Commercial Real Estate Transactions 10-15-19
Sales Transactions 1. Bridge Investment Group LLC’s (Bridge) subsidiary Bridge Office Fund Manager (Bridge Office) announced the acquisition of Phoenix Gateway Center, a 439.6KSF Class A office campus at N. 44th Street, Phoenix. 2. YAM Properties LLC has officially added The Shops at Norterra, located off the I-17 and Happy Valley Road, Phoenix to its […]
Phx Ready for Redev. on American Legion Site
By Tasha Anderson for AZBEX The City of Phoenix is preparing to issue a Request for Proposals sometime in the next couple of weeks for the redevelopment of a 1.68-acre city-owned parcel downtown. The property, located at 723 W. Polk Street, currently houses the Luke-Greenway American Legion Post No. 1 building; however, they were under […]
Phx Industrial Pipeline Reaches 10-year High
Source: JLL According to the Q3 Industrial Insight report from the Phoenix office of JLL, metro Phoenix now has more than 10MSF of industrial space under construction – the highest level of year-to-date construction activity since 2007. Despite still-rising construction costs, the JLL report cites in-migration and a growing pool of skilled labor as key […]
Arizona Projects 10-11-19
Groundbreakings 1. Trammell Crow Co. and a fund managed by CBRE Global Investors have started construction on a four-building, 27-acre, 356KSF industrial complex, called Park Aldea, to be built near State Farm Stadium at 99th Ave and Cardinals Way, Glendale. Construction is expected to be complete by Q2 2020. 2. A new Marine Mart is […]
New Springhill Suites Plans Submitted to Scottsdale
By Tasha Anderson for AZBEX Tempe-based developer, Kuber Development Co. has recently submitted plans to the City of Scottsdale for a new hotel at the NEC of 68th Street and Camelback Road. Kuber Development is requesting approval of a zoning district map amendment to modify the currently approved site plan in order to build the […]
Estrella Gin Business Park Gets New Owners
By Raquel Hendrickson for inMaricopa Estrella Gin Business Park effectively was sold by the City to two companies for development. Tuesday, Maricopa City Council approved the purchase agreement of 12.32 acres to J.E.T. Real Estate Holdings and 16.96 acres to Elpida LLC. The total purchase price between the two is $1.9M. The city is working […]
Aiming to Elevate Construction Education at ASU
Source: Arizona State University Associate Professor Jim Ernzen found his professional passion more than 23 years ago when he began teaching construction management at Arizona State University. What he realized even then is how much learning students need beyond classroom instruction to get a complete education and a solid jump-start on their careers. Especially vital […]
Industry Professionals 10-08-19
Awards & Accolades 1. NEZ/FCI was one of eight firms/individuals honored at the Minority Enterprise Awards Ceremony on September 9th. Marvin Nez was in attendance to accept the National “Minority Construction Firm of the Year” award from the U.S Department of Commerce, Minority Business Development Agency. Boards & Commissions 2. Erin Raden has joined the […]
Commercial Real Estate Transactions 10-08-19
Sales Transactions 1. Griffin Capital Essential Asset REIT has acquired McKesson III, a Class A office building at 5801 N. Pima Road, Scottsdale. Ryan Cos. sold the asset for $37.7M. Team Toci of Cushman & Wakefield represented Ryan Cos. 2. Sundance Bay, LLC purchased Solano Vista, a 352-unit apartment community at 7102 N. 43rd Avenue, […]
CIPs Benefit from Peak Revenues
By Rebekah Morris for AZBEX Agencies throughout the state have released their final Capital Improvement Plans (CIPs) and the trends are clear: municipalities are enjoying high levels of tax revenue due to an expanding economy, low unemployment and high property values. What’s interesting is the shifting priorities of capital projects and the growing reluctance to […]