Author: BEX Staff

1. Cushman & Wakefield Senior Housing Capital Markets, acting as exclusive advisor to San Diego-based West Partners, has arranged the sale of the West Living Portfolio, a collection of nine top-quality senior housing communities located in the Western U.S. The Portfolio consists of approximately 1,200 units with property locations in California, Washington and Arizona. The portfolio was acquired for $382M. The buyer, MBK Senior Living, is a leading national operator of senior housing communities based in Irvine, California. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Aaron Rosenzweig, Sam Dylag and Alex Petrosian. 2.…

By AZBEX Staff for Arizona Builder’s Exchange Under a $120M joint venture announced earlier this week, Banner Health and Select Medical will start construction this year on three new acute inpatient rehabilitation hospitals. The buildings are targeted for completion in 2019, according to Banner’s press release. The venture will, “…combine operations of more than 38 physical therapy centers in Arizona and four acute inpatient rehabilitation hospitals located in Phoenix. Banner Health will be the majority owner; Select Medical will serve as managing partner,” according to the announcement. The four inpatient rehabilitation hospitals that will include physical therapy units under the…

By Richard Sarkis for Reonomy Despite a recent resurgence in form – their 93-69 record was good enough for fifth-best in the Majors last year – the Arizona Diamondbacks have struggled to fill seats at Chase Field. During the D-back’s 81 home games in the 2017 season, average attendance stood at a meager 26,350, just 54.2 percent of capacity – fifth-worst in the Majors. Similar struggles this season – the D-backs are filling 53.1 percent of seats, on average, through 32 home games – have team executives itching to downsize, a move that became a very real option in the wake of a…

By Corina Vanek for Phoenix Business Journal Developers of a proposed mixed-use project on the border of Phoenix and Scottsdale were asked to forgo density and add parking after the Paradise Valley Village Planning Committee recommended approval of the project with conditions in response to input from the community. (AZBEX, May 1) The development, which is proposed by DMB and Circle Road Cos., is planned to contain approximately 170 multifamily residential dwelling units, 210 hotel rooms and other commercial uses on 1.93 acres along Scottsdale Road north of Kierland Boulevard. The developer’s original proposal contained 272 residential units, but the committee recommended…

By Roland Murphy for Arizona Builder’s Exchange Originally developed in 1981, the 22-parcel, 68-acre Foothills Mall in unincorporated Pima County will undergo a massive renovation and restoration as a multi-modal live/work/play destination under an ambitious master plan submitted to the county’s Development Services Department last month by owners FHM Partners, LLC. According to the proposal’s introduction, “Across the country, urban and suburban shopping malls are evolving to create new environments. Consumer interaction with bricks and mortar stores is changing with the increase in online sales activity over the last 5-10 years. This change in behavior and move away from outdated…

Awards & Accolades 1. The 2018 edition of Ranking Arizona released their Top 10 residential real estate and boutique commercial architectural firms in Arizona. They are: Candelaria Design Associates Drewett Works Architecture Studio KZ Architecture & Interior Design Tsontakis Architecture Urban Design Associates Douglas Fredrickson Architects Clint Miller Architect Poetzl architecture + design PHX Architecture Swaback Partners 2. Jokake Construction Services has been named ENR Southwest’s 2018 Contractor of the Year, with a 200 percent revenue increase from 2013 to 2017. 3. Jared Malone, a project architect with Associated Architects, recently earned his license as a Registered Architect. He has…

Groundbreakings 1. Grading has begun on the 467-unit Carefree Crossings self-storage facility at 7th Street and Carefree Highway. 2. Construction is underway on a new Abrazo Community Health Network microhospital in Mesa, extending the network’s footprint into the East Valley. The facility is expected to open in Spring 2019. General contractor for the hospital is Adolfson & Peterson Construction; the facility was designed by E4H Architects. 3. Arizona Department of Transportation crews have begun work on a construction project to enhance safety along US 70 in east-central Arizona. Construction started this week on a westbound passing lane near Peridot, a community…

By John S. Wolfe for SanTan Sun News The old dirt square across Arizona Avenue from Chandler City Hall will soon be New Square. Developer Spike Lawrence shared his company’s plans for the gravel parking lot behind Saba’s and Bourbon Jack’s at a recent community meeting. The project, named New Square, will comprise four different buildings, plus a small park and community stage. Phase One of the project, which will get under way in August, will be a 50KSF, three-story office building at the NWC of Arizona Avenue and Chicago Street and a one-story building along Arizona Avenue, across the…

By Roland Murphy for Arizona Builder’s Exchange ARC Holdings is requesting a zoning change and plan approval from the City of Scottsdale to create Museum Square, a high-end mixed-use master plan development south of Main Street and between the Museum of the West, Stagebrush Theatre and Scottsdale Artist’s School. Anchoring the proposal will be a four-star Museum Square hotel, which will focus on the museum’s collections and “provide opportunities to reinforce special events, programs, exhibits and gallery tours.” Augmenting the hotel and museum will be a community-oriented cultural park for outdoor events and activities. According to the proposal filed with…

Sales Transactions 1. Phoenix-based Grand Canyon Education Inc. sold its Grand Canyon University for $853.1M. The sale of GCU was to a third company, the nonprofit Gazelle University, created specifically by Grand Canyon Education to spin off GCU. 2. As part of a three property arrangement, NexMetro recently sold Avilla Grace: 2121 N. Grace Blvd., Chandler, for $45M. The buyer was an entity of Illinois-based The Inland Real Estate Group of Companies, Inc. 3. Institutional Property Advisors sold the 224-unit Adobe Ridge multifamily property in Phoenix for $41M. Aukum Group bought the complex. 4. JLL’s Capital Markets experts announced the sale of the…