Bridge Investment Group of Salt Lake City has purchased the Verona Park apartment community at 1666 S. Extension Rd. in Mesa for $43,750,000.00. The Utah investor plans to complete modernization of the 304-unit development, which is located in a popular infill area.
Tech giant Intel Corp. has a new $500 million bond approved through Chandler’s Industrial Development Authority for its future high-volume semiconductor factory.
Fab 42 is expected to be ready by 2021 or 2022 and is planned to create 3,000 high-wage jobs for process engineers, equipment technicians and facilities support engineers and technicians.
Fujifilm has started construction on an expansion of its facility in Mesa, which will be used for the production of cutting-edge semiconductor materials.
The expansion is part of 10 billion yen (about $88 million) the company expects to spend on facilities in Mesa and Rhode Island. The company declined to give a breakdown of how much would be spent at individual facilities when asked by the Business Journal in December.
The Mesa site expansion is anticipated to take about 18 months and will comprise approximately 85,000 square feet of additional space in five new buildings. The move significantly expands manufacturing, warehousing, research and development laboratory and office space.
Overall, more than $11 billion has been invested in development along the Valley’s light-rail line during its first decade, creating 50 million square feet of housing, office, shopping, hotel, school and government space, according to light rail’s manager Valley Metro.
While Scottsdale is ranked as the top spot to find a new job, it’s not the only employment hot spot in the Valley, according to WalletHub.
Two other East Valley cities — Chandler (No. 10) and Tempe (No. 14) — ranked in the top 25 best cities for jobs. Additional Valley cities also fared in the upper echelon of the 182-city rankings with Gilbert (No. 39), Peoria (No. 41), Phoenix (No. 53), Mesa (No. 65) and Glendale (No. 68) scoring well.
Sprouts Farmers Market Inc., the Phoenix-based specialty grocer, has unveiled plans to open nine new stores during the second quarter of 2019, including another in the Phoenix area.
The new Valley store will be located in east Mesa at 1240 S. Signal Butte Road. It will be the main anchor of a new retail development called Mountain Vista Marketplace, located on the southwest corner of Southern Avenue and Signal Butte Road in Mesa.
Phoenix, Ariz. – Argenta, a 396-unit apartment community at 4104 E. Broadway Rd. in Mesa, has been sold to a California investor for $50,275,000.00. The development offered opportunity for future value appreciation with extensive renovation and modernization.
Argenta was sold by Millburn Company of Salt Lake City. The buyer was 29th Street Management III, based in San Francisco. Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix handle the sale transaction.
“We were honored to be involved in the disposition of Argenta for Millburn Company. They did a great job stabilizing and positioning Argenta for the next buyer. 29th Street Capital’s strong local knowledge made them the perfect buyer to take Argenta to the next level.”
The light rail has been a boon for development, despite the issues it creates for business owners during construction. According to Valley Metro, the initial 26-mile segment through Phoenix and into Mesa has resulted in $10.1 billion in public and private capital investments, and another $807 million is on the way.
Developers have followed light rail’s extensions and made plans accordingly. The latest northern leg — the second phase of the northwest extension that is adding about 2 miles of track that will cross over Interstate 17 and cost about $318 million — is being counted on for Metrocenter’s redevelopment. The project is expected to be completed by 2023.
The first phase of a four-phase industrial development near Loop 202 and Phoenix-Mesa Gateway Airport has begun construction and is expected to be completed by the end of the first quarter of next year.
Landing at PMG’s first phase will consist of six buildings totaling 280,000 square feet and cost $30 million to develop.
Buildings in the first phase will contain between 5,000 and 100,000 square feet of rentable space. The development will be Class A industrial space on 20 acres of land.
Queen Creek Unified School District is breaking ground on a $28.8 million elementary school, making it the seventh school in the district in the rapidly growing area of the Southeast Valley.
The district, which currently has 7,900 students ranging from pre-kindergarten through 12th grade, hired DLR Group to design the school and Chasse Building Team to serve as general contractor.
The new school will be built on 15 acres in the Cadence at Gateway community near Ellsworth and Ray roads, which is in the northern part of the district’s boundaries. Of the $28.8 million total development costs, $20.5 million will go toward construction of the school, while soft costs are $3.9 million and $4.4 million is for the land.
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