Author: BEX Staff

By Tasha Anderson for AZBEX Diversified Partners is planning to build a 59.3KSF shopping center on 11.2 acres at the NEC of Val Vista Drive and Pecos Road in Gilbert. Two submittals, a request to approve a Preliminary Plat and open space plan and a Design Review application, were discussed at the Town of Gilbert’s Planning Commission special meeting on March 6th. The property is currently zoned Shopping Center with a Planned Area Development Overlay. “The subject site was previously a part of an approved master site plan, Spectrum Shopping Centre which also included the existing McDonalds and Circle K…

Sales Transactions 1. Cushman & Wakefield’s Executive Managing Directors, David Fogler and Steven Nicoluzakis represented Alliance Residential Company in the sale of Broadstone Roosevelt Row, 330 E. Roosevelt St., Phoenix. Roosevelt Row Apartments LLC – an entity formed by Weidner Investment Services, Inc. – purchased the property for $84.2M. 2. ABI Multifamily has announced the $27.45M sale of Serafina at South Mountain, a 183-unit garden-style apartment community at 11025 South 51st St., Phoenix. The ABI Multifamily brokerage team of Eddie Chang, Doug Lazovick, Alon Shnitzer, John Kobierowski and Rue Bax represented the buyer, Western Wealth Capital. The seller was a…

By Tasha Anderson for AZBEX On Wednesday, Phoenix city council voted to indefinitely suspend – and most likely kill – development of a light rail route planned along Camelback Road between 19th and 43rd avenues in West Phoenix. The vote was in response to a citizen petition submitted by Phoenix resident and former councilwoman, Peggy Neely on March 6, requesting councilmembers to “enact within 15 days, a resolution, ordinance or measure that terminates or indefinitely suspends any development or construction of, or the expenditure of public funds (originating from any source) in connection with, any light rail transit route along…

By Sammy Williams for AZBEX Developer, The Dinerstein Companies of Houston is doubling down on their investment in student housing near the University of Arizona by proposing a new, 130-unit high-rise just two blocks from campus. The eight-story building, dubbed Aspire Tucson Phase II, is directly west of Aspire Tucson, a 12-story community set to open in August 2019. The mixed-use student housing development is located in the heart of the Main Gate entertainment district and will replace the current Chase Bank site at the SWC of Park Avenue and First Street. The property is zoned C-1 and thus the…

Giving Back 1. McCarthy Building Companies, Inc. is tapping the talent in universities throughout the U.S. in its 3-year-old Intern Advantage Program. McCarthy managers said the program improves the image of construction work as a good career move and also lets the company get a look at possible future employees. Awards & Accolades 2. Horatio Alger Association of Distinguished Americans, Inc. a nonprofit educational organization honoring the achievements of outstanding individuals and encouraging youth to pursue their dreams through higher education, today announced that K. Michael Ingram, founder, chairman and chief executive officer, El Dorado Holdings, Inc., has been selected for membership in…

Groundbreakings 1. Sundt Construction, Inc. recently started construction on the University of Arizona Student Success District in Tucson. The project will transform the Main Library, the Science-Engineering Library, and Bear Down Gym, while adding a new four-story student success building into an interconnected district, which will provide indoor and outdoor spaces. The project is being delivered via design-build delivery method with Sundt’s design partners of Miller Hull and Poster Frost Mirto. The multi-facility project is expected to be fully completed and open to students by 2021. 2. Irgens Phoenix has announced the groundbreaking of its newest development, 17 Three Hundred at…

By Tasha Anderson for AZBEX Pew & Lake, PLC, on behalf of developer Bela Flor Communities, LLC, submitted a General Plan Amendment and Rezoning request to the City of Peoria for a new 16-buildng condominium development on 12.79 acres. The property is located at the SWC of 95th and Olive avenues and is bound by a QuikTrip and a proposed Francis & Sons Car Wash to the north, single-family residential to the east and south and an RV and Mini Storage facility to the west. The applicant requested an amendment of approximately 12.79 acres from Low Density Residential to Medium-High…

By Hayley Ringle for Phoenix Business Journal Nikola Motor Co. is another step closer to building its 1MSF electric, semi-truck plant in Coolidge. Nikola, the fledgling Phoenix-based autonomous hydrogen-electric semi-truck startup, paid $23,085,682 on March 4 for the 389-acre property at State Route 87 and Houser Road in Coolidge, according to Walter Unger, a senior associate broker with Phoenix-based Kasten Long Commercial Group. Nikola CEO Trevor Milton said the startup is excited to break ground in Coolidge for the new factory, which should happen sometime in 2020. The facility is expected to be operational by 2022. In January 2018, Nikola originally chose…

Sales Transactions 1. Camden Property Trust plunked down $97M for the 316-unit, low-rise property at 7350 E. Stetson Dr., Scottsdale. The community was built in 2015 and was known until this month as The Stetson. Camden has renamed it Camden Old Town Scottsdale. CBRE’s investment sales team led by Asher Gunter represented the seller, Cottonwood Residential. 2. HSL Properties, through its affiliate HSL Bear Canyon Apartments, sold Bear Canyon Apartments at 9055 East Catalina Highway in Tucson for $35.6M to M3 Multifamily Fund. Art Wadlund and Clint Wadlund of Berkadia in Tucson represented the seller. 3. On behalf of Conor Commercial…

By Tasha Anderson for AZBEX Wood Partners is proposing to bring new life to an underutilized property near the NWC of Raintree Drive and Pima Road in Scottsdale, with plans for a new 330-unit residential development. A request was recently submitted to the City of Scottsdale for a minor General Plan Amendment from Airpark Mixed Use to Airpark Mixed Use-Residential on +/- 5.56 acres at 8688 E. Raintree Drive. A rezoning of +/-13.08 acres (which includes the 5.56 acres) from Central Business to Planned Airpark Core- Airpark Mixed Use Residential and Airpark Mixed Use with Planned Shared District Overlay was…