Arizona

Montezuma Heights Plans $41M Multifamily Project in Prescott, Arizona

by Jeff Shaw July 7, 2023

PRESCOTT, ARIZ. — Montezuma Heights Investors has unveiled plans for Montezuma Heights, a $41 million luxury multifamily development in Prescott. The groundbreaking ceremony will be held July 13. The development, located at 609 Bagby Drive, will feature 144 apartment units with one- to three-bedroom floor plans. Amenities will include a state-of-the-art gym, lounge, outdoor grotto with grilling area, dog parks, multiple fire pits and electric car charging stations. The community will also have a trail connection to Granite Creek Park and the Depot shopping center. The developer expects the construction process to take 20 months. MEB Management will serve as the community’s manager and leasing agent.

July 7, 2023

Arizona Development Healthcare Office Western

Ryan Cos. Begins Construction of 101,136 SF Medical Office Building in Scottsdale, Arizona

by Jeff Shaw July 7, 2023

SCOTTSDALE, ARIZ. — Ryan Cos. has begun construction on a multi-tenant medical office building in Scottsdale. The two-story, 101,136-rentable-square-foot building is called One Scottsdale Medical. It is 80 percent preleased, with the City of Hope and Exalt Health serving as anchor tenants. They will occupy about 30,000 and 50,000 square feet, respectively. The building will provide additional space for lease to medical tenants. One Scottsdale Medical is scheduled for completion by third-quarter 2024. Mari Lederman and Katie McIntyre from JLL’s Phoenix office are the project’s exclusive leasing brokers.

July 7, 2023

Acquisitions Arizona Multifamily Western

Topp Corp. Buys Marlowe Apartments in Phoenix for $8.4M

by Jeff Shaw July 7, 2023

PHOENIX — Topp Corp. has purchased The Marlowe, a 53-unit apartment complex in Phoenix, for $8.4 million. Built in 1968, the majority of the apartment interiors have been renovated with new cabinets, countertops, appliances, flooring and lighting. The average unit size is 552 square feet. The Marlowe offers new ownership an opportunity to implement a comprehensive value-add strategy by renovating the remaining 20 percent of apartment interiors and adding custom touches to enhance the community. The community enjoys a central location near Tempe, Scottsdale and Phoenix Sky Harbor International Airport. It features a central garden courtyard, swimming pool, laundry facility and assigned parking. Paul Bay and Darrell Moffitt of Marcus & Millichap, in conjunction with Cliff David and Steve Gebing of IPA, represented the seller, Living Well Homes, and procured the buyer.

July 7, 2023

Arizona Development Industrial Western

SIHI, Graycor Construction Break Ground on 516,320 SF Camelback 303 Industrial Park in Goodyear, Arizona

by Jeff Shaw July 6, 2023

GOODYEAR, ARIZ. — Sunbelt Investment Holdings and Graycor Construction Company have begun construction on Phase I of Camelback 303, a Class A industrial park in Goodyear. The first phase consists of a 516,320-square-foot building within the Loop 303 Corridor. It is designed for use by a single tenant, or it can be divisible to three tenants. The Camelback 303 project aims to provide warehouse, distribution and manufacturing space. At completion, Camelback 303 is slated for up to 16 buildings ranging from 32,400 square feet to 1.2 million square feet. The development is part of the even larger PV|303 master-planned business park, which totals 1,600 acres and offers 20 million square feet of industrial, office and retail space. Construction on Camelback 303 Phase I is underway now, with completion scheduled for first-quarter 2024. The architect for Camelback 303 is Butler Design Group. Graycor Construction serves as the general contractor. Andy Markham, Mike Haenel and Phil Haenel of Cushman and Wakefield are the project’s exclusive leasing brokers.

July 6, 2023

Acquisitions Arizona Office Western

Stevens-Leinweber Construction Acquires Phoenix Office Building for $3.8M

by Jeff Shaw July 6, 2023

PHOENIX — Jamie Godwin, president of Stevens-Leinweber Construction (SLC), has purchased a two-story office building in Phoenix’s Camelback Corridor area for $3.8 million. The building will undergo a multi-million-dollar renovation to serve as the company’s new, expanded headquarters. The renovation plans include modernizing the building’s interior, creating employee-centric amenities and improving common areas. Other planned improvements include renovations to the building’s shared courtyard and common areas, new HVAC systems and the addition of a fire sprinkler system. Chris Krewson of Newmark represented SLC in the purchase of the 5045 building. Wally Hale and Drew Sampson of Avison Young represented the building’s seller, 5045 Associates LLC. Renovations are underway, with the project slated for completion by the end of this year.

July 6, 2023

Arizona Development Multifamily Western

Thompson Thrift Plans 308-Unit Stella Multifamily Property in San Tan Valley, Arizona

by Jeff Shaw July 5, 2023

SAN TAN VALLEY, ARIZ. — Thompson Thrift is set to begin construction on Stella, a 308-unit apartment community in the Phoenix suburb of San Tan Valley. Stella will comprise 12 two- and three-story buildings, as well as green spaces, a pool, two pickleball courts and two dog parks. Units will come in one-, two- and three-bedroom floor plans and include features such as quartz countertops, hardwood-style flooring, stainless steel appliances, internet access, ceiling fans, washers and dryers, smart thermostats and an Alexa-compatible smart hub. Stella is scheduled to open for residency in late 2024. It will be Thompson Thrift’s sixth community in Arizona.

July 5, 2023

Arizona Development Industrial Mixed-Use Multifamily Retail Top Stories Western

Indicap, Colmena Group, Langley Properties Receive Town Approval for $1B Mixed-Use Project in Gilbert, Arizona

by Jeff Shaw June 30, 2023

GILBERT, ARIZ. — The Town of Gilbert, a suburb southeast of Phoenix, has approved the zoning request for a 311-acre mixed-use development called The Ranch. Indicap, Colmena Group and Langley Properties are leading the project and estimate that development costs exceed $1 billion. Upon completion, The Ranch will offer 221 acres of light industrial space, 39 acres of commercial space, 39 acres of multifamily space and 16 acres of public green space. The industrial portion could total up to 3 million square feet of mid-bay and cross-dock buildings. The commercial space is slated to include restaurants, storage, convenience stores, office space, a fitness center, small grocer and dental office, among other uses. Plans for Residences at the Ranch, the multifamily component of the project, including two- and three-story rental homes with ground-floor retail. The 16-acre green space will include trails and landscaping for the community to use. The developers also plan to make $20 million in offsite improvements. The zoning approval marks the conclusion of 18 months of negotiations between the developers and the town government. A timeline for construction was not disclosed. — Channing Hamilton

June 30, 2023

Acquisitions Arizona Industrial Western

Matthews Real Estate Negotiates $5.2M Sale of Industrial Building in Chandler, Arizona

by Jeff Shaw June 29, 2023

CHANDLER, ARIZ. — Matthews Real Estate Investment Services has arranged the sale of a freestanding, single-tenant industrial building in Chandler for $5.2 million. The property is located at 590 E. Pecos Road. Erik Manarino and John Stroud facilitated a 1031 exchange for the seller into a more profitable asset. The pair sourced the buyer, Sunbelt Rentals, through Matthews’ database. This sale marks the highest comparable price achieved in the surrounding area for an owner-user transaction, according to the brokers.

June 29, 2023

Arizona Development Industrial Western

Martens, Willmeng Break Ground on 723,508 SF Mission Park Industrial Project in Buckeye, Arizona

by Jeff Shaw June 27, 2023

BUCKEYE, ARIZ. — Martens Development and Willmeng Construction have broken ground on Mission Park, a Class A industrial development in Buckeye. Located at near I-10 and Perryville Road in the emerging Buckeye industrial submarket, the 723,508-square-foot project will comprise two buildings. The north building will feature 196,353 square feet with 32-foot clear heights. The south building will encompass 527,155 square feet with 40-foot clear heights. Both are scheduled for completion in the second quarter of 2024.

June 27, 2023

Arizona Development Industrial Western

Blue Vista, Kentwood Ventures Start Construction of KV Casa Grande Industrial Building in Arizona

by Jeff Shaw June 27, 2023

CASA GRANDE, ARIZ. — Blue Vista Capital Management and Kentwood Ventures have started construction of KV Casa Grande, a Class A industrial building in Casa Grande, southeast of Phoenix. The 314,453-square-foot project will feature 32-foot clear heights, a 175-foot concrete truck court, 32 dock-high doors and 14 grade-level doors. The building will utilize tilt-up construction and a panelized thermoplastic polyolefin roofing, which improves energy efficiency by reflecting heat and is resistant to ultraviolet, ozone and chemical exposures. The project is currently 15 percent pre-leased. It is scheduled for completion in summer 2024.

June 27, 2023

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