Arizona

Ray, VeLa Development Partners Break Ground on 401-Unit Multifamily Tower in Phoenix

by Amy Works April 19, 2024

PHOENIX — Ray and VeLa Development Partners, as co-developers, have broken ground on Ray Phoenix, a 26-story residential tower at 777 N. Central Ave. in Phoenix. Johnson Marklee & Associates, in partnership with Lamar Johnson Collaborative, designed the project, while Grace Fuller Marroquín of Grace Fuller Design conceived the landscape concept. Situated in the Roosevelt Row Arts District, Ray Phoenix will feature 401 residential units — 193 studios; 116 one-bedrooms, including den and duplex options; and 92 two-bedrooms, including duplex and penthouse options. Totaling 523,000 square feet, the building will feature a fitness center, yoga studio, resort-style pool, communal kitchen, fireplace lounge, sunken lounge with theater experience, dog wash stations, indoor and outdoor gardens and workspaces, as well as more than 4,500 square feet of ground-level retail space.

April 19, 2024

Arizona Development Hospitality Western

Jackson-Shaw, Holualoa Cos. to Develop 274-Room Hotel in North Phoenix

by Amy Works April 16, 2024

PHOENIX — Texas-based Jackson-Shaw and Arizona-based Holualoa Cos. are developing a dual-branded AC Hotel by Marriott North Phoenix at Norterra and Element by Westin North Phoenix at Norterra in Phoenix. Construction is slated to begin in May 2024 for completion in late 2025. The four-story development will feature a total of 274 guest rooms, with AC Hotel by Marriot North Phoenix offering 179 guest rooms and Element by Westin North Phoenix offering 95 rooms. The property will feature 8,000 square feet of flexible meeting space, two deluxe suites, two group communal rooms, a fitness center, and resort-style courtyard with a saline pool, heated spa and lawn. Situated on three acres, the property will total 160,133 square feet. Simmons Bank is providing construction financing, Layton Construction is serving as general contractor, Cooper Cary is serving as architect and DiLeonardo as interior designer.

April 16, 2024

Acquisitions Arizona Retail Western

Western Retail Advisors Arranges $11.1M Sale of Retail Center in Peoria, Arizona

by Amy Works April 16, 2024

PEORIA, ARIZ. — Phoenix-based Western Retail Advisors has brokered the sale of 83 Marketplace, a newly built retail center located on the corner of 83rd Avenue and Happy Valley Road in Peoria, a suburb northwest of Phoenix. A franchisee of Hawaii-based Seven Brothers Burgers acquired the asset for $11.1 million. Developed by Scottsdale-based Cavan Cos., 83 Marketplace features three buildings offering a total of 19,800 square feet. The buyer plans to open a Seven Brothers restaurant concept at the corner of the center. Other tenants of the property include Bourbon & Bones, The Stetson Social, F45 Training, Herbal Nail Bar, Salon Blissful and Heartland Dental. Brian Gausden and Jake McClaughry of Western Retail Advisors represented the seller, Cavan Cos., while Scott Johnson of Omni Commercial represented the buyer in the transaction.

April 16, 2024

Acquisitions Arizona Multifamily Western

Air Estates Acquires Flores Apartments in Tucson, Arizona for $1.3M

by Amy Works April 15, 2024

TUCSON, ARIZ. — Air Estates LLC has purchased Flores Apartments, a multifamily investment property in Tucson, from 225 W Flores LLC and Colonia Properties TIC I LLC for $1.3 million. Located at 225-255 W. Flores St., Flores Apartments features 20 units. Allan Mendelsburg and C. Joey Martinez of Cushman & Wakefield | PICOR represented the seller in the deal.

April 15, 2024

Arizona Civic Development Retail Western

International Dark Sky Discovery Center Breaks Ground on $25M Observatory in Fountain Hills, Arizona

by Amy Works April 12, 2024

FOUNTAIN HILLS, ARIZ. — International Dark Sky Discovery Center (IDSDC) has broken ground on its new observatory in Fountain Hills, approximately 30 miles northeast of Phoenix. SWABACK Architects + Planners designed the $25 million project, which McCarthy Building Cos. is constructing. The 23,000-square-foot facility will encompass a 27.5-inch PlaneWave telescope housed within a 20.5-foot domed observatory, and a 65-seat planetarium. The center will also offer a 150-capacity multipurpose auditorium and a “Night Sky Experience” exhibit space equipped with interactive educational and historical components. IDSDC will offer activities, educational opportunities and events for all ages, primarily serving the K-12 communities in Arizona. With the first research-grade telescope in the greater Phoenix area, the IDSDC will allow Valley residents to view parts of the sky that have become hidden due to growing light pollution.

April 12, 2024

Acquisitions Arizona Retail Western

Whitestone REIT Acquires Scottsdale Commons Shopping Center in Arizona for $22.2M

by Amy Works April 10, 2024

SCOTTSDALE, ARIZ. — Houston-based Whitestone REIT (NYSE: WSR) has purchased Scottsdale Commons, a retail center at 7119 E. Shea Blvd. in Scottdale. Trojan Development Associates III LLC sold the asset for $22.2 million. Additional terms of the transaction were not released. Situated on 6.2 acres, the 69,482-square-foot Scottsdale Commons was 96.6 percent occupied at the time of sale. Current tenants include Rosati’s Chicago Pizza, Rusty Nail Meats, U.S. Egg, Companion Pet Partners, Prep Kitchens, BevMo, Black Rifle Coffee, Mountain View Pharmacy, H&R Block, Green Corner Mediterranean and Habanero’s Restaurant. Joseph Compagno and Benjamin Farthing of CBRE represented the seller and the buyer in the transaction.

April 10, 2024

Acquisitions Arizona Loans Multifamily Western

Berkadia Brokers Sale, Financing of Cambria Multifamily Property in Gilbert, Arizona

by Amy Works April 9, 2024

GILBERT, ARIZ. — Berkadia has arranged the sale and financing of Cambria, a garden-style multifamily community in Gilbert, southeast of Phoenix. Utah-based Bridge Investment Group Holdings sold the asset to a California-based private investor for an undisclosed price. Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix represented the seller in the transaction. Vincent Punzi and Lowell Takahashi of Berkadia Irvine, Calif., secured $31.5 million in permanent acquisition financing on behalf of the buyer. Cambria features 174 apartments, averaging 1,022 square feet per unit, with direct-access attached garages, nine-foot ceilings, side-by-side washers/dryers and a full slate of amenities.

April 9, 2024

Acquisitions Arizona Industrial NAI Western

NAI Horizon Negotiates Acquisition of 81,060 SF Warehouse in Peoria, Arizona

by Amy Works April 9, 2024

PEORIA, ARIZ. — NAI Horizon has brokered the purchase of an industrial building located at 10857 N. 9th Ave. in Peoria, a suburb northwest of Phoenix. Glez C Properties LLC acquired the asset from Chris Finn for $9.5 million. The buyer plans to expand its construction and asphalt company, Gonzalez Asphalt, into the 81,060-square-foot, Class B warehouse facility, which was built in 2005. Jeffrey Garza Walker and Art Verdugo of NAI Horizon represented the buyer, while Gary Cornish of Newmark and Geoffrey Turbow of CBRE represented the seller in the deal. Eric Nutt of Commonwealth Title also helped facilitate the transaction.

April 9, 2024

Arizona Development Industrial Top Stories Western

Taiwanese Semiconductor Manufacturer to Build Third Factory at Phoenix Plant Using $6.6B from CHIPS Act

by John Nelson April 9, 2024

PHOENIX — Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) has announced plans to build a third semiconductor plant on its TSMC Arizona campus in North Phoenix. In connection with the announcement, the U.S. Department of Commerce has entered into a preliminary memorandum of terms (PMT) with the Taiwanese company to provide $6.6 billion in direct funding through the CHIPS and Science Act. The PMT also allows for the federal government to provide TSMC with up to $5 billion in loans. The company plans to apply for U.S. Treasury Department Investment Tax Credits of up to 25 percent of the qualified capital expenditure at TSMC Arizona. Additionally, $50 million of the CHIPS funding at TSMC Arizona will be used in the training and development of the local workforce, according to a statement issued by President Joe Biden. The third factory will increase TSMC’s investment at the Arizona manufacturing site to more than $65 billion. TSMC is making the site the largest foreign direct investment in Arizona history and the largest foreign direct investments in a greenfield project in U.S. history. The company estimates that the three facilities will employ roughly 6,000 direct high-tech jobs, 20,000 construction jobs and tens of thousands of …

April 9, 2024

Acquisitions Arizona Multifamily Western

Subto Fund Acquires 21-Unit Coronado Vistas Apartment Building in Tucson, Arizona

by Amy Works April 8, 2024

TUCSON, ARIZ. — Subto Fund LLC has purchased Coronado Vistas, a multifamily property in Tucson, from Bellevue 21 LLC for $1.8 million. Located at 4424 E. Bellevue St., the community features 21 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented the buyer and seller in the transaction.

April 8, 2024

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