Author: BEX Staff

Sales Transactions 1. Alta Vista Communities of Tucson, an affiliate of Aerie Development, sold Avilla I & Avilla II luxury communities in Tucson for $42.3M ($231,169 per unit) for the aggregate 183 units. The transaction represents the highest per unit price with 40+ units in the Tucson metro area. Senior managing director, Art Wadlund and associate Clint Wadlund of the Tucson Berkadia office negotiated the transactions for the seller. The buyer was Phoenix-based Farnam Companies. 2. CBRE has completed the sale of the 428-unit Tanque Verde Apartment complex, located at 7671 E. Tanque Verde Road in Tucson, for $26.5M ($61,916 per unit). Michael Sandahl with CBRE’s Tucson…

Source: Phoenix Business Journal (A study session of the Mesa City Council recommended) 7-0 Monday to pick a new Class A development on 28.2 acres of city-owned land next to the Chicago Cubs Sloan Park. Lincoln Property Co. and the Boyer Co. had competing office developments for the land which is now city-owned soccer fields in the Riverview area near Rio Salado Parkway, Dobson Road and Loop 202. Council picked the Lincoln development – a 1.35MSF office project called The Union. It entails four new office buildings between four and eight stories. The buildings would range between 225KSF and 450KSF square feet each.…

By Roland Murphy for Arizona Builder’s Exchange It was another one for the books. Nearly 350 Arizona A/E/C and CRE professionals packed into the DoubleTree by Hilton Resort conference center May 9 for the latest Arizona Builder’s Exchange Private Development Summit to hear from leading industry experts about the state of the market. After an expansive buffet lunch, attendees were welcomed and greeted by AZBEX President/Owner/Chief, Rebekah Morris, who settled everyone in and geared attendees up for the coming onslaught of information, revelations and trends overview in the state’s private development sector. First up were “The Risk Takers,” an overview…

Groundbreakings 1. In partnership with Cadence Senior Living, Ryan Companies US, Inc. is designing, developing and building Azure Mesa, an upscale senior living community with an “age-in-place” model that will accommodate a total of 170 private pay, market-rate units. The joint-venture project will consist of 142 independent or assisted living units and 28 units devoted to memory care. Construction on the 183KSF project is now underway and expected to be complete in Summer 2019. Completions 2. Wadsworth Development Group in partnership with Accelerated Development Services held a ribbon cutting and grand opening ceremony at The Crossing at Sahuarita Shopping Center…

Awards & Accolades 1. The Arizona Association for Economic Development (AAED) has announced the recipients of its 2018 Economic Development Distinguished by Excellence (EDDE) Awards. The winners are: Jaye O’Donnell, assistant economic development director for the City of Mesa, Member of the Year. Dan Henderson, CEcD, economic development director for Gilbert, Ariz., Economic Developer of the Year, Large Community. Richard Wilkie, CEcD, AZED Pro, economic development director for the City of Casa Grande, Economic Developer of the Year, Medium Community. Wendy Bridges, AZED Pro, economic development coordinator for the City of Prescott, Economic Developer of the Year, Small Community. Lena Fowler,…

By Tasha Anderson for Arizona Builder’s Exchange The AZBEX Leading Market Series is back again with the hot topic this month being public-private partnerships. Around 30 attendees gathered at the DoubleTree by Hilton in Tempe on Thursday, May 3rd to gain some insight into the P3 market and, in general, the P3 process. “Public-private partnerships are not that popular in Arizona,” said AZBEX Owner Rebekah Morris as she kicked off the presentation by giving attendees a glance into the P3 market, as of the past two years, using information collected from the AZBEX Database. “We’re looking at the public entities…

By Roland Murphy for Arizona Builder’s Exchange Legislation signed by Governor Doug Ducey last week ended a statewide teacher walkout, increased teacher pay and promised increased funding for K12 education in Arizona. It also sent A/E/C professionals around the state into a tizzy because of one section that has, to date, received little to no attention: As of July 1, 2019, Alternate Project Delivery Methods for education procurement are to be scrapped, and all State Board of Education procurements for materials, services and construction will be required to be awarded on a lowest qualified bidder basis. Since the matter came…

Sales Transactions 1. The 40-story Chase Tower in downtown Phoenix recently was purchased by 201 North Central Avenue Property LLC, a joint venture between Wentworth Property Co. and Taconic Capital Advisors LP. An affiliate of that entity took title to the Chase building with a $78.8M bid at an April 13 trustee sale. The bid included a 1,900-space parking garage across the street from the tower. 2. HFF has announced a $63.5M refinancing for The Scottsdale Plaza Resort, a 404-room, full-service, independently owned and operated resort hotel in Scottsdale. HFF worked on behalf of the borrower, Scottsdale Plaza Resort, LLC, to place…

By Roland Murphy for Arizona Builder’s Exchange The “Decade of the Renter,” as the current state of housing has been called by ABI Multifamily Research Director Thomas Brophy, continues unabated. In the company’s Q1 2018 market analysis for the Phoenix MSA, he writes, “We are living through a tectonic demographic shift pushing us further and further into a more renter-centric society, which started in earnest in 2011/12…. I’ll make no assertions whether this shift is good or bad, but make no mistake that it is happening.” Brophy cites national estimates from the U.S. Census Bureau that rental households have increased…

By Roland Murphy for Arizona Builder’s Exchange The Town of Gilbert is considering a proposal to develop The Crossing at Cooley Station, a 408-unit gated multifamily luxury development on nearly 25 acres south of the NEC of Wade Drive and Williams Field Road. Whitneybell Perry Architects, on behalf of owner Frankel Family Trust, requested approvals for the development plans and details. The site – Cooley Station Parcel 3 – is zoned Multifamily Medium with a Planned Area Development Overlay. According to the Planning Commission staff report, “In the early 2000s, Cooley Station was envisioned and approved as a neo-traditional village…