Author: BEX Staff

The 90-acre mixed-use Canyon Trails Towne Center in Goodyear sold for $41M earlier this month and could soon be the focus of a 200KSF addition. Santa Cruz Seaside Company bought the existing site and 500KSF shopping center at the NEC of Cotton Lane and Yuma Road from TriGate Capital in an all-cash deal. Santa Cruz Seaside was represented by Erik Barbic and Nick Torres of SBA Commercial. TriGate was represented by Newmark’s Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark Inc. Advisors to the new owner say discussions are in process with a national hotel chain, a specialty grocer…

By Salt River Project The SRP Board of Directors voted to approve the first phase of a multi-phase continued development project at SRP’s Copper Crossing facility to create the “Copper Crossing Energy and Research Center.” The current site houses a 20MW solar facility that provides energy to SRP customers. The continued development will feature generating resources needed to support and enable SRP’s transition to a lower carbon resource portfolio, including advanced solar technology, two flexible natural gas turbines – each with an output of less than 50MW – and small-scale, long-duration energy storage technologies. The first phase of continued development…

By Roland Murphy for AZBEX Arizona’s seasonally adjusted unemployment rate increased to 3.5% in August, up from 3.3% in July, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate also increased to 3.7%, up from 3.5%. In Aug. 2021, the state had a seasonally adjusted rate of 4.5%, and the national was 5.2%. The state had a net gain of 46,300 non-farm jobs over the month. “Prior to the pandemic, nonfarm employment averaged a gain of 54,000 jobs in August (2010-2019),” the report states. Government gained 38,200, more than the pre-pandemic average of…

By Associated Builders and Contractors Construction input prices decreased 1.4% in August compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics Producer Price Index data. Nonresidential construction input prices fell 1.4% for the month as well. Construction input prices are up 16.7% from a year ago, while nonresidential construction input prices are 16.3% higher. Input prices were up in six of 11 subcategories on a monthly basis. Natural gas prices increased 35.3% (and are 457.9% higher than they were in February 2020), followed by unprocessed energy materials prices, which rose…

By Roland Murphy for AZBEX As a twice-weekly publication, we don’t usually cover breaking or “spot” news simply because it’s dated by the time the magazine arrives in readers’ inboxes. That said, the drama over the past few weeks concerning the risk of a rail strike in the U.S. – and the potential havoc even a brief stoppage could have on the brittlely fragile supply chain – warrants an exception. As of 6:45 a.m. Eastern on Thursday, Sept. 15, the Associated Press was reporting President Joe Biden’s announcement that a tentative deal had been reached following protracted last-minute negotiations between…

Glendale City Council approved a rezoning request last month for the 188-acre Vision 2 master-planned mixed-use development west of Loop 101 and Glendale Avenue. Planned uses include high-density multifamily, hospitality, office and retail. Project representatives and city staff collaborated on the planned area development with the goal of creating an urban mixed-use center with a pedestrian focus and a high-intensity degree of use, according to economic development officials. The project lies between the Glendale’s Sports & Entertainment District and Camelback Ranch, and the recent completion of the 1.6-mile Ballpark Blvd. connector is expected to enhance cross-connectivity between the areas. (Source)

JLL’s latest Data Center Market Report shows Phoenix is the leading market in the country in terms of megawatts of net absorption. National absorption hit 1,087MW in the first half of 2022, according to the report, which was more than 95% of the total for last year. Greater Phoenix was the leading market, hitting 280MW of net absorption, an increase of more than 10 times 2021’s total absorption. Phoenix is also a leader in capacity under construction, coming in second for new supply with 278MW. Phoenix’s pace is made all the more impressive by the fact it reported no new…

By Roland Murphy for AZBEX A recent article at RealPage raises concerns about the pace of cooling in the Phoenix multifamily market and assigns the reasoning to some outlier-level data reviews that have not often been talked about. Market reviewer Jay Parsons noted no other market is decelerating as quickly as Phoenix in terms of rent growth, then he checks of four “jarring” statistics: Phoenix occupancy rates have fallen every month in the five-month period ending in August and are now at 94.4%, the lowest rate since 2017;The lease renewal rate in July 2022 was just 47.2%, down from 56%…

Groundbreakings 1. eegee’s has broken ground on its second Mesa location. The new restaurant at Southern and Country Club is expected to open in the spring. 2. Work has begun at Sight Logistics Park in Tempe with the demolition of an existing office building on the Harl Avenue site. Completion is expected in Q3 2023. Progress Reports 3. The final leg of Maricopa’s median beautification project on SR347 has begun. One southbound leg will be closed north of Cobblestone Farms Drive until Oct. 21. The project runs from the Union Pacific overpass to Maricopa’s northern city limit.

By BEX Staff for AZBEX Nicola Wealth Real Estate and Hopewell Development have acquired two industrial development sites in metro Phoenix. The two sites total 32 acres and have capacity for six buildings totaling 486.2KSF. The first is a 17.79-acre property in north Mesa adjacent to Falcon Field Airport. The site is located south of the North Loop 202 freeway and “will deliver much-needed modern multi-tenant industrial product for small to mid-bay users,” according to a joint press release. When completed, Falcon202 Commerce Park will provide three buildings totaling 264.5KSF. CBRE’s Mike Parker handled the purchase and will be managing…