Author: BEX Staff

Faced with cost increases that have exceeded the combined budget for county building construction and remodeling projects from a 2021 total of $70M to a current estimate of $108M, the Yuma County Board of Supervisors has voted to realign the projects’ budgets and cut nearly $16.8M. The newly updated budget now stands at $91.6M. The Board will review the individual projects to see where or if additional funding can be procured. The projects addressed include: The Administration Services building (currently under construction); University of Arizona Cooperative Extension; Yuma County Public Health Services Expansion; A new facility for ITS, Public Fiduciary…

Giving Back 1. A group of Achen-Gardner Construction employee-owners participated in the Run For World Water 5K on Feb. 24. This event is hosted annually by the Water for People Arizona Committee with support from the AZ Water Commission. Registrations contributed to the Water for People nonprofit organization to support access to clean water in developing countries. Achen-Gardner won the Corporate Challenge Champions award for registering the most participants, and nine people from the company’s team placed in the top three of their respective age groups. Awards & Accolades 2. Kitchell Contractors, Inc. has been listed in Associated Builders and…

Sales Transactions 1. Two Sigma has bought 202 Business Park in Gilbert for $51.6M. The multi-building industrial park was sold by Greer Oliver and Connor Nebeker-Hay of JLL Capital Markets who represented both the buyer and seller Germann Road Land Development LLC. 2. Commercial Properties, Inc. announced the $9M sale of Building F of Venture Court Professional Plaza, an approximately 27KSF, two-story office building in Anthem. Eric Butler and Phill Tomlinson with CPI represented the seller, Liftable Media, Inc. Keith Lammersen of JLL Capital Markets represented the buyer, Maricopa County Libraries. 3. El Dorado Partnership LLC purchased 33.5KSF of office…

According to pre-application documents filed with the City of Maricopa, the Smith Family has plans to sell more than 420 acres of agricultural land at the NEC of Porter and Steen roads for a new subdivision. Stagecoach Springs at Smith Farms would place approximately 1,100 single-family homes on 300 acres and up to 990 multifamily units on 41 acres. Trails and park space would occupy more than 150 acres surrounding the property. Unit sizes and construction information are not yet available. (Source)

By BEX Staff for AZBEX Controversy continues to swirl around a planned $71M parking garage for the VAI Resort in Glendale. Local media reports say the Glendale City Council approved an agreement with Fisher Sand & Gravel to build the 3,864-space parking structure in its Feb. 27 meeting. Fisher is also developing the VAI Resort and Mattel Adventure Park through VAI Global Development. Glendale had previously posted a request for qualifications and received four responses. However, officials said in November Fisher would receive $71M to build the garage and that Glendale would be repaid via parking fees. Before that, the…

By Roland Murphy for AZBEX – BEXCLUSIVE Cushman & Wakefield’s “America’s Data Center Update” for the second half of 2023 shows the Phoenix metro area continues to maintain its national leadership position in the industry sector. Having absorbed 411MW of capacity in 2022, the Phoenix area ramped up considerably last year and absorbed nearly 600MW. Most of the 2023 absorption took place in the first half of the year, with the second half reporting 269MW in a slight leveling off. “This is likely a result of limitations on the delivery of supply as opposed to any slowing of demand. Phoenix…

By Arizona Department of Transportation Plans to expand 26 miles of Interstate 10 between Phoenix and Casa Grande are moving forward following environmental approval late last week. The widening project will increase capacity and reduce congestion on a busy section of I-10 near Wild Horse Pass within the Gila River Indian Community. A key segment slated for improvement is the I-10 Gila River Indian Community Project, a nearly 12-mile section from Loop 202 (Santan/South Mountain) to just north of the Gila River Bridges. A portion of the segment is within the Maricopa Association of Governments region, which includes state and…

By Marcum Construction Services The Marcum Commercial Construction Index for the fourth quarter of 2023 reports that the construction industry retained momentum through the year’s final quarter, capping off a year of surprisingly strong performance. The index is produced by Marcum’s National Construction Services group. The construction industry’s surprisingly strong performance in 2023 is largely attributable to manufacturing-related investment. “Manufacturing-related construction continued to surge in the fourth quarter, with spending in the segment rising another 5.2%,” said Anirban Basu, Marcum’s chief construction economist and author of the report. “Due to the Inflation Reduction Act, the CHIPS Act, and the private-sector…

By Roland Murphy for AZBEX – BEXCLUSIVE While the Industrial construction market cools, catches its breath, takes a pause, returns to sanity or whatever other cliché one might want to tag the news with, Phoenix continues to lead the nation in terms of supply pipeline for the sector. The February 2024 National Industrial Report from Yardi-Matrix shows the U.S. has nearly 424.5MSF of Industrial stock under construction. Phoenix accounts for 41.6MSF of that space. Dallas is the next closest market with 28.6MSF. Phoenix’s Under Construction segment accounts for 10.9% of the Industrial stock. If Under Construction and Planned space are…

Awards & Accolades 1. The National Association of Home Builders held the National Sales and Marketing Awards gala in Las Vegas. Two of the awards were given to Arizona companies. Revel Scottsdale received the Best Apartment or Independent Living Community for 55+ Buyer award and Encanterra Vertical Triplex received Best Attached Home for 55+ Buyer award. Groundbreakings 2. Aptitude Development broke ground on The Marshall Tempe, a 485-bed student housing project in Tempe. The facility is expected to welcome students in fall 2026. BKV Associates (Architectural) and CHA Consulting (Engineering) were the designers. 3. Performance Capital Partners, LLC broke ground…