue and Bethany Home Road, will be known as G303 — short for Glendale 303.  G303 will be a two-phase state-of-the-art industrial/logistics park, whose first phase will consist of 569.5KSF and feature 40’ clear height and 50’ by 56’ column spacing with 60’ speed bays. It will include 80 dock-high loading doors (with 200-foot truck courts), along with the ability to accommodate more than 600 car parking stalls within Phase I. G303 is the only cross dock building in the 500KSF-600KSF size range out of existing inventory, under construction buildings, or permit-ready buildings. The project is expandable to a single, 1.2MSF building if needed to meet a major tenant requirement. …