Arizona

LaPour Partners, NewcrestImage Open 199-Room AC Hotel Phoenix Downtown

by Amy Works March 17, 2021

PHOENIX — A joint venture between Las Vegas-based LaPour Partners and Texas-based NewcrestImage has completed AC Hotel Phoenix Downtown, a 13-story hotel located at 414 N. 5th St. in downtown Phoenix. Situated within the Arizona Center development, the hotel features 199 guest rooms; a lobby lounge offering tapas, crafted cocktails, a large outdoor patio with fireplaces and water features; and a penthouse fitness center with multiple hydration stations. The development team included Layton Construction, Los Angeles-based Axis GFA Architecture & Design and Dallas-based Design Duncan Miller Ullman. This is the first joint venture between NewcrestImage and LaPour Partners, and LaPour’s second AC Hotel in Phoenix, joining the firm’s existing 160-room AC Hotel by Marriott on Camelback Road.

March 17, 2021

Banner-Gateway-Medical-Center-Gilbert-AZ

Arizona Development Healthcare Western

McCarthy Building Cos. Starts Construction of 351,000 SF Banner Gateway Medical Center Tower in Gilbert, Arizona

by Amy Works March 15, 2021

GILBERT, ARIZ. — McCarthy Building Cos. has broken ground on the $243 million expansion and renovation of Banner Gateway Medical Center Tower and Emergency Department in Gilbert. The 351,000-square-foot expansion nearly doubles the size of the medical center campus, which is located at 1900 N. Higley Road. The expansion includes a five-story, 208,500-square-foot patient tower offering 109 patient beds with the ability to increase capacity by an additional 72 to 358 total beds once the shell space is built out. The project also includes a three-level, 85,000-square-foot expansion to the diagnostics and treatment building on the campus’ west side, including an expansion to the Emergency Department, as well as a two-level expansion to the existing diagnostics and treatment building on the campus’ east side. The expansion addresses the need for women and infant care, including labor, delivery, postpartum and new neonatal intensive care unit, as well as creating additional space for inpatient cancer care by Banner MD Anderson Cancer Center. Additionally, the project includes the construction of two surface parking lots, adding approximately 690 new parking spaces for visitor and staff use, as well as upgrades to the existing Central Utility Plant. Also, approximately 40,000 square feet of additional renovation …

March 15, 2021

Arizona Development Multifamily Western

P.B. Bell Opens $55M Grayson Place Multifamily Community in Goodyear, Arizona

by Amy Works March 11, 2021

GOODYEAR, ARIZ. — P.B. Bell, as owner and manager, has opened Grayson Place, an apartment property located at 1499 N. 159th Ave. in Goodyear. The $55 million development features 296 apartments in a mix of one-, two- and three-bedroom floor plans ranging from 726 square feet to 1,278 square feet. The community offers smart home technology, including smart door locks, thermostats and lights, controlled by the MyAPT app by Cox. Additionally, each unit features granite countertops, stainless steel appliances, subway tile backsplash, modern wood cabinets, full-sized washers/dryers, wood-style flooring, modern pendant lighting and private patios or balconies. Community amenities include a heated pool and spa; resident clubhouse with multiple lounge areas; outdoor entertainment spaces with grilling stations; a 24-hour fitness center; resident cinema room; business center; dog park; and pet spa. The controlled-access, gated community also offers valet trash, package lockers, 24-hour emergency maintenance, complimentary common area Wi-Fi and electric vehicle charging stations.

March 11, 2021

Acquisitions Arizona Industrial Leasing Activity Western

Reich Brothers Acquires 620,000 SF Warehouse in Arizona, Leases 250,000 SF to Dynarex

by Amy Works March 11, 2021

GLENDALE, ARIZ. — Reich Brothers has purchased a 620,000-square-foot distribution facility located on 30 acres in Glendale. Terms of the acquisition were not released. The undisclosed seller made interior and exterior improvements to the site, including the addition of a 3.5-acre trailer lot adjacent the property, and completed lease-up of the facility. Reich Brothers plans to continue to upgrade and maintain the facility for distribution and logistics tenants. Dynarex, an Orangeburg, N.Y.-based medical supplies company, has signed a lease to occupy 250,000 square feet at the property. Thyssenkrupp’s 3PL division occupies the remainder of the asset. Located at 7811 N. Glen Harbor Blvd., the 620,000-square-foot building features clear heights ranging from 32 feet to 40 feet and 43 dock-high doors. Additionally, the site offers access to Loop 101 and Interstate 10.

March 11, 2021

Arizona Multifamily Top Stories Western

Institutional Property Advisors Brokers $117M Sale of Montreux Multifamily Community in Phoenix

by Katie Sloan March 11, 2021

PHOENIX — Institutional Property Advisors (IPA) has brokered the $117 million sale of Montreux, a 335-unit luxury multifamily property located within the master-planned community of Desert Ridge in Phoenix. Montreux offers a mix of one-, two- and three-bedroom units averaging 1,058 square feet with 9-foot ceilings; sound-absorbing mechanisms that assist in mitigating sound transfer; fiber-optic high-speed internet; keyless entry; and motion sensor management. Shared amenities at the property include a clubhouse, rooftop terrace, creative workshop, game room, fitness center, dog park, two resort-style swimming pools, a business center, and tennis, bocce and pickleball courts. Completed in 2020, Montreux is located adjacent to Loop 101, State Route 51 and Interstate 17 — three of the most traveled freeways in Arizona. It is also near the corporate headquarters for Sprouts Farmers Market and offices for American Express, Vanguard, Nationwide, Axon and the Mayo Clinic Hospital. The community was 60 percent occupied at the time of sale. Steve Gebing and Cliff David of IPA represented the seller, The Statesman Group, in the transaction and procured the buyer, Pacific Development Partners. “The Phoenix MSA continues to be among the fastest-growing metropolitan areas in the nation with a wide range of industries that attract a …

March 11, 2021

Arizona Development Loans Multifamily Single-Family Rental Western

ACRES Originates $62M Construction Loan for Bungalows on Cotton Lane Multifamily Property in Glendale, Arizona

by Amy Works March 9, 2021

GLENDALE, ARIZ. — ACRES Capital Corp. has originated a $62 million loan to fund the construction and stabilization of Bungalows on Cotton Lane, an apartment community located at North Cotton Lane and West Orangewood Avenue in Glendale. The borrower is Cavan Communities, which will develop the single-family rental community. Bungalows on Cotton Lane will offer 336 for-rent single-family homes; a swimming pool and heated spa; farmhouse-style clubhouse with a full kitchen; fitness center; car charging stations; gated entry; and 859 parking spaces. The homes will be a mix of 66 one-bedroom, one-bath units; 152 two-bedroom, two-bath units; and 118 three-bedroom, two-bath units, with an overall average unit size of 1,066 square feet. Unit amenities will include smart-home technology, premium finishes, stainless steel appliances and private patios and backyards. Jeremy Korer of Cushman & Wakefield arranged the financing.

March 9, 2021

Acquisitions Arizona Development Multifamily Western

Embrey Partners Acquires Land Site for 266-Unit The Quincy at Kierland Multifamily Project in Phoenix

by Amy Works March 8, 2021

PHOENIX — San Antonio-based Embrey Partners has purchased a land site for the development of The Quincy at Kierland, an apartment community located on Scottsdale Road in Phoenix. The six-story, podium-style project will feature 266 apartments, access to the 101 Loop and walkability to Kierland Commons, Scottsdale Quarter, The Promenade and the Westin Kierland Resort and Spa. The property’s clubhouse and first units are scheduled to open in early 2023, with full project completion later in the year. Amenities at the development will include a clubhouse with game room and business center; fitness studio with on-demand technology and yoga room; cyber-lounge with coffee bar; conference room; and structured parking. Additionally, the community will feature a resort-style pool, outdoor grilling areas and fireplace, a landscaped courtyard and dog spa. Unit interiors will include contemporary kitchens with backsplashes, under-cabinet lighting, quartz countertops, stainless steel appliances, gas ranges, side-by-side counter-depth refrigerators in two-bedroom plans and custom cabinetry. Some floor plans also feature nine- to 10-foot ceilings, walk-in closets, linen closets with built-in shelving, soaking tubs, walk-in showers and private outdoor patios and balconies. Frost Bank is serving as lender for the project.

March 8, 2021

Arizona Development Multifamily Western

Pintar Investment, Suncrest Real Estate to Develop 109-Unit Build-to-Rent Community in Phoenix

by Amy Works March 8, 2021

PHOENIX — A joint venture between Pintar Investment Co. and Phoenix-based Suncrest Real Estate & Land has acquired an 8.7-acre Opportunity Zone land parcel at the northeast corner of Encanto Boulevard and 83rd Avenue in Phoenix. The partnership plans to develop Zora Encanto, a 109-unit build-to-rent community offering a blend of single-family living with multifamily community amenities, on the site. Zora Encanto will feature a mix of one- and two-bedroom units, each with private walk-up entrances and individually fenced backyards. Individual units will include in-house smart technology, hardwood-style floors, 10-foot ceilings and dog doors. The gated community will offer a resort-style swimming pool, fitness center, yoga lawn, grilling stations, community fireplaces and an event lawn for private gatherings. Construction is slated to begin in May, with completion and initial move-ins scheduled for mid-2022. Pintar acquired the community, which will be professionally managed, as part of its PICOZ Fund I LP. Zora Encanto is the fourth asset in the investment vehicle.

March 8, 2021

Southeast-Phoenix-Distribution-Center-Chandler-AZ

Arizona Industrial Market Reports Western Western Market Reports

Phoenix’s Industrial Market Remains Busier than Ever

by Jeff Shaw March 8, 2021

By Peter Batschelet, Principal, Lee & Associates In a year of unknowns, hypotheticals and uncertainties, the Phoenix metropolitan area and Maricopa County were the complete opposite. In fact, 2020 was a record-setting year in this region’s industrial market for several reasons. For starters, there was nearly 14 million square feet of new construction delivered. This is twice as high as any year in the past decade and roughly equivalent to the deliveries from the past two years. In addition, Phoenix set record absorption numbers to the tune of, ironically, 14 million square feet. Meanwhile, vacancy rates have decreased to roughly 7.7 percent and rents continue to see moderate growth. There does not appear to be an end in sight to the impressive growth. There is an additional 15 million square feet currently under construction. This space is both speculative development and build-to-suit opportunities from household names like Merit Partners, Prologis, Trammell Crow Majestic Realty and others. Ecommerce sales represent roughly 15 percent of the national retail industry, which means there is plenty of capacity for additional investment and capital into the Greater Phoenix area based on our population and anticipated growth. There remains plenty of upside for the bulk …

March 8, 2021

Tolleson-107-Logistics-Center-Tolleson-AZ

Arizona Development Industrial Western

Trammell Crow, Clarion Partners Acquire 25-Acre Site for Tolleson 107 Logistics Center in Arizona

by Amy Works March 4, 2021

TOLLESON, ARIZ. — The Phoenix business unit of Trammel Crow, in partnership with Clarion Partners, has purchased a 25-acre site for the development of Tolleson 107 Logistics Center. Terms of the acquisition were not disclosed. Located in Tolleson, the 332,075-square-foot logistics facility will include 4.6 acres dedicated to retail space. Butler Design Group designed the asset, which will feature 36-foot clear heights, concrete truck courts, four point of access, 52-foot by 52-foot column spacing with 60-foot speed bays, 266 car parking stalls, 54 trailer parking stalls and an ESFR sprinkler system. Groundbreaking is slated for April, with tenancy ready by year-end. Phil Haenel, Andy Markham and Mike Haenel of Cushman & Wakefield are handling leasing of the project.

March 4, 2021

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