Commercial Real Estate Transactions 08-11-20
Sales Transactions 1. MHP #1, LLC purchased Desert Pueblo Mobile Home Community, 55+ community with 418 spaces at 1302 W. Ajo Way, Tucson, for $30M. Derek Harris of HARRIS Manufactured Housing & Commercial Brokerage represented both the buyer and seller, a family trust from Redwood, California. 2. Exeter Property Group purchased 92 Mountain View, a 116KSF campus, 89 percent leased to CVS Health for […]
New Hybrid Medical Center Proposed for Phoenix
By Tasha Anderson for AZBEX Conceptual plans for a new 24-hour outpatient medical center to be located just west of the NWC of 54th Street and Shea Boulevard have recently been submitted to the City of Phoenix Planned Unit Development & Planned Community District site. Developer, Anchor Health Properties is requesting to rezone the approximately 3.17-acre site from […]
COVID-19 News Round-up for August 7
Budget, Policy & Stimulus News $100M PPP Payments to Charter Schools Investigated State Schools Superintendent Kathy Hoffman and Arizona Deputy Auditor General Melanie Chesney are examining whether the $100M in Paycheck Protection Program payments to charter schools in Arizona violate a “rarely enforced” state law prohibiting paying “twice to educate the same pupils”. (Source: AZCentral) Yuma Considers Increasing Relief Funds Yuma […]
Kindred and Dignity Announce 40-bed Gilbert Facility
Source: Businesswire Kindred Healthcare, LLC and Dignity Health announced a joint venture to build and operate their second inpatient rehabilitation hospital in the Phoenix market. Kindred and Dignity Community Care opened Dignity Health East Valley Rehabilitation Hospital in Chandler in 2016. To serve the growing need for inpatient rehabilitation services in Phoenix, Kindred and Dignity determined that developing a second hospital would […]
Medical Office Market in PHX Thrives
Source: Colliers International As cases of coronavirus and hospitalizations rose in Greater Phoenix following Memorial Day weekend, the area’s second quarter of real estate market activity was also surging. The medical office market posted its strongest quarter of net absorption in nearly two years and vacancy in this product type dropped 50 basis points. During second quarter […]
Arizona Projects 08-07-20
Groundbreakings 1. Construction is underway on the three-story Chandler Medical Plaza office building at 1125 S. Alma School Road in Chandler. The 65KSF medical office property is 38 percent preleased. 2. The Downtown Links Phase III project in Tucson is expected to begin construction this month with an estimated completion date of January 2023. Granite and Borderland Construction have been awarded the $26M CMAR contract. Progress Reports 3. […]
More Multifamily Planned for Eastmark
By Tasha Anderson for AZBEX A new Class A, luxury multifamily development is being proposed within the Eastmark Planned Community District in Mesa. The +/- 14.02-acre site is currently undeveloped and is located at the SEC of Ellsworth Road and Point 22 Boulevard at 5029 South Ellsworth Road, in a Mixed-Use Community character area of the city’s […]
COVID-19 News Round-up for August 4
Resources Maricopa County Small Business Grant Opportunities A number of Small Business Grant Opportunities remain available for businesses in Phoenix, Mesa and the rest of Maricopa County. Interested parties should follow the link(s) relevant to their location for more information. (Source: City of Phoenix Community and Economic Development)
San Luis Affordable Apartments Offering Tax Credits
By Cesar Neyoy for Yuma Sun The Comite de Bien Estar will be able to offer $2M in federal tax credits as incentives to attract investors in a planned apartment complex in San Luis for low-income families. Valley View apartments is one of 13 projects around the state approved by the Arizona Department of Housing for the credits through the state agency’s Low-Income Housing Tax Credit program […]
Construction Output Drops Significantly
Source: Associated Builders and Contractors The U.S. economy contracted at an annualized rate of 32.9 percent during the second quarter of 2020, according to an Associated Builders and Contractors analysis of data by the U.S. Bureau of Economic Analysis. Nonresidential and residential fixed investment contracted by 27.0 and 38.7 percent, respectively, while investment in nonresidential fixed structures contracted by […]