Author: BEX Staff

By Provident Realty Advisors via PR Newswire Provident Realty Advisors announced the acquisition of 16.60 acres at 6550 W. Orangewood Avenue, Glendale. Located just west of Grand Avenue, Provident plans to develop a +/-302.4KSF speculative warehouse/distribution facility on the site. Construction on the Class-A distribution facility will begin in the first half of 2023 with completion slated for early 2024. The building will feature 36′ clear heights, +/- 61 dock doors, a 185′ truck court, and 86 trailer parking spaces. Over the past three years, Provident has rapidly grown their industrial portfolio across the Sunbelt. It currently owns 14 industrial…

By Rebekah Morris for AZBEX The City of Phoenix’s Five-year Capital Improvement Plan has hit a new high-water mark for funding with $9.778B in overall planned expenditures and funding. A wide range of projects across departments and focus areas, including: Aviation,Information Technology,Public Transit,Street Transportation & Drainage,Water andWastewater are planned. State’s Biggest Program Gets Bigger Before 2018, the Arizona Department of Transportation had been the single largest public agency in the state for capital programs and expenditures. Since then, however, Phoenix has absolutely dominated the space, growing from a variety of new funding sources, significant tax revenue growth, as well as…

By Roland Murphy for AZBEX Community Hospital Association has put forth a plan for a new 80-unit assisted living and memory care facility across from Wickenburg Community Hospital. CHA is requesting a rezoning from Major Street Commercial to Multiple Family Residential, lot consolidation, a conditional use permit and several setback variances to enable development of Hassayampa Haven. The proposed development site at the NWC of Tegner Street and Bralliar Road is irregularly shaped, with a 5:1 length-to-width ratio. The long, thin site requires the buildings be of an elongated design to maximize what can be built. An existing office building…

By CBRE CBRE is raising its forecast for hotel performance both in Phoenix and nationally on the heels of industry gains in Q2 2022 and the expectation of slightly positive GDP growth in 2023. Phoenix Conditions In Phoenix, the Average Daily Rate is expected to increase 23.3% to $161.06 in 2022 and is forecasted to increase 3.2% to $166.29 in 2023, passing pre-pandemic levels and up from CBRE’s previous 2022 and 2023 projections of $154.46 and $161.47, respectively. Revenue Per Available Room is expected to increase 35.6% to $109.31 in 2022 and is also expected to pass pre-pandemic levels with…

Awards & Accolades 1. Terracon has recognized Donald R. Clark – a Senior Principal and Senior Consultant in the Phoenix office – for his 30th anniversary with the company and 50 years as a consultant. Clark established Terracon’s Denver and Phoenix offices. He has also mentored many Terracon employees over the years both in Arizona and across the country. Company News 2. Phoenix Sky Harbor International Airport was recently recognized by the Airport Council International’s Airport Carbon Accreditation Program. Phoenix Sky Harbor received the Level 4 “Transformation” rating for reporting year 2021. Phoenix Sky Harbor is currently the only airport…

Sales Transactions 1. Affiliates of Harbor Group International announced the $80.75M acquisition of the 384-unit Colter Park Apartments community in Phoenix. The off-market transaction was brokered by Steven Vegh of Westwood Realty Associates. HGI plans to spend $5M on renovations and upgrades. 2. Newmark has announced the $68.5M sale of the 272-unit Ponderosa Ranch apartment development in Tempe. The sale is the last of an 864-unit, four-property portfolio deal valued at nearly $276M. The other three properties were Omnia on 8th and Omnia McClintock in Tempe and Palm Trails in Chandler. Seller KKR was represented by Newmark’s Brad Goff, Brett…

Christian worship network Christ’s Church of the Valley wants to build a campus in Maricopa on 10.3 acres near the SEC of East Honeycutt and North Porter roads. The church has submitted preliminary documents for a site that will include a 680-seat auditorium, spaces for children’s and youth activities, office, a kitchen and coffee café, covered outdoor seating with a barbeque space, sport fields and courts, and onsite parking. (Source)

ZOM Living’s plan for a two-tower, 532-unit apartment development with more than 14KSF of retail space has won the unanimous approval of the Scottsdale City Council. The approval follows more than 11 years of plans, ownership changes and other complications that have left the 3.78-acre site at 4605 N. Scottsdale Road – near the junction of Scottsdale and Camelback roads and the Arizona Canal – vacant and fenced off while awaiting development. The site had once been the planned home for a much taller and higher unit-count project known as BlueSky, which was approved in 2011 but never came to…

Proposals for two new industrial projects totaling nearly 270KSF recently moved forward in El Mirage with recommendations for approval from the Planning and Zoning Commission. In the first project, owner Cold Water Holdings LLC is seeking to build a 216.8KSF multitenant warehouse and light manufacturing space near the NEC of Olive Avenue and El Mirage Road. The second proposal looks to create Desert Truss West, a 52.8KSF manufacturing development planned at the SWC of Dysart Road and Peoria Avenue. The plan includes 12KSF of warehouse space and 4.8KSF of office. Both projects now advance to City Council. Also in Surprise,…

The Small Business Administration and the U.S. Department of Transportation have announced new memorandums of understanding as part of an effort to include more small and underserved businesses in contracts awarded under the Infrastructure Investment and Jobs Act, Inflation Reduction Act and other laws and programs. SBA officials said the Administration can use its Small Business Investment Companies network to help federal contractors as well as manufacturers and technology companies previously selected. The first MOU announced will help small disadvantaged businesses and Disadvantaged Business Enterprises working in transportation to obtain bonds or increase their bonding capacities to bid on more…