Author: BEX Staff

Sales Transactions 1. Greystar Real Estate Partners, LLC, announced the acquisition of the three-property, 845-unit Acacia portfolio on behalf of its real estate funds. Acacia Capital hired CBRE’s team of Sean Cunningham and Tyler Anderson to sell two of the properties: the 316-unit Chandler Court at 3800 W. Chandler Blvd., in Chandler, and the 341-unit Vista Montana at 3225 E. Baseline Road, in Gilbert. Cushman & Wakefield’s team led by Jim Crews brokered the third deal, the 186-unit River Ranch property at 6152 W. Oakland St., also in Chandler. Total consideration was reported at $149M. 2. A $92.5M industrial complex purchase is the latest addition to Prologis…

By Rebekah Morris for Arizona Builder’s Exchange Inefficient contracts… Lack of oversight and documentation… Resistance to market trends… These are a few of the issues plaguing one of the poorest public school districts in a state that Governing.com has ranked 49th in per pupil funding as recently as June 2018. Forty-five million dollars in bond funds are just beginning to be expended in Alhambra Elementary School District. The $45M bond passed by voters in 2017 is dedicated to new gymnasium buildings, a new performing arts center, renovations to libraries, classroom spaces, and general building needs. Before 2017, the district had…

By Roland Murphy for Arizona Builder’s Exchange A few months ago, AZBEX received an anonymous tip about the Alhambra Elementary School District undertaking a series of projects for new gymnasiums and other facilities projects. In a rare move, the district was looking at a mix of low bid and Alternative Project Delivery Methods. As many of our readers know, we stirred up a figurative hornet’s nest almost exactly a year ago when we published our K12 Market Study. Very long story short, we did the first and, to date, only in-depth study of the market sector in the state and…

By Adrienne St. Clair for Arizona Builder’s Exchange Transportation planners for Maricopa County are getting an early start on plans to extend Prop. 400 – a 0.5 percent sales tax increase approved back in 2005. Not only did they unveil their new “Imagine” proposition at the December APA/ASLA Networking Event Wednesday, Dec. 5, but they delivered the preliminary planning presentation nearly seven years before Prop. 400 will actually expire. Leading the presentation was Audra Koester Thomas from the Maricopa Association of Governments. She said the deadline for the new extension isn’t far away at all, but “really overnight for us.”…

Giving Back 1. George Randall and Payson Concrete & Materials made their annual contribution to St. Vincent de Paul Food Bank and wrote checks to the Humane Society of Central Arizona; Payson Senior Center; Time Out, Inc., and Special Olympics. 2. For half a century, Chicanos Por La Causa has been spreading holiday cheer and promoting an active & healthy lifestyle at their annual celebration as a way to give back to the local communities it serves and brings a smile to “Angeles del Barrio” – the neighborhood kids. This year, CPLC celebrated the 50th Annual Angeles del Barrio Children’s Holiday Celebration and…

Groundbreakings 1. Arrowhead Builders, a Native American-owned GC, recently broke ground in Scottsdale on the 43-acre Sierra Bloom Wellness Campus with plans next year to break ground on a 119-room Holiday Inn. Sierra Bloom Wellness Campus will be built on Salt River Pima-Maricopa Indian Community land at the Loop 101 and 90th Street in North Scottsdale. The project comprises two phases of full site development. 2. Harsch Investment Properties broke ground last month on a 157.5KSF speculative building at the Tucson Airport Distribution Center Building B, 6860 S Brosius Ave, Tucson. Construction is expected to be completed by Nitti Builders by Q4…

By Roland Murphy for Arizona Builder’s Exchange Despite ups and downs around the country due to a variety of economic and environmental factors, the hotel development sector in Arizona continues to remain comparatively strong, as evidenced by two new planned Holiday Inn-related developments around the state: A Holiday Inn Express in Phoenix and a traditional Holiday Inn in Page. The AZBEX Database currently lists more than 100 projects in various stages of planning and development around the state in the Hospitality – Hotels/Resorts/Casinos sector. According to a release from CBRE Hotels Americas Research distributed on Hotel News Now, the U.S.…

Source: Associated Builders and Contractors National nonresidential spending increased 0.1 percent in October, according to an Associated Builders and Contractors analysis of U.S. Census Bureau data released. Total nonresidential spending for the month stood at $763.8B on a seasonally adjusted annualized rate, which represents a 7.3 percent increase over the same time last year. Thirteen out of 16 subsectors are associated with year-over-year increases, with the exceptions being religious (-9.1 percent), communication (-4.7 percent), and healthcare (-1.0 percent). Water supply (+23.0 percent), lodging (+18.9 percent) and amusement and recreation (+16.2 percent) have generated the largest increases among nonresidential construction segments…

Sales Transactions 1. A partnership between Continental Realty Advisors and MLG Capital has acquired Tempe Metro, a 408-unit community in Tempe. Crow Holdings sold the property for $53.5M. This acquisition marks the third partnership between Continental Realty Advisors and MLG Capital. 2. Argenta, a 396-unit apartment community at 4104 E. Broadway Rd. in Mesa, has been sold to a California investor for $50.3M. The development offered opportunity for future value appreciation with extensive renovation and modernization. Argenta was sold by Millburn Company. The buyer was 29th Street Management III. Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix handled…

By Roland Murphy for Arizona Builder’s Exchange Arizona’s strength as a leading construction industry market got another boost this week, as it landed in third place among the 50 states and the District of Columbia on the 2018 Merit Shop Scorecard issued by Associated Builders and Contractors. The scorecard is, “an annual state ranking based on policies and programs that encourage open competition, education and job growth, and award construction contracts based solely on merit, regardless of labor affiliation,” according to the ABC announcement. Arizona received an “A” grade in six of the scorecard’s seven criteria: Project Labor Agreement Mandates Prevailing…