Author: BEX Staff

By Roland Murphy for Arizona Builder’s Exchange Four commercial real estate and development leaders gave their predictions for what lies ahead in 2018 at Valley Partnership’s Friday Morning Breakfast program, Jan. 26. Following a brief address by Republican U.S. Senate candidate, and current congressional representative, Martha McSally, moderator Mark Detmer, managing director of JLL, introduced the morning’s panel: Chris Anderson, managing director of Hines Development; Rick Butler, principal of Butler Design Group; and Paul Engler, senior VP of Alliance Bank. Detmer started off by asking the group for their thoughts on the economy overall. Anderson went first, saying Arizona is…

Miscellaneous 1. The Fidelity National Title Agency | Camelback Lakes team announced it closed on Pima County Industrial Development Authority Education Facility Revenue Series 2017 Bonds for American Leadership Academy, Inc., in the aggregate amount of $192.2M. The Fidelity National Title Camelback Lakes office team comprises Diane Carpenter, Kristina Gooding, and Leo Sanchez. Sales Transactions 2. Institutional Property Advisors, a division of Marcus & Millichap announced the sale of Red Mountain Villas, a 768-unit apartment complex in Phoenix. The property is the sixth-largest multifamily asset in Arizona, and the $110M sales price is the second-largest for a single multifamily property in…

Source: Trammell Crow Company Trammell Crow Company and an institutional investor have partnered to acquire a 22.2-acre site at the SWC of 99th Avenue and Van Buren Street for the development of the Tolleson Logistics Center, a new 329KSF Class A industrial building. Construction on the new facility is scheduled to begin sometime this quarter. “The Southwest Valley submarket is highly desirable by occupiers given its location and immediate access to Interstate 10, Interstate 17, the future Loop 202 and proximity to Sky Harbor International Airport,” said Cathy Thuringer, principal with Trammell Crow Company’s Phoenix Business Unit. “The submarket boasts a tremendous…

By AZBEX Staff for Arizona Builder’s Exchange The Rio Nuevo Board voted this week to enter negotiations on a final development agreement for what could be one of downtown Tucson’s tallest buildings. According to Rio Nuevo’s announcement, Todd Freed, VP of construction for JE Dunn Construction, told the board the potentially 300-foot-tall building his proposes to create on the parking lot at Broadway and 6th Avenue could contain 250KSF of office space, 40KSF of retail space and 500-600 parking spaces. It will be the first Class “A” building downtown since the Tucson Electric Power building across Broadway from the parking lot,…

By Roland Murphy for Arizona Builder’s Exchange Tempe’s next skyscraping mixed-use is a step closer to reality following the Development Review Commission’s approval of a submittal for The Hayden – a 22-story hotel, condo and restaurant project proposed for the NWC of 6th Street and College Avenue. The 0.4-acre site is currently occupied by one- and two-story office buildings, which will be demolished when development begins. The new plan calls for a 22-story tower that will house 186 hotel rooms and suites, as many as 60 condominiums, a lobby to be shared by both the hotel and the private residences,…

Awards & Accolades 1. Business Insider has recently named Tempe City Hall, or Tempe Municipal Building, as the ugliest building in the Arizona. Along with the city hall were a few “dishonorable mentions”, showcasing the Century Link Tower and BMO Tower in Phoenix. Groundbreakings 2. Great Wolf Lodge broke ground last week to mark the start of construction on its latest water park and family entertainment center in the Salt River Pima-Maricopa Indian Community near Scottsdale. 3. Western States Lodging recently broke ground on its third community in the Phoenix metropolitan area with Legacy Village of Salt River, located at Pima Center in Scottsdale. 4. Work is scheduled to begin next…

Awards & Accolades 1. Cooper Fratt of CBRE has been named 2018 Chairman for the NAIOP Arizona Developing Leaders. 2. For the eighth year, CBRE is No. 1 on the Phoenix Business Journal’s Commercial Real Estate Appraisers list. The company had 1,520 appraisal jobs last year. Boards & Commissions 3. Achieve60AZ selected Rachel Yanof as its first executive director. Achieve60AZ is an alliance of nearly 100 business, philanthropic, education and community organizations. Its main goal is for 60 percent of Arizona adults age 25 to 64 to earn a professional certificate or college degree by 2030. 4. The Tucson Metro Chamber board has named Amber…

By Connor Dziawura for West Valley View The Gates at Goodyear Ballpark is coming soon. The new high-rise condominiums are set for a spot adjacent to Goodyear Ballpark. The idea has been forming for the past two years, according to Andra Fair, CEO of Fair Development. The idea, he said, was given to him by his land partner, David Byrd, who owns and operates several hotels in Goodyear. The plan was adapted from a previous mixed-use development of Fair’s that he said was shelved. “What we did was that we took the components from my mixed-use development and we put…

By Roland Murphy for Arizona Builder’s Exchange If we don’t build it – and maintain it, and repair it – they won’t come, and we can’t go. But we can’t build, maintain or repair it if we don’t fund it. If you will forgive a litany of mixed metaphors, this is not a chicken and egg problem. It is the direct result of decades of childish “neener, neener” level finger pointing and kicking the can down the road in the political hope that complicated and nuanced political and economic issues will become someone else’s problems. That’s not a partisan statement.…

Sales Transactions 1. Rich Uncles NNN REIT Inc. of Costa Mesa, Calif. expanded into the Phoenix market through a $26.5M purchase of AvAir’s headquarters. The 163KSF creative office/warehouse space is located at 6877 and 6971 West Frye Road in Chandler. Andy Ogan of Lee & Associates Arizona brokered the sale. The seller, Reasons Aviation LLC, was assisted by John Hink of Tiffany & Bosco P.A. 2. ABI Multifamily announced the $12.2M sale of the 288-unit garden-style, The Quails Apartments at 1120 E Irvington Road in Tucson. The ABI Multifamily Team of Alon Shnitzer, Lance Parsons and Ryan Kippes handled the transaction. The…