Author: BEX Staff

Source: CBRE Even as the growth of e-commerce has lifted the entire industrial & logistics real estate sector, a sweet spot has emerged: warehouses smaller than 120KSF, according to a new report from CBRE. CBRE analyzed U.S. industrial buildings by size and found that “light industrial” properties outperformed the other property types over the past five years. Specifically, light industrial warehouses measuring 70KSF-120KSF registered the biggest decline in availability, down 3.9 percentage points, and the largest gain in average rents, 33.7 percent. In metro Phoenix, light industrial properties outperformed industrial properties larger than 120KSF during the same five-year period. The…

Groundbreakings 1. SkyBridge Arizona and leading general contractor Graycor Construction Company broke ground on the first two buildings at SkyBridge Arizona. Architectural firm ADM Group and engineering firm HilgartWilson will serve as Graycor’s design-build partners for SkyBridge. At build out, SkyBridge is slated to include 2MSF of warehouse space, 200KSF of office space, 1.7MSF of light industrial, flex and cargo operations and 100KSF of retail and restaurant space. 2. McShane Construction Company has begun construction on Soltra at SanTan Village, a new four-story, 380-unit luxury multifamily development in Gilbert, for  Leon Capital Group. Todd & Associates is the architect. Completion…

By Tasha Anderson for AZBEX Plans for a new senior living facility located east of 98th Street on the south side of McDowell Mountain Ranch Road are headed back to Scottsdale’s Planning Commission in November after being denied back on September. Owner, SCW Holdings, LLP is requesting a Zoning District Map Amendment from Single-Family Residential, Planned Community District, Environmentally Sensitive Lands to Commercial Office, PCD, ESL on a +/- 5-acre site at 9875 and 9909 E. McDowell Mountain Ranch Road, as well as a Development Plan Amendment and approval to abandon General Land Office Patent Easements on the subject sites.…

By Alison Steinbach for The Arizona Republic A boutique hotel and an array of apartments — from one focused on sustainable living to another offering an ultra modern twist — are planned in downtown Mesa’s one square mile. The projects are energizing city leaders who have long sought to transform the downtown into a bustling, innovative urban core. For now, the square mile of downtown has the lowest population density of any developed square mile in the city, according to Jeff McVay, Mesa’s manager of downtown transformation. Now it aims to bring more people to live and visit. The city…

By Brandon Brown for Phoenix Business Journal The Phoenix-Mesa Gateway Airport Authority approved a nearly $5M increase to its annual expenditure budget on October 15th, making the total amount expected to be spent on capital improvements to the Valley’s secondary airport nearly $50.3M. The increase is to pay for five specific projects in fiscal year 2020. The largest project in 2020 at Gateway Airport will be construction of an air traffic control tower, which will cost about $18M. The airport will also spend $500K for diesel and unleaded fuel tanks, which the airport’s governing body said will decrease operating expenses…

Giving Back 1. CBRE launched its 9th annual PurSuit of Success citywide business clothing drive on Monday, October 28th. The two-week drive, with 23 convenient drop-off locations, runs through Friday, November 8th and benefits women and men in job training programs with much-needed access to professional clothing. New and gently used items can be donated Monday through Friday, 8 a.m. to 5 p.m. at CBRE’s Phoenix office, located within the Esplanade office campus at 2575 E. Camelback Road, or at one of 23 office buildings throughout the Valley. Awards & Accolades 2. Esteemed architect David Hovey Jr., AIA, president and…

Sales Transactions 1. Geringer Capital purchased Avia 266, a 266-unit multifamily community at 2354 W. University Drive, Mesa, for $45.25M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Thayer Manca Residential. 2. Tanbic Edgehill Centerra Apartments, LLC (an entity formed by Ryan and Anthony Francisco with Edgehill Investments and Tanner Bickelhaupt with Tanbic Investments) purchased Centerra Apartments Homes, a recently renovated 202-unit garden-style apartment community at 111000 N. 115th Street, Scottsdale, for $36.25M. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, RP 115, LLC (an entity…

By Tasha Anderson for AZBEX Ferguson Enterprises, a national plumbing, HVAC and building supplier, is planning a new warehouse and storage facility on 48.3 acres west of the SWC of Queen Creek and McQueen Roads in Chandler. The City of Chandler approved a request to rezone the undeveloped site from Agricultural (AG-1) District to Planned Area Development for Planned Industrial uses, as well as approved a Preliminary Development Plan for site layout and design at its October 16th Planning and Zoning meeting. The project is proposed as 544.3KSF warehouse and storage facility with wholesale/retail and office area and outdoor storage.…

Source: Lincoln Property Company A 196-acre land purchase made by a joint venture between Lincoln Property Company (LPC), Ken Roth/Roth Development Corporation and Scottsdale Investment Management LLC has expanded LPC’s just-announced Park303 industrial project into a major new master-planned, Loop 303-fronting industrial park in Glendale, Arizona. With the additional land, the joint venture industrial park will span approximately 265 acres along the Loop 303 between Bethany Home Road and Glendale Avenue, with the ability to support almost 4.5MSF of new industrial construction. “The Loop 303 has become one of the bright new opportunities for the Southwestern U.S. industrial market,” said…

Source: George Oliver Phoenix-based developer George Oliver has completed a $38.8M, two-building acquisition and will invest almost $14M in additional capital to bring a new creative office portfolio to the heart of downtown Chandler. Rebranded to The Alexander and The Johnathan, the buildings will be named after Chandler namesake Alexander Johnathan (A.J.) Chandler. “There is a tremendous energy in downtown Chandler right now – from new tech growth and new multifamily development to its collection of experiential, highly walkable amenities,” said Curt Kremer, George Oliver Founder and Managing Partner. “We are hopeful that our new concepts, The Alexander and The…