Author: BEX Staff

Sales Transactions 1. Stonelake Capital Partners purchased two industrial buildings totaling more than 726KSF for $108M in Goodyear. CIM Group was the seller. The first building was purchased for $67M and is a 450KSF building located at 2250 S. Litchfield Road. The tenants are Meyer Burger Technology AG and NPSG Global. The second building at 1685 S. Litchfield Road sold for $41M. It is more than 276KSF and is leased by Meyer Burger. 2. The Praedium Group has paid $64M for The Livano Deer Valley, a 242-unit apartment community in Phoenix. Steve Gebing and Cliff David of Institutional Property Advisors,…

By Roland Murphy for AZBEX We come into every year planning the way forward with the best information we have available. We draw on past performance to indicate future behavior, check the current pace and direction, and then estimate what’s going to happen next. As with every progression over time, it’s a good idea to check the path you’re actually traveling against the roadmap you set out at the beginning. This week, more than 200 people signed up to see and hear where the Arizona construction market is headed and compare that to the projections BEX research produced in our…

By Associated Builders and Contractors Associated Builders and Contractors reported its Construction Backlog Indicator fell to 8.3 months in May, according to an ABC member survey conducted from May 20 to June 4. The reading is down 0.6 months from May 2023. Backlog declined on a monthly basis for every company size except those contractors with greater than $100M in annual revenues. On an annual basis, backlog is down for contractors of all sizes. ABC’s Construction Confidence Index readings for profit margins and staffing levels fell slightly in May, while the reading for sales improved. All three readings remain above…

By BEX Staff for AZBEX Developer Tony Mangat plans to open a luxury vehicle storage facility at the SEC of Glendale Avenue and New River Road in the next 12-18 months. According to local news reports, amenities at MG Storage Condos will include climate control, an 1,100SF clubhouse, a boat washing space and a dump station. The article identifies the design firm as RKAA and Campbell Development as the general contractor, with unit condo sales brokered by Davis Commercial AZ. The planned site on MG Storage Condos’ web page shows the clubhouse and six storage buildings with unit sizes of…

By BEX Staff for AZBEX Arizona may have ongoing concerns about its water supply, but a deluge of federal funding announcements has come out recently to ensure both the water, and the dollars, keep flowing. In a June 10 announcement, “Arizona Senators Mark Kelly and Kyrsten Sinema applauded funding they helped secure for three aging infrastructure projects totaling $12.445M.” The funds provided by the Bureau of Reclamation will go toward modernizing outdated water systems to strengthen long-term reliability. The projects and funding levels are: Glen Canyon Outlet Works: $8.945M; Bypass Drain O&M Access Road Repairs: $2.5M, and Deer Island Backwater…

Groundbreakings 1. Wood Partners’ Alta Dove Valley in north Phoenix started construction last month. Completion of the 380-unit community at 2725 W. Dove Valley Road is expected in 2026. Progress Reports 2. SDB Contracting Services reports ongoing progress with the civil construction portion of the 63-acre, eight-building Brickyards on Ellsworth industrial development in Mesa. General contractor FCL Builders engaged SDB to install a sewer, approximately 21’ deep. The project includes offsite and onsite infrastructure piping with two lift stations for stormwater. Completion is slated for early October. Completions 3. Liv Communities and Rockefeller Group announced the grand opening of Sol38…

Developer George Oliver Companies and private equity firm Ascentris have formed a joint venture to purchase and redevelop a 162.2KSF office building at 4141 N. Scottsdale Road in Old Town. The companies paid $26.05M in a deal that closed June 6. Seller Palisades Capital Realty Advisors was represented by Ben Geelan and Will Mast of JLL. The renovation will be led by George Oliver Design, the in-house design wing of the company. George Oliver’s representatives said a capital investment plan has not been finalized, but that specific renovation plans will be announced later. Construction is expected to start at some…

By Roland Murphy for AZBEX One-third of a 60-acre site originally planned for single-family homes could be rezoned for multifamily under a proposal coming before the Coolidge City Council this week. Project owner Coolidge AZ Apartments, LLC has requested a Planned Area Development – Major Amendment to rezone 20 acres of the larger Mesquite Manor PAD to allow the development of a 328-unit apartment community approximately half a mile south of the SEC of Coolidge Avenue and Skousen Road. The 60-acre site is currently established for 243 single-family units under a PAD adopted in 2006. The planned multifamily development calls…

By BEX Staff for AZBEX Having been previously rejected by the Casa Grande Planning and Zoning Commission and the City Council, and after litigation was filed to contest those rejections, developer Westates has won approval of a revised major site plan for its Lofts at G-Diamond apartment community. The original plan for the development at Korsten Road and Colorado Street included 190 units. That was revised down to 120 after vocal opposition from nearby residents expressing worry over potential traffic impacts, privacy concerns, potentially reduced property values and infrastructure impacts, among other complaints. That plan was rejected by both Planning…

The Uptown redevelopment project in Tucson, the site of the former Foothills Mall, continues to progress with the recent announcement of a new hotel plan. Tempo by Hilton Tucson Uptown is one of 46 new boutique hotels under Hilton’s newest brand. Two have opened so far—one in New York City and one in Nashville—while the others are in various stages of planning and development. The Uptown location will have 144 rooms and amenities that include a fitness center and meeting areas with indoor and outdoor bars. The pet-friendly hotel will also feature local art and design features. Uptown developer Bourn…