Author: BEX Staff

Boards & Commissions 1. Heidi Kimball, Senior Vice President with Sunbelt Holdings, has been selected as the new Chair of the Urban Land Institute, Arizona District Council (ULI Arizona), serving on a voluntary basis for a two-year term that started on July 1. ULI Arizona also announced Mark Winkleman, President of MGS Realty Partners, is the incoming Vice Chair, and Heather Personne, Managing Principal of Evolve Ventures, is the incoming Treasurer. Company News 2. Hylan West, A Phoenix-based construction firm that specializes in fiber and utility projects has expanded with a new Valley office in Mesa at 6350 S. Sossaman…

Sales Transactions 1. Solano Ridge I and Solano Ridge II Apartments, a 561-unit multifamily housing community located near 35th Avenue and Northern, sold this month for a combined price of $56.7M. Over the last 30 months, 3rd Ave Investments invested $2.5M into the property to upgrade the apartments, clubhouse and common areas. The NorthMarq Phoenix team of Trevor Koskovich, Bill Hahn, and Jesse Hudson represented both the seller and the buyer, Intercapital Partners. 2. Bow River Capital Partners purchased Valley Commerce Center, a multi-tenant office building at 4745 and 4747 N. 7th St., Phoenix, for $27.95M. Steve Lindley, Eric Wichterman,…

Source: SimonCRE SimonCRE closed on a former Safeway-anchored shopping center, Park Northern, located at the NEC of 35th and Northern avenues in Phoenix. The former Safeway burned down in a fire last July, due to storm damage causing a roof collapse and broken gas line. Now, one year later, SimonCRE is set to redevelop and re-tenant the entire shopping center over the next several years with an investment of over $18M. The revitalization of Park Northern starts with backfilling the former Safeway footprint with a proposed 60KSF VASA Fitness. The national gym franchise aims to propel growth into every community…

Awards & Accolades 1. Arizona State University’s Metis Center for Infrastructure and Sustainable Engineering selected ADOT’s Laguna Creek Bridge improvement as one the recipients of its 2019 Sustainable Infrastructure Awards. Faculty reviewed nominations from public, private, nonprofit and academic organizations on innovative approaches that advance sustainability in infrastructure. Groundbreakings 2. Renovations will start Monday at Tempe City Hall. The architecturally unique inverted pyramid will get a new reception area, new restrooms, upgraded technology and audio systems, new seating and more efficient air conditioning, heating and plumbing systems. Dick & Fritsche Design Group and Core Construction are handling the renovations and…

By Wayne Schutsky for Scottsdale Progress Hours before a Scottsdale City Council meeting on July 2, city staff pulled a controversial item from consideration that would have seen the city shell out close to $3M to pave the way for the proposed Museum Square project. A Progress report June 30 on the proposed deal triggered a wave of public backlash on social media, with many residents urging council members to vote no on the purchase. The Council was set to consider purchasing a ground-level commercial unit at the Gateway at Main Street Plaza condominium complex for $2.25M. The unit —…

Giving Back 1. Fulton Homes and 99.9KEZ hosted another remote for their ‘Stuff the Bus’ program on July 6. Throughout the summer, Fulton Homes is donating school supplies to deserving families as part of their “Stuff the Bus” campaign. The annual donation drive generated an estimated $5K worth of school supplies in 2018, and is set to meet this year’s goal of gathering donations for 150 children at the Boys and Girls Club of the East Valley. 2. Fulton Homes is in their seventh year of hosting their ‘Cause for Paws’ campaign, which seeks to improve awareness about scorching pavement…

Sales Transactions 1. The Praedium Group, a New York City-based real estate investment firm, has recently acquired two brand-new, multifamily properties in the southeast Valley. Harper, located in Tempe was purchased by Dallas-based JLB Partners for $93.8M in June, and Town Commons, located in Gilbert, sold in June for around $73.5M. 2. Tides Equities LLC has two properties totaling 620 units in escrow, for $80.7M. Those acquisitions — the 436-unit Deer Valley Apartments and the 224-unit Sterling on 28th — bring total purchases to 1,900 units spanning six properties so far this year. 3. Esplanade III Owner LLC, recently purchased…

By Jim Walsh for East Valley Tribune Technology giant Google is coming to Mesa, lured by a tax incentive agreement to build a massive data center in the emerging Elliot Road Technology Corridor. The Mesa City Council is primed to approve the Google development agreement at its meeting on Monday night. Mayor John Giles said there are still elements of the project that need to be worked out – such as Google buying the property, 186 acres located at Elliot and Sossaman roads in southeast Mesa. Giles said Google’s decision to build the data center in Mesa means that the…

Giving Back 1. Tech Parks Arizona developed Racing the Sun, a hands-on STEM program for high school students, eight years ago to promote workforce development. After incubating the program and establishing good momentum, Racing the Sun is transitioning over to SARSEF-Southern Arizona Research, Science, and Engineering Foundation in order to grow the program and best serve the region. Racing the Sun is a solar go-kart competition that challenges high school students to design, build, test, and ultimately race their solar-powered go-karts. Awards & Accolades 2. The Urban Land Institute Arizona District Council (ULI Arizona) was recently awarded a $20K grant…

Sales Transactions 1. Acacia Capital Corporation recently purchased Sonoran Vista, a 264-unit Class A multifamily community at 9340 E. Redfield Rd, Scottsdale, for $67M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Aukum Group. 2. MIG Real Estate recently purchased Del Sol Apartments, a 168-unit multifamily community in Scottsdale, for $34.5M. Steve Gebing and Cliff David with Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Aukum Group, and procured the buyer. 3. 5631 W. Colter St. LLC, an entity formed by Next Round Asset Management…