Phoenix, Arizona – Mesa-based Bela Flor Communities secured three multifamily developers for their Mountain Vista project located near Signal Butte Road and Southern Avenue in Mesa, AZ. Lee & Associates represented the seller and all three buyers in the transactions.

Originally, the 80-acre development was planned as a large power center, anchored by Super Target. Through collaboration with the city of Mesa’s planning staff, Bela Flor defined a more mixed-use approach to attract residents and jobs to the area, and ultimately sales tax revenue for the City. “We had a shared vision of what this trade area could ultimately become, and Mesa really helped us advance it forward,” said Hudd Hassell, President, Bela Flor Communities.

In all, three parcels totaling 37 acres with over 900 future multifamily units will be built along Hampton Avenue, adjacent to Sprouts and future commercial and retail parcels. “It’s interesting to see three multifamily developers all building at the same time within the same project.  What makes this situation unique is that the developers are catering to different demographics, and therefore won’t compete directly with each other,” said Hassell. There are still approximately 28 acres remaining for future medical office, commercial or business park uses.

DHI Communities, a subsidiary of D.R. Horton homebuilding company, plans to build 300 units designed as traditional two and three-story garden-style apartments with planned retail shops along Southern Avenue. These units will be larger in size and cater to a demographic that prefers a more suburban feel with onsite amenities and rich landscape.

Talos Holdings, a multifamily real estate development firm with offices in Scottsdale, Fort Worth and Atlanta, plans to build 350 four-story apartment units with surface parking. The complex will cater to a demographic that is constantly on the go, whether biking to their nearby offices or walking to retail shops and restaurants. Their vision for this project is to be a more urban environment providing residents with great amenities and spectacular views of the Superstition Mountains. They are excited for the opportunity to work with the city of Mesa in providing a unique, upscale development in the East Valley, as it is an underserved market for class A multifamily.

Sparrow Partners, which develops, builds and manages age-restricted housing that caters to active adults, plans to build a four-story community that will offer spacious apartments with high-end finishes and elevated amenities for a moderate price.  Sparrow’s latest project in the Mountain Vista development is expected to open in the Spring of 2022.  The Austin, Texas-based company has recently commenced construction on three additional communities in the Phoenix area.

Together, these three developments are supplying the ever-increasing demand for housing that we are seeing in the East Valley. With a population of over half a million in 2020 and expected to grow by 6.4% by 2025, Mesa has been ranked the 35^th largest city in the US and second largest in the Phoenix-Mesa metro area.

­The 80-acre development sits near Signal Butte Road and Southern Avenue, with US60 providing major highway exposure and monument signage opportunities seen by over 90,000 cars per day. Just minutes away are major corporations like Banner Health and The Boeing Company, schools, retail, restaurants, and additional amenities. It’s also located in proximity to the Elliot Road Tech Corridor which is booming with new industrial and data center developments including Google and Apple.

Just south of the site is Eastmark, a new master-planned residential community and 1,000 acres of rezoned mixed-use land at Hawes Crossing. The rezoning of the land at Hawes Crossing is a significant milestone and attractive to developers as Mesa has seen more than 110,000 people move to the area in the last two decades. West of the site sits the Superstition Vistas Area Planning Project which is envisioned to become a thriving and sustainable desert community.

Bela Flor Communities has begun the infrastructure work onsite and the multifamily developers are expected to break ground in spring of 2021. Approximately 28 acres remain as opportunities for future medical office, commercial or business park uses.

Tucson, Arizona — A new two-story, 55,000-square-foot development by PMB LLC, a San Diego health-care real estate firm, recently opened on the Carondelet St. Mary’s Hospital Campus in Tucson. It will replace the Century Medical Plaza, a functionally obsolete property located at 1701 W. St. Mary’s Road in Tucson on St. Mary’s Hospital campus that began demolition on November 3, 2020.

St. Mary’s Medical Pavilion, a $17 million complex at 1707 W. St. Mary’s Road, brke ground one year ago on the campus of the 400-bed acute-care hospital is already 74 percent leased by Carondelet Medical Group, which will anchor the building with a 23,000-square-foot multispecialty practice. Other tenants will be The Oncology Institute of Hope and Innovation and MHC (Marana Health Clinic).

“The St. Mary’s Medical Pavilion is a wonderful replacement to the Century Medical Building that serviced the Tucson community for over 45 years,” said Jake Dinnen, senior vice president of development for PMB. “We identified an opportunity to advance the delivery of health care in an underserved community and modernized the outpatient health care delivery environment.”

Rick Kleiner, MBA, of Cushman & Wakefield | Picor commercial real estate has the leasing assignment for the project.

Demolition of the old Century Medical Building is expected to be completed within a week and the lot will be converted to parking.

To learn more, Kleiner should be contacted at 520.546.2745

Acquisition of West Craig Industrial Center brings Las Vegas portfolio to nine buildings

LAS VEGAS, Nevada, – With the $48.6 million purchase of West Craig Industrial Center, the Desert West Region of Lincoln Property Company (LPC) has increased its newly established Nevada presence to nine buildings and almost 800,000 square feet of Class A industrial space – with more acquisition opportunities on the horizon.

“Like the Nevada industrial market itself, the West Craig logistics park is an extremely stable investment that is just hitting its stride and has a long runway ahead,” said Lincoln Property Company Senior Executive Vice President David Krumwiede. “It is a welcome addition to our regional portfolio, which we are quickly growing with institutional-quality industrial assets and developments in Arizona, Nevada and Utah.”

Delivered in 2019, West Craig Industrial Center is a brand-new, 343,820-square-foot, Class A industrial development. The project achieved rapid lease-up upon delivery and is now fully occupied.

It is located on 20 acres at 70-78 W. Craig Rd. in North Las Vegas, part of the popular Interstate 15 industrial corridor and minutes from downtown Las Vegas. The portfolio totals three buildings offering 30’ – 32’ clear height, 91 dock doors with a combination of drive-in and dock-high configurations, ESFR sprinklers and insulated ceilings.

“This is a high-demand, low-supply market that is also highly land constrained,” said Lincoln Property Company Vice President of Real Estate John Orsak. “We expect that demand to continue to strengthen in the years ahead.”

CBRE’s National Partners Team, led by Darla Longo and Barbara Emmons, represented the property seller, a partnership between Huntington Industrial Partners and Polk Street Industrial. LPC Desert West will provide property management services for the project.

West Craig Industrial Center joins the growing LPC Desert West regional portfolio, spanning Arizona, Nevada, Utah and New Mexico. The company is focused on expanding their footprint in each of these states, increasing an already award-winning presence in Arizona that includes almost 6 million square feet of development, more than 10 million square feet of acquisitions and a four-state regional property management portfolio of almost 8 million square feet of office, industrial and retail product.

To discuss new commercial real estate investment and development opportunities across the Desert West region, contact Krumwiede or Orsak at 602.912.8888.