Author: BEX Staff

Sales Transactions 1. Crescent Communities has sold Novel Rio, a 209-unit, Class A property at 701 West Rio Salado Pkwy, Tempe to a private investor for $66.3M. 2. Velocis purchased Kierland One, a 175.4KSF Class A office building in Scottsdale, for $52.44M. Barry Gabel, Chris Marchildon and Will Mast of CBRE in Phoenix represented the seller, Hines and joint venture equity partner PCCP, LLC. 3. Toll Brothers Inc. has scooped up 202 acres at the NEC of Spring Valley Pkwy and Hunt Hwy for $21.12M, with plans to build 618 entry-level homes. The seller was Arcus Private Capital Solutions. 4.…

By Tasha Anderson for AZBEX The City of Peoria is currently seeking a Master Developer with a “world class vision” to fund, design, construct and operate a massive mixed-use development on 17 acres in its P83 area at 83rd Avenue and Bell Road. A Request for Proposals was recently issued by the City of Peoria to find a highly experienced and reputable Master Developer (singe entity or joint venture), to construct approximately 1MSF or more of vertical mixed-use development called Stadium Point at P83. “The Stadium Point Project is a premier ‘shovel ready’ 17-acre City owned site, located in the…

Source: Arizona Department of Transportation A proposal to make improvements to two important corridors in the Tucson area is now available for public review and comment. The Draft Environmental Assessment and Initial Design Concept Report for Interstate 10 from I-19 to Kolb Road and State Route 210 from Golf Links Road to a future connection with I-10 along Alvernon Way are now available on the project website at azdot.gov/i10sr210study. The Initial Design Concept Report refines and evaluates two build alternatives and a no-build (“do nothing”) option. It recommends the following improvements: Designate Alvernon Way as SR 210 from Golf Links…

Source: Kingman Daily Miner Voters in the Kingman Unified School District will vote, Tuesday, November 5th, on a proposed $35M school bond. KUSD’s Governing Board has slated the special election for the bond that would help bring Palo Christi school back into a fully functioning building, update HVAC units, add a digital entry system, purchase 10 new buses and renovate La Senita school. From the bond, $17M would go toward the refurbishment of Palo Christi and $1M would be for refurbishment of La Senita. Another $14M would go to HVAC upgrades throughout the district, while $2M would be spent for…

Source: CBRE Even as the growth of e-commerce has lifted the entire industrial & logistics real estate sector, a sweet spot has emerged: warehouses smaller than 120KSF, according to a new report from CBRE. CBRE analyzed U.S. industrial buildings by size and found that “light industrial” properties outperformed the other property types over the past five years. Specifically, light industrial warehouses measuring 70KSF-120KSF registered the biggest decline in availability, down 3.9 percentage points, and the largest gain in average rents, 33.7 percent. In metro Phoenix, light industrial properties outperformed industrial properties larger than 120KSF during the same five-year period. The…

Groundbreakings 1. SkyBridge Arizona and leading general contractor Graycor Construction Company broke ground on the first two buildings at SkyBridge Arizona. Architectural firm ADM Group and engineering firm HilgartWilson will serve as Graycor’s design-build partners for SkyBridge. At build out, SkyBridge is slated to include 2MSF of warehouse space, 200KSF of office space, 1.7MSF of light industrial, flex and cargo operations and 100KSF of retail and restaurant space. 2. McShane Construction Company has begun construction on Soltra at SanTan Village, a new four-story, 380-unit luxury multifamily development in Gilbert, for  Leon Capital Group. Todd & Associates is the architect. Completion…

By Tasha Anderson for AZBEX Plans for a new senior living facility located east of 98th Street on the south side of McDowell Mountain Ranch Road are headed back to Scottsdale’s Planning Commission in November after being denied back on September. Owner, SCW Holdings, LLP is requesting a Zoning District Map Amendment from Single-Family Residential, Planned Community District, Environmentally Sensitive Lands to Commercial Office, PCD, ESL on a +/- 5-acre site at 9875 and 9909 E. McDowell Mountain Ranch Road, as well as a Development Plan Amendment and approval to abandon General Land Office Patent Easements on the subject sites.…

By Alison Steinbach for The Arizona Republic A boutique hotel and an array of apartments — from one focused on sustainable living to another offering an ultra modern twist — are planned in downtown Mesa’s one square mile. The projects are energizing city leaders who have long sought to transform the downtown into a bustling, innovative urban core. For now, the square mile of downtown has the lowest population density of any developed square mile in the city, according to Jeff McVay, Mesa’s manager of downtown transformation. Now it aims to bring more people to live and visit. The city…

By Brandon Brown for Phoenix Business Journal The Phoenix-Mesa Gateway Airport Authority approved a nearly $5M increase to its annual expenditure budget on October 15th, making the total amount expected to be spent on capital improvements to the Valley’s secondary airport nearly $50.3M. The increase is to pay for five specific projects in fiscal year 2020. The largest project in 2020 at Gateway Airport will be construction of an air traffic control tower, which will cost about $18M. The airport will also spend $500K for diesel and unleaded fuel tanks, which the airport’s governing body said will decrease operating expenses…

Giving Back 1. CBRE launched its 9th annual PurSuit of Success citywide business clothing drive on Monday, October 28th. The two-week drive, with 23 convenient drop-off locations, runs through Friday, November 8th and benefits women and men in job training programs with much-needed access to professional clothing. New and gently used items can be donated Monday through Friday, 8 a.m. to 5 p.m. at CBRE’s Phoenix office, located within the Esplanade office campus at 2575 E. Camelback Road, or at one of 23 office buildings throughout the Valley. Awards & Accolades 2. Esteemed architect David Hovey Jr., AIA, president and…