Author: BEX Staff

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…

Source: Rio Nuevo Adam Weinstein, president and CEO of The Gadsden Company, asked the Rio Nuevo Board to help finance The Bautista, a $72M, mixed-use project on the West Side. When completed, the Bautista will sit along what will soon be a year-round flowing section of the Santa Cruz River. This mid-rise project, near West Cushing Street and South Linda Avenue, includes 16.5KSF of retail space, 253 residential units and a restaurant. The two main buildings are designed around a central linear plaza lined with shops and restaurants that connect the buildings and surrounding streets to the riverfront. Water features…

Source: Associated Builders and Contractors Associated Builders and Contractors reported that its Construction Backlog Indicator climbed to nine months in August 2019, up 0.5 months or 5.4 percent from July 2019, when CBI stood at 8.5 months. “Despite some other leading indicators suggesting weakening in nonresidential construction spending, our most recent backlog readings show that contractors are still experiencing significant demand for construction services” said ABC Chief Economist Anirban Basu. “The primary issue for most contractors is not a lack of demand, but an ongoing and worsening shortage of skilled workers available to meet contractual requirements.” “Though this month’s report…

Groundbreakings 1. Lincoln Property Company (LPC), Harvard Investments, dignitaries from the City of Mesa and business and community leaders joined to celebrate the groundbreaking of the first office building at Union, a new project that – at build out – will total 1.35MSF in four Class A office buildings at Dobson Road and Rio Salado Parkway. Completion of Building 1 is scheduled for October 2020. DAVIS is the project architect and Wespac is the general contractor. 2. High Street Residential, the residential subsidiary of Trammell Crow Company, and its partner, Principal Real Estate Investors, announced that construction has begun on…