Author: BEX Staff

By Arizona State University and Applied Materials, Inc. Arizona State University and Applied Materials, Inc. have announced an alliance, aided by the Arizona Commerce Authority, that brings more than $270M to create a world-class shared research, development and prototyping facility, the Materials-to-Fab Center, in the university’s MacroTechnology Works building at ASU Research Park. The MTF Center will be designed to accelerate the transfer of innovations from ideation to fab prototype by bringing state-of-the-art semiconductor manufacturing equipment into a collaborative ASU and Applied Materials environment to work with industry partners, startups, government entities and academic institutions. The MTF Center will provide…

By Roland Murphy for AZBEX Having broken ground on the first phase of the massive South Pier at Tempe Town Lake master plan around the beginning of the year, developer South Pier Tempe Holdings LLC (McBride Cohen Management Group) is preparing to move forward with the next phase of the project. Project representative Gammage & Burnham and architect DAVIS submitted an initial application for an amended planned area development overlay and development plan review to the City of Tempe in May. While the documents have not yet been publicly released, BEX Research staff obtained them through a public records request.…

By Roland Murphy for AZBEX Simpatico Communities is planning a new 20-acre mixed-use master planned development in Casa Grande on the south side of East McCartney Road, approximately one-quarter mile from Interstate 10. McCartney Commons will require a rezoning from General Business and Multifamily Residential to Planned Area Development. Simpatico has also requested review and approval for a preliminary development plan. The northern half of the parcel, slightly less than 11 acres, will be designated for commercial use and may be set as two parcels—A and B. Parcel A would be 4.29 gross acres, and Parcel B would be 6.47.…

By BEX Staff for AZBEX Office Metro Phoenix saw no new Office projects break ground in Q2, and the only delivery was a 32KSF build-to-suit for Immedia in the Northeast Valley/Scottsdale submarket. The market saw a negative net absorption rate of nearly 935.8KSF after Q1 was nearly flat. Class A and Class B properties had combined negative net absorption of slightly more than 1MSF. Class C properties, meanwhile, had positive net absorption of 80.3KSF. Overall, buildings with large available areas have encountered difficulties, while those smaller than 50KSF have done well. The vacancy rate increased to 24.6%, which is the…

Giving Back 1. Brycon once again partnered with the City of Chandler to participate in the 2023 Operation Back to School event. Brycon was able to donate 100 backpacks filled with school supplies. Employees donated money, bought supplies and spent a morning assembling 100 backpacks. Awards & Accolades 2. The Greater Phoenix Chapter of IFMA celebrated a year of membership philanthropy at its annual Cheers to the Foundation and Awards Ceremony recently in Phoenix. Members who have made significant contributions to the chapter over the past year were honored. They included: Associate Member of the Year: Aimee Wells, Express Facility…

Sales Transactions 1. CBRE facilitated the sale of the 380-unit multifamily community Soltra at SanTan Village in Gilbert to The Premiere Residential for $140M. The newly built property is the company’s first Phoenix acquisition in 16 years. CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, Leon Multifamily. 2. STORE Capital Group has paid $50.4M for 394 acres in Coolidge. The land includes the site of Nikola Corporation’s electric vehicle and hydrogen truck manufacturing facility, which the company will lease from the new property owner under a 99-year agreement. 3. Reliant Group Management LLC has paid…

Transportation and logistics firm DSV Sea and Air Inc. has proposed a 30KSF corporate office and 1.7MSF warehouse building near Ellsworth and Pecos roads in Mesa. The 87-acre project will serve as the Denmark-based company’s regional headquarters. The project application has been submitted to Mesa’s Planning and Zoning and Design Review boards. The project narrative says the location was selected because of its proximity to SkyBridge Arizona and Phoenix-Mesa Gateway Airport. The company currently operates an air charter hub and leases a hangar at PMGA. It also expects to benefit from the potential developments arising from Union Pacific’s planned Pecos…

Gilbert’s 700-acre Cooley Station area may soon see a new 376-unit multifamily, 40KSF commercial mixed-use under requests considered this week by the Gilbert Planning Commission. Applicant K&I Homes LLC has proposed the seven-building Verity at Cooley Station mixed-use project for approximately 12 acres on two vacant parcels near Somerton Blvd. and Recker Road. The apartments would range from 700SF to 1.5KSF with planned amenities to include a pool, barbeque areas, spa and lounging spaces. The commercial element plans to feature 24KSF of co-working space with offices, meeting areas and a gym, 10KSF for outdoor amenities and 6KSF as flexible office…

The Bullhead City Planning and Zoning Commission has recommended approval for a zoning change requested by the Bullhead City School District to create a District Employee Neighborhood with up to 30 Build-to-Rent units on five acres. The DEN development on Calle De Mercado off Silver Creek Road would allow the development of a workforce affordable housing community for Bullhead City teachers, staff and district administrators. Rents for a three-bedroom, 1,100SF home in the development would be targeted in the $750-$800 range. The site is currently zoned single-family residential with a density requirement of 35KSF/unit. The requested zoning change would lower…

By Roland Murphy for AZBEX – BEXclusive Metro Phoenix remains at the forefront of trends in the multifamily/apartment market, according to a news report from RealPage. The metro Phoenix market is second in the country in terms of apartment absorption with 6,635 units absorbed in the first half of 2023. Houston led with 6,877. Phoenix was also at the forefront for decreasing asking rents, dropping 4.7% year-over- year. Boise had the sharpest decline at 6.2%, following a rapid spike during the pandemic. RealPage reports national demand at 83,449 in Q2, a five-quarter high. More than 75% of new demand remains…