Author: BEX Staff

Sales Transactions 1. BH Properties bought the Honeywell International research and development property at 19019 N 59th Ave, Glendale, for $26.5M from Lexington Realty Trust. Mindy Korth and Kirk Kuller of Colliers International brokered the sale. 2. Marcus & Millichap’s Douglas R. Fielding represented the seller in the $12M sale of The Pavilions at San Tan Heights, a 33.3KSF retail property at 1749 W. Hunt Highway in San Tan Valley. 3. Danny Gardiner and Chad Tiedeman at Phoenix Commercial Advisors represented the seller, TriGate Capital, in the $11M sale of Gilbert Crossing, a three-building 62.5KSF Crunch Fitness anchored center at…

By Tasha Anderson for AZBEX Abbington Senior Living Corp. is planning to bring an 85-unit assisted living facility to the SEC of Mercy and Pecos Roads in Gilbert. A Conditional Use Permit for approximately 3.18 acres to allow a congregate living facility and a Site Plan for the facility was heard and recommended for approval at the Town of Gilbert’s April 3rd Planning Commission Meeting. The project, called The Abbington at Gilbert, is planned as the development of a 78.7KSF, two-story building consisting of 85 assisted living units ranging from studio, one- and two-bedroom and memory care units. 43 parking…

Awards & Accolades 1. The AZ Water Association unanimously selected Brad Sanders of Archer Western as this year’s Construction Professional of the Year. The award recognizes Sanders’ significant contributions to the water/wastewater industry, the AZ Water Association, Water Environment Federation (WEF) and the American Water Works Association (AWWA). 2. NAI Horizon’s success in 2018 was highlighted by national recognition, continued growth and a record $357M in total transactions. Their top producers in 2018 were: Denise Nunez, Investment Sales (self-storage); Mark Wilcke, Industrial; Chris Gerow, Retail; Shelby Tworek, Retail; Tyler Smith, Office; Laurel Lewis, Office; Lane Neville, Investment Sales; Barbara Lloyd,…

Groundbreakings 1. Kitchell Development Company recently broke ground on the $9.5M Cave Creek Crossing, a 47KSF retail center at the SWC Carefree Highway & Cave Creek Rd that will include the construction and buildout of a 30KSF Sprouts Farmers Market and construction of two retail buildings. The 10 acres of site work will include three pads for future development. Butler Design Group is the architect for the shell, BRR Architecture is the architect for Sprouts and A.R. Mays Construction is the general contractor. 2. Nearly 100 dignitaries, executives and guests gathered for the formal announcement and groundbreaking of a new…

By Tasha Anderson for AZBEX A Design Review Board Narrative was submitted to the City of Scottsdale for the development of Marvelle Arcadia, a new minimal residential healthcare facility at the NWC of east Thomas Road and north 61st Place. Berry Riddell LLC, on behalf of developer, Alliance Residential is requesting approval of a site plan, landscape plan and building elevations for the 160-unit senior living facility on approximately 5.78+ gross acres at 6080 E. Thomas Road. The developer wishes to keep the current site zoning of C-1, which allows for residential healthcare facilities. The three-story building will be situated…

Source: Mortenson With construction already underway on a number of new projects, master developer Catellus Development Corporation (Catellus) announced it will bring a 259-room, dual-branded hotel to the Novus Innovation Corridor (Novus) in Tempe through a partnership with national developer and builder Mortenson. The eight-story hotel, located just north of the NEC of the intersection of E. Veterans Way and E. 6th St. in Tempe, will be constructed on a .98-acre footprint within walking distance of Sun Devil Stadium, and is immediately adjacent to Wells Fargo Arena and the planned Multi-Purpose Arena. Amenities will be suited to visitors attending Arizona…

Sales Transactions 1. Bridge Investment Group has purchased the Verona Park apartment community at 1666 S. Extension Rd. in Mesa for $43.75M. Cindy Cooke and Brad Cooke of Colliers International of Arizona represented the seller, Millburn Company, and Bridge Investment Group was self-represented. 2. Microsoft Corp. has paid $37M for another 147 acres of land located north of the I-10 at PV303 West III. Microsoft Corp. purchased the land from DRI FR GOODYEAR LLC. 3. Tatum Investment Partners, LLC, an entity formed by Rockwell Partners, purchased the 164-unit, Class B Tatum Place apartment community located at 16801 N. 49th St,…

By Sammy Williams for AZBEX Trammell Crow Company of Dallas announced plans to develop nearly 29 acres located southwest of Power and Warner Roads in Gilbert. The proposed project, Gilbert Gateway Commerce Center, consists of three industrial/office buildings totaling approximately 416KSF. The subject site is located directly west of the existing American Furniture Warehouse and just north of the Santan 202 Freeway. According to the application, the area is zoned Light Industrial with a PAD overlay and is within the Gateway Character Area. The buildings, ranging from 124KSF to 153KSF, will be used for light manufacturing and warehousing and will…

By Tasha Anderson for AZBEX Arizona’s seasonally adjusted unemployment rate decreased to 5 percent in March, from 5.1 percent in February 2019, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate remained at 3.8 percent from February. In March 2018, the state had a seasonally adjusted rate of 4.8 percent, and the national was at 4 percent. The state had a net gain of 6,300 non-farm jobs over the month, which is less than the historical 10-year (2009-2018) average gain of 9,200 jobs. Construction had the largest increase with 2,900, followed by Professional…

Giving Back 1. Over the course of 2018, Tierra Right of Way and its staff donated over $21K to the Community Food Bank of Southern Arizona. 2. Tierra Right of Way sponsored the 18th Annual Habitat for Humanity Women Build Event on March 9. Thousands of women and community members joined together to build simple, decent and affordable housing for those in need. Awards & Accolades 3. Cushman & Wakefield has announced its 2018 top producers in Phoenix. The firm honored the top individuals and teams in each of its brokerage service areas including capital markets, tenant representation and agency…