Author: BEX Staff

By Gabriela Rico for Arizona Daily Star After more than seven years of discussions with and concessions to area stakeholders, local developers are moving forward with a project that will bring new apartments, office space and retail to Tucson’s Fourth Avenue and University Boulevard. The development, dubbed The Trinity, will sit on two sides of Trinity Presbyterian Church, 400 E. University Blvd., on excess land the church is selling. The first phase of the project will be construction of a three-story office building along University Boulevard, between the church and Time Market, said Randi Dorman, with R+R Develop. She and…

Source: Arizona Department of Transportation The votes are in and Arizonans have selected the winners of the Arizona Department of Transportation’s Safety Message Contest. After tallying more than 2,500 votes for the 15 safety message finalists, the winning messages are: BUCKLE UP BUTTERCUP ROAD RAGE GIVES YOU WRINKLES CAMPING IN THE LEFT LANE ATTRACTS BEARS “Buckle up, buttercup,” received the most votes and the other two tied for runner-up. All three messages will appear on overhead signs statewide through the weekend. “It was very heartening to see so many people engaging with safe-driving messages during the contest,” ADOT Director John…

Sales Transactions 1. Working on behalf of the Griffin Capital Essential Asset REIT, Griffin Capital Co. has acquired the McKesson Scottsdale Campus from Ryan Companies US Inc. for $67M. Cushman & Wakefield’s Chris Toci, Chad Littell, Greg Mayer and Jim Wilson represented the seller in the transaction. The deal was done with 1031 exchange proceeds from the disposition of DreamWorks Animation’s Headquarters and Studio Campus, which the REIT sold last November for $290M. 2. Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Met at Fashion Center, a three-building, 303-unit multi-housing investment property in Chandler,…

By Roland Murphy for Arizona Builder’s Exchange Arizona’s seasonally adjusted unemployment rate was unchanged 4.9 at percent in February and March, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate also remained steady at 4.1 percent. Twelve months ago, the state had a seasonally adjusted rate of 5.1 percent, and the national was at 4.5. The state had a net gain of 12,300 non-farm jobs over the month. The private sector gained 14,100. Eight of the 11 sectors tracked showed gains. Government was the biggest loser, dropping 1,800. Construction in Arizona gained 900.…

By Roland Murphy for Arizona Builder’s Exchange A nearly 60-year-old, 152-unit apartment complex near the gateway to the University of Arizona main campus in Tucson would make way for a residential/hospitality/retail mixed-use development under a proposal currently before the city Zoning Examiner. Property International submitted the request on behalf of property owners Shenkarow Realty Advisors and Palm Shadows Joint Venture to rezone the 2.5-acre site at the NWC of Campbell Avenue and Speedway Boulevard from R-3 & C1 to Planned Area Development. Located near UA, Arizona Health Sciences Center and Banner University Medical Center, the apartments and under-utilized site would…

Awards & Accolades 1. Jason Brown, a student of the Arizona Builders Alliance Electrical Apprenticeship Program, took home the silver medal in the Electrical: Commercial/Industrial competition at the Associated Builders and Contractors’ 31st annual National Craft Championships on March 22 in Long Beach, Calif. 2. Rosendin Electric, an employee owned company and one of the largest electrical contractors in the U.S., was honored with the 2018 Grand Award for Construction Safety Excellence at the 19th Annual Construction Safety Excellence Awards. Rosendin also received the first place award for Specialty Contractor over three million man-hours. 3. Rosendin Electric has been named a Silver ESOP Award winner by The ESOP…

Giving Back 1. Devereux is breaking ground next week on a therapeutic treatment facility that focused on youth under the age of 12 healing from severe abuse. The residential treatment center is on a 10-acre campus where youth live and attend school while receiving treatment for emotional, mental, behavioral and substance abuse challenges. Architectural Resource Team Inc. is the project architect and Delta Construction is the general contractor hired to replace and expand the 48-bed facility to accommodate up to 52 youth. Groundbreakings 2. Orbital ATK will hold a groundbreaking for its Chandler facility expansion on April 25. 3. For years, Yuma’s…

By Rebecca Spiess for Downtown Devil A bill amending the application of a controversial Arizona tax incentive has passed through the legislature and awaits Governor Doug Ducey’s signature. The measure, House Bill 2126, passed after it was heavily amended following a long negotiation process. The bill would change slum and blight definitions and specifications regarding the size of the city’s Central Business District. It would also require that slum and blight designations be renewed every 10 years. Additionally, the city would have to review its CBD by October 2020. These designations would directly affect the requirements of areas that qualify…

By Roland Murphy for Arizona Builder’s Exchange Four lots, three with existing uses and one vacant owned by the City of Tempe, are looking to combine into the area’s newest mixed-use proposal, if all goes according to plan. All told, the newest development will feature 55 workforce housing units as part of a Development and Disposition Agreement between Tempe and Gilbane Development Company. “Development Plan Review which includes: a five-story building with nine market rate apartments and 55 work force residences and a six-story and a seven-story building, with 327 student housing units and approximately 12KSF of restaurant and retail…

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…