Author: BEX Staff

Awards & Accolades 1. Scottsdale Water Resources Administrator Kevin Rose was named the Operations Leader of the Year at the 2022 Arizona Water Conference in April. 2. The Central Arizona CCIM Chapter welcomed two designees from NAI Horizon, First Vice Presidents Victoria Filice and Andrew Warner. Filice is with the Nunez Self Storage Group. Warner is a member of the Manufactured Housing Group. 3. Gary Heinfeld has been elected to Region 2 First Vice President for 2023. Boards & Commissions 4. Helios Education Foundation announced today the expansion of its Board of Directors with the appointment of Kitchell President and…

Sales Transactions 1. Institutional Property Advisors, a division of Marcus & Millichap, has announced the $201.75M portfolio sale of three Southwest area multifamily communities, including two in Arizona. The Arizona properties are: The Villages at Metro Center, 296 units, and Crystal Creek, 273-units, both in Phoenix. Steve Gebing and Cliff David, of IPA represented seller JB Partners, and procured the buyer, Bridge Investment Group. 2. Decron Properties has purchased the 328-unit Tamarron Apartments community in Phoenix for $128M. 3. Peoria’s largest undeveloped master planned community site, the 5,261-acre Saddleback Heights has been acquired by Castle Hill Partners for a reported price…

By Arizona Commerce Authority A new report comparing state economies ranks Arizona No. 1 for economic performance over the last decade. The latest Rich States, Poor States analysis from the American Legislative Exchange Council gave Arizona the highest marks in the country in its annual ranking based on the state’s Gross Domestic Product, population, and job growth. This year’s survey is the first time Arizona ranked No. 1 for economic performance. In addition, Arizona ranked No. 3 for economic outlook, a measure that predicts future economic performance based on 15 policy variables including a state’s tax burden, public debt, and…

By Pinal County From now through May 20th, the(Pinal County) Draft 2022 Five-Year Transportation Improvement and Maintenance Program (TIMP) for Budget Years 2021-2022 through 2025-2026 is available for public review and comment by visiting: bit.ly/TIMPcomments. Updated annually, the transportation program identifies potential funding and establishes a tentative schedule for countywide planning, construction and maintenance projects. After the public comment period, the program will be submitted to the Board of Supervisors for final approval in June. By unanimous vote, the Transportation Advisory Committee approved the draft program in February. The committee is a 10-member panel that is appointed by the Board of…

Information is starting to trickle out about BNSF’s planned “Regional Industrial Rail Facility,” also known as the BNSF Railway Western Hub near Surprise. The company started the process to develop the 3,500-acre site and have it annexed into the city after submitting the sole bid in an Arizona State Land Department auction in March. BNSF’s plans for the site include an industrial park with warehouse/manufacturing, distribution and other facilities. Documents submitted in support of the plan state the site’s intermodal capacities would be beneficial for companies and would permit the efficient movement of goods and materials through a combination of…

By IndiCap and AECOM-Canyon Partners IndiCap, in a joint venture with AECOM-Canyon Partners, announced its entry into the Phoenix real estate market with the recent $48M acquisition of two parcels of land totaling 113 acres in Mesa’s Eastmark master-planned community. The project, Eastmark Center of Industry, will contain 10 buildings totaling more than 1.6MSF of mid-bay and cross dock industrial buildings. Cornerstone companies assisting in the land acquisition and development include Layton Construction, Kimley Horn, Deutsch Architecture and Snell & Wilmer. Pat Harlan, Steve Larsen and Jason Moore from the Phoenix office of JLL represented IndiCap in its site selection…

Awards & Accolades 1. Ranking Arizona has named its lists of Top 10 Electrical Contractors. For companies with 135 or fewer employees, the firms are: 1. Canyon State Electric, 2. Spectra Electrical Services, 3. JFK Electrical Contracting Enterprises, 4. Kortman Electric, 5. Redline Electric & Solar, 6. RMJ Electrical Contractors, 7. Swain Electric, 8. Ludvik Electric, 9. Kuhl’s Electric & Service, and 10. A.C. Desert Electric. For firms with 136 or more employees, the firms are: 1. Wilson Electric Services, 2. Switch Electric, 3. DP Electric, 4. Cannon & Wendt Electric Co., 5. Sturgeon Electric Company, 6. Corbins Electric, 7.…

California-based developer MacLaughlin & Co. is planning an approximately 134KSF industrial facility in Surprise’s industrial railplex. The $25M MacLaughlin & Co. Industrial at Summit Business Park will offer spaces ranging from a minimum of 16.5KSF up to the total site volume of 134KSF. MacLaughlin purchased the site, one of the few still available for new projects in the railplex, for $2.6M last year. The development team consists of Cawley Architects for design and Sun State Builders as the general contractor. Martensen is the leasing broker. Construction is expected to begin this summer and deliver early next year. (Source)

By The City of Glendale VAI Resort, the largest hotel and entertainment destination in Arizona, is set to open in late Spring of 2023. With the mission to bring a water oasis to the desert, VAI Resort will be the premiere daylife and nightlife destination in the country. VAI Resort will feature over 1,200 luxury hotel suites and rooms (originally planned for 630), a large state of the art 360-degree concert stage, 13 elevated fine dining concepts, flowing white sand beaches, and pristine Caribbean-blue water. A 52KSF island will be a center point for this unique 60-acre entertainment resort. Previously…

State Senator T.J. Shope of Coolidge has introduced a bill that would appropriate $400M from the Arizona General Fund to widen I-10 between Chandler and Casa Grande. Dedicating those funds could generate federal matching funds of up to $300M The appropriation request is also included in the state budget, which is currently in review. The budget approval process is often subject to delay and political maneuvering, and the federal funds must be applied for before May 13th. If the budget passes before May 13th, Shope’s bill, SB1239, will not be necessary. Shope said with the state appropriation and matching federal…