Arizona

McCarthy Completes $243M Banner Gateway Medical Center Expansion in Gilbert, Arizona

by Jeff Shaw March 20, 2023

GILBERT, ARIZ. — McCarthy Building Companies has completed the $243 million, five-story Banner Gateway Medical Center tower expansion project in Gilbert. The expansion doubles the size of the medical center campus, which is located at 1900 N. Higley Road. It is expected to add more than 600 new jobs to the center. The 351,000-square-foot addition includes an expanded Women and Infant Services Unit with NICU, added space for inpatient cancer care by Banner MD Anderson Cancer Center (located on the same campus), and more space for surgical, emergency, endoscopy and imaging services, including four new operating rooms and a new MRI, as well as angiogram and endoscopy suites. The tower expansion increases inpatient beds from 177 to 286 with additional shell space to accommodate future growth, and the relocation of the helipad to the new tower’s rooftop. Construction on the tower expansion began in February 2021. Some campus renovation work will continue into 2024. McCarthy completed the initial Banner Gateway Medical Center campus in 2007.

March 20, 2023

Arizona Build-to-Rent Development Single-Family Rental Western

Trilogy Investment Co., Pinnacle Plan $45M Build-to-Rent Community in Avondale, Arizona

by Jeff Shaw March 16, 2023

AVONDALE, ARIZ. — Trilogy Investment Co. and Pinnacle Partners have announced a new $250 million national joint venture. The new JV’s first initiative is to bring more than 105 build-to-rent homes to a Qualified Opportunity Zone in the Phoenix suburb of Avondale. The new development will be situated on a 15-acre site. The propject represents the first combined effort between Trilogy and Pinnacle. Development costs are estimated at $45 million. Construction is scheduled to begin in late third-quarter 2023. Trilogy and Pinnacle have also secured at least six additional development projects and acquisitions, each located in growing and attractive established Qualified Opportunity Zones. A few of the sites will be in metro Denver and Colorado Springs.

March 16, 2023

Acquisitions Arizona Build-to-Rent Single-Family Rental Western

Private Portfolio Group Purchases Havenly Fountain Hills Build-to-Rent Community in Arizona for $68.3M

by Jeff Shaw March 13, 2023

FOUNTAIN HILLS, ARIZ. — Private Portfolio Group has acquired the 147-unit Havenly Fountain Hills for $68.3 million. The build-to-rent community is located at 16550 East Avenue of the Fountains in Fountain Hills, a suburb of north Scottsdale. Each rental home features 10-foot ceilings, fully fenced private backyards, front porches, high-end interior finishes, quartz countertops, stainless steel appliances and full-size washers and dryers. Mark Forrester of Berkadia represented the sellers, Arizona-based Keystone Homes and Lexin Capital, while Scott Holland of Berkadia Scottsdale secured life company acquisition financing on behalf of the buyer.

March 13, 2023

Acquisitions Arizona Multifamily Western

Hamilton Zanze Acquires 296-Unit Springs at Deer Valley Multifamily Property in Phoenix

by Jeff Shaw March 13, 2023

PHOENIX — Hamilton Zanze has purchased the 296-unit Springs at Deer Valley apartment community in Phoenix for an undisclosed sum. This purchase marks the firm’s seventh Arizona property within its current portfolio. The community will be rebranded as Ironwood at Happy Valley apartments. Built in 2021, Ironwood at Happy Valley is located at 24025 N. 23rd Ave., about 20 minutes from downtown Phoenix. The property is also close to the $12 billion Taiwan Semiconductor Manufacturing Co. manufacturing campus. Hamilton Zanze will execute a capital improvements campaign that includes building, amenity and green improvements. Management of the property has been transitioned to HZ affiliate Mission Rock Residential. Dan Woodward, David Potarf, Matt Barnett and Jake Young led the Walker & Dunlop investment sales team that marketed the property.

March 13, 2023

Acquisitions Arizona Multifamily Western

IPA Negotiates Sale of 240-Unit Mountain Park Apartments in Phoenix

by Amy Works February 28, 2023

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mountain Park, an apartment community located in the Ahwatukee Foothills Village neighborhood of Phoenix. Sares Regis Multifamily Value-Add Fund III sold the asset to LaSalle Investment Management for an undisclosed price. Built in 1994 on 12.5 acres, Mountain Park features 240 apartments in a mix of one-, two- and three-bedroom layouts with open-concept floor plans, in-unit washers/dryers and a patio or balcony with additional outside storage. Select apartments have wood-burning fireplaces and private stairwell entrances. Community amenities include a clubhouse, fitness center, two pools, a spa and access to Mountain Park Ranch Homeowners Association’s recreational facilities. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.

February 28, 2023

Acquisitions Arizona Multifamily Western

IPA Negotiates Sale of 240-Unit Mountain Park Apartments in Phoenix

by Amy Works February 28, 2023

February 28, 2023

Arizona Development Multifamily Western

Mark-Taylor Residential Opens 180-Unit San Bellara Apartments in Scottsdale, Arizona

by Amy Works February 27, 2023

SCOTTSDALE, ARIZ. — Arizona-based Mark-Taylor Residential has opened San Bellara, a multifamily property located at 17800 N. 78th St. in Scottsdale. Mark-Taylor will manage the 180-unit community in-house. San Bellara features a mix of one-, two- and three-bedroom layouts with granite countertops, stainless steel appliances, walk-in closets, in-unit washers/dryers, air conditioning, private patios or balconies and direct-access garages. The pet-friendly property also offers a swimming pool, hot tub, fitness center, business center, outdoor cabanas with a poolside kitchen, an electric car station and a resident clubhouse with flat-screen TV.

February 27, 2023

Acquisitions Arizona Multifamily Western

Cushman & Wakefield | PICOR Arranges $6.7M Sale of Beverly On Fifth Apartment Building in Tucson, Arizona

by Amy Works February 27, 2023

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has brokered the sale of The Beverly On Fifth, a residential property in Tucson. Beverly On Fifth Owner LLC acquired the acquired the asset from Dry Desert LLC for $6.7 million. Located at 5601 E. 5th St., The Beverly On Fifth features 35 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.

February 27, 2023

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Brokers $6.1M Sale of Super Star Car Wash in San Tan Valley, Arizona

by Amy Works February 27, 2023

SAN TAN VALLEY, ARIZ. — Marcus & Millichap has arranged the sale-leaseback of a retail property located at 1732 W. Hunt Highway in San Tan Valley. A limited liability company sold the property to an undisclosed buyer for $6.1 million. Super Star Car Wash occupies the 4,517-square-foot on a net-leased basis. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller. Ryan Sarbinoff of Marcus & Millichap served as the Arizona broker of record in the deal.

February 27, 2023

Arizona Industrial Market Reports Western Western Market Reports

Is This a Return to Normal for Phoenix’s Industrial Market?

by Jeff Shaw February 24, 2023

— By Rob Martensen, Senior Executive Vice President, Colliers International — There are a lot of questions being asked about the Phoenix industrial market as we turn the calendar to 2023. Having been an industrial broker in this market for 25 years, I have seen many ups and downs, which are historically driven by the residential construction market. Phoenix used to be a one-industry town…and that industry was growth. Sure, we’ve had large companies like Motorola, Avnet and Intel, but the industrial market has been mostly driven by people moving to Arizona and buying houses and household goods. Phoenix has transformed in the past five years into a thriving city that now supports many industries. The largest is advanced manufacturing. This includes semiconductors, battery manufacturing, electric vehicle manufacturing and all supporting businesses. Intel is in the process of a $20 billion expansion to their existing facility, while Taiwan Semiconductor Manufacturing Company (TSMC) is under construction on a $12 billion chip making factory. TSMC recently announced it’s going to immediately start on Phase II of this factory, which will be another $28 billion spent in Phoenix. It is estimated that 160 new companies have moved to Phoenix to support these two new …

February 24, 2023

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