Author: BEX Staff

Sales Transactions 1. Greystone announced it has provided a $35.8M Fannie Mae DUS loan for the acquisition of Aldea at Estrella Falls in Goodyear. The transaction was originated by Tim Thompson in Greystone’s San Francisco office, with Mark Paskill of Melvin Mark Capital Group acting as correspondent on the deal. Located in southwest Phoenix, Aldea at Estrella Falls comprises 328 apartments. 2. Half of the condominium units at the Timberline Place Condominiums were sold in a bulk sale for $18.75M. The 102 units were valued at $182K/unit, are mostly occupied by renters who are on leases, and will stay in…

By Roland Murphy for Arizona Builder’s Exchange JLL Project and Development Services recently released its U.S. and Canada Fit Out Guide: Office Cost Benchmarking Report, and Phoenix rates well compared to most other markets. For the purposes of the study, JLL assigned “fit out” guidelines as a space “in its second generation and will be provided by the landlord in a condition ready for tenant improvements.” To assemble the data, JLL looked at 2,800 project budgets in 59 markets across 17 industries. In 2017, the report states, approximately 69MSF of new office product was delivered to market in the U.S.…

Gilbert’s Planning Commission/Design Review Board is considering a proposal to develop an 87-unit congregate care facility on 2.6 acres at the SWC of Gilbert Road and Hackamore Avenue. The Bellazona Wellness Center is proposed as a two-story 58.8KSF facility intended to provide a variety of medical services, including memory care and short- and long-term rehabilitation services. According to the project overview, “The proposed development site is to be completed in a single phase and includes numerous common amenities available to patients, including outdoor garden spaces, activity rooms, barber/beauty salon, coffee and snack bar, quiet rooms, and indoor and outdoor dining…

Groundbreakings 1. The Eloy City Council approved a guaranteed maximum price of slightly more than $7.6M to build the new City Hall, and the project is scheduled for a groundbreaking ceremony April 19. Total budget is $9.9M, and the builder is CORE Construction of Phoenix. Completion is targeted for February. 2. The Salvation Army Metro Phoenix broke ground on the $3.5M Mike Michaels Activity Center. The center will serve multiple functions in providing an outlet for play for families as well as helping them with short- and long-term housing and economic goals. Progress Reports 3. After completing renovations and upgrades…

By Roland Murphy for Arizona Builder’s Exchange For most Arizonans, Spring means warmer temperatures, baseball and seasonal allergies as the desert starts coming into full bloom. For AZBEX, it means easing (we hope) back into a heavy Public Sector project focus as towns, counties, universities and state agencies start discussing and evaluating their upcoming five-year Capital Improvement Project plans. The past couple of weeks we saw a few stories trickle in from around the state. In starting to put today’s (April 3) issue together, there were four. The deluge is, apparently, starting. Rather than bombard our readers with stories from…

By Jane Stewart for Arizona Builder’s Exchange The City of Chandler may soon see a new light industrial development known as The Lotus Project. The concept, and a rezoning request, went before the City’s Planning and Zoning Commission for approval at its March 21st meeting. The project site is approximately 52.7 acres located at the SWC of Frye Road and Roosevelt Avenue, north of the Loop 202 Santan Freeway and west of Kyrene Road. The applicant, Sven Tustin with Conor Commercial Real Estate, made the request for “rezoning from Planned Area Development for Industrial to PAD (Light Industrial and General…

Sales Transactions 1. Colliers International negotiated the sale of the Summerhill Place apartments in Glendale for $19.8M. The “HSK Team” of Bill Hahn, Trevor Koskovich and Jesse Hudson of Colliers International in Phoenix represented the seller and secured the buyer, Maesag Properties, LLC. Trimark-Summerhill Place, LLC, an entity formed by Trimark Property Group, was the seller. 2. Lennar Corp. has made a $17.6M land purchase in Surprise at Grand Avenue near Loop 303 for 232 home sites in the Asante development. The seller was HE Capital Phase 1 Property LLC. Brokers in the transaction were Land Advisors Organization’s Ryan Semro,…

By Rofida Khairalla for Coolidge Examiner Saint Holdings, a Pinal County land holding corporation, has big plans for Coolidge. At Wednesday’s Chamber of Commerce luncheon, Matthew McCormick, VP of acquisitions for Saint Holdings LLC, presented on what the company hopes to bring to the expanding city. One future development would be on approximately 11,000 acres along the southern end of Coolidge, purchased from the city of Mesa over the course of two years. Known as the “Heritage Project,” the hub is to feature master-planned communities, educational areas, health care centers and even an agricultural community similar to Gilbert’s Agritopia. The…

By Roland Murphy for Arizona Builder’s Exchange When we broke the news last week that Project Wildcat, the hush-hush 2.3MSF project in initial planning for the Century Research Park/Port of Tucson was, in fact, for an Amazon fulfillment and distribution center, we knew a lot of other reporters were going to jump on the story and turn up new and interesting things beyond what we pulled out of the preliminary development documents. (AZBEX, March 20) We have already seen unusual things, and they promise to get stranger. First, another outlet picked up our story and did a rewrite, which we…

Awards & Accolades 1. Phoenix Business Journal has published its list of Top Valley Construction Projects Started in 2017. Taking the Number 1 spot is the Maricopa County Intake Transfer and Release Facility, with a total budget of $185M. Groundbreakings 2. The $10.5M, 122.5KSF Westech Business Center broke ground this week, marking the latest speculative industrial development to begin construction in the City of Chandler as it aims to attract more jobs and companies. Petsas Commercial, LLC is the owner/developer. 3. Arizona Department of Transportation is scheduled to begin a second Interstate 10 widening project in Pinal County in the…