Author: BEX Staff

Sales Transactions 1. CBRE announced the $31.15M sale of a 426-unit multifamily portfolio consisting of one- and two-bedroom casitas in 28 communities across the greater Tucson area. CBRE’s Tucson capital markets team comprised of brokerage, debt and equity and appraisal services all contributed to the transaction. The buyer, HZ One, LLC, a Tucson-based venture led by Chris Kemmerly, Marcel Dabdoub and Ike Isaacson, plans to brand the portfolio as San Xavier Casitas. 2. ABI Multifamily announced the $11.75M sale of the Del Sol Apartments in Glendale. Del Sol is a one- and two-story, garden-style apartment community that features 218 units…

Giving Back 1.CoreNet Global Arizona is taking part in a Habitat for Humanity Build Day on April 21 from 6:30 a.m. to 1 p.m. at the Kala Roy Home, 921 S. Montezuma St., in Phoenix and is looking for volunteers interested in participating. No construction experience is necessary. 2. The Scottsdale 20/30 Club is organizing the annual fundraiser for ‘Brokers for Kids’, an Olympiad event that makes up more than 70 residential and CRE teams. This year is about to break fundraising records from all the support in the valley. The event is Friday, April 13 at Scottsdale Stadium. Awards &…

By Roland Murphy for Arizona Builder’s Exchange Management consulting and investment banking term FMI, which is, “dedicated exclusively to engineering and construction, infrastructure and the built environment,” has released its, “Construction Outlook First Quarter Report,” and is forecasting a 7 percent increase in total construction and engineering spending across the U.S. in 2018. For comparison, 2017 ended the year with a 4 percent increase. The three major sectors leading the growth trend will be residential improvements at 12 percent, office at 9 percent and single-family residential at 7 percent. Commercial, Healthcare, Education, Public Safety, Amusement/Recreation, Transportation, and Communication are also…

By Rebekah Morris for Arizona Builder’s Exchange Go for a drive any Saturday morning through commercial construction hotspots like Downtown Tempe or between the 7s (Ave & St in Phoenix), and you’ll see crews racing through framing and other trades visible from the street. Market sectors from highways and transit to multifamily and industrial are seeing high levels of activity. Then why are companies like CSW Contractors, McGough, Turner Construction and Johnson Carlier seeing staff reductions? It’s complicated. Bad Deals Back East One day in last month CSW Contractors unexpectedly ceased operations, laying off approximately 200 people in the Phoenix…

Awards & Accolades 1. Phoenix Business Journal has published its list of Phoenix Area Luxury Apartments, ranked by unit count. Number 1 was Optima SonoranVillage in Scottsdale at 592. Groundbreakings 2. Medieval Times Dinner & Tournament broke ground on its Phoenix-area location at the Salt River Pima-Maricopa Indian Community’s Talking Stick Entertainment District. 3. The intersection of Piceno Drive and Cadena Avenue will be part of street improvements stated to begin this month in Plaza I, one of the oldest neighborhoods in San Luis. 4. Pilkington Commercial Company hosted a groundbreaking ceremony at the site of the future 30KSF MPW…

By Roland Murphy for Arizona Builder’s Exchange An intersection that could once only be (charitably) described as, “Gritty,” is the latest planned development spot spurred on by light rail and associated urban renewal projects. United Capital Partners, LLC and VIVO Development Partners are proposing to create the C17 luxury multifamily project on the SWC of 17th Avenue and Camelback Road. The proposal calls for 330 market rate units in a building with a 9.8KSF footprint. The luxury component will consist of six floors of residential over two levels of podium parking, 4KSF of ground floor gallery/retail and 30KSF of amenity…

By Tasha Anderson for Arizona Builder’s Exchange Last month, AZBEX began the Leading Market Series, a new monthly event that focuses on a specific market sector and brings in top owners for a panel discussion on what they have in the works. While higher education was the topic of choice for March, this time attendees gathered at the DoubleTree by Hilton on Thursday, April 5th for an update on the healthcare market. The presentation began with a brief glance into the state of the healthcare market as of the end of 2017, using information collected from the AZBEX Database. “Healthcare…

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…