Author: BEX Staff

By Rebekah Morris for AZBEX Last week the City of Maricopa hosted their quarterly Commercial Real Estate update with representatives from two key developments available to answer questions from residents and interested parties alike. Nearly 90 people registered for the event, a record high according to Economic Development Director Denyse Airheart. Starting with the long and sustained influx of new residents, Airheart described the need for commercial development to stop the leakage of income for the city. Of note to commercial developers is that the amount of dollars going to nearby suburbs of Chandler, Casa Grande and the like is…

Sales Transactions 1. Cushman & Wakefield completed the $44.5M sale of Lakeside Drive, a 150-unit Class A, luxury rental community at 500 W. 1st Street in Tempe. Lakeside Drive Apartments, LLC, purchased the property from Broadstone Lakeside, LLC, an entity formed by Alliance Residential and Cottonwood Residential. Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller. 2. Larsen Baker, through its affiliate Manzanita Investment Group, LLC, purchased Manzanita Plaza, a 116.4KSF neighborhood center at the NWC of Valencia and Cardinal Rd in Tucson, for $15.15M. David Murphy and David Bernstein of Bernstein Murphy represented the seller,…

By Sammy Williams for AZBEX Late last month, the City of Chandler voted to approve an amendment to the Downtown Ocotillo Area Plan from commercial to multifamily residential to accommodate a new 32-unit condominium development. Developer HCW LLC of Phoenix requested rezoning with the intent to develop Valerio at Ocotillo, a residential condominium community, on 5.6 acres east of the SEC of Price and Queen Creek Roads. Starting at $600K, the single-story detached residences range from 1700 to 2290 SF with six custom floor plans available, including 29 three-bedroom and three two-bedroom units. The gated development features a private community…

By Sammy Williams for AZBEX Developer Diversified Realty Services, Inc. of Scottsdale is hoping the remodeling craze in Central Phoenix isn’t slowing down anytime soon. Late last month, they submitted a PUD statement to the City of Phoenix in hopes of building a Home Depot on an 8.72 net acre site on the SWC of Indian School Road and 22nd Street. The nation’s largest home improvement retailer, Home Depot, “has improved and refined its business operation and store layouts, building their stores and garden centers from the ground to implement their evolving vision of what a Home Depot should be,…

Giving Back 1. The Sundt Foundation donated $5,425 to Hoofbeats with Heart and has awarded a total of $92,825 in grants to 24 additional local nonprofits around the Valley during its first-quarter disbursements. The Foundation also awarded a total of $18,500 in grants to nine Tucson-area nonprofits. 2. The 2019 Belfiore Bash Cornhole Charity Tournament raised an estimated $29K for The Care Fund – enough to support at least 29 families struggling through treatment of their seriously ill children. Awards & Accolades 3. Randall “Randy” D. Harris, P.E., managing director for Western Technologies Inc., was recognized as the 2019 Southern Arizona Engineer…

Groundbreakings 1. FUJIFILM Electronic Materials U.S.A., Inc. broke ground on a major expansion of its manufacturing and development facility in Mesa. The expansion is anticipated to take around 18 months and will comprise of approximately 85KSF of additional space in the form of five new buildings significantly expanding manufacturing, warehousing, R&D laboratory and office space. 2. Heritage Academy officially broke ground on its new $16M school set to open in July. The investment will come in two phases, with $13.3M for the opening phase in the first year followed by a $3.3M phase a couple years after enrollment grows. A school auditorium is planned…

By Tasha Anderson for AZBEX Grounds Properties, LLC c/o Pacific RH, LLC submitted two applications to the Town of Prescott Valley for a new 288-unit multifamily development to be located at the SEC of Bradshaw Mountain Road and State Route 69 just behind a Family Dollar store. The first application is a zoning map change request from Residential; Single-Family Limited to Residential; Sales and Services Planned Area Development on approximately 48 acres within the Quailwood Meadows PAD. The second is a request for approval of a Preliminary Development Plan. The project, which has yet to be formally named, is proposed…

By Bob Burns for Fountain Hills Times Developer Jeremy Hall, a principal with Phoenix Interests, LLC, is proposing a 400-unit luxury rental complex for a 60-acre site in Fountain Hills. Hall and his partner, Neil Ginsburg, held an open house for interested public at the Community Center on Monday, Feb. 25. Neighbors closest to the site received invitations to the event. The site for the Daybreak project is located on the hillside previously approved for a conference resort on Palisades Boulevard just north of Shea Boulevard. There will be entries to the site located where the existing road cuts off…

Sales Transactions 1. Five apartment deals around the Valley that recently closed totaled 1,103 units and $196.6M. They are: Avion on Legacy, 7340 E Legacy Blvd, Scottsdale – Simpson Housing sold the complex for $88.3M to Alante at the Islands, 2222 N. McQueen Rd, Chandler – B. Bell Cos. sold the complex for $59.6M to CWS Capital Partners. Bell Tower, 17216 N. 33rd, Phoenix – Simone AZ sold the complex for $26.3M to KA Capital. Tuscano Village, 6816 W. Bethany Home Rd., Glendale – Ramana Korada and Greg Butcher sold the complex for $11.64M to Randy and Sarah Jo Lawrence. South…

By Tasha Anderson for AZBEX After the long-awaited $230M renovation plan for the Talking Stick Resort Arena passed with a 6-2 City Council vote on January 23rd, the City of Phoenix and Phoenix Area Development Limited Partnership (PADLP) wasted no time in issuing the Requests for Qualifications to get the ball rolling. The Arena, located at 201 East Jefferson Street in Downtown Phoenix, is home to the Phoenix Suns and the Phoenix Mercury and hosts more than 40 million guests. The Arena is in need of repair as the building’s infrastructure is approaching 30 years old. “Basic plumbing, electrical, the…