Author: BEX Staff

Sales Transactions 1. Berkadia announced the $78M financing for six hotel properties in a portfolio of eight total hotel properties. Director Adrienne Kautzman of the Phoenix office secured the acquisition bridge loan through Ares Commercial Real Estate Corporation. The borrower was a partnership led by PEG Companies. The properties include Residence Inn by Marriott and Courtyard by Marriott hotels in St. Petersburg, Florida; Sacramento, California; Santa Fe, New Mexico; Charlotte, North Carolina; Phoenix and St. Louis, for a total of 828 hotel rooms. 2. Del Frisco’s Restaurant Group, Inc. has announced an agreement to sell its 14 Sullivan’s Steakhouse to Romano’s Macaroni…

Sales Transactions 1. Berkadia announced the $78M financing for six hotel properties in a portfolio of eight total hotel properties. Director Adrienne Kautzman of the Phoenix office secured the acquisition bridge loan through Ares Commercial Real Estate Corporation. The borrower was a partnership led by PEG Companies. The properties include Residence Inn by Marriott and Courtyard by Marriott hotels in St. Petersburg, Florida; Sacramento, California; Santa Fe, New Mexico; Charlotte, North Carolina; Phoenix and St. Louis, for a total of 828 hotel rooms. 2. Del Frisco’s Restaurant Group, Inc. has announced an agreement to sell its 14 Sullivan’s Steakhouse to Romano’s Macaroni…

By Roland Murphy for Arizona Builder’s Exchange Recent commercial real estate movements in the area of 12th Street and The Grand Canal have tongues wagging and rumors flying about the future of development near the Grand Canalscape redevelopment zone. NAI Horizon announced earlier this week it negotiated the $7M sale of “the largest multifamily-zoned land holding in Central Phoenix.” According to the announcement, “NAI Horizon Vice President Kim Kristoff represented Sidney M. Rosen as trustee on behalf of a lifetime grouping of partners and trust beneficiaries. The combined R-5/R-4 zoning allows up to 311 apartment units based upon the results…

By Roland Murphy for Arizona Builder’s Exchange Recent commercial real estate movements in the area of 12th Street and The Grand Canal have tongues wagging and rumors flying about the future of development near the Grand Canalscape redevelopment zone. NAI Horizon announced earlier this week it negotiated the $7M sale of “the largest multifamily-zoned land holding in Central Phoenix.” According to the announcement, “NAI Horizon Vice President Kim Kristoff represented Sidney M. Rosen as trustee on behalf of a lifetime grouping of partners and trust beneficiaries. The combined R-5/R-4 zoning allows up to 311 apartment units based upon the results…

By Adrienne St. Clair for Arizona Builder’s Exchange Arizona State University and Ryan Companies have submitted a proposal to the City of Tempe to build the 777 Tower at Novus mixed-use office/retail building and central plaza on the NWC of Rural Road and University Drive. The new development will be in the first phase of the redevelopment of the NOVUS Innovation Corridor, a 20-year master plan with a $30B total estimated valuation. The project will be built on two parcels – 1.4 acres – of the overall corridor. The whole development is expected to include three office and retail buildings,…

By Adrienne St. Clair for Arizona Builder’s Exchange Arizona State University and Ryan Companies have submitted a proposal to the City of Tempe to build the 777 Tower at Novus mixed-use office/retail building and central plaza on the NWC of Rural Road and University Drive. The new development will be in the first phase of the redevelopment of the NOVUS Innovation Corridor, a 20-year master plan with a $30B total estimated valuation. The project will be built on two parcels – 1.4 acres – of the overall corridor. The whole development is expected to include three office and retail buildings,…

By Adrienne St. Clair for Arizona Builder’s Exchange Overland Group, Inc. has submitted a proposal to the City of Mesa to build a new senior housing facility just north of the NWC of Baseline and Crismon Roads. The new community will be part of the Crismon Commons West subdivision. The project proposal notes that the senior living facility will be built on several parcels on lot 5 of the current Crismon Commons West. The site is currently zoned as Limited Commercial. According to the proposal, the project has been designed to fit the zoning requirements for Limited Commercial, but the…

By Adrienne St. Clair for Arizona Builder’s Exchange Overland Group, Inc. has submitted a proposal to the City of Mesa to build a new senior housing facility just north of the NWC of Baseline and Crismon Roads. The new community will be part of the Crismon Commons West subdivision. The project proposal notes that the senior living facility will be built on several parcels on lot 5 of the current Crismon Commons West. The site is currently zoned as Limited Commercial. According to the proposal, the project has been designed to fit the zoning requirements for Limited Commercial, but the…

Awards & Accolades 1. The winners of the 2018 SMPS Arizona Phelix Awards have been announced. The award categories and winners are as follows: Holiday Piece: Small Giants Special Event: Small Giants Multi-Media: APTIM Project Pursuit: GLHN Architects & Engineers President’s Choice: Entellus Up & Comer: Ashley Black (Ryan Companies US) Grand Phelix: City of Phoenix 2. DP Electric is one of the 2018 Arizona’s Most Admired Companies, according to AZ Business Magazine and BestCompaniesAZ. All the Arizona Most Admired winners were recognized at an awards reception held Sept. 13, at the Pointe Hilton Tapatio Cliffs Resort in Phoenix. Boards &…

Awards & Accolades 1. Achen-Gardner Construction’s Primus Line Installation project at Thunderbird Rd and the Loop 101 for the City of Peoria has won a 2018 Engineering Excellence Grand Award from the American Council of Engineering Companies of Arizona. 2. Hines announced that 24th at Camelback II has been recertified Platinum under the U.S. Green Building Council’s LEED for Existing Buildings: Operations & Maintenance Rating System. The property, owned by Hines and an East Coast pension fund advised by Invesco, first achieved LEED Platinum in 2013. 3. The University of Arizona Tech Park won Tucson’s Most Innovative Workplace and the Best Workplace…