Author: BEX Staff

Sales Transactions 1. Knightvest Capital purchased Indigo Palms (now Oxford Apartments), a 432-unit, 404K+SF garden style multi-housing community in Phoenix, for $75M. Director Mike Higgins of JLL Capital Markets represented the buyer. JLL’s Capital Markets debt placement team representing the new owner consisted of Senior Director Brad Miner, Senior Managing Director Andy Scott and Director Mark Brandenburg arranged $57.2M in acquisition financing. 2. The Inland Real Estate Group of Companies, Inc. purchased Avilla Victoria, a 225-home Class A neighborhood on 18.6 acres, located at 20450 E. Ocotillo Rd., for $55.5M. NexMetro Communities was the seller. 3. LivCor purchased Solis at…

By Tasha Anderson for AZBEX The latest topic in the BEX Leading Market Series found attendees gathered at SkySong in Scottsdale on Wednesday, November 13th to discuss the current state and future of the Data Center market. After a few words from BEX President, Rebekah Morris on the upcoming Construction Activity Forecast event in January 2020, she dove right in to introduce moderator Kevin Connor, Vice President & Project Executive with SKANSKA, who then welcomed the speakers: Carl Beardsley, Brokerage & Capital Markets, JLL; JD Beatty, Economic Development Project Manager for the City of Mesa Office of Economic Development; and…

ViaWest Group announced it has closed on the acquisition of a 25.91- acre parcel located at the SWC of Elwood St. and Sarival Ave. in Goodyear, for $4.55M. The acquisition is a joint venture with a Philadelphia-based investment company. The land is zoned for industrial use and will be developed into three industrial buildings totaling approximately 410KSF. The Santa Ana, California-based seller was RADOS Properties-Arizona Land, LLC. Allen Lowe, Principal at Lee & Associates, represented both the buyer and the seller in the transaction. “The rapidly expanding Goodyear industrial market is a strategic location for a long-term investment.” said Gary…

Source: Arizona Department of Transportation The deadline is approaching for public comment on a Draft Environmental Assessment on improvements proposed for 11 miles of Interstate 10 between the Interstate 17 “Split” interchange and the Loop 202 Santan Freeway. The Draft Environmental Assessment, which was published on Oct. 4, is available for review at azdot.gov/I10BroadwayCurve. The deadline for comments to be included in the Final Environmental Assessment is Monday, Nov. 18. The Draft Environmental Assessment examines potential environmental impacts associated with the proposed improvements. Members of the public can review the document online or in person – printed copies are available…

By Rebekah L. Sanders for The Arizona Republic The Arizona Diamondbacks want a stadium smaller than Chase Field to provide a more “intimate” experience for fans, surrounded by a major shopping and dining complex that could rival Glendale’s Westgate Entertainment District in size, according to a team wish list obtained by The Arizona Republic. The Diamondbacks’ “expression of interest” proposal is the first public glimpse of the team’s priorities if it leaves or renovates the 21-year-old ballpark in downtown Phoenix. The team last year negotiated the option to leave the stadium early, as soon as the 2022 season, in exchange…

Groundbreakings 1. Roman Catholic Diocese of Phoenix has scheduled a groundbreaking in Cave Creek on Nov. 17. The $18.5M expansion will include classrooms, administrative offices, and community center encompassing 43KSF. The design of the new building was handled by Phoenix Design Group LLC, and the general contractor for the expansion project is Forefront Development LLC. 2. The Phoenix Suns’ head coach Monty Williams, GM James Jones, team owner Robert Sarver, team president Jason Rowley, RED Development managing partner Mike Ebert and Phoenix councilman Sal DiCiccio of District 6 have broken ground on the new Suns Practice Facility. 3. Gila Bend…

By Tasha Anderson for AZBEX A new multifamily residential project is being proposed for the 55-acre Val Vista Square Mixed-Use Development in Gilbert. The property, owned by Gilbert Growth Properties, LLC and located north of the Loop 202 San Tan Freeway on Val Vista Drive, currently houses a 60KSF Veterans Administration Medical Clinic and a 9KSF Unison Bank. In December 2018, The Town of Gilbert’s Planning Commission approved a 20.4KSF ALDI grocery store for the site as well. Now Gilbert Growth Properties, LLC has returned to the town’s November 6th Planning Commission study session with a minor General Plan Amendment…

Awards & Accolades 1. The Arizona Association for Economic Development (AAED) has presented seven Golden Prospector Awards recognizing excellence, innovation and creativity in economic development. The City of Goodyear won two of the awards, one for attracting Andersen Corporation to the city as the deal of the year and one for its website, “Goodyear Economic Development.” Other websites earning Golden Prospector Awards were the City of Mesa’s “SelectMesa.com,” the City of Prescott’s “PrescottBiz.com” and the City of Surprise’s “AZTechCelerator.com.” The City of Eloy was recognized for its marketing brochure, “Intersection of Value, Location and Opportunity,” and Pinal County’s multimedia promotion…

Sales Transactions 1. Vital Pharmaceuticals, the maker of Bang Energy drinks, bought a nearly 400KSF manufacturing plant in Phoenix near 43rd Avenue and Buckeye Road. The company bought the building for $53.32M and plans to invest more than $260M in Arizona operations. Sky Groden, Pat Harlan and Kyle Westfall with JLL represented Vital Pharmaceuticals in the deal, and Rob Martensen with Colliers International represented the seller, Cohen Asset Management. 2. S2 Capital purchased the 320-unit multifamily community FIVE46, located at 546 S. Country Club Road in the Mesa submarket of Phoenix, for $46M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter…

By Rebekah Morris for AZBEX Nearly $1.3B in school bonds were approved by Arizona voters across the state in 20 different school district bond elections. The vast majority were decided in Maricopa County with Pinal County coming in as a far distant second. Adequate education funding has become a trending topic through media coverage, increased attention brought by the Governor and legislature, and movements such as the Red for Ed protests by teachers in April of 2018. Funding for maintenance of existing and construction of new education facilities has been largely left up to the individual districts, who, in turn,…