Author: BEX Staff

Giving Back 1. It’s time to start gathering teams and get ready for Canstruction Phoenix Metro 2024. Canstruction Phoenix Metro 2024 has announced this year’s Build Day will be on Aug. 3. Theme, additional dates and more info will be sent out the first week of May. Awards & Accolades 2. Cushman & Wakefield | PICOR brokers have once again earned multiple recognitions in the most recent CoStar Power Broker™ Awards for the Tucson Commercial Real Estate market. C&W | PICOR’s winners are: Industrial Leasing Brokers: Jesse Blum, Robert Glaser, Paul Hooker, and Andrew Keim. Office Leasing Brokers: Richard Kleiner,…

Sales Transactions 1. A joint venture between Partners Group and funds managed by Trinity Investments announced the acquisition of The Scottsdale Plaza Resort & Villas in Paradise Valley. The resort features 404 rooms and 50KSF of meeting space. The transaction also includes the potential for expansion with entitlements secured by the seller. Local news sources list the transaction price at $124.3M. The seller was a partnership between Highgate and Rockpoint Group. 2. A private investor has paid $51.3M for Cambria, a 174-unit apartment community on Guadalupe Road in Gilbert. Seller Bridge Investment Group was represented by Mark Forrester, Ric Holway,…

By The Office of Representative Greg Stanton All 12 of Rep. Greg Stanton’s Community Project Funding requests, totaling $11.9M, were included in the minibus appropriations package for Fiscal Year 2024 that passed the House of Representatives. A list of projects is below. Tempe $1.89M for the City of Tempe’s Kyrene Recharge Well, and $959.8K for the Recharge Wells Pipelines. These funds are built on the $3.45M Rep. Stanton has previously secured to expand and improve the Kyrene Water Reclamation Facility and ground water recharge facilities. Once complete, the project will allow the city to store its reclaimed water for future…

By The Phoenix Office of JLL The Phoenix Office of JLL has released its Q1 2024 Phoenix Industrial Report, noting 6.3MSF of new leasing activity – a 60% spike from the previous quarter – marking Phoenix’s third-highest Q1 leasing performance on record. According to the Q1 report, activity was boosted by an uptick in demand for big box warehouses. As leasing expanded, the development pipeline contracted, falling 44% since its peak in Q2 2023 to 30.9MSF. That caused industrial deliveries to outpace construction for the third consecutive quarter, pushing rents up by 2.4% quarter-over-quarter in a market where nearly 40%…

By Roland Murphy for AZBEX – BEXclusive Interest in, and activity around, public works and infrastructure projects has seen a boost in the last several years, as massive federal spending has flowed down to the local level and as local bodies work to accommodate growing populations and demands for services. Attendees at this week’s BEX Companies Leading Market Series event, “Upcoming Public Works Projects,” held at ASU SkySong, heard from officials with three leading Valley municipalities as they detailed their plans and processes for both today and the next several years. The panel was moderated by Jeff Hamilton—VP of transportation,…

The Mesa Design Review Board heard a proposal this week regarding Google’s plan for Phase II of its data center development on more than 185 acres near the NWC of Elliot and Sossaman roads. The plan is codenamed Project Redhawk. The Board also heard the company’s plan for a one-story office building—Redhawk HUB—on the campus. The presentations were for informational purposes only, and no action was taken by the Board. The 280KSF air-cooled data center will be used as part of the backbone for Google’s various service offerings, including search, Gmail and continuing work in artificial intelligence advancement. The property…

The Florence Town Council recently heard an overview of planned projects under the Town’s proposed Capital Improvement Plan, and one of the largest concerns is changes to Hunt Highway. The $8M project would widen the curve at Florence Anthem and create a major redesign of Hunt’s intersection with Attaway Road. Hunt would be widened to four lanes from the curve to one-quarter mile beyond Attaway and create turn lanes at the intersection. Hunt will move approximately 400 feet north since the roads need to intersect at 90-degree angles to create a safe high-capacity corridor. Planning officials said the plan was…

The master-planned redevelopment of the Sedona Cultural Park is moving forward. The City has issued a request for proposals for qualified design and development firms to provide services leading to the creation of the official master plan. Sedona purchased the park in December 2022. The deadline for proposal submittals is April 25. The leading candidates will be announced May 7. Interviews will take place the week of May 13, and the Sedona City Council expects to approve a contract with the chosen firm on May 28. The master plan is expected in August 2025. Among the issues the master plan…

Awards & Accolades 1. The Estrella Welcome Center was awarded Best Sales Environment at the Major Achievements in Merchandising Excellence Awards, hosted by the Home Builders Association of Central Arizona. This is the second award Estrella Welcome Center has received this year after February’s Silver Award at The National Awards 2024 competition by NAHB. Groundbreakings 2. Greenlight Communities broke ground on Streamliner 87, a 190-unit apartment community in Peoria. The community offers studio, one- and two-bedroom units. Streamliner 87 is a joint venture between Greenlight Communities and Holualoa Companies. 3. Catholic Charities announced the start of Phase II of its…

The City of Maricopa will pay $29.3M to El Dorado Holdings for a 309-acre parcel intended as the future site of a “Smart Rail Park” industrial development. The planned rail-served park is more than 1,400 total acres, roughly half of which will be City-owned, according to a presentation by Maricopa Chief Strategy Officer Rick Horst. The purchased 309 acres is planned as part of an industrial plat with land between West Cowtown Road and West Steen Road, east of North White and Parker Road. Maricopa has put out an invitation for bids for a master developer, and Horst said the…