Author: BEX Staff

Sales Transactions 1. Sumitomo Corporation of Americas purchased the Collier Center, a 24-story, 578KSF commercial complex located in downtown Phoenix. Eastdil Secured brokered the deal for an undisclosed amount. 2. JLL Income Property Trust has bought the Chandler Distribution Center, a 211KSF industrial complex near Loop 202 and Germann Rd, for $31M from Minnesota-based Meritex. 3. Townline Homes purchased 2600 Tower, a 323K+SF, 20-story office tower at 2600 N. Central Ave, Phoenix, for $30.75M. Mindy Korth with Colliers International represented both seller, Alder Realty Investments, and buyer. 4. Richmond American and Meritage Homes purchase a total of 128 lots at…

By Rebekah Morris for AZBEX The Arizona Planning Association hosted a two panel, half-day symposium discussing housing in Arizona on Thursday, November 21st, 2019. The aim of the event was to encourage dialogue about the state of housing in Arizona and potential solutions to creating a diverse mix of all forms of housing that are attainable to all who want to reside here. First Panel-Trends and Policies Ambika Adhikari, AICP-City of Tempe Principal Planner, Long Range Community Development Maria Laughner, Economic Development Program Manager Mike James, AICP-Civtech, Transportation Planning Director Meagan Ehlenz-Arizona State University, Assistant Professor School of Geographical Sciences…

By Melissa Rosequist for Independent Newsmedia A project seeking to redevelop a multifamily residential area in the heart of Scottsdale has been met with overwhelming, unanimous approval by city officials. On December 3rd, the Scottsdale City Council voted 7-0 to approve a major General Plan amendment to construct mixed-use development, Gentry on the Green, upon 41.5 acres. The request is for a four-story development project comprised of five buildings, and additional buildings with up to 156KSF of commercial floor area and up to 1,864 dwelling units to be built over two phases, replacing two 1970s-era apartment complexes. The owner of…

By Steve Burks for AZ Big Media Since 2015, 49 California companies have chosen to set up shop in Arizona, a remarkable number. Well, recently, that number jumped to 50, as H.E.R.O.S. Inc., an industry leader in repairing and overhauling helicopter engines, announced it was moving its headquarters from Santa Clarita, Calif. to Chandler. The company will occupy nearly 19KSF of industrial space at 10 Chandler, located at 560 N. 54th Street. H.E.R.O.S. Inc. plans to create 25 new jobs in the Chandler community and expects to be fully operational by the winter of 2019. This economic “Win” for Arizona…

Source: AZ Big Media At a time when millennials are reaching key life milestones, the U.S. housing market will continue to slow in 2020 as inventory reaches historic lows and economic uncertainty prompts consumers to pull back on their spending, according to the realtor.com 2020 Housing Forecast released. The housing forecast predicts that despite some relief from new construction, moderating home prices and relatively low interest rates, first-time buyers will continue to struggle with affordability. Sellers will contend with flattening price growth and slowing activity. These trends will drive existing home sales down 1.8 percent to 5.23M. What Will 2020…

By Kelsi Maree Borland for GlobeSt.com The Phoenix industrial market has found its perfect balance. The market has one of the most active new construction pipelines in the nation for industrial product, but the development isn’t in danger of surpassing demand. “The most remarkable factor of the Phoenix Industrial Market has been consistency,” Cooper Fratt, SVP at CBRE, tells GlobeSt.com. “Each year, beginning in 2016, Phoenix has seen between 9.5MSF and 10MSF of annual net absorption and between 17MSF and 18MSF of annual gross absorption. This trend has held true through the first three quarters of 2019 and we expect…

Groundbreakings 1. Sigma Contracting, Inc. broke ground on the iconic Papago Plaza in Scottsdale for up to 88KSF in new retail and office buildings and a 120KSF parking garage. Sigma’s portion of the project is valued at $11M-$16M and will consist of the complete demolition of the original Papago Plaza. The architect of record is Nelsen Partners. Notable subcontractors include Atwell Demolition (building and site demolition) and Coreslab (precast for the parking garage). 2. Capstone Development Partners announced a new student housing project under development with Arizona State University on its Polytechnic campus. The $34.2M project is scheduled to be…

By Tasha Anderson for AZBEX National real estate development firm, Alliance Residential Company has submitted plans to the City of Phoenix for a new multifamily residential development just east of the NEC of Camelback Road and 7th Avenue. Alliance is requesting a rezoning of the 4.35-acre site at 502 W. Camelback Road, from “Intermediate Commercial District with a height waiver and density waiver, Interim Transit Oriented Zoning Overlay District One” to “Walkable Urban Code, Transect 5:5 District, Transit Uptown Character Area”. The site currently houses the former Hotel 502 on Camelback building, which is expected to be demolished to make…

By Ron Eland for Sedona Red Rock News It was another unanimous vote by Yavapai County officials. On Wednesday, November 20th, the Yavapai County Board of Supervisors voted 5-0 to approve a zone map change for a proposed 154-room Hilton Garden Inn at the intersection of Jacks Canyon Road and State Route 179 in the Village of Oak Creek. The decision comes on the heels of the Yavapai County Planning and Zoning Commission’s 10-0 vote on June 20 in favor of recommending a zone change approval to the supervisors. Prior to the vote, District 2 Supervisor Tom Thurman said even…

By Richard Dyer for Queen Creek Independent A total of 13 road-construction projects are planned in the Town of Queen Creek in 2020, with three starting before the end of 2019. The 10 projects that will begin construction in 2020 are: Signal Butte Road and Queen Creek Road Intersection Queen Creek Road, Ellsworth Road to Crismon Road Ocotillo Road, Signal Butte Road to Ironwood Road Ocotillo Road, Hawes Road to Sossaman Road Chandler Heights Road, Via Del Arroyo to Power Road Chandler Heights Road, Power Road to Recker Road Power Road, Brooks Farm Road to Power Road Munoz Street, Ellsworth…