Arizona

Opus Group Opens 335-Unit Melody on Main Apartments in Mesa, Arizona

by Jeff Shaw May 4, 2023

MESA, ARIZ. — The Opus Group has begun leasing the multifamily component of Melody on Main in Mesa. The mixed-use project includes 335 apartment units consisting of studios, one-, two- and three-bedroom apartments. Amenities include a resort-style pool, 24-hour fitness center, yoga studio, bocce ball court and a dog park and spa. Melody on Main also includes 20,000 square feet of retail space. Two of five buildings in the community are now open. Melody on Main is scheduled to be fully complete in March 2024. Griffin Capital Co. was a co-developer on the project. MT Builders is the general contractor, and P.B. Bell is providing property management services. Melody on Main is one of 12 communities that Griffin Capital Qualified Opportunity Zone Fund II is developing, which will comprise 4,096 units with an estimated total project cost of approximately $1.3 billion.

May 4, 2023

Arizona Data Centers Development Industrial Top Stories Western

Prime Reveals Plans for $2B Data Center Campus in Metro Phoenix

by Katie Sloan May 4, 2023

AVONDALE, ARIZ. — Prime, a global developer and operator of data centers, has announced plans for a $2 billion data center campus in Avondale, roughly 20 miles outside Phoenix. The development will include five data center buildings spanning 1.3 million square feet, generating a total of 210 megawatts of critical power upon completion. The speculative project will target occupancy by hyperscale service providers, large internet brands and global technology companies. The data centers will span 260,400 square feet across three stories, and have access to a wholesale dark fiber connectivity network. Each building will include 12 data halls and 120,000 square feet of white space — which is the space where IT equipment is placed within a data center — alongside separate infrastructure galleries. The campus will offer access to 100 percent renewable energy and a closed-loop cooling system, which is expected to save millions of gallons of water across the facilities. The first data center building is expected for completion in the third quarter of 2025. “Phoenix presents an incredible growth opportunity for Prime as a top-five, North American data center market with increasing demand from cloud and enterprise data center buyers,” says Chris Sumter, executive vice president of …

May 4, 2023

Acquisitions Arizona Office Western

Gantry Arranges $5M Acquisition Loan for Phoenix Office Property

by Jeff Shaw May 3, 2023

PHOENIX — Gantry has secured a $5 million loan for the value-add acquisition of a 56,000-square-foot office property in Phoenix. The borrower is an experienced private real estate investor. The two-story building offers 278 park spaces and is located at 2225 W. Peoria Ave. within the Black Canyon Commerce Park. Vacant space at the property is formatted for medical office, as well as general professional uses. One of Gantry’s correspondent life company lenders provided the fixed-rate, short-term bridge loan.

May 3, 2023

Acquisitions Arizona Hospitality Western

Fortress Investment Group Sells JW Marriott Tucson Starr Pass Resort & Spa in Arizona for $110M

by Jeff Shaw April 26, 2023

TUCSON, ARIZ. — Fortress Investment Group has sold the 575-room JW Marriott Tucson Starr Pass Resort & Spa in Tucson for $110 million. The hotel is located at 3800 W. Starr Pass Blvd. The buyer was Southwest Value Partners. The JW Marriott Tucson Starr Pass Resort & Spa features three nine-hole golf courses; outdoor multi-level pools with lazy river and waterslide; private cabanas; hot tub; spa; and fitness center. The property also has 83,732 square feet of meeting and event space, including outdoor space, to host up to 3,300 guests. Christian Charre, Jennifer Bergamo, Paul Weimer and Jennifer Jin with CBRE Hotels represented the seller in the transaction.

April 26, 2023

Acquisitions Arizona Industrial Western

Arizona Land Consulting Purchases 320 Acres in Metro Phoenix for $12M

by Jeff Shaw April 26, 2023

CASA GRANDE, ARIZ. — Arizona Land Consulting has purchased 320 acres in Casa Grande, a city between Phoenix and Tucson, for $12 million. The land sits adjacent to the Casa Grande Municipal Airport. Casa Grande Martin Road and Scott Drive LLC were partners on the acquisition. The deal equates to approximately 86 cents per foot. The site has infrastructure in place, and Arizona Land Consulting is open to taking on investors to develop the land.

April 26, 2023

Affordable Housing Arizona Development Multifamily Western

Blackstone, Dominium Plan 196-Unit Casa Azure Affordable Community in Phoenix

by Jeff Shaw April 19, 2023

PHOENIX — Blackstone and Dominium have expanded their partnership to develop Casa Azure, which will bring 196 new affordable housing units to Phoenix. Blackstone will provide $31 million of tax credit equity to support the development. This increases Blackstone’s commitment to expand the affordable housing stock in Maricopa County to a total of 568 new LIHTC units through $79 million of investments. Casa Azure will be an age-restricted property available to those earning at or below 60 percent of the area median income.

April 19, 2023

Acquisitions Arizona Industrial Western

CorLiving Sells Industrial Warehouse in Tolleson, Arizona for $20M

by Jeff Shaw April 18, 2023

TOLLESON, ARIZ. — CorLiving has sold a 100,000-square-foot warehouse in Tolleson to a 1031 exchange buyer for $20 million. The community is located at 705 South 94th Ave., just west of Phoenix. It is a state-of-the-art, single-tenant, front-loaded, mid-bay distribution warehouse with a secured truck court. Silver Rafter D5 LLC, a private investor from California, purchased the property with no financing contingencies. The transaction was a sale-leaseback with CorLiving, which has occupied the property for more than eight years. Kidder Mathews’ Mike Ciosek and Eric Bell represented CorLiving, a home furnishing company, in the transaction.

April 18, 2023

Arizona Development Industrial Western

Rockefeller Group Plans 415,000 SF Surprise Pointe Commerce Center in Arizona

by Jeff Shaw April 13, 2023

SURPRISE, ARIZ. — Rockefeller Group has purchased a 25-acre parcel in Surprise with plans to develop Surprise Pointe Commerce Center, a 415,000-square-foot speculative distribution center. Located approximately 20 miles northwest of Phoenix, the project is designed to accommodate one to four tenants. Plans call for 36-foot clear height, 83 dock doors, a 185-foot truck yard, 103 truck trailer parking stalls, 466 auto parking stalls and custom-designed office space. Cooper Fratt of CBRE and Kirk Kuller of Cushman & Wakefield represented Rockefeller Group and will handle the marketing and leasing of the project. Ware Malcomb will design the project and Layton Construction will be the general contractor. Rockefeller Group’s civil engineer is Hunter Engineering.

April 13, 2023

Arizona Development Mixed-Use Top Stories Western

RED Development, Globe Corp. Plan 150-Acre GSQ Mixed-Use Project in Goodyear, Arizona

by Katie Sloan April 13, 2023

GOODYEAR, ARIZ. — A joint venture between RED Development and Globe Corp. has released plans for GSQ, a 150-acre mixed-use development located in Goodyear, approximately 15 miles west of Phoenix. Groundbreaking on the project is proposed for next year. Plans include retail and entertainment space, restaurants, multifamily communities, office space and a hotel. GSQ will complement the Goodyear Civic Square at GSQ development, which Globe Corp. completed in August 2022. Goodyear Civic Square features a new city hall building, two-story library, two-acre community park, office space and retail space. “Our dream of a downtown is one step closer to becoming reality,” says Goodyear Mayor Joe Pizzillo. “We have all the right partners working together to create a very special walkable district for our residents — and the greater Southwest Valley region — to enjoy as they bring quality shopping, dining and entertainment to this area.” A number of new developments have been announced in Goodyear this year, including build-to-rent projects by UrbanStreet Group and a joint venture between Blue Vista Capital Management and Family Development; and several industrial projects, including a warehouse for Sub-Zero Group and the $360 million first phase of AirPark, located adjacent to the Phoenix-Goodyear airport. Phoenix-based RED …

April 13, 2023

Arizona Industrial Leasing Activity Western

Chef’s Warehouse Signs 46,339 SF Cold Storage Lease in Phoenix

by Jeff Shaw April 12, 2023

PHOENIX — The Chef’s Warehouse West Coast LLC has signed a long-term lease for 46,339 square feet at Reywest Commerce Park in Phoenix. The space is located at 3717 W. Washington St. The lease is valued at $8.5 million. The Chef’s Warehouse specializes in specialty foods, supplies and ingredients for commercial establishments. The supplier is moving out of a smaller warehouse in Tempe. Reywest Commerce Park was built in 1991 and renovated in 2012. It features cold storage warehousing with cold loading dock and a large secure truck court. Phil Haenel of Cushman & Wakefield represented he landlord, CPT Condor Washington LLC. NAI Horizon’s Isy Sonabend and Drew Eisen represented Chef’s Warehouse in the lease transaction.

April 12, 2023

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