Author: BEX Staff

Sales Transactions 1. Blackstone Inc. paid $87M for a nearly 537KSF portfolio of five warehouses across four sales in Phoenix. Kohlberg Kravis Roberts & Co. Inc. was the seller. Will Strong, Kirk Kuller, Molly Hunt, Dean Wiley and Michael Matchett of Cushman & Wakefield represented both parties. The properties are: 5302 – 5240 W. Buckeye Road: two buildings, 219,240SF, $35.2M; 4720 W. Van Buren: 135, 438SF, $18.2M; 4441 W. Polk St.: 92,575SF, $16.77M, and 120 E. Watkins St.: 90KSF, $16.77M. 2. Aura Central, a 251-unit apartment complex on North Central Avenue in Phoenix, sold for $70M. An entity tracing to…

By South32 South32’s Hermosa project announced today that it would construct its remote operations center in Nogales. Hermosa is currently the only advanced mining project in the United States capable of producing two federally designated critical minerals – zinc and manganese. The decision follows two years of analysis and consideration of Hermosa’s county-wide planning and employment goals to retain the economic benefits of the project in the Santa Cruz County area. As part of the location announcement, the Hermosa project is also debuting a new name for the remote operating facility: Centro, a name chosen by the community in an…

By Roland Murphy for AZBEX “Don’t California My Arizona,” has become something of a battle cry for longtime residents who don’t like the ways in-migration from the Left Coast is impacting local culture. Ironically, a group fighting for the status quo in Fountain Hills is taking up California-style tactics to prevent a new apartment development from being built. A frequent issue with attempts to develop new properties in California is opposition groups filing litigation to get projects halted. In Arizona, that tactic has been comparatively rare, but opposition petitions to force approvals to a referendum have begun to come along…

By Roland Murphy for AZBEX Tech entrepreneur Britton Lee’s firm S3 Group, LLC is planning a “5-star” luxury golf resort in Bullhead City on the Colorado River. Plans for the Emerald Bay development include an 18-hole championship course, a nine-hole par-3 course, a resort hotel and spa, a beach club/marina/racquet club, a sports science boarding school for middle and high school athletes, and homes in a mix of luxury single-family residences and condo units in both attached and villa configurations. The development will be anchored by The Legacy Club at Emerald Bay, the planned “world-class golf facility.” The course will…

By BEX Staff for AZBEX The Mesa Planning and Zoning Board has recommended approval for a rezoning to allow a 102-room hotel and retail pad development at the SWC of Peterson Avenue and Ellsworth Road. The site is slightly north of the NEC of Ellsworth and Elliot roads. According to the submitted narrative, owner/developer Capital Asset Management does not yet have a hotel partner in place for the as-yet-unnamed development. According to local news reports and the submittal documents, planned retail uses include a sit-down restaurant, a Dutch Bros., an Arby’s and two retail spaces totaling 15KSF with 1.5KSF of…

By BEX Staff for AZBEX TriPlus Partners and Prologis are planning to add another nearly 900KSF to the West Valley’s assortment of industrial developments with a new five-building business park on more than 53 acres west of Cotton Lane and south of Camelback Road in Goodyear. The location sits immediately west of the existing 1.8MSF Prologis 303 industrial park, which completed construction earlier this year. The Goodyear Planning and Zoning Commission will vote this week on a request to rezone the proposed site from Agricultural/Urban to Business Park District to allow the project to proceed. Planned building sizes break down…

By Associated Builders and Contractors Associated Builders and Contractors reported today that its Construction Backlog Indicator increased to 8.2 months in March from 8.1 months in February, according to an ABC member survey conducted from March 20 to April 3. The reading is down 0.5 months from March 2023. Backlog is down over the past year for every region except for the Middle States, which now has the second largest backlog of any region. The South continues to have the largest backlog despite a large decline over the past year. ABC’s Construction Confidence Index readings for sales, profit margins and…

Groundbreakings 1. XNRGY announced the groundbreaking of its new $300M state-of-the-art manufacturing facility in Mesa. There will be four phases of the 1MSF manufacturing hub, with the first phase constructing a 275KSF facility. No expected completion date was given. 2. The City of Hope Cancer Center Phoenix announced the groundbreaking of its surgical center expansion. The expansion will renovate 20KSF and add 15KSF of new space to offer four new operating rooms, recovery rooms, endoscopy rooms, post-anesthesia care units and new surface parking lots. Construction is expected to be completed in 2026. City of Hope is collaborating with Ryan Companies…

The City of Peoria wants a total of more than 8,300 acres of state-owned land in two separate areas for development to meet its goals. City officials are working with the Arizona State Land Department to bring two locations in north Peoria to auction for potential development. The first area is made up of nearly 1,600 acres along Loop 303 north of Happy Valley Road. The area is referred to as North Peoria Gateway. The second segment comprises 6,700 acres along Lake Pleasant Parkway south of Loop 303 and reaching to State Route 74. This portion is referred to as…

The Payson Town Council has approved a partnership agreement with Danco Communities to create more affordable housing units. The company will partner with the Payson Senior Center to create affordable senior living spaces. Danco President Chris Dart told Council the company will buy a site, partner with the Town to execute a 99-year lease on the property and then build and manage the site for the term of the lease. At the end of the 99 years, the property ownership would revert to the Town. Dart explained that funding under the tax credit incentive programs is competitive and that the…