Author: BEX Staff

Sales Transactions 1. Phoenix-based Grand Canyon Education Inc. sold its Grand Canyon University for $853.1M. The sale of GCU was to a third company, the nonprofit Gazelle University, created specifically by Grand Canyon Education to spin off GCU. 2. As part of a three property arrangement, NexMetro recently sold Avilla Grace: 2121 N. Grace Blvd., Chandler, for $45M. The buyer was an entity of Illinois-based The Inland Real Estate Group of Companies, Inc. 3. Institutional Property Advisors sold the 224-unit Adobe Ridge multifamily property in Phoenix for $41M. Aukum Group bought the complex. 4. JLL’s Capital Markets experts announced the sale of the…

RFP is seeking to equip existing solar plants with batteries to bring cleaner energy to customers Source: Arizona Public Service Arizona Public Service (APS) issued an RFP on June 29, to equip existing APS solar plants with battery storage. This RFP is an important part of APS’s plan to add up to 500 megawatts (MW) of energy storage to its system over the next 15 years. These batteries will bring more clean energy to APS customers when they need it most, by storing an abundance of mid-day solar and re-distributing it at peak times of customer usage later in the day.…

By Leisah Woldoff for Jewish News Building a senior retirement facility on the Ina Levine Jewish Community Campus in Scottsdale is currently being explored. A call for proposals for the undeveloped 3-acre site on the southeast corner of the campus was announced on June 19. A committee made up of real estate and business professionals evaluated different options for that parcel and determined that a senior residential facility would be the most beneficial, as it provides an opportunity for seniors to age in place, while adding a multigenerational component to the campus, according to the announcement. The Request for Proposals…

Sales Transactions 1. Marriott International, along with TLG Investment Partners and Concord Wilshire Capital are buying the 1,000-room Phoenix Sheraton Grand Hotel for $255M, with renovation plans already in place. The Phoenix-owned hotel has been on the block for several years. Marriott is the majority capital partner in the deal, though press releases from both groups did not say how much the global tourism company will own. 2. Phoenix-based NexMetro Communities LLC sold two of its Avilla Homes communities for $53M. The first was the 125-unit Avilla Palm Valley, 4200 N. Falcon Dr. in Goodyear, that sold for $25.1M to a…

Source: Colliers International A local partnership known as DBM Ventures has purchased 2.79 acres within Perimeter Center with plans to develop an $9M office building in the upcoming year. DBM Ventures, a partnership comprised of David E. Sellers and two other prominent commercial real estate development leaders, purchased the acreage at 8399 E. Hartford Dr. in Scottsdale in May. The partners plan to develop a two-story, 32,054-square-foot office building on the property that incorporates modern architectural design. Construction is slated to begin at the end of this year with occupancy scheduled for summer 2019. “The timing is perfect for this…

By Tasha Anderson for Arizona Builder’s Exchange At their June 20 meeting, the City of Chandler Planning and Zoning Commission approved preliminary plans for a new parking garage as part of a $194.8M expansion of the Dignity Health Chandler Regional Medical Center. The whole expansion is expected to sit on a 35-acre site at Dobson and Frye roads. The five-story, 948-stall garage will be located at the 35-acre site’s southeast corner at Fairview Street and Pennington Drive and is expected to replace an area designed in 2009 for underground storage. According to the staff report, “The approximate 948-stall garage will…

Awards & Accolades 1. Taylor Morrison Chairman and CEO Sheryl Palmer has been named a Top CEO in 2018 in the Glassdoor Employees’ Choice Awards, chosen by users of the site, Glassdoor.com. Palmer got an approval rating of 96%, which landed her the 19th position among all CEOs of large companies (1,000+ employees) in the U.S. Boards & Commissions 2. After serving more than four years at the Tucson Hispanic Chamber of Commerce, Laura Ciscomani will be the new director of development for both the Arizona Chamber of Commerce and Industry and the Arizona Chamber Foundation. Her role will involve engaging chamber members to use services and…

Groundbreakings 1. Scottsdale’s SkySong is building its fifth office building — the third new office building in the complex in three years and the tallest yet. A ground-breaking ceremony on the more than $43M building and accompanying parking structure is slated for early July. 2. Salt River Devco has started construction on a $15M, 77KSF Marriott Residence Inn at the NEC of Pima Rd and Vista Dr. in Scottsdale. At completion, the hotel will consist of 112 guest rooms. Todd & Associates is the architect and A.R. Mays is the general contractor. Progress Reports 3. Sun Health, a nonprofit organization that operates senior-living…

By Darrell Jackson for The Glendale Star As housing rental rates continue to climb, the Glendale Planning Commission approved plans for a proposed new 240-unit apartment complex near Camelback Road and the Loop 101. The commission unanimously approved the plan during the June 7 meeting and the plan will now be forwarded to council for final approval. The new complex is located near the corner of Camelback Road and 95th Avenue and is currently owned by Lowe’s, which was going to build before agreeing to sell the property to P.B. Bell, the developer of the complex. The property was rezoned…

By Zahra Ahmad for The Arizona Republic A high-profile, but complicated, swath of land along a stretch of freeway in Scottsdale may soon transform from open desert to tall buildings. Nationwide Mutual Insurance Company aims to acquire 136 acres of the land for its regional headquarters and other development that would support some 5,500 jobs. The land improvements the project would require, along with rezoning approved by the Scottsdale City Council this month, could open far more land to development. The parcel Nationwide is eyeing is part of 1,000 acres of state trust land sitting on both sides of the freeway and…