Author: BEX Staff

By Roland Murphy for AZBEX The Apache Junction City Council has unanimously voted to approve a purchase agreement for 10.64 acres at the NEC of Idaho Road and Apache Trail for $2.94M. The former Grand Hotel site has been vacant for more than 20 years, has 1,000 feet of frontage along Idaho Road and is in a Qualified Opportunity Zone. The City plans to prepare and market the site to potential commercial developers. As part of the agreement, seller QOZB LLC will remove an existing septic tank, for which it will be partially reimbursed by the City. Arizona Corporation Commission…

Groundbreakings 1. 29th Street Capital, in partnership with The Mersho Family, broke ground, on The Residences at Apache Trail, a 201-unit single-family housing rental community in Apache Junction. The unit mix includes studio, one-, two- and three-bedroom residences. 2. Wedgewood, the parent company of Blue Rabbit, held a groundbreaking Feb. 22 for its new 90KSF veterinary pharmacy at 1680 E. Northrup Blvd. in Chandler. The new location will eventually replace Wedgewood’s existing 25KSF location in Scottsdale and is expected to provide 250 jobs by 2027. Gilbane Building Company serves as general contractor. Progress Reports 3. The Flats at Jasper, a…

By Roland Murphy for AZBEX Axon Enterprise Inc. requested and was granted a continuance to a “to be determined” date for its hearing before the Scottsdale Planning Commission to evaluate its proposal for a mixed-use headquarters, residential and commercial campus on 74 acres at Hayden Road and the Loop 101 freeway. Local news outlets report the plans were scheduled for the Commission’s Feb. 14 meeting, having previously been continued from Jan. 24. A scheduled Feb. 6 meeting before the City Council was also continued indefinitely. At issue is Axon’s plan to build a new corporate headquarters and supporting campus. The…

The Buckeye Planning and Zoning Commission has recommended approval for a general plan amendment and rezoning that would allow Old Dominion Freight Line to build a new freight terminal on slightly more than 158 acres at the SWC of Yuma and Johnson roads. The requests would rezone the property from a mix of single-family and rural residential to light industrial and change the land use under the general plan from “neighborhood and business commerce” to “employment.” The planned facility would include an estimated 200 dock doors with parking for tractor-trailers and employees. Development would take place on an estimated 72…

Phoenix’s Estrella Village Planning Committee will meet this week to consider a new 1.8MSF, 112-acre industrial development near the NWC of 67th Avenue and Lower Buckeye Road. The plan from Property Reserve, Inc. would require a rezoning from single-family residential uses to commerce park/general commerce park, along with a general plan amendment. Property Reserve is the real estate development arm of the Church of Jesus Christ of Latter-day Saints and one of Arizona’s largest private landowners. The Phoenix Planning Commission will also hear the requests on March 7. The proposed flex commerce park includes a 1.24MSF warehouse and three smaller…

By Roland Murphy for AZBEX Creation Equity wants to build a nearly 268KSF, four-building flex industrial development called The Loop on 16.67 acres in the Perimeter Center near the Loop 101 freeway and East Bell Road. The 16.67-acre site is in the eastern section of the property, adjacent to office buildings. A hotel sits to the west and has a shared driveway off Princess Drive. Most of the lots in the Perimeter Center have Industrial Park I-1 zoning that allows for light industrial and manufacturing, office and other supportive uses. According to the submitted narrative, “…many of the lots developed…

The University of Arizona is considering what to do with approximately 900 acres it owns in Maricopa, and a university research park is among the contenders. In a recent presentation at the Maricopa City Council, UArizona Director of Growth Initiatives Malcolm Green reported the university had conducted a feasibility study to identify the best use for bringing in “academic and technological upgrades” for the area. The different uses for the property near UA’s Maricopa Agricultural Center include 300 acres for a research park and developing the remaining 600 as an “Area of Innovation.” Development on those 600 acres could include:…

By Associated Builders and Contractors Construction input prices increased 1.0% in January compared to the previous month, according to an Associated Builders and Contractors analysis of the U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices increased 0.9% for the month. Overall construction input prices are 0.4% higher than a year ago, while nonresidential construction materials prices are 0.7% higher. Prices increased in 2 of the 3 energy subcategories last month. Crude petroleum input prices were up 6.1%, while unprocessed energy materials prices were up 3.8%. Natural gas prices decreased 2.4% in January. “Construction materials prices…

Awards & Accolades 1. Cushman & Wakefield | PICOR recently hosted its annual awards ceremony to recognize the top producers and exceptional team members for 2023. The honorees are: Leadership Awards: President’s Award for Excellence: Rob Tomlinson Peter H. Douglas Heart & Soul Award: Joey Martinez Brokerage Awards: Winner’s Circle (Top Producers) # 1 Producer: Allan Mendelsberg, Multifamily # 2 Producer: Stephen Cohen, Industrial # 3 Producer: Rob Glaser, Industrial Top Producers by Specialty Industrial: Steve Cohen Retail: Dave Hammack Office/Medical: Richard M. Kleiner Multifamily: Allan Mendelsberg Property Management Awards: Manager of the Year: Alexis Ryland Most Valuable Player: Bill…

Sales Transactions 1. Adero Scottsdale Resort, a 177-room property in Fountain Hills, is set to sell for $66.5M to Cabo Resort Development Partners LLC, a limited liability company owned by GRMM Hotel Investment Fund. The luxury hotel property—formerly known as CopperWynd Resort—has been in receivership since December after owner Palisades Resorts LLC missed three mortgage payments. 2. JLL Capital Markets announced the sale of a $32M Phoenix medical portfolio consisting of three Banner Health Centers totaling more than 80KSF. JLL represented the seller, Banner Health, and procured the buyer, Stockdale Capital Partners. The three centers are located in Mesa, Gilbert…