Author: BEX Staff

By Tasha Anderson for AZBEX As 2020 settles in, BEX Events kicked off the first Leading Market Series of the New Year with a close look into the Higher Education market, specifically toward Arizona State University. More than 80 registered attendees gathered at ASU Skysong 3 on Thursday, February 6th, for the event to gain insight into any upcoming projects as well as how to do business with Higher Education owners. BEX Founder and President, Rebekah Morris began the presentation by giving the attendees a brief overview of the market, including top players, with analytics taken from the BEX Database.…

Source: inMaricopa.com A state lawmaker from Maricopa is taking a direct route to fund an overpass on State Route 347 across Riggs Road. Rep. Bret Roberts is the primary sponsor of House Bill 2802. The brief text of the bill asks for the allocation of $35M for the construction. If passed, the money would be appropriated from the general fund for fiscal year 2020-21. Roberts cited the continuing growth of Maricopa, and the projected population of 124,000 in 20 years, as his reasons for taking the matter to the Legislature. At the same time, Pinal County is studying solutions for…

Source: Associated Builders and Contractors The construction industry added 44,000 net new jobs in January, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has expanded by 142,000 jobs, an increase of 1.9 percent. Nonresidential construction employment increased by 23,800 jobs on net in January and is up by 97,700 net jobs during the last 12 months, a year-over-year increase of 2.1 percent. All three major nonresidential categories added jobs, with the largest increase in the nonresidential specialty trade segment, which added 17,200 jobs for…

Awards & Accolades 1. Robson Communities was named the National Association of Home Builders (NAHB) Best 55+ Builder of the Year during the 2020 NAHB International Builders’ Show in Las Vegas. Boards & Commissions 2. Arizona Multihousing Association announced the election of its 2020 officers and board members. Assuming the chair is Kim Pacheco, CPM, Director of Multifamily Operations at Scotia Group Management Inc., in Tucson. Joining Pacheco on the leadership group are Reid Butler, vice chair, Butler Housing Company; Scott Hines, treasurer, PEM Real Estate Group; John Carlson, immediate past chair, Mark-Taylor Residential; Linda Coburn, secretary, NexMetro Development; and…

Sales Transactions 1. Southwest Value Partners, A real estate investment firm founded by Phoenix Suns owner Robert Sarver, has purchased the 235-key Hilton Scottsdale Resort & Villas for $62M, and the 378-room Doubletree Resort by Hilton Paradise Valley-Scottsdale for $100M from Rockpoint Group LLC. 2. BKM Capital Partners acquired several properties in Arizona totaling $157.5M. The properties in the newly acquired Phoenix portfolio include: Magnolia – a 35.4KSF building at 2655 Magnolia Street, Phoenix. Hohokam 10E – an 82-unit multi-tenant industrial property located along S. 48th Street, 12th Street, and S. Park Lane, Tempe. Broadwood – a four-building, 34-unit multi-tenant…

By Tasha Anderson for AZBEX The City of Phoenix recently received plans from San Antonio-based real estate developer, Embrey Partners, for a new six-story luxury multifamily development proposed for the Scottsdale Road Corridor. The project, dubbed Embrey Kierland North, is proposed as an approximately 272-unit “luxury rental residential community” to be located at the NWC of Scottsdale Road and Tierra Buena Lane, and will “provide quality modern urban living experiences for its future residents and create a pedestrian friendly, walkable environment streetscape along its Scottsdale Road frontage for the benefit of the larger community,” according to the project’s narrative. The…

By Sanjana Garg for Phoenix Business Journal Sparrow Partners has started construction on a 193-unit active-adult community in downtown Surprise, called Mera City Center. The company also plans to begin work on three more active-adult communities in the Phoenix area and will invest approximately $150M across all four deals. The second development, Mera Goodyear, will be a 188-unit community next to the planned 36-acre Centerscape mixed-use project. Construction is expected to begin in March. The Mera City Center project in Surprise is part of the master-planned Surprise City Center project. That project and Mera Goodyear are scheduled to open in…

Source: Real Estate Daily News Work at 75 E. Broadway could soon recommence after the Rio Nuevo Board reached an agreement with the developers of the mixed-use project planned for the site. Last year, the Board learned that JE Dunn, the original developer/general contractor, wanted to transfer its ownership share to its co-developer Dabdoub Schwabe Properties. Marcel Dabdoub said that an agreement had been reached with a lender to provide the funding for such a transfer. The Board unanimously voted to give the group a 60-day extension to finalize the deal. Dabdoub said the potential investors have expressed a desire…

Groundbreakings 1. Sundt Construction, Inc. has started work on the new Ruthrauff Road and Interstate 10 (I-10) interchange on the Northwest side of Tucson for ADOT. The $79M project includes widening I-10 to four lanes in each direction and reconstruction of the traffic interchange. Construction is slated to complete by the end of 2021 with the Ruthrauff Road overpass opening to traffic by fall 2021 and interchange ramps opening later in the year. 2. Hamilton Partners recently broke ground on the Hamilton Commerce Center, a three building, 300KSF industrial complex in the Estrella Industrial area of Avondale. The project was designed by…

By Tasha Anderson for AZBEX Plans for the hotel portion of the 134-acre Cavasson mixed-use development located at the NWC of Loop 101 and Hayden Road have recently been submitted to the City of Scottsdale. BRP Architects, on behalf of developer, Nationwide Realty Investors, has requested site plan, landscape plan and building elevation approval for the development of a 199KSF, full-service Hilton brand hotel on a +/-5-acre site at 7965 E. Cavasson Boulevard. The project, to be known as Hilton Scottsdale North at Cavasson, is proposed as a six-story, 230-room hotel with 15KSF of meeting space, outdoor pool and full-service…