Author: BEX Staff

By AZBEX Staff for Arizona Builder’s Exchange Despite U.S. Multifamily rent growth remaining flat at 3.2 percent in December from November, 2018 proved to be a solid year for multifamily. According to the December 2018 Multifamily National Report from Yardi Matrix, “3.2 percent rent growth slightly exceeded going-in expectations. Despite the recent volatility in the financial markets, we foresee more of the same in 2019, with strong demand producing rent growth just shy of 3 percent nationally.” Phoenix’s market strength in 2018 is evidenced by its rent growth across market segments. With a growth rate of 6.5 percent, the city…

Sales Transactions 1. Alden Street Capital Management has acquired The Retreat at Tucson, a 183-unit student housing community with 774-beds, at 1000 E. 22nd St, Tucson, for $56.2M. The seller was an affiliate of Heitman Capital Management, Tucson Real Estate Holdings, LLC. 2. Solstice at Arcadia Apartments, 5401 East Thomas Road, Phoenix, sold this month for $26.6M. The NorthMarq Multifamily team of Bill Hahn, Trevor Koskovich, and Jesse Hudson represented both the seller, Solstice Phoenix Apartments, LLC, and the buyer, Tides at East Arcadia Owner, LLC, an entity form by Tides Equities. 3. HSL Properties recently purchased the Hampton Inn & Suites Tucson…

Source: Sun Corridor, Inc. Northwest Healthcare is planning the development of a 70-bed hospital near Houghton Road and Old Spanish Trail. The announcement is part of Northwest Healthcare’s “No Boundaries” strategy to increase access points to quality healthcare services for Tucson and surrounding communities. The plan is contingent upon approval of the primary jobs incentive by the City of Tucson’s mayor and council, and closing on the land purchase. The eastside hospital follows an announcement in May 2018 when Northwest shared plans to build an 18-bed neighborhood hospital and medical offices facility in Sahuarita. That hospital will open in early…

Source: George Oliver Companies Phoenix-based George Oliver Companies – a co-developer of the record-breaking Quad redevelopment in Scottsdale – has identified its next metro Phoenix transformation project, purchasing Catalina Terraces in Phoenix for $16.49M. According to George Oliver Companies Founder and Managing Partner, Curt Kremer, the redevelopment will take approximately nine months and will transform the 1989-built Catalina Terraces office complex with a refreshed façade, which will incorporate the existing Spanish architectural elements, and extensive renovations to interior spaces and shared common areas. “Similar to The Quad this transformation will unlock the hidden potential of a dated asset in a premier employment…

Groundbreakings 1. Electronic Responsible Recyclers, or ER2, and its sister company, Revive IT, began construction on a $5M, 40KSF expanded facility in Mesa. The addition will increase inventory space, allow the company to consolidate processing operations and increase dock space. The building is expected to be occupied by the end of October. 2. Construction is underway on the first phase of Tucson Cannabis Campus, a project envisioned as an eventual 440KSF facility on 16 acres of industrial land at 8000 S. Rita Rd, Tucson. Phase I will create about 40KSF of indoor grow space and about 50 jobs. 3. Monday, city…

Giving Back 1. P.B.Bell recently donated $7K to The Singletons, a non-profit organization that has aided over 300 single parents diagnosed with cancer and receiving active chemotherapy along with their 1000+ children. The donation will enable the organization to restock 25 homes with basic household necessities, pay 30 electric bills and provide 100 family-style meals to its families. Awards & Accolades 2. Anthony Heim, Project Manager for SWP Contracting and Paving received the ADOT Spirit in Partnering Award Wednesday, January 9th. His collaborative workstyle on the ADOT Midway Road (Ash Avenue to Cornman Road) Improvements earned him this recognition. 3. Sharon Harper, President, CEO, and…

Source: Town of Queen Creek It is no secret the Town of Queen Creek and the surrounding areas have experienced substantial growth and with that growth has come traffic to the Town’s roadways. With this in mind, the Town now has a plan to develop two major arterial roadways from Germann to the future extension of State Route 24. The Queen Creek Town Council recently voted to approve an Intergovernmental Agreement with the City of Mesa for design and construction of Signal Butte Road from Germann to State Route 24 at $12M and acceptance of terms for design and construction…

By Daisy Finch for Cronkite News LeRoy Shingoitewa dug his hiking boots into loose gravel and sand, watching the early November morning sunlight slowly spread across shrubby hills and rocky valleys near the proposed site of an enormous copper mine. Resolution Copper plans to develop the mine east of Superior and predicts the mine will meet about a quarter of the nation’s demand for copper once it is in full production. The company says the mine, which may cost as much as $8B, is the “largest single investment in Arizona history.” It has been passionately opposed by some Native Americans who…

Sales Transactions 1. A Miami limited-liability company called Uptown Plaza Associates has sold Uptown Plaza shopping center located at the NEC of Camelback Rd and Central Ave for $51.6M. Levine Investments paid cash for the center. 2. Media giant Gannett Co., parent of The Arizona Republic and azcentral.com, has sold its 10-story office building and parking garage at 200 E. Van Buren St., Phoenix, for $37.65M. ViaWest Group purchased the building through an LLC called VWP EVB 200 Office. 3. Tides Equities LLC recently purchased the 316-unit Crossroads apartment complex at 2222 W. Beardsley Rd for $33.5M. The seller was not…

By Rebekah Morris for Arizona Builder’s Exchange, LLC By many business measures, 2018 was a great year. The Arizona construction market certainly saw shimmering doodads and shiny whatchamacallits at every turn. While we’ll go into much greater depth — with targeted data and detailed analysis — at our Construction Activity Forecast event next Thursday, January 10th, here are some of the highlights and our thoughts on the coming year. 2018 Looks Good on you! Last year, AZBEX research staff expected total market activity to rise from 2017’s estimated $10.1B annual statewide level to nearly $13B, a spike of nearly 30…