Author: BEX Staff

In a new Green Street report examining commercial real estate transactions of at least $5M in the company’s sales comp database, researchers Daniel Ismail and Harsh Hemnani found volume plummeted 70% year-over-year, showing only $37B in deal activity. If the Q1 volumes are annualized, the resulting $148B is lower than any other year since 2013, possibly longer. Even more concerning is that the drop is not limited to Office, which has been a known issue. While Office is down 79%, Multifamily is down 83%, Industrial is down 69%, strip center retail fell 59%, healthcare dropped 42% and lodging was down…

Groundbreakings 1. The U.S. General Services Administration and the U.S. Department of Homeland Security’s Customs and Border Protection will co-host a groundbreaking ceremony with Arizona leaders for the San Luis I Land Port of Entry modernization and expansion project on Tuesday, June 27. This marks the start of the first major land port construction project funded by the Infrastructure Investment and Jobs Act. The project includes a 100% increase in vehicle inspection capacity (from 8 to 16 lanes) and 40% increase in pedestrian inspection booths (from 10 to 14). 2. The X Company plans to break ground on the 19-story,…

By BEX Staff for AZBEX Despite some local opposition, the Goodyear Planning and Zoning Commission has voted to recommend a use permit for a planned 9.12-acre mini-storage project at the SWC of Willis Road and Mountain Vista Drive. Noble Self-storage will feature a 98.8KSF climate-controlled building and a separate 36.4KSF non-climate-controlled building for a total of 925 units. Independent Newsmedia reported some residents from the surrounding area expressed opposition to the proposal, with one saying it would pose a fire hazard. Another said the area has a greater need for businesses that serve the overall community, such as retail, restaurants…

By BEX Staff for AZBEX XNRGY Climate Systems announced it has secured the financing needed for Phase One of its U.S. headquarters in Mesa. The financing comes through a new development partnership between XNRGY and The Boyer Company. XNRGY’s headquarters was the first project announced as part of the GatewayEast Development Master Plan, which will make up 273 acres of mixed-use projects on the east side of Phoenix-Mesa Gateway Airport. The Boyer Company is the master plan’s developer. Originally planned for 290KSF, XNRGY’s latest announcement claims Phase I will offer 250KSF of production capacity and 25KSF of office space. Along…

By Roland Murphy for AZBEX Earlier this month, the Arizona Department of Housing announced it allocated more than $22M of 2024 federal 9% Low-Income Housing Tax Credits in 2023. According to the announcement, “Based on our population, Arizona receives just over $22M in LIHTC annually from the federal government. Federal law allows states to forward allocate tax credits from year to year and Arizona will be able to allocate 2025 LIHTC for next year’s awards. In some past years, ADOH has forward allocated a portion of the following year’s tax credits; this is the first time in state history that…

The Tucson Unified School District will ask voters to approve a $480M bond package in the November election. TUSD has 87 schools under its umbrella with an average facility age of 55 years. The District is home to more than 40,000 students. The package request breakdown covers: Existing facility repairs and upgrades: $263.9M; Health, security and safety: $75.5M; Technology updates: $66.4M; Classroom and learning space improvements: $43M, and Student transportation and support vehicles: $31.2M. Officials said TUSD’s last bond was approved almost 20 years ago. (Source)

By Roland Murphy for AZBEX Arizona’s seasonally adjusted unemployment rate of 3.4% was unchanged for the month of May, according to the latest report published by the Arizona Office of Economic Opportunity. The national unemployment rate increased to 3.7% from 3.4%. In May 2022, Arizona had a seasonally adjusted rate of 3.7%, while the national rate was 3.6% Including Construction’s loss of 1,300 employees in May, the state had a loss of 19,100 non-farm jobs. “Prior to the pandemic (2010-2019), NSA nonfarm employment lost 6,700 jobs on average in May,” the report states. The private sector lost 14,600 jobs over…

Awards & Accolades 1. Several Arizona developments were honored at last month’s Gold Nugget Awards, presented by PCBC—the annual event of the California Building Industry Association and the Leading Builders of America. The winning Arizona projects, their cities and builders were: Home of the Year: Bronco – Cavallo, Scottsdale, Camelot Homes; Master Planned Community of the Year: Award of Merit: Waterston, Gilbert, Tri Pointe Homes Arizona; Master Planned Community of the Year: Award of Merit: Sterling Grove, Surprise, Toll Brothers; Best Custom Home 5,000 – 7,500SF: Award of Merit: Troon Ridge Residences, Scottsdale, Schroeder Construction LLC; Best Custom Home 7,500…

Sales Transactions 1. Rosewood Property Company bought the 661-unit, 66.4KSF Extra Space Storage facility at 770 N. Kolb Road in Tucson for $13.5M. 2. Cushman & Wakefield announced the firm has brokered the sale of an approximately 1.0-acre high-rise apartment redevelopment site in downtown Phoenix. The buyer, Masyno Holding LLC, acquired the transit-oriented property at the NWC of 1st and McKinley streets for $12M. David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented seller Glasir Capital Partners. The buyer was represented by Mark Bramlett with Lee & Associates 3. RAB Properties AZ, LLC paid $5.25M for…

By BEX Staff for AZBEX The Tempe skyline could soon see more changes, as developers are planning two new tower-based apartment projects that would, if built, be among the city’s tallest buildings. 211 E. 7th St., owned by College Enterprises Inc., is a 0.6-acre parcel planned for a 29-story tower that will include 380 apartment units, along with other uses. The project’s attorney, Berry Riddell LLC, had previously requested a continuance from the Tempe Development Review Commission, which now plans to discuss the proposal July 25. Skye Tempe The Hubbard Street Group is proposing Skye Tempe approximately half a mile…