Author: BEX Staff

Giving Back 1. The Sundt Foundation recently announced their sets of awards to charities around the state. In its quarterly grant disbursements, the Foundation donated $87,100 to 15 charities in the Greater Phoenix area. The recipients were: The VMLC Charities,OCJ Kids,Midwest Food Bank,Homeless Engagement & Lift Partnership,Diana Gregory Outreach Services,Saving Amy,One Small Step,Community Alliance Against Family Abuse – A New Leaf,Sun City Interfaith Service,Packages from Home,Family Promise – Greater Phoenix,Amanda Hope Rainbow Angels,Florence Crittenton Services of Arizona,East Valley Jewish Community Center, andLive & Learn Program. The Foundation also awarded grants to six organizations in the Tucson area. Nonprofits that received…

Sales Transactions 1. MG Properties has purchased the 289-unit  2150 Arizona Ave South apartment complex in Chandler for $107M. Seller PHX Arizona 2012 LLC (Acacia Capital Corp) was represented by Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix. 2. B&R Capital Partners and American Landmark have paid $93.5M to purchase Cabana 99th, a 286-unit attainable apartment community in Glendale. Seller Greenlight Communities was represented by Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, who also procured the buyer. 3. West Valley Properties, Inc. has purchased the 149.3KSF Class-A office property…

Avenue D-E: SR 195 to US 95, also known as the Avenue D/E Corridor – will move forward following the Yuma County Board of Supervisors’ unanimous approval of an intergovernmental agreement with the City of Somerton. The project is a planned north-south corridor that will connect the San Luis II Port of Entry to Somerton. Twenty-five percent of the project lies in Somerton, with the remaining 75% in Yuma County. The newly approved agreement details financing for the project’s engineering and design. The County has retained Psomas to create the preliminary design concept, geotechnical investigation reports and environmental clearance. Design…

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…