Town of Marana Acquires 3.11-Acre Parcel Adjacent to MARC for Future Civic Development

MARC

Marana Aquatic & Recreation Center (MARC)

MARANA, ARIZ. (July 18, 2025) – The Town of Marana has acquired a 3.11-acre vacant parcel at 13416 and 13420 N. Sandario Road for $1,000,000, purchasing the land from Marana Healthcare in an off-market transaction that closed on June 27. The strategically located site sits directly adjacent to the recently opened Marana Aquatic & Recreation Center (MARC) and is being held for future municipal investment and potential expansion.

Currently zoned A (Agricultural) under Marana’s Land Development Code, the property offers flexibility for future use but would require rezoning for any non-agricultural development. The parcel lies within Marana’s rapidly growing Northwest submarket, near Interstate 10 and Cortaro Farms Road, in a corridor earmarked for long-term civic and recreational growth.

The adjacent MARC, a 120,000-square-foot regional recreation facility, officially opened in May 2025 and includes indoor and outdoor amenities such as a lap pool, zero-depth-entry pool, splash pad, waterslides, fitness and weight rooms, a walking track, and multi-purpose community space. Funded in part by a dedicated half-cent sales tax, the MARC represents a $64 million investment in the health, wellness, and recreational needs of Marana residents.

While the Town reported it has no immediate development plans for the newly acquired parcel, officials cited its proximity to the MARC as a key reason for the purchase. Future uses under consideration may include overflow parking, support facilities, event space, or programmatic expansion areas to meet growing public demand.

No brokers were involved in the sale. The acquisition underscores Marana’s proactive land-use strategy to secure property near major public assets, ensuring flexibility in future civic development and reinforcing long-term community planning objectives.

Source: RED Comp #11978




REIT Starwood Property Trust to Acquire $2.2 Billion Phoenix-Based Net Lease Platform from Brookfield

Starwood Property Trust

Alexi Panagiotakopoulos and Chris Burbach, co-founders of Fundamental Income Properties. Starwood Property Trust has agreed to acquire the Phoenix firm. (Credit: Fundamental Income)

PHOENIX  (July 18, 2025)Starwood Property Trust, Inc. (NYSE: STWD) has announced that it has entered into a definitive agreement to acquire Fundamental Income Properties, LLC (“Fundamental”)—a fully integrated net lease real estate platform currently owned by Brookfield Asset Management—for approximately $2.2 billion.

Fundamental Income Properties is based in Phoenix. This Valley-based firm, headquartered at 2425 E. Camelback Road, Suite 800, operates its vertically integrated net-lease platform from the Phoenix metro area. The transaction includes Fundamental’s operating platform and a diversified portfolio of 467 properties across 44 states.

The acquisition significantly expands Starwood’s presence in the global net lease market and is expected to be accretive to distributable earnings. Fundamental’s 28-person team will join Starwood, bringing deep expertise across origination, credit underwriting, capital markets, and portfolio management.

Portfolio Highlights:

  • 467 properties totaling 12 million square feet
  • 100% occupancy across 92 tenants and 56 industries
  • 17-year weighted average lease term
  • 2.2% average annual contractual rent escalations
  • Zero credit losses since inception

“The acquisition of Fundamental represents the next evolution of our platform,” said Barry Sternlicht, Chairman and CEO of Starwood Property Trust. “It adds a scalable, high-quality net lease business that complements our diversified investment approach. With this addition, we strengthen our ability to deliver consistent earnings and long-term shareholder value.”

Jeffrey DiModica, President of Starwood Property Trust, added: “Fundamental’s long-term leases, proven ABS financing capabilities, and strong credit orientation make this platform an ideal fit. Together, we can grow market share and drive meaningful earnings accretion.”

Chris Burbach, CEO of Fundamental, commented: “We’re excited to join Starwood Property Trust and scale our proven platform within a world-class organization. With their global reach and capital strength, we’re well-positioned to unlock new investment opportunities.”

Strategic Benefits of the Transaction:

  • Diversification & Predictable Returns: The portfolio delivers stable cash flows backed by durable leases and high tenant quality.
  • Market Expansion: Establishes a scalable foothold in the large and fragmented net lease market.
  • Enhanced Origination: Leverages Fundamental’s relationships with middle-market operators and private equity sponsors.
  • Capital Markets Access: Opens pathways to efficient ABS financing solutions.
  • REIT Leadership: Further solidifies Starwood’s position as a leading diversified REIT.

Starwood will assume approximately $1.3 billion of existing financing facilities, including $0.9 billion in ABS debt. The remaining purchase price will be funded through a combination of cash on hand and additional capital. The transaction is expected to close on or around July 23, 2025, subject to customary closing conditions.

Advisors:

  • Starwood Property Trust: BofA Securities (Sole Financial Advisor)
  • Brookfield Asset Management: Wells Fargo and Evercore (Financial Advisors)

Preliminary Q2 2025 Financial Results

For the quarter ended June 30, 2025, Starwood expects:

  • GAAP earnings per diluted share: $0.36 to $0.38
  • Distributable earnings per diluted share (non-GAAP): $0.42 to $0.44, including a $0.13/share realized loss on the sale of a foreclosed office asset in Houston

Other key metrics:

  • Book value per share: $18.78 to $18.80 (GAAP), $19.64 to $19.66 (undepreciated)
  • Investments: $3.2 billion in the quarter, including $1.9B in commercial lending
  • Liquidity: $1.4 billion as of July 15, 2025

Dividend Declaration

The Board of Directors has declared an early dividend of $0.48 per share for Q3 2025. The dividend is payable on October 15, 2025, to shareholders of record as of September 30, 2025.

Starwood will release its full Q2 2025 financial results on Thursday, August 7, 2025, before the market opens.

Distributable Earnings is a non-GAAP measure used to evaluate REIT performance. A reconciliation to GAAP earnings is included in the full release.




Project Blue Supported by The Chamber of Southern Arizona Board of Directors

Project Blue
Project Blue proposed for 290 acres near Pima County Fairgrounds

TUCSON, AZ (July 16, 2025) – The Board of Directors of The Chamber of Southern Arizona has voted to support Project Blue, a more than $3.6 billion project consisting of a three-phase data center development in the Tucson/Southern Arizona region.

Project Blue’s technology campus is intended to help meet the massive demand for digital infrastructure in the United States. Data centers, the backbone of the internet and the modern world, consist of physical buildings that house the computer systems and information technology necessary to store and process the data we rely on in our daily lives.

Data centers are critical infrastructure and support all of Tucson’s major industries, enabling both day-to-day operations and long-term innovation in Aerospace & Defense, Bioscience & Healthcare, Advanced Manufacturing & Mining Operations, Financial Services, Education & Research, Tourism, and all levels of government.

To be developed by Beale Infrastructure, the first proposed Primary Project site will be located at Pima County’s Southeast Employment and Logistics Center (SELC) on South Houghton Road near the Fairgrounds. The Initial Phase of the Primary Project could be operational as early as 2027.

Project Blue will create $250 million in new tax revenue over 10 years to state, county and city governments – revenue that can be used to fund services to taxpayers such as housing affordability, public safety and other critical needs in our community. This tax revenue projection is based on the Initial Phase of the Primary Project site, with additional phases expected to generate even greater economic impact over time.

The Primary and Secondary Projects of Project Blue, if fully built, are projected to create over four times the number of full-time permanent jobs as those estimated for the Initial Phase. The number of construction jobs and the economic impact would also exceed those generated by the Initial Phase by more than threefold. This is an unprecedented investment in the city of Tucson, and an economic development opportunity that will bolster city and county budgets without increasing taxes on residents.

Beale Infrastructure will invest more than $100 million in privately funded reclaimed water infrastructure, making it the most significant public infrastructure project funded by a private developer in Tucson’s history. This includes:

  • An 18-mile reclaimed waterline extension that will be over-sized in capacity, enabling Tucson Water to facilitate sustainable growth in southeast Tucson and convert existing customers who use drinking water for non-potable purposes.
  • A new 30-acre aquifer recharge facility that will improve system-wide supply reliability and offer recreation benefits similar to the existing SHARP facility.

Project Blue will ultimately utilize 100 percent renewable water resources for industrial purposes and has committed to water positivity: 100% water replenishment.

Additionally, Project Blue will fund all Tucson Electric Power (TEP) grid upgrades completed for its direct benefit, ensuring that other customers do not pay these costs. The rates paid by Project Blue will cover all of TEP’s associated costs of service. TEP power grid upgrades will enhance overall reliability and support economic growth throughout the region.

“With significant capital investment and tax revenues to both Pima County and the City of Tucson, this $3.6B project would be the single largest economic development project in Southern Arizona’s history,” said Joe Snell, president & CEO, The Chamber of Southern Arizona. “In addition, the substantial infrastructure investment by Project Blue in energy and reclaimed water infrastructure improvements benefit each and every citizen here in the region. This project is a win-win for everyone.”

“The unique fact about this development is that the site will become water positive, supplying reclaimed water to the Los Reales Sustainability Campus and replenishing the underground aquifer near the Fairgrounds site,” said Fletcher McCusker, treasurer, The Chamber of Southern Arizona and chair, Rio Nuevo District. “We should stand for sustainability developments of this scale and set ourselves apart from communities without those sustainability priorities.”

For an updated Beale Infrastructure FAQ on Project Blue, click here.