Author: BEX Staff

Source: Colliers International Goettl Air Conditioning & Plumbing has purchased approximately six acres of land at 8701 E. McDowell Road for approximately $5M. The company plans to build a new corporate facility on the site that will serve as its corporate headquarters and also house the firm’s new “Goettl University.” The property will be the site of an approximately 60KSF commercial building, scheduled for completion in late 2020. In addition to the Goettl Headquarters, the company will operate its Goettl University in the new building. The new, high-tech trade school will be the first of its kind in their industry.…

By Jon Hecht for JournalAZ.com The Cottonwood City Council unanimously voted in favor of selling a 3.74- acre parcel of land at 535 S. Sixth Street, to Sunridge Properties Inc., a management company that has 17 hotels spread across Arizona, California, Colorado, New Mexico and Utah, for a price of $383,328. The sale is equal to $4/SF, based on a January 2018 appraisal. Sunridge requested to purchase the property with a plan to build a Springhill Suites by Marriott hotel at the location, with a plan for 85 beds. Sunridge expects to spend $11M to construct the new hotel. “Our…

Awards & Accolades 1. Sen. Lisa Otondo (D-Yuma) and Rep. T.J. Shope (R-Coolidge) were recognized by the Arizona Association for Economic Development (AAED) with a 2019 Economic Development Champion Award. Otondo was the lead on water issues going into the 2019 legislative session and was a tremendous advocate for passage of the Drought Contingency Plan (DCP). Shope advocated for infrastructure improvements in the budget, resulting in an allocation of $10M for I-10 expansion from Phoenix to Casa Grande. 2. Darren Tappen, senior vice president and managing director, and Jenette Bennet, a first vice president and shareholder of Kidder Mathews Phoenix…

Sales Transactions 1. Nelson Partners Student Housing has acquired Sol y Luna, a 14-story, 341-unit modern student housing complex located just 38 feet from the University of Arizona in Tucson, for $200M. Timothy S. Bradley of TSB Realty closed the transaction. 2. FSC Realty purchased Parc Midtown, a 306-unit apartment complex just west of the Central Avenue and Indian School Road intersection in Phoenix, for $78.5M. Steve Gebing and Cliff David with Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Evergreen, and procured the buyer. 3. Harbor Group International purchased Luxe Scottsdale, a 218-unit apartment…

By Tasha Anderson for AZBEX Plans for a new multifamily affordable housing development to be located near the Light Rail Corridor have recently been resubmitted to the City of Phoenix. Catholic Charities Communities Services of Arizona, along with developer, Trinity Housing Development is requesting to rezone approximately 3.9 acres just north of the NEC of 19th Avenue and Camelback Road at 5033 N. 19th Avenue, from Intermediate Commercial District, Interim Transit-Oriented Zoning Overlay District One and Walkable Urban Code, Transect T5:5 District, Transit Solano Character Area, to Walkable Urban Code Transect T5:5 District, Transit Solano Character Area. The City of…

By Mark Carlisle for Independent Newsmedia The coming year in Goodyear will be marked by the development of four major city projects, plenty more businesses coming to town and continued population growth. Goodyear is planning two new fire stations, a recreation center, a water treatment facility and a Civic Square, which will include a new City Hall, a new library, a two-acre park for festivals and retail and office space. City Projects Each of the planned city projects are at different stages. Fire Station 186, at Northeast Rainbow Valley and Willis roads, will be the first to be completed. It…

Source: Town of Gilbert The town of Gilbert is now accepting Request for Qualifications from developers for the Town-owned property located at the NWC of Elliot and Gilbert Roads. This land, which is 2.18 acres, was identified as the South Anchor in the Council-adopted 2018 Heritage District Redevelopment Plan. Submittals are due March 12th, 2020 at 2:00PM. Gilbert is a community of more than 260,000 residents, making it the fifth largest city in Arizona. The Heritage District is the community’s original town site, representing the cultural and historical center of town. Today the District is approximately 0.3 square miles in…

Source: Equipment Leasing and Finance Association The Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index, which reports economic activity from 25 companies representing a cross section of the $900B equipment finance sector, showed their overall new business volume for December was $12.9B, up two percent year-over-year from new business volume in December 2018. Volume was up 65 percent month-to-month from $7.8B in November in a typical end-of-year spike. Cumulative new business volume for 2019 was up five percent from 2018. Receivables over 30 days were 2.20 percent, up from 1.80 percent the previous month and up from 1.70 percent the…

Awards & Accolades 1. Lincoln Property Company (LPC) has won a “The Outstanding Building of the Year” (TOBY) award for its management of The Grand – the first of eight Class A office buildings that LPC is developing at the 60-acre Grand at Papago Park Center mixed-use development in Tempe. The Grand now advances to BOMA’s regional competition, where it will compete against projects across the West and potentially advance to the international BOMA awards. 2. Achen-Gardner Construction won a Build Arizona Award from the Arizona Chapter Associated General Contractors of America for their Salt River Siphon Repair Design-Build project…

By Tasha Anderson for AZBEX The single-family rental community development trend is growing in Arizona, from the “Bungalows” projects being developed across the Valley by Cavan Companies (AZBEX, Dec. 17, 2019), to the mass of Christopher Todd Communities developments, to the Cadence Multifamily project in Mesa, to be developed by GTIS Partners. (AZBEX, Jan. 24, 2020) These projects are meant to provide residents with a more single-family feel by being developed horizontally rather than vertically, with detached units, and providing benefits such as private backyards, while still including central amenities. Hancock Communities is looking to add to the continuing growth…