Author: BEX Staff

Sales Transactions 1. Prologis, Inc. purchased Airpark Logistics Center, a 170-acre multi-building industrial business park in Goodyear, from Creation and CrossHarbor Capital Partners for $184M. LGE Design Build was both the designer and builder of Phase I, which comprises 1.44MSF. Phase II consists of 84 acres of undeveloped build-to-suit land. At buildout, the development will total more than 2.7MSF. The sellers were represented by Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt of Cushman & Wakefield. Leasing is managed by JLL. 2. Brixton Capital acquired Alta Warehouse District, a 300-unit apartment complex in downtown Phoenix, for $82M. Asher Gunter…

By Roland Murphy for AZBEX – BEXCLUSIVE The Maricopa Planning and Zoning Commission recently discussed a plan to establish Murphy Park, a 481-acre master-planned community south of Steen Road and Murphy Road. Developer Emmerson Holdings LLC is requesting a major General Plan amendment and Planned Area Development rezoning to enable the project’s development. According to the submitted narrative, “The first request seeks a Major General Plan Amendment (“GPA”) to change the existing split land use designations of Medium Density Residential (MDR), Master Planned Community (MPC), Low Density Residential (LDR) and Open Space (OS) to an overall Master Planned Community (MPC)…

The City of Chandler is considering an extensive array of changes and updates to its zoning code, partially in hopes of improving housing supplies and affordability. So far, there have been a Planning and Zoning Commission work session and two Council sub-committee meetings to review proposed changes. Staff will take feedback from Council and the Commission to create a final proposal that will be released to the public for review and comment. There are currently 25 suggested code changes. One of proposed amendments follows recent updates in other municipalities to all the creation of casitas or “in-law suites” on single-family…

By Kidder Mathews and BEX Staff Kidder Mathews has released its Q3 2023 Phoenix Industrial CRE Market Update. The report’s three key market highlights show: New deliveries soared to a record high of 13MSF; Rental rates jumped to a record $1.04/SF NNN, and Sales volume fell Quarter-over-Quarter and Year-over-Year to 4.8MSF. Market Drivers After the surge in activity experienced in recent years following the onset of the pandemic, the Phoenix industrial market is beginning to shift toward a more normalized trajectory. With the substantial volume of new deliveries in Q3, vacancy and availability rates have increased 40% YoY and 31%…

By Associated Builders and Contractors Associated Builders and Contractors reported that its Construction Backlog Indicator declined to 9.0 months in September, according to an ABC member survey conducted Sept. 20 to Oct. 4. The reading is equivalent to one year ago. Though it declined last month, the South continues to have the lengthiest backlog, which has been the case since October 2021. Over the past year, only the West has experienced an increasing backlog. ABC’s Construction Confidence Index reading for sales and staffing levels edged higher in September. The profit margins reading fell slightly. All three readings remain above the…

Groundbreakings 1. KBC Advisors along with Velocis Real Estate and SCOA recently broke ground on the Summit at Surprise industrial park. The two buildings total 244.8KSF. FCL Builders is the general contractor, working with the design team of Deutsch Architecture and SWS Engineering. JLL will handle leasing. Completion is planned for Q3 2024. 2. Work began this week on a multimillion-dollar renovation at Eastern Arizona College. The Gherald L. Hoopes Jr. Activities Center and Mark Allen Hall facilities and space enhancements will also see infrastructure upgrades, new ramadas and improvements to landscaping and outdoor facilities. CORE Construction is the general…

After years of negotiations between the developer, nearby residents, local officials and other stakeholders, a mixed-use development with 114 student housing units, 30 workforce affordable units and 3KSF of retail space is finally ready to move ahead in Tucson. As part of the Capstone Speedway/Euclid Mixed-use development, five historic homes on the site will be relocated onto empty lots in the neighborhood and infrastructure improvements including 2,500 feet of sidewalks with 17 Americans with Disabilities Act-compliant ramps will be built leading to Catalina Park. The proposed development is located at the SEC of Speedway and Euclid Avenue in the West…

Phoenix Mercury and Phoenix Suns owner Mat Ishbia has announced plans to build a $100M-plus practice facility for the Mercury that includes a campus for employees of both teams. Ishbia said the 123KSF facility—part of an existing warehouse renovation three blocks from the Footprint Center—represents an investment in both the Mercury and in women’s basketball. He said he wants the facility to be ready by the start of the 2024 season. The Mercury practice space is planned for 58KSF out of the 123KSF total and will include a fitness center, 10 baskets, a locker room, film room and hydrotherapy facilities,…

U.S. multifamily demand and delivery remain high, despite an extensive set of economic challenges, and Phoenix leads the top 10 metro areas in the country for new unit deliveries in the first half of 2023. Data from Yardi Matrix shows 154,366 units delivered nationwide in the first six months of the year, an increase of 0.6% from the 153,314 units delivered in the same period of 2022. In metro Phoenix, 8,062 units were delivered across 36 properties in the first half of 2023. Phoenix is the only top 10 metro that delivered more units in the first half of 2023…

By Roland Murphy for AZBEX – BEXCLUSIVE Developer The Richman Group is requesting a Planned Unit Development rezoning for Helen Drake Village, a planned expansion to the Helen Drake Senior Center near 27th and Northern avenues in Phoenix. The 4.7-gross-acre site houses the current 14KSF senior center, which offers enrichment programs, field trips, art and educational classes and other activities for community seniors. The expansion will renovate the site and provide 80 new affordable senior multifamily residential units in the first phase. Project owner the City of Phoenix Human Services Department issued a Request for Proposals last December as part…