Author: BEX Staff

  Sales Transactions 1. On behalf of Cohen Asset Management, Cushman & Wakefield announced the firm facilitated the sale of Iridium @ Price Road Corridor, a 69.8KSF building in Chandler. Bay Capital LLC purchased the fully leased asset for $16M. Will Strong led the Cushman & Wakefield Capital Markets team on the sale. 2. The Phoenix Kidder Mathews healthcare team announced the sale of 3271 N. Civic Center Plaza, a 16.9KSF medical office building in south Scottsdale for $3.4M. Michael Dupuy and Rachael Thompson negotiated the sale on behalf of owner 6 Turns, LLC, a subsidiary of SEBO Enterprises, LLC.…

By Adrienne St. Clair for Arizona Builder’s Exchange City of Mesa planners have approved a rezoning request from Khangura Development & BioCity Enterprises, LLC to build a major multi-use, campus-style assisted living development just south and east of the SEC of Crismon Road and Hampton Avenue. The proposal, submitted Oct. 1, was approved with conditions by the city’s planning department this week. The new development will be built in phases on a mostly vacant 20-acre (16.4 net acre) property and will incorporate “a mix of healthcare uses that will revolutionize the current model for aging in place.” It will include…

By Roland Murphy for Arizona Builder’s Exchange Arizona’s seasonally adjusted unemployment increased to 4.7 percent in September, up from 4.6 percent in July and August, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate dropped to 3.7 percent, down from 3.9 percent in August. Twelve months ago, the state had a seasonally adjusted rate of 4.7 percent, and the national was at 4.2. The state had a net gain of 35,400 non-farm jobs over the month. Government had the largest increase with 24,100. Construction gained 1,200. Of the 11 sectors tracked, nine had…

Company News 1. FCI Constructors, Inc. which has nine offices in six states, is celebrating its 40th Anniversary of serving clients in the Rocky Mountain region. Promotions 2. The Opus Group announced the recent promotion of Larry Pobuda to executive VP, general manager at Opus Development Company, L.L.C. He is responsible for the leadership and oversight of the Phoenix and Denver teams, including development and construction pursuits, active projects, as well as market strategies and future growth plans for those offices. 3. Mike McKinney has been promoted to VP and District Manager at PCL Construction. 4. Ian Schimke has been promoted to healthcare…

Giving Back 1. Habitat for Humanity Central Arizona has adopted four Phoenix central city south neighborhoods — Grant Park, Central Park, Matthew Henson and the 7-11 Neighborhood — and has committed to spend five years making significant upgrades to existing homes and building 30 new homes on vacant lots. Awards & Accolades 2. An Arizona Department of Transportation project that’s rebuilding 5 miles of Interstate 40 near Williams has been ranked in the nation’s top 10 by construction industry publication Roads & Bridges. 3. LSW Engineers Arizona, Inc. received an Engineering Excellence Grand Award in the category Building Technology Systems for its design of the…

By Roland Murphy for Arizona Builder’s Exchange The City of Litchfield Park Planning & Zoning Commission recently heard information on a 313-unit residential mixed-use project with 13KSF of commercial space at the NWC of Litchfield Road and Wigwam Boulevard. As reported by AZBEX in January, 2015, the city approved plans to expand the Wigwam Resort. The general plan amendment approved at the time split portions of the property owned by JDM Partners into three parcels – A, B and C – for redevelopment. Parcel B of the expansion area, now known as Cornerstone at the Park, comprises roughly 15 acres…

Sales Transactions 1. Glen Una Management purchased the fully occupied office buildings at 6221 & 6223 South Palo Verde Road in Tucson for $16.42M in the Tucson International Gateway Center. The buildings total 120.8KSF. The CBRE team of Tim Healy, Bob Delaney, Mike Sandahl and Martin Encinas handled the transaction for the seller, Wabash Hillcrest Regency, LP. The buyer was self-represented. 2. CBRE announced that it secured a $9.1M loan for Sterling Organization’s $15.2M acquisition of the 98.7KSF Union Plaza, a grocery-anchored shopping center in Phoenix. Dana Summers, Shaun Moothart and Danielle Priore of CBRE facilitated the loan for Sterling. Michael Hackett and Ryan Schubert of…

By Jen Crane for Adams & Associates Engineers Several Arizona A/E/C firms came together to sponsor this year’s KIDstruction event – a design/build competition for middle school students, using only business cards, toothpicks and glue on a 12”x12” base. This year’s event took place on September 29 and was judged by prominent members of the A/E/C community.  More than 160 structures from 21 southern Arizona middle schools were on display for an entire week at Park Place Mall in Tucson. In the 17 years that Kidstruction has been held, more than 2,200 teams and 5,800 middle school students have participated…

By Roland Murphy for Arizona Builder’s Exchange Long an icon of stalled hopes for renovation and redevelopment in Central Phoenix, the area around Park Central Mall continues to blossom into one of the city’s most dynamic areas of urban rebirth. According to an announcement this week, the ownership group behind the mall property redevelopment “has purchased an additional 21 acres of property and an additional 193KSF building, consolidating ownership of Park Central for the first time in decades.” Holualoa Companies and Plaza Companies announced plans for a Phase II in the redevelopment process, including a new nine-story residential complex that will go along with the…

By AZBEX Staff for Arizona Builder’s Exchange September saw a slight dip in multifamily rents, but the grand picture is still rosy overall. According to the September 2018 Multifamily National Report from Yardi Matrix, “A $1 decline is insignificant, especially at the start of the fall, when rent growth traditionally begins to hibernate for winter. The 0.3 percent growth in the third quarter is slightly disappointing compared to same period results in recent years.” It notes, though, national rents have grown 3.1 percent over the first three quarters, which exceeded market expectations. Phoenix’s market strength is evidenced by its rent…