Author: BEX Staff

GO Industrial, the industrial division of George Oliver, is planning a 32.7KSF luxury car storage facility near 52nd Street and Thomas Road in Phoenix. While several similar facilities have been proposed and built in prosperous outlying areas of metro Phoenix, GO Industrial officials say they noticed the lack of such offerings in the city proper and perceived a market opportunity. Arcadia Motor Club is planned with 26 garages surrounding a single driveway. The vehicle condos are customizable and also will have templated layout options available. A two-story clubhouse will include a pool table, TVs and a second-floor conference room. The…

Groundbreakings 1. D.R. Horton has broken ground and begun presales at Elena Trails, a 456-home subdivision at the SEC of Murphy and Farrell Roads in Maricopa. The $300K-range community will include 14 floor plans, a pool and 28.4 acres of open space. The 111-acre site is part of a larger 325-acre master plan by HBE Farms LLC. The City issued initial permits in March. Progress Reports 2. Vineyard Towne Center, located at 37666 N. GantzelRoad in Queen Creek, is now fully leased. The 260KSF retail center, developed by Vestar, is anchored by a 145KSF Target set to open this October.…

By Roland Murphy for AZBEX By the time you read this column, Mohave County may have joined the ranks of Arizona public bodies looking to restrict data center development in its jurisdiction. As we have previously reported, the cities of Chandler, Phoenix and Mesa have all restricted data center zoning options, and Phoenix Mayor Kate Gallego has called for the Arizona State Legislature to eliminate development incentives for the burgeoning Industrial subsector, calling them “antiquated.” (AZBEX: June 10, June 18) While Gallego and others have expressed concerns about a modest count of permanent jobs and impacts on “walkability” and neighborhood…

The Yuma Planning and Zoning Commission has voted unanimously to recommend approval of a minor General Plan amendment to change the land use for a 1.6-acre parcel near Colorado Street and 20th Avenue from low-density residential to high-density residential to allow a new multifamily development. The River Trail Apartments at 1350 W. Colorado will have 24 units. The newly updated zoning would allow for up to 49, but developer Loneram LLC’s owner, Ronald Martin, explained his plan is to keep the unit count lower to provide additional space for community play areas. The ground-level units will also feature fenced backyards,…

By Roland Murphy for AZBEX The Arizona Construction sector gained 600 jobs in June, according to the latest report published by the Arizona Office of Economic Opportunity. The state’s seasonally adjusted unemployment rate held steady at 4.1%. The national unemployment rate dropped to 4.1%, down from 4.2% in May. In June 2024, Arizona had a seasonally adjusted rate of 3.5%. The national rate was 4.1%. Arizona had a not-seasonally adjusted loss of 59,100 nonfarm employment jobs month-over-month. “Prior to the pandemic (2010-2019), NSA nonfarm employment lost 51,600 jobs on average in June,” the report states. Year-over-year results showed a seasonally…

The Arizona Department of Transportation can put a roundabout project at Cornville and Tissaw roads out to bid, following approval of additional construction and administration fees by the Yavapai County Board of Supervisors earlier this month. The approved invoices totaled nearly $1.6M. Rights of way have been finalized, and additional actions are expected this summer. Construction costs have increased across the board since the project, which will primarily serve to provide safe access into the Verde Santa Fe housing development, was initially proposed. ADOT’s requirement that the roundabout be designed to its specifications also added to costs, County officials said.…

By Roland Murphy for AZBEX A recent report from Scottsdale City Manager Greg Canton shows the multifamily construction pipeline in Scottsdale is roughly half as large as development opponents have claimed in recent years. While anti-apartment activists have claimed for at least the last four years Scottsdale has 15,000 units waiting to be built, Canton’s report puts the actual number at 7,592, according to a local news report. The report shows 1,345 proposals currently seeking zoning entitlements or approval by the Development Review Board, 2,699 units with DRB approval but that have not yet submitted final plans or pulled permits,…

Boards & Commissions 1. Cheryl Lombard has been announced as the new CEO of NAIOP Arizona. In her new role, she will oversee strategic initiatives and member engagement and will act as the primary liaison with policymakers, economic development groups and business leaders. She will step into the role on Sept. 1. Company News 2. Starwood Property Trust is preparing to acquire Fundamental Income Properties LLC and its entire real estate portfolio for $2.2B. Brookfield Asset Management Inc., an affiliate of Brookfield Corp., is selling the company. The 28-person team will now join Starwood. The new owner will take on…

Sales Transactions 1. Cushman & Wakefield announced the firm advised the sale of Seventy5 Business Park, a four-building industrial infill park totaling 222.4KSF at 7150 W. Roosevelt St. in Phoenix. The property sold for $46.8M and is currently 95% leased to 33 tenants. MIG Real Estate acquired the property from Baron Properties. C&W’s Will Strong, Phil Haenel, Foster Bundy, Molly Hunt, Michael Matchett, Jack Stamets and Madeline Warren represented the seller. C&W’s Gary Anderson and Nik Vallens provided market leasing advisory. 2. Neighborhood Ventures announced the acquisition of a 78-unit multifamily property in central Phoenix, which will rebrand as Venture…

Modular housing developer and manufacturer ZenniHome announced earlier this week it is closing operations at its LeChee site at the former Navajo Generating Station near Page. The company had secured a 75-year lease slightly more than a year ago but opted to close the site after what it alleges was a year of “contractual breaches, delays and political interference” that resulted in more than $47M in losses the company says it cannot recover. The Navajo Nation awarded ZenniHome a $50M contract to build at least 250 modular housing units across the area and then awarded another $24M in American Rescue…