Author: BEX Staff

Giving Back 1. Danny Gumm, Operations Manager at Sundt Construction, has shaved his seven-year-old beard for charity. A GoFundMe campaign called “Shave it or Save it” where donors could cast a ‘save it’ or ‘shave it’ vote has raised $67K with an original goal of $50K. Which Sundt later matched for a total of over $129K to be donated to the Sundt Foundation. You can watch the event highlights here. Awards & Accolades 2. AZ Big Media has announced the list of CRE’s top producers of 2018. The full list is available here. 3. Denise Airheart, Maricopa’s economic development director…

Sales Transactions 1. Tides Equities recently purchased the Modern on the Rail, a 488-unit garden-style multifamily property at 1905 W. Las Palmaritas Drive, Phoenix, for $39.75M. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office secured the sale on behalf of the seller, Modern Residential Company. 2. CVG Properties purchased Verde Dimora, a 153-unit multifamily asset at Power and McKellips roads in Mesa, for $27M. Cliff David and Steve Gebing, senior managing directors for Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Western Wealth Capital, and procured…

By Tasha Anderson for AZBEX The City of Mesa wishes to transform 27 acres of city-owned land at the SWC of University and Mesa drives into a “vibrant and cohesive urban mixed-use project” and is requesting a partner to help with that vision. On May 6, the City of Mesa issued a Request for Qualifications for a developer to help redevelop the currently vacant Opportunity Zone site, also known as Transform 17. The conceptual masterplan for Transform 17, as recommended by Mesa City Council on March 21, shows “a significant amount of residential; dining and retail including a grocery store;…

Source: Cushman & Wakefield Eisenberg Company, a Phoenix-based development company, announced two new industrial projects delivering in the fourth quarter of 2019. The projects, Avondale 107th and Washington 83, are slated to start construction this quarter and will total a combined 533.5KSF. “We are excited to bring two first class projects online to meet the core needs of the industrial market,” said Jason Eisenberg, President of Development at Eisenberg Company. On behalf of Eisenberg Company, Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield negotiated the purchase of the land for the two developments in two separate transactions…

Groundbreakings 1. Hines Interests has begun construction on a 640-unit, 65.3KSF (NRA) self-storage facility at Priest Dr. and Warner Rd in Tempe. A second, 673-unit, 76KSF (NRA) facility set to be located at Dysart and Camelback Roads in Litchfield Park is expected to begin in June and be completed by the end of 2019. CubeSmart will manage both sites. 2. Two Goodyear hotels, Tru by Hilton and Springhill Suites by Marriott, recently broke ground and are expected to open in Spring 2020. The hotels, both located off of the I-10 and Bullard Ave, will have a combined 178 rooms. 3.…

By Tasha Anderson for AZBEX The Arizona Department of Transportation recently issued a Request for Qualifications related to the design and construction of the Interstate 10 Broadway Curve, I-17 (Split) to SR 202L Capital Improvement Project in Phoenix. The selected firm will enter into a public-private partnership Design-Build contract with ADOT. The project area consists of the I-10 from I-10/I-17 Interchange at milepost 149.5 to the Chandler Boulevard TI at milepost 160.1, including the Broadway Curve and certain portions of SR 143 and US 60. Some elements of the proposed $525M project are expected to include: Addition of general purpose…

By Adrian Skabelund for Arizona Daily Sun Voters shot down a proposition providing money to expand bus services in Flagstaff during the last election, but that hasn’t stopped staff at the Northern Arizona Intergovernmental Public Transportation Authority (NAIPTA) from looking at the future. Case in point, downtown Flagstaff might be seeing a more developed Mountain Line connection center after Flagstaff City Council gave the go-ahead to explore expanding the agency’s current site on Phoenix Avenue. Mountain Line has used the location as the agency’s hub since 2008 and every one of the agencies’ 10 bus routes runs through it. But…

Giving Back 1. Rosendin was announced recently as the new solar partner for Camp Colley, a summer adventure camp located on the Mogollon Rim in northern Arizona. As the camp’s solar partner, Rosendin will ensure that the camp and its facilities have consistent power to operate the camp. Awards & Accolades 2. The Novus Innovation District in Tempe was the focus of the three teams competing in the 2019 REIAC/Rockefeller Challenge. Capturing top honors at the 6th annual event was the Original Company for its project, Karsten. Other finalists and their projects were: Pari Passu Development, The Vector; and Hydra…

Sales Transactions 1. Continental Realty Advisors (CRA) has completed the sale of Courtney Village Apartments, a multifamily property in Phoenix, for $62.2M. Additional terms of the transaction were not released. 2. Trammell Crow Company purchased an 8.24-acre site at the SWC of Raintree Dr and 87th St in Scottsdale for $11.5M. Barry Gabel, Chris Marchildon, Will Mast and Mitchell Stravitz of CBRE represented the seller, Liberty Property Trust. 3. United Flea Markets recently purchased the 30-acre Tanque Verde Swap Meet at 4100 S. Palo Verde Rd, Tucson, for $7M. 4. Starcorp, LLC purchased two Carl’s Jr.’s for a total of…

By Rebekah Morris for AZBEX Construction activity in Arizona is projected to hit $14.8B in 2019. That was just one of the good pieces of news presented in the private development outlook presented by BEX Founder and President, Rebekah Morris at the fifth annual Private Development Summit on Tuesday. Population Growth and Employment and Housing, Oh My! An overview of three key macroeconomic figures reveals that Arizona, as a state, is now growing population at a rate of over 1.5 percent year over year, approximately 10 percent over the pre-recession peak for total employment, and at a comfortable and steady…