Author: BEX Staff

Banner Health will soon begin construction on a new, comprehensive medical center in the Southeast Valley. While Banner Health is a leading health care provider in the broader Southeast Valley, this will be the first Chandler hospital for the non-profit health care system. The four-story, 240KSF hospital will be located on the southeast corner of Alma School Road and Loop 202 Santan Freeway. It will be adjacent to the existing Banner Health Center in Chandler, and will help fulfill the healthcare needs of area residents, including those who reside in Ahwatukee, Chandler and Gilbert. The Southeast Valley is one of…

By Tasha Anderson for Arizona Builder’s Exchange Metro Phoenix is seeing an influx of office and industrial space, and tenant demand for ready and available space is allowing for more opportunity in the market. According to a recent study released by CBRE Group, Inc. and referenced by Phoenix Business Journal, Chandler and Tempe alone “compose 83 percent (2.5MSF) of the office space under construction throughout the Valley, with 3.1MSF being built in total throughout metro Phoenix.” This was the topic of discussion on Thursday as a sold-out crowd gathered at the DoubleTree by Hilton for the latest AZBEX Leading Market…

Sales Transactions 1. Sunbelt Land Holdings LP was the successful bidder on just over 93 acres of land located South and West of the SW corner of 19th Ave. & Bell. 2. HFF announced $17.3M in financing for Spring Meadow, a 271-unit apartment community in Glendale. The HFF team worked on behalf of Western Wealth Capital, which acquired the property on behalf of the borrower, an MDC Realty Advisors USA, Inc.-managed fund, to secure the five-year, floating-rate loan through a national bank. 3. Cushman & Wakefield completed the sale of Kinsey Ridge, located at 1718 N. Fort Valley Road in…

By Rebekah Morris for Arizona Builder’s Exchange Last month the Red for Ed budget bill caught the local building industry completely off-guard when it included a last-minute amendment that has far-reaching impacts on public K12 procurements. (AZBEX, May 8th) This week I had the opportunity to sit down with the Speaker of the Arizona House of Representatives, JD Mesnard to discuss the impacts and origins of the amendment. He explained that the amendment, and the legislative arm in general, are very reactionary bodies, stating “There is a growing sentiment among legislators that the egregious procurement violations by Scottsdale (Unified School…

By Roland Murphy for Arizona Builder’s Exchange Three recent reports show the economy is buzzing right along, but more frequent concerns are being expressed. The first, a Nelson J. Schwartz article published in the New York Times, pointed out the economy added 223,000 jobs in May – 33,000 more than experts had expected – to land at an employment of 3.8 percent, the lowest it has been since April, 2000. “It was the 92nd consecutive month of job creation,” Schwartz wrote. “Most economists expect the momentum to continue, but a deeper drop in the unemployment rate or a big bump…

Company News CBRE Group, Inc. launched Spacer, a free workplace planning product to help companies apply best-in-class workplace trends to their office layout. Targeting companies with 15-300 employees, the technology recommends customized office workspace specifications designed to help organizations enhance their company culture, drive productivity and creativity and attract and retain the best talent. 2. Earthworks Environmental LLC plans to expand its operations to more than 16 states from the Southwest to the Midwest to the Mid-Atlantic. To brace for the growth, Travis Fern has been promoted to Director of Compliance and Brendan Haugh to Director of Training and development. Recently, Earthworks…

Groundbreakings Construction is kicking off on two major parks projects in Gilbert. The town held its groundbreaking ceremony for the 272-acre Gilbert Regional Park on May 29 and will hold another groundbreaking for Rittenhouse District Park, located on the east side of Power and Pecos Roads, on June 13. Both parks are set to open in 2019. Progress Reports 2. On Thursday, June 7, ADOT crews began placing 45,000-pound girders on bridge piers that will form the deck of the SR 87 bridge. The work is part of a project to create a new interchange at Interstate 10 and State…

By Jessica Boehm for The Arizona Republic Phoenix is inching closer to a grand revamp of Margaret T. Hance Park, which sits atop Interstate 10’s Deck Park Tunnel in downtown Phoenix. Hance Park is home to Burton Barr Library, the Japanese Friendship Garden, the Irish Cultural Center and McClelland Irish Library, and the Phoenix Center for the Arts. It has played host to major events like the McDowell Mountain Music Festival and the March Madness Music Festival. But many believe the park has yet to reach its full potential. Outside of major events, the park is underutilized. For years, Phoenix and community organizations have tried…

By Gabriela Rico for Arizona Daily Star The developer of the Benedictine Monastery site has agreed to lower the height of the tallest proposed apartment buildings by 19 feet, protect the structure as a historic landmark and preserve a beloved avocado tree on the grounds. But the gesture may not be enough for some who want the entire site – orchards, walking paths and quiet spaces – spared from development after the Tucson City Council’s intervention last month to begin the process of historic designation for the monastery. The 6-acre site, at 800 N. Country Club Road, was bought by…

Sales Transactions 1. CBRE has brokered the $75.1M sale of Galleria Palms, a 424-unit, garden-style multifamily community in Tempe, Arizona. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE Multifamily Institutional Properties in Phoenix represented the seller, an institutional investor on behalf of a separate fund client. The buyer was a joint venture between TruAmerica Multifamily and funds managed by Oaktree Capital Management, L.P. 2. Maracay Homes is paying $44.1M for 160.39 acres of land at the NWC of Chandler Heights and Val Vista Roads in Gilbert, with plans to develop a master-planned community that will include 332…