Author: BEX Staff

Sales Transactions 1. Cushman & Wakefield has advised the joint venture of Martens Development and Dune Real Estate Partners in the dispositional sale(s) of The Landing 3, 4 and 5 (“The Landing”), an 858.9KSF industrial on more than 64 acres along Ray Road in Mesa. The seller was represented by Cushman & Wakefield’s National Industrial Advisory Group – Mountain West, including Will Strong, Greer Oliver and Connor Nebeker-Hay. The IAG team was joined by Adam Spies and Marcella Fasulo. CBRE’s Kevin Cosca provided leasing advisory. Rob Rubano and Brian Share with C&W arranged financing for the buyer. 2. ABI Multifamily…

By City of Chandler Last week the Chandler City Council approved a resolution authorizing its Housing and Redevelopment Division, which serves as administrator for the Chandler Public Housing Authority, to pursue a new affordable housing development site on City-owned land south of McQueen Road and Chandler Boulevard. Most of Chandler’s current public housing facilities were built during the early 1970s and need significant capital investment and repair. Chandler’s current public multifamily housing stock includes four family multi-family sites, one senior multi-family site and 103 scattered single-family sites. With this in mind, City staff began exploring the idea of repositioning its…

By City of Glendale Following a highly competitive process that resulted in a nationwide candidate pool, the City of Glendale’s Office of Economic Development announced the selection of Daniel Sabillon as its first Downtown Manager. In his role, Sabillon will lead development and redevelopment activities in Downtown Glendale. A significant portion of the role will be focused on continuing to develop and maintain relationships with merchants, landowners, residents, regional stakeholders, developers and other partners to help facilitate development and business attraction. He has also been tasked with marketing and establishing an online presence for Downtown Glendale through local events and…

By Colliers in Arizona Residential developer Porter Kyle has paid slightly more than $2M for 6.23 acres of land at 1003 N. Sarival Avenue in Goodyear. The company plans to build a 100-unit Class A townhome community on the site. The development will feature a mix of one-, two- and three-bedroom units, each featuring two car direct access garages and private yards. Planned amenities include a clubhouse, resort style pool, indoor/outdoor fitness and a resident lounge. Other amenities feature a dog park, children’s play area, and an integrated walking paths for residents. Construction will begin this year and is expected…

The Mohave County Board of Supervisors has ended a proposal to find a new location for the county fairgrounds and has directed staff to develop a master plan for the fairgrounds’ current location. Earlier this year County staff had proposed a Recreation of Public Purposes application to the Bureau of Land Management for 376 acres near Golden Valley. Some Golden Valley residents complained, and members of an ad hoc committee remained focused on the location rather than site amenities. Following the ad hoc committee’s July 18th report to the Board, the decision was made to pursue a master plan for…

Experts from around the Valley – including BEX Companies’ own President and Founder Rebekah Morris – took part in a discussion during WESTMARC’s Economic Development Summit in May to discuss the ongoing labor shortage, its impacts and how the West Valley in particular has taken steps to build the labor pool necessary for growth. David Hickey of Hickey & Associates said countless projects have not executed because there have not been people to build them and that the current environment is more competitive than ever. Morris, who has long supplied data on industry workforce changes and its impacts on projects,…

Housing advocacy group Up for Growth has reported Arizona’s housing underproduction totals 122,683 homes, an increase of 1,377% in the last 10 years. Up for Growth claims its 2022 Housing Underproduction in the United States report is the most detailed analysis of local housing underproduction ever produced. According to the report, housing deficits exist in 47 states and the District of Columbia. In addition to building more housing across the board – both in Arizona and nationwide – the report and an associated publication offer a housing policy framework Up for Growth claims can help policymakers develop tailored solutions for…

Groundbreakings 1. The Arizona Department of Transportation started a $7.2M pavement preservation project on SR 264 near Window Rock on July 18th. Plans include removing the existing surface pavement and replacing it with new asphalt, making spot pavement repairs and restriping the roadway. The work will cover an 11-mile stretch of SR 264 from mileposts 465 to 476 at the New Mexico state line. 2. 55 Resort at McCormick Ranch – a 102-unit 55-plus multifamily property in Scottsdale – broke ground this week. The project is being developed by Edison Equity Management Corp., designed by Synectic Design, and built by W.E.…

Four land purchases over the last year in southeast Mesa suggest Project PIRATE – The Pecos Industrial Rail Access and Train Extension – rail spur may be progressing. PIRATE would connect industrial centers in far east Mesa with an existing Union Pacific line along Rittenhouse Road. Union Pacific paid $14.7M for 41 acres near Pecos and Ellsworth roads last month. In May, the railroad bought six acres near Pecos and Hawes. Late last year, Union Pacific bought approximately 30 acres in the area of Pecos and Sossaman roads. The rail company already had large holdings between Pecos and Rittenhouse. One…

By Associated Builders and Contractors Construction input prices increased 1.9% in June 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 increased 1.8% for the month. Construction input prices are up 20.1% from a year ago, while nonresidential construction input prices are 20.3% higher. On a monthly basis, input prices were down in four of 11 subcategories in June, with the largest decline registered in the softwood lumber category (-24.8%). All three energy subcategories experienced price increases, with natural gas prices rising…