Author: BEX Staff

By Tasha Anderson for AZBEX The City of Mesa approved another project planned for the Mesa Elliot Technology Park at its March 20th Planning and Zoning Board meeting. Owner, Sunbelt Investment Holdings, Inc. had requested a site plan review approval as well as approval of a Special Use Permit in order to develop two new general industrial buildings totaling approximately 286KSF at the NWC of Elliot Road and Ellsworth Road. The buildings will sit on the southwest 18.56 acres of the available 67.5 gross acres of undeveloped land. Each building will be approximately 143KSF and each unit will house a…

Source: 1784 Capital Holdings Scottsdale-based 1784 Capital Holdings, LLC, has purchased five acres located at 4725 E. Dynamite Blvd. in Cave Creek, Arizona. The developer of high-end self-storage facilities plans to create a state-of-the-art facility on the site. “This area in the northern portion of Metro Phoenix is one of the fastest growing in the state,” says Shane Albers, Chairman and CEO of 1784 Capital Holdings. “As residential and business growth continues to expand in the area, we see an opportunity to provide much-needed, high quality storage facilities. We provide a superior customer experience, unparalleled amenities, cleanliness and security.” The…

Sales Transactions 1. Institutional Property Advisors (IPA), a division of Marcus & Millichap announced the $52M sale of Alta Midtown, a 225-unit apartment complex in Midtown Phoenix. Steve Gebing and Cliff David of IPA represented the seller, Wood Partners, and procured the buyer, FSC Realty. 2. Maravilla Apartments, a 225-unit multifamily community at 13621 W. Glendale Ave., Glendale sold this month for $37M. The NorthMarq Multifamily team of Trevor Koskovich, Jesse Hudson, and Bill Hahn represented both the seller, Renue Desert Gardens II, LLC, an entity formed by Renue Properties and the buyer, Keller Investment Properties, LLC. 3. Studio 710,…

By Tasha Anderson for AZBEX The City of Goodyear received requests to rezone approximately 159 acres on the west side of Bullard Avenue for the development of yet another new data center. Compass Data Centers submitted a request to rezone 103 acres at the NWC of Bullard Avenue and Yuma Road, extending to about half a mile south of Van Buren Street, from I-1 (Light Industrial Park) and C-2 (General Commercial to Light Industrial Park with a PAD Overlay. A second request was submitted to rezone 56 acres on the west side of Bullard Avenue, three-eighths of a mile south…

By Sammy Williams for AZBEX Aspirant Development of Scottsdale is banking on the Uptown Phoenix revitalization boom with the announcement a 650-unit self storage facility. Uptown 7th Self Storage will be located at 6316 N. 7th Street, on the SWC of 7th Street and Maryland Avenue. The facility consists of a single building, two stories above grade and one story below, with access exclusively from inside of the building and a gated entry. Each floor will be roughly 40KSF and a leasing office within the building will manage the facility. Uptown 7th Self Storage will occupy a 2.09-acre space that…

Giving Back 1. Tour de Ren kicks off on Friday, April 26, from 3:00 pm – 5:00 pm to raise money for the patients at Phoenix Children’s Hospital. This high-energy outdoor spin cycle event is being held at Renaissance Square, located at Central and Washington in downtown Phoenix, and generously hosted by Oaktree Capital Management, Cypress Office Properties, Hines and Lee & Associates. Awards & Accolades 2. CoStar Group, Inc., the data/analytics leader of the commercial real estate industry, just announced this year’s Power Broker Award recipients, recognizing professionals and firms who closed the highest transaction volume in commercial real…

Groundbreakings 1. Property Markets Group began demolition on a surface parking lot and one-story building at 200 W. Monroe St. on March 11. Construction begins in June, and the new 20-story, 253-unit apartment complex, dubbed X Phoenix, is expected to open in 2021. 2. American Care Concepts has announced the groundbreaking of Countryside Senior Living, 22773 E Ocotillo Rd., Queen Creek. The community will consist of 40 resident suites, individual dining areas, common areas, salon, secure outdoor courtyards, team member support areas and outdoor equine and animal therapy facilities. Construction is slated to be completed in early Spring 2020. Porter…

By Tasha Anderson for AZBEX Diversified Partners is planning to build a 59.3KSF shopping center on 11.2 acres at the NEC of Val Vista Drive and Pecos Road in Gilbert. Two submittals, a request to approve a Preliminary Plat and open space plan and a Design Review application, were discussed at the Town of Gilbert’s Planning Commission special meeting on March 6th. The property is currently zoned Shopping Center with a Planned Area Development Overlay. “The subject site was previously a part of an approved master site plan, Spectrum Shopping Centre which also included the existing McDonalds and Circle K…

Sales Transactions 1. Cushman & Wakefield’s Executive Managing Directors, David Fogler and Steven Nicoluzakis represented Alliance Residential Company in the sale of Broadstone Roosevelt Row, 330 E. Roosevelt St., Phoenix. Roosevelt Row Apartments LLC – an entity formed by Weidner Investment Services, Inc. – purchased the property for $84.2M. 2. ABI Multifamily has announced the $27.45M sale of Serafina at South Mountain, a 183-unit garden-style apartment community at 11025 South 51st St., Phoenix. The ABI Multifamily brokerage team of Eddie Chang, Doug Lazovick, Alon Shnitzer, John Kobierowski and Rue Bax represented the buyer, Western Wealth Capital. The seller was a…

By Tasha Anderson for AZBEX On Wednesday, Phoenix city council voted to indefinitely suspend – and most likely kill – development of a light rail route planned along Camelback Road between 19th and 43rd avenues in West Phoenix. The vote was in response to a citizen petition submitted by Phoenix resident and former councilwoman, Peggy Neely on March 6, requesting councilmembers to “enact within 15 days, a resolution, ordinance or measure that terminates or indefinitely suspends any development or construction of, or the expenditure of public funds (originating from any source) in connection with, any light rail transit route along…