Author: BEX Staff

By Roland Murphy for AZBEX Two recent articles on GlobeSt.com, written by the same reporter and published one day apart, show the U.S. multifamily market may be stabilizing, but plenty of uncertainty remains. Barbara Ballinger, an industry reporter with a solid reputation, wrote in a May 1 article entitled, “April’s Apartment Rent Growth Hits Several Grim Milestones,” that apartment rents increased 1.7% in April. Using data from Apartment List, the article noted the April increase was the lowest since March 2021 and fell below the pre-pandemic average of 2.8%. Ballinger said the month-over-month increase of 0.5% indicated continued deceleration in…

Giving Back 1. Habitat for Humanity Central Arizona’s annual Blueprints & Blue Jeans gala brought in a record-breaking $508,618.56. The gala, attended by 351 guests, featured a silent auction/cocktail hour. An anonymous donor provided matching funds up to $100K during the event’s “Fund the Future” paddle raise.   2. Goodmans announced its upcoming charity event, Goodmans Chair Hockey, benefiting the nonprofit charitable organization First Place AZ. The event is taking place at 5 p.m. on Thursday, May 11 at the Goodmans Phoenix showroom, 1400 E. Indian School Road, Phoenix, and is expected to attract a crowd of more than 400 players…

Sales Transactions 1. An entity of Sunbelt Investment Holdings Inc. has purchased 167.08 acres at 1802 S. Verrado Way, Buckeye, from the Van Leeuwen family for $17.2M in an all-cash transaction. The seller was represented by Greg Vogel, Bret Rinehart, Ryan Semro, Ben Heglie, Wes Campbell and Max Xander of Land Advisors Organization.  2. 8500 S Rita Road LLC purchased a 116.9KSF industrial building at 8500 S. Rita Road in Tucson from Mithril Real Property, Inc. for $13M. Robert C. Glaser and Jesse Blum with Cushman & Wakefield | PICOR represented the seller. Gary Emerson with GRE Partners, LLC and…

By EdgeCore Digital Infrastructure EdgeCore Digital Infrastructure announced the expansion of its data center campus in Mesa. Additionally, EdgeCore announced it has received the Green Building Initiative’s Green Globes for Existing Buildings certification for its adoption of sustainable building best practices at the initial data center on the campus. At full build-out, EdgeCore’s LEED and Energy Star designed campus in greater Phoenix will be capable of supporting a minimum of 200 MW of critical load and will be engineered to meet current and future customer requirements across more than 1.1MSF of space. Low-cost utility power is already available at the…

A pair of recent rezoning approval recommendations from the Mesa Planning and Zoning Board could lead to nearly 1,000 new multifamily units supplied to the west Mesa and greater downtown area. Anton Fiesta Mesa The larger of the two projects is a proposal from Anton DevCo called Fiesta Mesa, which would build a five-story, 550-unit community at Southern Avenue and Alma School Road near the Fiesta Mall site. There are currently 10 commercial buildings on the site, which have been mostly vacant for more than 10 years. Plans call for five residential buildings, two pools and two fitness centers and…

Mesa’s Planning and Zoning Board has recommended approval for a Planned Area Development and special use permits for GatewayEast, a 273-acre mixed-use master plan at the SEC of Phoenix-Mesa Gateway Airport. The Phoenix-Mesa Gateway Airport Authority approved an agreement last June that established The Boyer Company as the master developer for the project. A development agreement between Boyer and the City of Mesa is in process. GatewayEast is planned as a three-phase, mixed-use commercial development. The proposed PAD will allow Boyer a wide degree of latitude in terms of design standards, which will help the company market the location to…

By Roland Murphy for AZBEX Add one more hotel to the more than 2,000 currently in the planning stages around the U.S. The Gilbert Planning Commission/Design Review Board will hear a proposal this week from developer KWB Hotels to build a new five-story, 109-room Fairfield by Marriott Inn & Suites hotel on 1.7 acres at the SEC of Market Street and Val Vista Drive. Zoning for the site is Regional Commercial with a Planned Area Development overlay. According to the Town staff report, the development will be “a single amenitized hotel building with an outdoor seating area/lounge. The proposed hotel…

The Mesa Planning and Zoning Board has recommended approval for the second phase of two major industrial projects: View 202 by Sunbelt Investment Holdings and Elliot Tech Center from Thompson Thrift. Taken together, the two projects total nearly 600KSF of new industrial development. View 202 Phase I of View 202 has completed construction and delivered more than 240KSF of the planned 629KSF in the total 46-acre development. The largest of the three buildings planned for Phase II will be 155.3KSF, while the remaining two will both be 112.27KSF. Butler Design Group Architects is the project architect. Leasing is through Cushman…

In a budget hearing earlier this week, the Peoria Mayor and City Council split 5-4 on a vote to approve the proposed budget for the city’s 10-year Capital Improvement Plan. The split vote centered largely around parks and funding for an airport. Opponents objected to the plan’s lack of constituent support and the fact that nearly 40% of the $1.1B CIP is budgeted in Year One, with 70% planned in years One through Four. One particular point of contention was Phase II of Paloma Park. Economic conditions have necessitated the reallocation of funds for the project, and no additional long-term…

By Associated Builders and Contractors National nonresidential construction spending increased by 0.7% in March, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $997.1B for the month. Spending increased on a monthly basis in 8 of the 16 nonresidential subcategories. Private nonresidential spending rose 1.0%, while public nonresidential construction spending increased 0.2% in March. “Nonresidential construction spending increased for the 10th time in the past 11 months,” said ABC Chief Economist Anirban Basu. “As has been the case for the past several months, though,…