Commercial Real Estate Transactions 03-31-20
Sales Transactions 1. Newmark Knight Frank Multifamily announced the $14.3M sale of Royal Palms, a 138-unit multifamily property at 5902 W. Royal Palm Road, Glendale. Senior Managing Director Brett Polachek, Director Chris Canter and Executive Managing Director Brad Goff represented the seller, 5902 Royal Palms LP. The buyer was not disclosed. 2. Sigma 301, LLC purchased Arcadia Palms, a 34-unit mid-century […]
AZ May See More Hospital Beds Due to COVID-19
By Rebekah Morris for AZBEX On Wednesday, March 25th, Major General Michael T. McGuire, the Adjunct General of the Arizona National Guard, indicated in a press conference that the state could be short 13K hospital beds due to the projected spike in demand for healthcare in the COVID-19 epidemic. That is beyond the existing statewide capacity of 15K hospital beds. Across the nation, temporary healthcare facilities are popping up, from […]
Ariz. Construction Gained 9,200 Jobs in February
By Tasha Anderson for AZBEX Arizona’s seasonally adjusted unemployment rate remained at 4.5 percent in February 2020, from January 2020, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate decreased to 3.5 percent from 3.6 percent in January. In February 2019, the state had a seasonally adjusted rate of 4.9 percent, and the national was at 3.8 percent. The state had a net gain of 24,300 non-farm jobs over the month, which is less than the historical 10-year (2010-2019) average gain of 25,100 jobs. Leisure & Hospitality had the largest net gain of jobs with 8,000, followed […]
Luxury Multifamily Project Announced
Source: Hines International real estate firm Hines, along with a joint venture partner, announced it has closed on 11 acres to develop a 325-unit luxury for-rent residential property in north Phoenix. Hines’ multifamily property, located at the NWC of Happy Valley Road and 35th Avenue, will consist of six three-story buildings. An additional one-story building will include a clubhouse and fitness amenity that surrounds the pool. In total, Hines will develop 318KSF. Hines’ announcement comes on the heels of […]
Cities Brace for Pandemic Impacts
By Jen Fifield for The Arizona Republic Up until this month, many Arizona cities were riding high on good times. Populations were growing, jobs were booming, and cash was flowing in. Cities were preparing to put a bow on the optimistic budgets they had worked on since the fall for the next fiscal year starting in July. Then, […]
Local AEC Market Impacts COVID-19
Budget & Stimulus News Ariz. $50M Relief Plan Progresses The Arizona House of Representatives broke through a political logjam on Monday, approving a $50M relief package as the state faces the economic toll of the COVID-19 pandemic and adjourning for three weeks as a public health precaution. The package allows Gov. Doug Ducey‘s administration to use the funds for housing assistance, aid for businesses, nonprofits […]
Arizona Projects 03-27-20
Groundbreakings 1. Banyan Residential announced the start of construction on the long-anticipated Scottsdale Entrada development, a vibrant mixed-use campus, including 736 apartment units, 250KSF of office space, 5KSF of retail at the NEC of 64th Street and McDowell Road. Construction on all project components will begin immediately, with the office building scheduled to open in Q3 2021, followed by the first apartment units in late 2022. 2. […]
New Industrial Buildings Planned for Chandler
By Tasha Anderson for AZBEX Balmer Architectural Group, on behalf of owner, Hopewell Development, is requesting preliminary plat approval for site layout and building architecture for the development of two flex industrial buildings with office use at the NEC of Germann Road and Northrop Boulevard in Chandler. The approximately 9.6-acre site lies within the Chandler Airpark […]
Covid-19 Living Through Econ. & Social History P. 1
By: Thomas M. Brophy for Colliers International Multifamily Times AZBEX Note: Thomas M. Brophy is National Director of Research & Analytics | Multifamily Investments for the Colliers Cooke Multifamily Team. This column was distributed March 18, and all data were considered current at that time. Even though it has been edited for length, you will notice it is appreciably […]
VP Planning/Community Dev. Departments Status List
Source: Valley Partnership AZBEX Note: To keep members informed of the operating status of the various planning and development offices, Valley Partnership issued the following list on Monday, March 23rd. The list is current as of March 20th. The group plans to update and add new information as it becomes available. Members with questions are asked to […]