Author: BEX Staff

By Tasha Anderson for Arizona Builder’s Exchange The latest hot topic on the AZBEX Leading Market Series list was Senior and Assisted Living, and attendees gathered at the DoubleTree by Hilton Tempe on Thursday, November 1st, to gain insight into the market and how development is adapting to the needs of a generational shift. AZBEX President Rebekah Morris began the presentation by once again giving attendees a brief overview of the market with analytics taken from the AZBEX Database. “There are a ton of players in this space,” Morris began as she noted the top owners in the senior living…

By AZBEX Staff for Arizona Builder’s Exchange Nationwide Realty Investors announced late last week its master-planned $950M, 134-acre mixed-use office development near Hayden Road and Loop 101 in Scottsdale will be named Cavasson. According to a press announcement from The Arizona Commerce Authority, the first phase “will include several commercial office buildings including the new 460KSF regional headquarters building for Nationwide Insurance, multifamily apartments, a six-story parking structure, retail and restaurants, two hotel sites and significant infrastructure improvements.” The Authority cites Nationwide Realty Investors President and COO Brian J. Ellis with having made the announcement, quoting him as saying, “This…

Sales Transactions 1. The 188-unit Urban 188 apartments, 1601 West Camelback Road, Phoenix, sold for $17M. The NorthMarq Multifamily team of Bill Hahn, Trevor Koskovich, and Jesse Hudson represented both the seller, 1601 W. Camelback Rd. LLC, and the buyer, Urban 1601 Property LLC. 2. Tides Equities LLC has paid $55.5M for The Davenport, a 442-unit apartment complex at 4130 S. Mill Ave in Tempe — its largest acquisition in the Valley to date. Steven Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal. Abacus Capital Group Inc. was the seller. 3. The Best…

By Roland Murphy for Arizona Builder’s Exchange The Planning Center has submitted a proposal to the City of Casa Grande for the St. John the Baptist Orthodox Brotherhood and Holy Virgin Mary & St. Macarius Orthodox Sisterhood requesting a Conditional Use Permit to build a monastery facility with other associated uses on 80 gross acres along East Val Vista Boulevard east of I-10. The order wants to develop Holy Theotokos — two multi-phase monasteries on the currently vacant site. When completed, the associated uses would include “multiple chapels and sanctuaries, community centers, and residences for monks, nuns and families who…

By Adrienne St. Clair for Arizona Builder’s Exchange MAK Construction has submitted a rezoning request to the City of Phoenix to build a multifamily residential community at the NWC of 67th Avenue and Thomas Road. The new community, called 67 Thomas, will be built on a currently vacant property. The site is surrounded by single-family residences to the north and west and commercial properties to the south and east. According to the proposal, this new development will “contribute to a mix of housing types” in the area in order to support a wide range of lifestyles, as is one of…

Giving Back 1. Skanska announced it will once again participate as a founding sponsor of the Valley’s third Big Dig in the Desert event with the American Cancer Society. Skanska is sponsoring the “Kid’s Zone,” which will feature all types of kid-friendly activities, including Lego building, coloring and crafts. Awards & Accolades 2. East Valley CRE legend George Bliss was one of 28 honorees recently inducted into the Arizona Veterans Hall of Fame Class of 2018. Bliss, who served in the Air Force for 10 years, was chosen not only for honorably serving his country, but also for continuing to…

Giving Back 1. From 8 a.m. to noon Saturday, Nov. 3, Valley Partnership-led volunteers will build a park, garden, football field and playground for the Sunshine Acres Children’s Home. Groundbreakings 2. Construction has begun on the first phase of the New Square $57M mixed-use development in downtown Chandler. Phase I includes 50KSF of office space, a 110-room Hilton Garden Inn and 9KSF of restaurant space. 3. Work is underway following the issuance of a $26.5M building permit for a 200KSF office building to house GEICO’s new facility in Tucson. 4. ADM Group, Inc. announced groundbreakings on state-of-the-art gymnasium facilities at four…

By Adrienne St. Clair and Roland Murphy for Arizona Builder’s Exchange Architecture All & Associates has submitted a proposal to the City of Peoria on behalf of Dr. Satinder Purewal to build a behavioral health facility in the Trianna Park development. The new 24-hour inpatient Springdale Center will be a 43KSF one-story building, though it will feature two-stories in the entrance for an atrium and administrative offices. The building will have four wings that will consist of either 24 or 30 beds. At full capacity, the facility can house 108 patients. Plans also include a dementia facility. The 12.42-acre lot…

By Roland Murphy for Arizona Builder’s Exchange Last week the City of Phoenix released its second “Transportation 2050 Progress Report,” covering July 1, 2017-June 30, 2018. “The voter-approved T2050 plan continues to improve transportation in Phoenix through a continually improving transit system and new paving projects on our city’s busiest arterial streets,” said Mayor Thelda Williams, introducing the report. “The horizon for Phoenix’s transportation future is bright with new light rail projects ready to start, new asphalt smoothing the drive on even more busy streets, and our bus system advancing to fill in the grid.” In 2015, Phoenix voters approved…

Sales Transactions 1. Blackstone Real Estate Income Trust Inc. paid $11.65M to acquire student housing complex The District on 5th, a 208-unit complex at 550 N. Fifth Ave, Tucson. It has 764 beds for rent in models with one, two, three and four bedrooms. The purchase was part of a $1.2B buy Blackstone made of EdR Student Housing Portfolio in a joint venture with Greystar Real Estate Partners. 2. The Chase Tower in downtown Phoenix was sold for $107.5M, six months after it was bought at a trustee sale for $78.8M. According to Maricopa County Recorder documents, Viola Lordsmeer LP bought…