Author: BEX Staff

By Roland Murphy for AZBEX Even with several members expressing appreciation for the project, itself, concerns about height and location ultimately led the Lake Havasu City Planning and Zoning Commission to unanimously recommend against approving a proposed resort and condominium development in its July 17 meeting. Architect and project planning firm Studio KDA presented the project in an informational session in June before reappearing to request action on a general plan amendment and rezoning request for the approximately 14.1-acre property on Bahama Avenue. The Bahama Ave Resort site lies southeast of Industrial Blvd. and Lake Havasu Avenue, the corner of…

Maricopa Unified School District CFO Jacob Harmon briefed the Governing Board last week about four projects that will be affected under the District’s proposed $70M Nov. 5 bond request. The first project is the new middle school planned in the Sorrento community at a cost of nearly $44M. MUSD spokesperson Mishell Terry said the district will receive additional funds for the school since the location is a donated site, which will also generate approximately $500K in state grant funds. The Arizona School Facilities Division awarded nearly $31M for the 96.7KSF project. Construction on the Sorrento school is expected to start…

By BEX Staff for AZBEX The developers of a rejected hospitality project in Sedona have filed a lawsuit against the City, several officials and leaders of local opposition groups. Oak Creek Heritage Lodge had been planned as a 70-room resort on 11.58 acres. The Sedona Planning and Zoning Commission approved a development review request for the project in April. Afterward, two local opposition groups appealed the approval to the City Council, alleging it did not conform to Sedona’s development guidelines, was not in keeping with local character and posed a potential environmental threat. Council sided with the opponents and reversed…

Giving Back 1. A group of employees from one of Brycon’s Arizona High-Tech divisions recently visited Harvest Compassion Center and donated 168lbs of food. While on-site, the employees unloaded, weighed and processed the donated items. Company News 2. Secure Net Lease has established an office in north Scottsdale to oversee its efforts in the Phoenix and Arizona markets. The company has signed Steve Lowe, previously with Colliers, as Executive VP. Promotions 3. Big-D Construction announced the promotion of Carl McFarland to President of Southwest Office. McFarland joined the company in 2022. 4. Dibble promoted Duane Dana to Senior Project Manager…

Sale Transactions 1. Medical Properties Trust, Inc. sold Arizona General Hospital and seven freestanding Arizona emergency department facilities to Dignity Health, a subsidiary of CommonSpirit Health, for $160M. 2. Bridge Investment Group sold Equestrian, a 288-apartment complex in Tucson, to Investors Capital Group for $60.2M. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer. 3. JLL Capital Markets brokered the $12.6M sale of Corona Del Sol, a 64-unit apartment complex in Phoenix. JLL represented the undisclosed seller and sourced the buyer, KDF Communities.…

Mattress manufacturer and retailer 3Z Brands announced it is planning a major expansion of its production facility on Bethany Home Road between 55th and 51st avenues in Glendale. The company, which manufactures and sells mattresses under multiple brand names, plans to break ground in August on a 250KSF expansion of its existing $72M “dream factory” and headquarters site. The new construction will take place at the NWC of the 43-acre site. The expansion will add to the company’s manufacturing capacity, particularly for its foam-pouring operation. At completion, targeted for 2025, the site will include almost 900KSF of manufacturing space. 3Z…

By Roland Murphy for AZBEX LGE Design Build released its Construction Delivery Outlook for Q3 this week, and the data shows signs that a continued positive attitude may be justified, although challenges for the Phoenix and national construction industry still remain. To be clear, AZBEX receives quarterly market reports from nearly every outlet that covers Phoenix and Arizona. With no disrespect intended, those reports are usually from commercial real estate brokerages, most of which draw from the same data sources. As a result, our coverage is usually on a first-come, first-served basis. We like to examine the LGE reports from…

A new solar power and battery energy storage system proposed in Mobile is making progress. The City of Goodyear annexed 67 square miles of desert land in 2007, anticipating developments that were derailed by the onset of the Great Recession in 2008. That annexation included the community of Mobile. Now, developer EDF Renewables is proposing a solar farm and BESS project approximately four miles south of State Route 238, which runs through Mobile. The company has asked Goodyear to annex almost 830 more acres in the area so it can develop the project under a single jurisdiction. The Arizona State…

By BEX Staff for AZBEX The Hermosa Ranch Technology Campus North master-planned area—a 234-acre location at the SWC of Avondale Blvd. and Lower Buckeye Road in Avondale that is planned for data center, restaurant and retail uses—is the site of a newly disclosed data center development from QTS Realty Trust. Local news outlets report QTS—which is owned by Blackstone, Inc.—paid TGV Investments LLC (an entity of Rexco LLC) $246.8M for 206 acres on the site earlier this month. TGV Investments secured a rezoning and general plan amendment for the Hermosa Ranch site in May. Avondale City Council also approved a…

East Valley landowner and developer The Saia Family have turned in a pre-submittal application to the City of Mesa for a mixed-use project on approximately 20 acres at Elliot and Power roads north of the Avalon Ranch retail center. The project seeks to rezone 7.8 acres for a luxury multifamily development. The remainder would consist of a shopping center with restaurant and retail offerings. The plan calls for a 30KSF anchor and a 12KSF “junior anchor” commercial tenant, three in-line shops and four pad sites for restaurants with outdoor seating. Butler Design Group is the design firm, and the project…