Author: BEX Staff

Sales Transactions 1. Griffin Capital Essential Asset REIT has acquired McKesson III, a Class A office building at 5801 N. Pima Road, Scottsdale. Ryan Cos. sold the asset for $37.7M. Team Toci of Cushman & Wakefield represented Ryan Cos. 2. Sundance Bay, LLC purchased Solano Vista, a 352-unit apartment community at 7102 N. 43rd Avenue, Glendale, for $30.75M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the seller, 3rd Ave Investments, and the buyer. 3. Festival Ranch North LLC, an entity comprised of LKY Development, RC Spurlock LP and Mt. Shaw Holdings LLC, has…

By Rebekah Morris for AZBEX Agencies throughout the state have released their final Capital Improvement Plans (CIPs) and the trends are clear: municipalities are enjoying high levels of tax revenue due to an expanding economy, low unemployment and high property values. What’s interesting is the shifting priorities of capital projects and the growing reluctance to rely on debt to pay for one-time capital expenses. Additionally, cities are using the CIP document as an Economic Development tool; the visual appeal of many is noticeably improving, and several are touting the CIP document itself as a way to communicate with businesses considering…

By Tasha Anderson for AZBEX Tempe City Council held the first public hearing on September 26th for a new hotel planned for the SWC of Rio Salado Parkway and Smith Road. The hotel, dubbed Tempe Station Even Hotel, will carry the Even Hotels brand and is planned as a four-story, 150-room development consisting of a total of 78.2KSF. It is the largest portion of the six-lot Tempe Market Station mixed-use development and will be located on Lot 2. The site plan submitted to the city by Berry Riddell, LLC, on behalf of SJJ Development, also shows a request for approval…

Source: RED Development RED Development is now underway with plans to develop a $300M mixed-use destination on the NWC of 44th Street and Camelback Road, one of the most high-profile intersections in the Valley. The project will include a private NBA/WNBA training facility, boutique hotel, Class AA office buildings, self-storage facility and high-end shopping and dining. The Phoenix Suns and Phoenix Mercury have begun construction on a 50KSF state-of-the-art private practice facility. Designed as the teams’ training sanctuary, the facility will feature the latest innovations in sports science designed to elevate sustainable high performance as well as a wide array…

By Wayne Schutsky for Scottsdale Progress The developer behind Museum Square continues to work with local gallery owners to address concerns over the project’s impact on parking downtown. Developer ARC Scottsdale Holdings and the City of Scottsdale recently agreed in principle to have the city pay for an extra level of underground public parking with 151-168 spots in the garage planned beneath the hotel at Museum Square. That deal initially appeased gallery owners, but they became concerned when they learned the length of time the developer has to build the hotel and parking, gallery owner Bob Pejman said. Under the…

By Christopher Boan for Tucson Local Media Members of the Tucson business community celebrated recent corporate recruiting wins and called for a major upgrade of Tucson International Airport at Sun Corridor’s annual luncheon. The September 12th luncheon honored the Southern Arizona-based business incubator’s efforts to drive economic development. Sun Corridor CEO Joe Snell threw out the day’s biggest news at the tail end of the festivities, unveiling the Corridor’s Tucson International Airport 2019 Blueprint. The blueprint includes establishing a new passenger terminal, building a limited access expressway that will link the location, which is on 600 acres of unused land…

Awards & Accolades 1. The City of Buckeye was recently honored for its forward thinking to meet future challenges with the development of its Imagine Buckeye 2040 General Plan. Through an extensive, citizen-driven effort spanning several years, the city adopted Imagine Buckeye 2040 as a blueprint for creating America’s next great city. Groundbreakings 2. The Phoenix Suns and Phoenix Mercury have begun construction on a 50KSF state-of-the-art private practice facility. Dick & Fritsche Design Group is the architect and AECOM Hunt is the general contractor. 3. Liberty Property Trust has broken ground simultaneously on two buildings at Liberty Riverside Center.…

By Tasha Anderson for AZBEX Scottsdale-based multifamily housing developer, Greenlight Communities is planning another “Cabana” brand multifamily development – this time in Mesa – called Cabana on Power Road. The City of Mesa recently approved a rezoning request at the site located south of the SEC of Williams Field Road and Power Road at its September 23rd City Council meeting. The request would rezone a portion of the undeveloped property from RM-4-BIZ and LC-BIZ-CUP to RM-4-PAD which according to the staff report submitted to the city, would “allow modifications to certain development standards to accommodate development of a multiple-residence use.”…

Source: Lincoln Property Company Lincoln Property Company has closed on 71.5 acres in Glendale for $11.7M, initiating development of Park303. The new $115M speculative Class A industrial project will have the flexibility to include two buildings totaling 705.5KSF and 488.9KSF, or combine into one single building totaling almost 1.26MSF. Park303 is located between Bethany Home Road and Glendale Avenue, with one-quarter mile of freeway exposure along the new Loop 303 and featuring 40’ clear height and more than 540 parking spaces. “The Park303 development is the newest in a string of projects to emerge along Glendale’s recently annexed 303 corridor,”…

By Jessica Boehm for The Arizona Republic More than a year after Sen. John McCain’s death, the Phoenix community is still united to bring his final vision to fruition. McCain spent the last year of his life lobbying for the expansive redevelopment of the 58-mile Salt riverbed that cuts across the Valley from Mesa to Buckeye. For the second year, the Phoenix-metro chapter of the American Institute of Architects is hosting an “ideas competition,” encouraging architects, urban planners, students, developers and community leaders to pitch ideas on how to transform the riverbed into an environmental and economic hotbed for the…