Author: BEX Staff

By Adrienne St. Clair for Arizona Builder’s Exchange Stockdale Capital Partners has requested an update to a proposal previously approved by the City of Scottsdale to build a modern office building on the SEC of Scottsdale Road and Shoeman Lane. The project plan was originally approved in 2016 and billed as the Shoeman Office Building. Since the initial approval, the developer researched the market and decided to update the proposal, according to city documents. The new project, now called the Marquee, adds two floors to the old design. The rest of the design remains relatively unchanged. (AZBEX, June 3, 2016)…

Sales Transactions 1. CBRE arranged the sale of a four-building, 220KSF Class A industrial park located at 22275-23365 N. 23rd Ave in Phoenix. Corridors Industrial, LLC, a joint venture between Trammell Crow Company and Principal Global Investors, sold the property to AEW Capital Management for $29.55M. Darla Longo, Rebecca Perlmutter and Brett Hartzell with CBRE National Partners, along with Cooper Fratt, Mitch Stravitz and John Werstler of CBRE’s Phoenix office, represented the seller. 2. Cushman & Wakefield announced that Libitzky Property Companies purchased Corridors Phoenix, located at 1925, 2001, 2075 and 2095 W. Pinnacle Peak Road in Phoenix, from Adler Realty Investments for $21.17M.…

By Adrienne St. Clair for Arizona Builder’s Exchange AMD Global, LLC and MSW Development have submitted a rezoning request to the City of Tucson to build a micro-hospital on the SWC of Broadway and Rosemont boulevards. The new AMD Global Micro-Hospital will be 2 stories, standing at a height of 30 feet, and providing approximately 64KSF of space. The project is valued at about $35M. According to project documents, the hospital will be a 24-hour operation and “will be developed, owned and operated by AMD Global in partnership with 7 local physician offices.” It will provide for most medical services…

By Roland Murphy for Arizona Builder’s Exchange Arizona’s seasonally adjusted unemployment rate dipped in July from at 4.7 percent to 4.6 percent, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate dropped from 4.0 to 3.9. Twelve months ago, the state had a seasonally adjusted rate of 4.7 percent, and the national was at 4.3. The state had a net loss of 17,500 non-farm jobs over the month. With a gain of 800, Construction led the three of 11 sections tracked that showed gains. Manufacturing gained 700. Trade, Transportation & Utilities was up…

Giving Back 1. East Valley Institute of Technology reached out to the Arizona Rock Products Association for help resolving challenges with the access road between the main campus and the newly refurbished culinary building before the start of the next school year. ARPA member Vulcan Materials Company volunteered, donating asphalt and trucking services to have the dirt path paved and turned into a safer access road. Awards & Accolades 2. Sundt Construction, Inc. ranks No. 68 on the National Center for Employee Ownership’s Top 100 largest majority employee-owned company list. In 1972, Sundt established an Employee Stock Ownership Plan. Today, the company is…

Awards & Acolades 1. The completed extension of Edison Road in Maricopa has won the Public Works Project of the Year award from the Arizona chapter of the American Public Works Association. Groundbreakings 2. The Pine Canyon master-planned golf course and residential community in Flagstaff has broken ground on Mountain Vista, its newest residential option offering luxury condominium living. Progress Reports 3. Queen Creek Unified School District’s board voted to name its newest school Eastmark High. The 154KSF school is scheduled to open for the 2019-20 school year. 4. As part of its development process, The Standard in Flagstaff will…

By Roland Murphy for Arizona Builder’s Exchange JDM and Best Western, Inc. have submitted a joint proposal to the City of Phoenix to redevelop their properties at the NEC of 24th Street and Arizona Biltmore Circle into a modern mixed-use development in keeping with the area’s ongoing resurgence. The location is slightly more than one mile from 24th Street and Camelback Road, which was one of Urban Land Institute’s “10 Hottest Intersections in Phoenix” last year. (AZBEX, Sept. 15, 2017) JDM will redevelop its property with a roughly 215KSF office development that includes a retail component, a hotel or an…

By Adrienne St. Clair for Arizona Builder’s Exchange Grand Canyon University has submitted a rezoning request to the City of Phoenix to build a five-story parking garage on the NEC of 31st Avenue and Camelback Road in Phoenix. The structure is meant to alleviate anticipated parking needs in the area for GCU students and other campus events. It will also “provide additional parking to support student housing within the larger Grand Canyon University campus,” stated the submitted proposal. The parking garage will support approximately 1,928 vehicles and will be open and made of pre-cast concrete. It will stand on just…

Sales Transactions 1.  The Blackstone Group LP paid $311M for six apartment properties across metro Phoenix. Blackstone has bought more than $1B in Phoenix-area properties in 2018. The latest purchase of 1,751 apartment units from a fund managed by DRA Advisors and joint venture partner The Milestone Group Inc. was for these properties: Finisterra, Tempe, $63.23M; Lumiere Chandler, $45.3M; Residences at Stadium Village, Surprise, $67.8M; Sierra Canyon, Glendale, $41.9M; Sierra Foothills, Phoenix, $57.2M; Waterford at Peoria, Peoria, $35.2M. 2.  National real estate investor and operator Waterton announced it acquired Element Deer Valley, a 629-unit community at 19940 N. 23rd Avenue in Phoenix. Though not officially released,…

By Roland Murphy for Arizona Builder’s Exchange Institutional investors are actively seeking multifamily opportunities in the Phoenix area, and that trend shows no sign of slowing down in the near term, according to the “ABInsight Phoenix MSA 2Q 2018” market report published this week by ABI Multifamily. In the report, ABI Director of Research Thomas M. Brophy extensively catalogs a host of economic data to support his view on the strength of the area’s multifamily market. Gross Domestic Product was recently reported at 4.1 percent. Inflation is just slightly more than 2 percent. National unemployment is 4 percent (4.7 in…