122-room Hotel Planned for Mesa
By Tasha Anderson for AZBEX A limited service hotel is being planned for a vacant 2.9-acre site north of Baseline Road and east of Mesa Drive. Gilmore Planning & Landscape Architecture, on behalf of developer, BG Edge, LLC, submitted plans to the City of Mesa and is requesting design review approval for the 122-room hotel called Woodspring Suites. The City of Mesa heard […]
COVID-19 News Round-up for November 17th
Budget, Policy & Stimulus News Federal Judge Delays PPP Info Release A federal judge has granted the U.S. Small Business Administration‘s request for a stay in lawsuit seeking detailed information about the $659B Paycheck Protection Program. The SBA had requested the delay while it considers an appeal to a previous ruling ordering the release of names, addresses and loan […]
Industry Professionals 11-17-20
Giving Back 1. During its fourth-quarter round of giving, the Sundt Foundation awarded more than $75K in grants to 19 Phoenix-area nonprofits. In addition to its grants, the Foundation also donated 25 gently used computers to five Valley charities. Amanda Hope Rainbow Angels, Chrysalis, Live & Learn AZ, StreetlightUSA and the Be Kind People Project each received five computers. Awards & Accolades 2. A record 24 protégés were […]
Commercial Real Estate Transactions 11-17-20
Sales Transactions 1. PCCP acquired the District at Chandler, a 340-unit, four-story apartment complex at 2222 W. Frye Road, Chandler, for $95M. The seller was an entity tracing to Kaplan Management Company and The Carlyle Group. Great American Insurance Group provided $63.5M in new debt for the deal. 2. NexPoint Real Estate Advisors purchased The Fairways at San Marcos, a 352-unit apartment asset in Chandler, for […]
Mesa’s Waypoint Office Complex to Get Extra Building
By Tasha Anderson for AZBEX The Waypoint Office Complex in Mesa is getting its fifth building at the SWC of north Alma School Road and Bass Pro Drive. Developer, Lincoln Property Company has requested Design Review board review and approval for the proposed three-story office building, known as Waypoint 5, along with “associated site development and landscape design,” according to the project’s […]
COVID-19 News Round-up for November 13th
Budget, Policy & Stimulus News Phoenix May Extend Sky Harbor Rent Relief Having already reduced rents for concession companies at Phoenix Sky Harbor International Airport through the end of the year, Phoenix City Council wants to ensure companies are making efforts to take care of employees, including job restoration guarantees in some cases, before extending rent relief into the […]
Partnership Expanding Rincon Healthcare Campus
Late last month, TMC HealthCare announced it is expanding its Rincon campus at 10350 Drexel Road in Tucson. According to a joint press release, TMC partnered with MedCraft Healthcare Real Estate in the expansion and future development. MedCraft acquired the 44KSF, two-story medical office building and has added new medical groups to establish full-time offices. The expanded campus will further integrate primary and specialty […]
Three Paths to Business Development in COVID Era
By Chad Schleicher for Weitz COVID-19 has changed our environment over the last eight months and forced us into a new modality of working and competing for business. While each state has certain restrictions in place, there is a common thread throughout the United States, and that is much of our interaction and communication is being done digitally; whether that […]
Arizona Projects 11-13-20
Groundbreakings 1. Tucson International Airport is undergoing a $300M remodel for the first time in 60 years. The project is primarily to modernize and configure the runways to make flying in and out much safer. Included will be construction of a new full-length commercial runway. It will take about five years to complete the project and is expected to […]
2020 K-12 Bond Recap
By Tasha Anderson for AZBEX While the final results have yet to be confirmed, bond issues from Arizona’s November 3rd elections appear to be a mix of approvals and rejections. In all, approximately $361.1M in bonds are headed for approval while approximately $334.6M are currently failing. Approximately $700M worth of Arizona K-12 school district bond measures were […]