Author: BEX Staff

Sales Transactions 1. Baron Properties has purchased the SanTan by Baron, a 315-unit garden-style apartment community in Gilbert for $67.85M. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE in Phoenix represented the seller, Pillar Communities & Private Portfolio Group. The community was originally named Pillar at SanTan. 2. Newmark Knight Frank (NKF) has announced the sale of the Wells Fargo Building at Papago Park, 1150 W Washington St., Tempe, for $52.4M. NKF Executive Managing Director CJ Osbrink, Co-Head, U.S. Capital Markets Kevin Shannon and Executive Managing Directors Paul Jones, Ken White, Rick Stumm, Brunson Howard, and Mike…

By Tasha Anderson for AZBEX A mostly overlooked street in Old Town Scottsdale is proposed as the site for a new high-end multifamily residential development. Withey Morris PLC, on behalf of Denver-based developer The Morgan Group Inc., recently submitted plans to the City of Scottsdale for the development of an eight-story, 199-unit luxury apartment building called Bishop Lane. The project will sit on a 1.54-acre site at the SWC of 2nd Street and Bishop Lane in Old Town and The Morgan Group is requesting rezoning approval from Highway Commercial, Downtown Overlay to Downtown/Downtown Mixed-Use Type 3, Planned Block Development Downtown…

Groundbreakings 1. Virtua Partners has broken ground on a 90-unit entry-level apartment complex on a vacant lot at 1980 East Broadway Rd, Tempe. The apartment project will include 36 one-bedroom, 45 two-bedroom and 9 three-bedroom units along with parking and a fitness center, to be delivered in approximately 16 months. 2. Tower Capital has secured $44.5M in funding for the development of The Elux at Deer Valley, located at 19th Avenue and Happy Valley Road. A community of 212 single-family rental homes that underscores the demand for single-family rentals in the Phoenix market. The first units will become available mid-2020.…

By Rebekah Morris for AZBEX Part 2 in a series on overall construction cost increases In early June, more than 100 A/E/C professionals gathered at Sky Song to hear a large roundtable discussion about Rising Construction Costs put on by BEX. Moderator and BEX President and Founder, Rebekah Morris guided the discussion between three types of firms: General Contractors: Mike Bontrager, President of Adolfson & Peterson Construction, Roger Rowley, Pre-Construction Manager for Hunter Contracting; Subcontractors: Mike Greenawalt, Senior Vice President of Rosendin Electric; Brian Scherer, Director of Business Development, Bell Steel; Andy Clarke, General Manager for Roofing Southwest; Materials Suppliers:…

By Rebekah Morris for AZBEX Part 3 – Deeper Dive – The Rising Cost of Construction Labor & What we’re doing to fill pipeline. Construction could employ another 100,000 individuals in Arizona if the industry were able to find ready, willing and able workers. That estimate of the shortage of construction labor is provided by Build Your Future, a national organization with a nuts and bolts look at the issue by state and craft. Participants of the BEX June 2019 Leading Market Series event, The Rising Cost of Construction, highlighted increased labor costs as a primary reason the total price…

Giving Back 1. Rosendin sponsored Austin’s first Construction Camp For Girls, created by the Austin Chapter of the National Association of Women in Construction, from June 10th – 14th. The week-long camp gave 13 girls heading into 7th, 8th and 9th grades opportunities for hands-on learning and new experiences in an industry most young girls aren’t introduced to. Awards & Accolades 2. ZELUS, the largest reality capture services firm in the nation, has earned a spot on the list of 2019 azcentral.com® Top Companies to Work for in Arizona, for the second year in a row. 3. Heather J. Boysel…

Sales Transactions 1. MG Properties Group recently paid $73.7M for the 379-unit Elevate at Discovery Park apartment complex at 1820 E. Bell De Mar Dr., Tempe. 2. Baron Properties purchased the Pillar at SanTan, a 315-unit garden-style apartment community in Gilbert, for $67.85M. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE in Phoenix represented the seller, Pillar Communities & Private Portfolio Group. 3. DRA Advisors, LLC acquired Camelback Lakes, a 203KSF four-building, multistory office complex at 2710, 2720, 2730, and 2850 E. Camelback Rd., Phoenix, for $47.5M. Cushman & Wakefield’s investment sales team of Chris Toci and…

By Tasha Anderson for AZBEX A preliminary plat submittal for a mixed housing development on 45-acre parcel in Goodyear was heard at the city’s Planning and Zoning Commission meeting on Wednesday. The project, called DeRosier Ranch Development, is located in the western portion of Goodyear north of Lower Buckeye Road, south of Yuma Road and east of Cotton lane. The site is currently mostly farmland and is bound by an urban-agricultural parcel to the west and Canyon Trails Unit 4 to the south and east. Developer, Urban Fabric Builders, LLC wants to subdivide the 45 acres and is proposing a…

Groundbreakings 1. Construction officially began June 8 on The McMillian Mesa veterans home facility in Flagstaff, during a groundbreaking hosted by the Arizona Department of Veterans’ Services (ADVS). 2. Ground recently broke on phase II of Sagewood, a northeast Phoenix community for seniors who want to age in place, which is jointly owned by Life Care Services Corp. and Westminster Capital Inc. The plans for Phase II of construction will cost $100M and is expected to be completed by the end of 2020. The architect is Todd & Associates, while the project is being built by The Weitz Co. 3.…

By Rebekah Morris for AZBEX On Thursday, more than 100 attendees at the latest Leading Market Series event listened to a lively roundtable discussion regarding the rising cost of construction and what they predict will continue to happen in the next six to 12 months. Moderator and BEX President and Founder, Rebekah Morris guided the discussion between three types of firms: General Contractors: Mike Bontrager, President of Adolfson & Peterson Construction, Roger Rowley, Pre-Construction Manager for Hunter Contracting; Subcontractors: Mike Greenawalt, Senior Vice President of Rosendin Electric; Brian Scherer, Director of Business Development, Bell Steel; Andy Clarke, General Manager for…