Author: BEX Staff

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…

By Adrienne St. Clair for Arizona Builder’s Exchange Mountain View Medical Center, LLC has submitted a proposal to the Town of Paradise Valley to redevelop the existing Mountain View Medical Center on the SEC of Tatum and Shea Boulevards into a new “competitive” healthcare complex The current medical center was built more than 30 years ago, and the surrounding area has since seen extensive renovation. With that in mind, the owners are determined to redevelop their 9.79-acre property in order to “maintain the Medical Center’s future viability, and its ability to attract premier providers to Paradise Valley.” Mountain View Medical…

By AZBEX Staff for Arizona Builder’s Exchange Contractor bids for the planned new 66.3KSF Superior Courthouse in Kingman are being solicited by Mohave County. According to an article in Mohave Valley Daily News, construction costs are projected between $18M-$19.7M. Build time is estimated at roughly two years. The report cited Superior Court Administrator Kip Anderson as saying bids are expected to be awarded by December and potentially going to supervisors for approval in January. The county contracted with Dick & Fritsche Design Group to plan the new facility. The design calls for a four-story structure to be built next to…

Awards & Accolades 1. Sundt Construction, Inc. employee-owners Eric Cylwik and Ryan Haines were honored as finalists for the Autodesk Innovation Award at the Associated General Contractors of America Centennial Celebration. The two won third place for their civil construction toolkit. 2. NAI Horizon received the NAI Global President’s Award for Major Market in recognition of its leadership, teamwork and performance. The award recognizes NAI offices that have demonstrated a commitment to the strategic vision of the enterprise by leading in action as evidenced by teamwork, leadership and/or business generation. 3. Christoph Lohr, a lead plumbing engineer for Henderson Engineers in Phoenix, was presented the…

Awards & Accolades 1. Achen-Gardner Construction’s Primus Line installation project at Thunderbird Road and the Loop 101 for the City of Peoria has won a 2018 Engineering Excellence Grand Award from the American Council of Engineering Companies of Arizona. Groundbreakings 2. True North Studio, LLC announced The Cambria Hotel in downtown Phoenix — Roosevelt Row Arts District — has started construction and is set to open in late 2019. The project is in collaboration with Choice Hotels International, Inc. 3. A six-month Arizona Department of Transportation project to replace the deck of the bridge over Interstate 10 at Pinal Air Park Road will…

By Tasha Anderson for Arizona Builder’s Exchange It’s October, which — in the world of public projects — means the Capital Improvement Plans are out for public viewing, and municipalities are planning for another fiscal year of new construction, expansion and maintenance. It’s also time for the third annual AZBEX Public Works Conference, where attendees gather to gain insight into the public sector and network with industry professionals. More than 200 attendees gathered at the DoubleTree by Hilton in Tempe on Thursday, October 18th, for an afternoon of looking into the current and future state of the public sector… and…

By Adrienne St. Clair for Arizona Builder’s Exchange Blue Water Group, LLC has submitted a project proposal to the City of Mesa to build a single-story manufacturing building on the SEC of Jasmine and 48th Streets. The project, called Project Jasmine, will be built on an 8.5-acre property located south of both McKellips Road and of Falcon Field Airport on 48th street, in the “Business Park” district of the city. It will be accessed from both the Loop 202 Freeway and Higley or Greenfield Roads. According to the meeting notice sent to area residents and property owners, the project owner…

  Sales Transactions 1. On behalf of Cohen Asset Management, Cushman & Wakefield announced the firm facilitated the sale of Iridium @ Price Road Corridor, a 69.8KSF building in Chandler. Bay Capital LLC purchased the fully leased asset for $16M. Will Strong led the Cushman & Wakefield Capital Markets team on the sale. 2. The Phoenix Kidder Mathews healthcare team announced the sale of 3271 N. Civic Center Plaza, a 16.9KSF medical office building in south Scottsdale for $3.4M. Michael Dupuy and Rachael Thompson negotiated the sale on behalf of owner 6 Turns, LLC, a subsidiary of SEBO Enterprises, LLC.…

By Adrienne St. Clair for Arizona Builder’s Exchange City of Mesa planners have approved a rezoning request from Khangura Development & BioCity Enterprises, LLC to build a major multi-use, campus-style assisted living development just south and east of the SEC of Crismon Road and Hampton Avenue. The proposal, submitted Oct. 1, was approved with conditions by the city’s planning department this week. The new development will be built in phases on a mostly vacant 20-acre (16.4 net acre) property and will incorporate “a mix of healthcare uses that will revolutionize the current model for aging in place.” It will include…

By Roland Murphy for Arizona Builder’s Exchange Arizona’s seasonally adjusted unemployment increased to 4.7 percent in September, up from 4.6 percent in July and August, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate dropped to 3.7 percent, down from 3.9 percent in August. Twelve months ago, the state had a seasonally adjusted rate of 4.7 percent, and the national was at 4.2. The state had a net gain of 35,400 non-farm jobs over the month. Government had the largest increase with 24,100. Construction gained 1,200. Of the 11 sectors tracked, nine had…