Author: BEX Staff

Sales Transactions  1. Cushman & Wakefield completed the sale of the Carlyle at South Mountain Townhomes & Apartments, located at 5151 E. Guadalupe Road and 5102 E. Piedmont Road in Phoenix. Two entities formed by Western Wealth Capital of North Vancouver, British Columbia purchased the property from entities formed by FPA Multifamily for $90M. Steven Nicoluzakis and David Fogler of Cushman & Wakefield brokered the transaction. 2. Cushman & Wakefield completed the sale of Avondale Commerce Center I & II, located at 1050 & 1250 N. Fairway Drive in Avondale, for $36.25M. Avondale Commerce Center LLC (a company formed by Presson Corp.) purchased the property from 1050-1250 N El Mirage Road-Avondale LLC (a company formed by iStar Inc.). Paul Boyle,…

By Rebekah Morris for Arizona Builder’s Exchange “Heard that from the Owner?” Yep. “Can we quote them?” Yep. “Good enough for me. Let’s go.” For the Digital Magazine, that’s how we roll. No additional confirmation of a project needed if the word comes direct from the person who will make the project happen. It’s likely the same in your world. A project is no longer a rumor if the Owner is talking about it. For that reason, in 2018, AZBEX is increasing the focus on in-person events where we hear direct from Owners. To stay current on the local market,…

By Roland Murphy for Arizona Builder’s Exchange Another company is looking to capitalize on the logistical advantages the Loop 202 South Mountain Freeway will bring to the West Valley. Trammell Crow Company has submitted a rezoning request to the City of Phoenix for 37.8 acres on South 59th Avenue south of Lower Buckeye Road to build a 553KSF speculative distribution center project. According to the narrative submitted with the request, “The building will be 36′ – 40′ clear and provide flexibility for additional trailer storage on site as required to meet tenant demand. The building and site are being designed…

By Roland Murphy for Arizona Builder’s Exchange Downtown Phoenix is about to be overrun with zombies, and the skyline will never be the same. Fortunately, these are the types of returns from the dead that developers and economic planners love to see. Two projects that languished at death’s doorstep for years have rumbled back to life, carrying on a pace of downtown development activity that is anything but apocalyptic. In the first, Phoenix City Council voted to assign and amend the City Contract for Development of 200 W. Monroe St., a full city block at Monroe Street and 2nd Avenue.…

Groundbreakings 1. The Westin Tempe has officially broken ground in Downtown Tempe on Seventh Street between Mill and Myrtle avenues. Developed by CAI Investments, the 18-story Westin Tempe will be a full-service business hotel. 2. Ottawa University-Arizona officially broke ground on its new athletics center last week. The O’Dell Center for Athletics was made possible from a $6M donation from alumni Jim and Jeanne O’Dell, the single largest donation in the school’s 152 years. 3. The Ellsworth Road project, which broke ground last week, will improve the flow of traffic and safety on Queen Creek’s most traveled roadway. The project coordinates the town’s…

By Roland Murphy for Arizona Builder’s Exchange (EDITOR’S NOTE: This story was intended to run last Friday in our last issue of the volume year. Due to a couple technical issues, that didn’t happen. So, since the AZBEX crew is nothing if not adaptable, we’ve updated it a bit and are pleased to offer our retrospective to kick off the New Volume Year. We hope you enjoy it.) I know. I know. You’re only now getting past the Year in Review saturation everyone threw at you a few weeks ago. You may be wondering, “Did no one buy those AZBEX folk…

Jane Stewart for Arizona Builder’s Exchange Developer Park7 Group, through Huellmantel & Affiliates, has requested a Zoning Map Amendment from the City of Tempe in the hopes of developing two parcels along Apache Boulevard. The project, known as Park Place, is a proposed mixed-use development comprised of two, five-story buildings that offer 285 dwelling units, along with 9KSF of commercial space. Huellmantel & Affiliates represents the land owners 1135 Apache LLC; Kassel Corporation; Next Gen Partners XII LLC, and Next Gen Investments XII LLC. The parcels, which total 4.45 net acres, are currently comprised of “vacant land, an aging mobile…

Jane Stewart for Arizona Builder’s Exchange Sun Health Senior Living is looking to expand its retirement community, The Colonnade, located at the NWC of Grand Avenue and Reems Road. Working through land attorney, Bergin, Frakes, Smalley & Oberholtzer, PLLC, Sun Health is seeking a Planned Area Development Zoning Amendment to add assisted living apartments and a memory care facility to its campus in Sun City Grande. Over the past 13 years, The Colonnade has grown considerably through a range of different zoning districts on its five-parcel site. “The applicant is requesting to rezone these parcels from Rural Residential (RR/R1-43), Multifamily…

Sales Transactions 1. Western Wealth Capital recently acquired Villatree, a 150-unit multifamily community in Tempe for $17.35M, increasing the company’s total number of acquired rental units to more than 7,000 and ranking it as the second-largest multifamily owner in the Phoenix area by number of units. To date, the purchase price value of all WWC acquisitions is $536.4M. 2. Walker & Dunlop, Inc. announced that it structured a $49.6M loan for Arrowhead Summit, a 412-unit, Class B property in Glendale. The financing was arranged for repeat-borrower, Cortland Partners and the transaction marks their first investment in the Phoenix metropolitan area. 3. Mark Taylor acquired 41 acres…

By Tasha Anderson for Arizona Builder’s Exchange The Arizona chapter of the American Society of Civil Engineers held their February Luncheon on Wednesday at the because-Space for Life event center to discuss the Grand Canyon Trans-Canyon Waterline and the plan to replace it rather than fix the existing pipeline. Guest speakers Kris Provenzano, Grand Canyon Program Manager for Water and Wastewater Infrastructure with the Unites States National Park Service, and Rich Thornton, Project Manager for HDR Engineering, updated the crowd on what’s currently going on with the pipeline project. The current pipeline is 12.5 miles that moves the water by…