Author: BEX Staff

Sales Transactions 1. CBRE arranged $22.8M in debt financing for the recent acquisition of Missouri Falls, a class A office building in Phoenix. The property is 87 percent leased. Dana Summers, Bruce Francis, Shaun Moothart, Bob Ybarra and Doug Birrell of CBRE’s Debt and Structured Finance team arranged the 10-year full-term interest only loan for the buyer, El Dorado Holdings, Inc., which purchased the property for $41.4M. 2. The 261-room Gainey Suites Hotel in Scottsdale was sold by Gainey Hotel Co. LLC to Hospitality Properties Trust for $36M in October, according to Maricopa County records. The hotel has been rebranded as Sonesta Suites Scottsdale Gainey Ranch. 3. FAE Holdings 490296R, LLC,…

By Adrienne St. Clair for Arizona Builder’s Exchange The City of Chandler Planning Commission approved a development plan this week from Global Senior Housing, with Cadence Senior Living, to build a new senior living center at the NWC of Arizona Avenue and Queen Creek Road. The 7.49-acre property currently sits vacant. It’s surrounded by single-family residential homes to the north, residential condos to the west and two streets to the east and south. According to city documents, the surrounding area was zoned for Community Commercial uses back in 1997 and then expanded to include more property, like the site in…

Awards & Accolades 1. AZCREW presented $10K in scholarships to a pair of Arizona State University Master of Real Estate Development students. The scholarship winners – Marjorie Wakefield and Santiago Fajardo – were announced at AZCREW’s annual Black & White Affair, Oct. 24. 2. U.S. News & World Report and Best Lawyers recognized Withey Morris PLC in its 2019 edition of “Best Law Firms”. For several consecutive years, Withey Morris has earned top tier recognition in the following practice areas: National — Land Use & Zoning Law, and Metropolitan Phoenix — Land Use & Zoning Law, Government Relations Practice and Real Estate Law.…

Awards & Accolades 1. The Walsh Group/Archer Western has been ranked No. 1 Wastewater Treatment Contractor and No. 1 Water Treatment and Desalination Plant Contractor by Engineering-News Record. They have been ranked as the No. 1 Water Treatment and Desalination Plant Contractor since 2014 and No. 1 Wastewater Treatment Plant Contractor since 2016. 2. Architectural Digest recognized Phoenix’s historic Orpheum Theatre on its 2018 list of most beautifully-designed theaters in each state. The Orpheum Theatre, designed by architects Lescher & Mahoney, opened as a vaudeville house in 1929.  It was the last major construction project in Phoenix before the Great Depression. 3. The Arizona Community Foundation,…

By Tasha Anderson for Arizona Builder’s Exchange The latest hot topic on the AZBEX Leading Market Series list was Senior and Assisted Living, and attendees gathered at the DoubleTree by Hilton Tempe on Thursday, November 1st, to gain insight into the market and how development is adapting to the needs of a generational shift. AZBEX President Rebekah Morris began the presentation by once again giving attendees a brief overview of the market with analytics taken from the AZBEX Database. “There are a ton of players in this space,” Morris began as she noted the top owners in the senior living…

By AZBEX Staff for Arizona Builder’s Exchange Nationwide Realty Investors announced late last week its master-planned $950M, 134-acre mixed-use office development near Hayden Road and Loop 101 in Scottsdale will be named Cavasson. According to a press announcement from The Arizona Commerce Authority, the first phase “will include several commercial office buildings including the new 460KSF regional headquarters building for Nationwide Insurance, multifamily apartments, a six-story parking structure, retail and restaurants, two hotel sites and significant infrastructure improvements.” The Authority cites Nationwide Realty Investors President and COO Brian J. Ellis with having made the announcement, quoting him as saying, “This…

Sales Transactions 1. The 188-unit Urban 188 apartments, 1601 West Camelback Road, Phoenix, sold for $17M. The NorthMarq Multifamily team of Bill Hahn, Trevor Koskovich, and Jesse Hudson represented both the seller, 1601 W. Camelback Rd. LLC, and the buyer, Urban 1601 Property LLC. 2. Tides Equities LLC has paid $55.5M for The Davenport, a 442-unit apartment complex at 4130 S. Mill Ave in Tempe — its largest acquisition in the Valley to date. Steven Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal. Abacus Capital Group Inc. was the seller. 3. The Best…

By Roland Murphy for Arizona Builder’s Exchange The Planning Center has submitted a proposal to the City of Casa Grande for the St. John the Baptist Orthodox Brotherhood and Holy Virgin Mary & St. Macarius Orthodox Sisterhood requesting a Conditional Use Permit to build a monastery facility with other associated uses on 80 gross acres along East Val Vista Boulevard east of I-10. The order wants to develop Holy Theotokos — two multi-phase monasteries on the currently vacant site. When completed, the associated uses would include “multiple chapels and sanctuaries, community centers, and residences for monks, nuns and families who…

By Adrienne St. Clair for Arizona Builder’s Exchange MAK Construction has submitted a rezoning request to the City of Phoenix to build a multifamily residential community at the NWC of 67th Avenue and Thomas Road. The new community, called 67 Thomas, will be built on a currently vacant property. The site is surrounded by single-family residences to the north and west and commercial properties to the south and east. According to the proposal, this new development will “contribute to a mix of housing types” in the area in order to support a wide range of lifestyles, as is one of…

Giving Back 1. Skanska announced it will once again participate as a founding sponsor of the Valley’s third Big Dig in the Desert event with the American Cancer Society. Skanska is sponsoring the “Kid’s Zone,” which will feature all types of kid-friendly activities, including Lego building, coloring and crafts. Awards & Accolades 2. East Valley CRE legend George Bliss was one of 28 honorees recently inducted into the Arizona Veterans Hall of Fame Class of 2018. Bliss, who served in the Air Force for 10 years, was chosen not only for honorably serving his country, but also for continuing to…