Author: BEX Staff

By BEX Staff for AZBEX Phoenix City Council has unanimously approved more than 1,600 units of apartments in Midtown at its Sept. 6 meeting. Petree Development Proposes 1,500 Units at Central & Glenrosa City Council has voted unanimously to approve the rezoning case to enable development of Central & Glenrosa. Petree Development has plans to build a total of 1,500 units of apartments along with 25KSF of ground-level commercial space. The project will happen across four phases and is expected to take more than a decade to be fully complete. Petree Development has selected Carrier Johnson + Culture as the…

By BEX Staff for AZBEX Echo Real Estate Capital, Inc. has recently acquired an 11.6-acre land parcel situated at the northwest intersection of Peoria and 132nd avenues in Surprise. This site has received the necessary zoning approvals and is set to break ground on four small-bay industrial buildings, collectively spanning 182,610 square feet. The project, named Echo Park @ P132, is scheduled for completion by the fourth quarter of 2024. It will feature four state-of-the-art, fully air-conditioned buildings, each boasting 2,500 square feet of speculative office suites, along with secure concrete truck courts. The development team includes Premier Design +…

By Roland Murphy for AZBEX After spending a couple of years at the top of the charts for rent growth and asset appreciation, the Phoenix multifamily market’s rapid ascent appears to have built in a degree of buffer versus other markets in the ongoing normalization impacting commercial real estate in general and apartments in particular. Data from Yardi Matrix shows rents across multifamily property classes went from $1,095 in Sept. 2018 to $1,667 at the beginning of Sept. 2023. A 52% increase in rents provides a great deal of inflationary cushion both to correct and to absorb corrections in the…

The Arizona Department of Transportation recently held an open house to gain public input about options to fix the closed stretch of State Route 88 (Apache Trail). Due to extensive roadway damage and rock debris following severe flooding in 2019, a 5-mile, unpaved section of State Route 88 (Apache Trail) from the Fish Creek Hill Overlook/Rest Area (milepost 222) to milepost 227 near Reavis Trailhead Road remains closed. The problem began with the Woodbury Fire in June 2019, followed by heavy monsoon rains. Advocates have been pushing for its reopening since the damaging storm but ADOT deemed quick fixes and…

Legacy Park in Mesa is on track to change ownership in the near future due to a pending bankruptcy case. There are various parties interested in the 320-acre sports facility including at least 18 construction firms with outstanding lien balances that total more than $30M. Sale procedures have gained the Judge’s approval. Interested buyers must submit their bids by September 28, 2023, to be reviewed by a legal team. If multiple qualified buyers emerge, an auction is scheduled for October 5, 2023, at 10:00 a.m. in a bankruptcy courtroom in Phoenix. Urgency stems from a lack of available funds, UMB…

Giving Back 1. IFMA will host their Annual Charity Golf Classic on Sept. 22, with a sold-out event. Designated beneficiaries this year are Girls Can Build, Lokahi Teams, the IFMA Foundation and IFMA Student Chapter of Phoenix. Awards & Accolades 2. IFMA Greater Phoenix Chapter’s past President Marshall MacFarlane has been distinguished as an IFMA Fellow. This is the highest honor the association recognizes and he is one of the three to receive it this Year. 3. Patricia Olds will receive the 2023 Positively Powerful Woman Entrepreneur Leadership Award at the Positively Powerful Education Summit and Woman Awards Conference in…

Sales Transactions 1. Indicap, Colmena Group and Langley Properties have closed on 311+ acres of land at the northwest corner of Power Road and Warner Road in Gilbert for $107.5M. The land will be developed into The Ranch, a mixed-use development including industrial, office, retail and residential uses. Jason Hyams of Insight Land and Investments represented the buyer, and Danny & Scott Perkinson of Perk Prop Real Estate represented the sellers, The Dale C. Morrison Trust. 2. Swan Lake Estates Mobile Home Community, located at 4550 N. Flowing Wells Road, and Friendly Village MHC located at 1202 W. Miracle Mile…

By BEX Staff for AZBEX Maricopa County will provide $10M in federal funds from the American Rescue Plan Act for two Phoenix affordable housing developments. Phoenix City Council recently voted to approve accepting the funds, according to news reports. The first $5M allocation will go to Horizon on Villa, a 109-unit development on the site of the former A.L. Krohn Homes public housing project. The Phoenix Housing Department confirmed in an email to BEX Research staff that the City will co-partner with Gorman & Company on the development. Plans for the affordable and mixed-income development include units from one- to…

By BEX Staff for AZBEX SimonCRE announced it has closed on the land purchase for the upcoming development of Elm Street at Surprise City Center. The development will bring a total of more than 70KSF of mixed-use commercial space to the growing civic center in the heart of Surprise’s downtown area. The center, which sits at Bullard and Bell, will provide a range of new retail, restaurant and entertainment options, as well as two stories of office space, as the developer gets ready to start construction on the first phase of the major development. SimonCRE shared that the preleasing activity…

The Mohave County Planning and Zoning Commission will consider a major plan amendment and several rezoning requests for the Entrata master plan project from Nevada developer Al Barbarich. The site is located approximately 25 miles south of Hoover Dam and the Nevada border. Barbarich has been buying land in the area since 2005 and owns the property outright with no debt. The master plan includes manufacturing, other industrial, residential and airport uses, which project representative Kathy Tackett-Hicks of Kingman called “a huge economic revenue enhancer for the county and the region.” Barbarich said development will occur over multiple decades and…