Author: BEX Staff

Sales Transactions 1. Optima Sonoran Village near the Scottsdale Waterfront has sold for a record $210.4M. The complex on Camelback Road and 68th Street across from Scottsdale Fashion Square, was purchased by Des Moines-based Principal Real Estate. 2. CBRE has arranged the sale of BMO Tower at Central Arts Plaza, a 486KSF, 24-story Class A high-rise office building in Phoenix. The owners, a joint venture between McCarthy Cook & Co. and Morgan Stanley Real Estate Investing, sold the property, along with an adjacent 1.94-acre parcel, for $80.7M. Barry Gabel and Chris Marchildon with CBRE Capital Markets in Phoenix, and Todd Tydlaska and Sean Sullivan…

By Roland Murphy for Arizona Builder’s Exchange Phoenix’s Planning and Development Department is considering a pair of proposals from subsidiaries of Catholic Charities Community Services of Arizona to build low-income apartment developments near 19th Avenue and Camelback. Manzanita Village is proposed for 72 veteran- and family-targeted units on a 0.77 gross acre site south of the SEC of 19th Avenue and Colter Street. Mesquite Terrace, to the south of Manzanita Village, will put in place 80 senior-focused units on 0.85 acres. A 2017 report by the National Low Income Housing Coalition identified a significant lack of available affordable housing units…

By Jane Stewart for Arizona Builder’s Exchange Onelife Development, LLC, is looking to develop a parcel at the SWC of 32nd Street and Cheryl Drive as Shadow Mountain Memory Care, a 38KSF, 72-bed assisted living facility. The space lies within Phoenix’s Paradise Valley Village and Council District 3. The parcel is owned by Exaltation of the Holy Cross Orthodox Church, which currently sits on the property. Last November, Applicant/Developer Zack Falk with Onelife submitted the request to rezone the site from R1-10 to Planned Unit Development. The center’s design is “comprised of four wings each acting as a small neighborhood,”…

By Roland Murphy for Arizona Builder’s Exchange Irgens has submitted preliminary plans to develop a 48.8KSF speculative office building on 2.4 acres in north Scottsdale’s Perimeter Center Commons business park, 17300 N. Perimeter Drive. The move comes after the company last month sold a prior 43KSF Class A project on 6.54 acres at 17200 to Wan Hai Lines Ltd. for $10.35M. The deal allowed Irgens to retain the 2.4 acres for the current project. 17 Three Hundred will be a multi-tenant, two-story building of tilt-wall concrete. The floor plates will allow for tenant-configurable open space plans. A key feature of…

Groundbreakings 1. Irwin G. Pasternack AIA + Associates PC and Pasternack Properties recently broke ground on TEN Distribution Center 1, a Class A industrial building representing the first 1.1MSF in the planned $300M, more than 3.6MSF TEN Distribution Center industrial park on 83rd Avenue near the confluence of Interstate 10 and the Loop 101 in Phoenix. Irwin Pasternack serves as the property owner, architect and developer. 2. Maricopa Integrated Health System and the City of Peoria celebrated the groundbreaking of the new West Valley Primary and Specialty Care Center. When complete, the facility will address the health needs of the rapidly growing West Valley with a…

Awards & Accolades 1. The Pima County Small Business Commission has announced the winners of the Small Business of the Year Awards. They are Rural: Miura Contracting, Urban: Kool Air Industries, LLC, and Nonprofit: Pima Community College Small Business Development Center. Company News 2. With more than 20 years of commercial real estate industry expertise in property management, leasing, and project management, Jennifer Prior has launched her own company, PRE Consulting. The company will provide short-term solutions as well as full-service property management for CRE firms. 3. SoftBank Group led a Series D investment of $865M for Menlo Park-based Katerra Inc.,…

By Anne Ryman for The Arizona Republic Arizona State University unveiled preliminary plans last week for a $160M renovation of Wells Fargo Arena with an adjacent indoor sports complex to house men’s hockey, wrestling and gymnastics. The plans were reviewed by the Arizona Board of Regents Business and Finance Committee, and members voted unanimously to send the plans to the full board for approval in February. About half of the $160M would go toward renovating Wells Fargo Arena and the other half on the new hockey venue, which will be right next door on what is now parking spaces. ASU officials…

By Roland Murphy for Arizona Builder’s Exchange Cushman & Wakefield last week issued their Q4 2017 Metro Phoenix MarketBeat reports for Industrial, Office and Retail, noting high degrees of activity across all three sectors. Industrial Industrial posted an overall vacancy rate of 7.9 percent for the quarter. Twelve of the 17 submarkets showed positive absorption for the quarter and the year as a whole. Only Tempe had more than 100KSF of negative absorption for the year. Southwest Phoenix had the highest occupancy growth for the year at 8 percent. In Q4, Metro Phoenix absorbed a total of 2.74MSF, with distribution…

By Roland Murphy for Arizona Builder’s Exchange Four commercial real estate and development leaders gave their predictions for what lies ahead in 2018 at Valley Partnership’s Friday Morning Breakfast program, Jan. 26. Following a brief address by Republican U.S. Senate candidate, and current congressional representative, Martha McSally, moderator Mark Detmer, managing director of JLL, introduced the morning’s panel: Chris Anderson, managing director of Hines Development; Rick Butler, principal of Butler Design Group; and Paul Engler, senior VP of Alliance Bank. Detmer started off by asking the group for their thoughts on the economy overall. Anderson went first, saying Arizona is…

Miscellaneous 1. The Fidelity National Title Agency | Camelback Lakes team announced it closed on Pima County Industrial Development Authority Education Facility Revenue Series 2017 Bonds for American Leadership Academy, Inc., in the aggregate amount of $192.2M. The Fidelity National Title Camelback Lakes office team comprises Diane Carpenter, Kristina Gooding, and Leo Sanchez. Sales Transactions 2. Institutional Property Advisors, a division of Marcus & Millichap announced the sale of Red Mountain Villas, a 768-unit apartment complex in Phoenix. The property is the sixth-largest multifamily asset in Arizona, and the $110M sales price is the second-largest for a single multifamily property in…