Author: BEX Staff

By Tasha Anderson for Arizona Builder’s Exchange If all goes according to plan, a run-down office plaza at 40th Street and McDowell will become the areas latest adaptive re-use renovation. Applicant, Earl, Curley & Lagarde, P.C., on behalf of developer, Real Estate and More LLC, is requesting a rezoning of an approximately +/- 1.91-acre site at the northwest corner of McDowell Road and 41st Place, from the current C-2 zoning district to Planned Unit Development, to allow for an adaptive re-use conversion of an existing five-story office development into 40 East, a mixed-use urban development. According to the PUD narrative…

By Roland Murphy for Arizona Builder’s Exchange We don’t have people to do the jobs. We won’t have them for quite a while, and it’s our fault. 160 people filled the ballroom at the Phoenix Country Club on May 18 to hear the somber message, but no one argued against it. A panel, moderated by Jordan Rose, Rose Law Group founder and president and consisting of Dan Haag, Sundt Construction senior VP and chief administration officer; Jackie Elliott, Central Arizona College president and CEO, and Mike Greenawalt, Rosendin Electric, senior VP of operations, gave the room an overview of the…

Sales Transactions 1. Institutional Property Advisors, a division of Marcus & Millichap, announces the sale of Alta Steelyard Lofts, a core Class “A” mid-rise, 301-unit multifamily property located Chandler. The property sold for $69.25M. 2. Cushman & Wakefield completed the sale of SanTan Village Marketplace, a premier destination center located in Gilbert. Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller. An entity formed by CP Retail Inc. of Santa Monica purchased the property for $51.4M. 3. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Valley View Apartments, a 304-unit multifamily asset in the Catalina…

By Roland Murphy for Arizona Builder’s Exchange Arizona’s seasonally adjusted unemployment rate was unchanged at 4.9 percent again in April, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate declined from 4.1 percent to 3.9. Twelve months ago, the state had a seasonally adjusted rate of 5.0 percent, and the national was at 4.4. The state had a net gain of 5,300 non-farm jobs over the month. The private sector gained 3,300. Nine of the 11 sectors tracked showed gains. Trade, Transportation & Utilities was the biggest loser, dropping 3,100. Construction in Arizona…

By Roland Murphy for Arizona Builder’s Exchange Attendees of the American Public Works Association Arizona Chapter luncheon on Weds., May 16, got a fast-paced and furiously detailed state of the public construction market overview and its impending changes from AZBEX Founder and Publisher Rebekah Morris. After reminding everyone that, while Capital Improvement Project plans are public documents, as internal planning guides they are not written for easy public consumption or understanding, she gave a quick overview of AZBEX’s research work in the area over the past seven years and of the state’s economy as it exists today. Even though the…

Awards & Accolades 1. Copperstate Development captured the top honor in the 5th Annual REIAC/Rockefeller Group Challenge, garnering $1,000 each for team members Robby Leonard, Cody Wolfe, Josh Rodriguez and Mohammed Almehaidib. Competing teams were comprised of graduating students from Arizona State University’s W. P. Carey School of Business, Masters of Real Estate Development. This year’s project was the 148-acre Arizona State University Thunderbird School of Global Management campus in Glendale. 2. azcentral.com and Republic Media (The Arizona Republic and azcental.com) have announced DP Electric has earned a spot on the list of 2018 Top Companies to Work for in Arizona. Company…

Groundbreakings 1. WingSpan Aviation Center will soon be breaking ground and starting construction on an 80KSF airplane hangar and office space development at the Chandler Municipal Airport. 2. Hines will soon break ground on Val Vista Self Storage, the first Class A self-storage facility in Gilbert, and plans to build three to five more a year in well-populated growing suburban areas with high incomes. Hines will develop the facilities and partner with professional self-storage operators to manage the portfolio. 3. Construction began this week on I.D.E.A. Tempe, a phased 1MSF project covering 18 acres along Rio Salado Parkway. It will…

By Gabriela Rico for Arizona Daily Star Residents eagerly awaiting the arrival of a planned Fry’s store near the rapidly growing Gladden Farms area in Marana will have to wait for another grocer. Kroger, Fry’s parent company, recently announced plans to scrap the planned store and will sell the 11-acre site on Tangerine and Lon Adams roads. Last year, Kroger announced plans to cut back on new stores by 35 percent and focus on remodels and digital sales. Competitors Kept Out In the last 16 months there have been 421 new home permits issued in and around Gladden Farms. Fry’s…

By Terrance Thornton for Paradise Valley Independent Earlier this year the SmokeTree Resort property at 7101 E. Lincoln Drive changed hands for a reported $10M, and new ownership is eying a new chapter for the boutique resort on the edge of paradise. The original resort, established in 1966, is now under the guise of a partnership between Phoenix-based Geneva Holdings and Scottsdale-based Ventana Hotels and Resorts. Paradise Valley Town Council is expected to begin municipal deliberations regarding the special use permit amendment application May 24. Paradise Valley Interim-Community Development Director Paul Michaud confirms internal review of the SUP amendment application…

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…