Author: BEX Staff

Awards & Accolades 1. Big-D Construction announced it has been nationally Certified™ by Great Place to Work®. This year, 94% of employees at Big-D Construction said in an anonymous survey it is a great place to work – 59% higher than the average U.S. company. 2. HILGARTWILSON has been ranked #33 on Zweig Group’s Hot Firm List for 2022. The Hot Firm Award recognizes the 100 fastest-growing AEC firms in the United States and Canada. 3. The Arizona Chapter of NAIOP bestowed its annual Best of NAIOP Awards in a ceremony on June 9th. The winners were: Company Awards: Architect…

Sales Transactions 1. Rise48 Equity has bought the 288-unit apartment community The Waterfront in Phoenix for $75.3M. The seller was represented by a team from Northmarq headed by Trevor Koskovich. The Northmarq Debt & Equity team financed part of the acquisition with a loan of $61M. 2. Cushman & Wakefield announced the firm has advised Tanbic Edgehill Centerra Apartments, LLC in the $74.75M sale of Centerra, a renovated 202-unit apartment community in Scottsdale. The buyer was an entity formed by Cortland. David Fogler and Steven Nicoluzakis with C&W’s Multifamily Advisory Group in Phoenix represented the seller. 3. TruAmerica has acquired…

Even though commercial real estate has hit a state of negative leverage – in which an investor’s equity is less than the capitalization rate – many investors are choosing to remain in the sector. Simply put, negative leverage occurs when the debt constant (annual debt service payment divided by debt amount) is more than the cap rate. With interest rates having spiked to the point the 10-Year Treasury is sitting at 3.0%, up from 1.48 a year ago, many investors have found themselves in negative leverage territory, with finance costs at 4.5%-5.0% on assets with cap rates of 3.5%-4.0%. The…

By Associated Builders and Contractors Associated Builders and Contractors reports its Construction Backlog Indicator increased to nine months in May from 8.8 months in April, according to an ABC member survey conducted May 17th to June 3rd. The reading is up one month from May 2021. Backlog in the infrastructure segment jumped from 8.7 months in April to 9.3 months in May, and the Northeast and South regions continue to outperform the Middle States and the West. Contractors with more than $100M in annual revenues enjoyed the highest backlog, at 13.2 months. ABC’s Construction Confidence Index readings for sales, profit…

Investment Development Management is proposing a 678-unit multifamily development on approximately 34 acres of a 160-acre site bounded by 99th Avenue, Thomas Road, Loop 101 and McDowell Road in the Maryvale area of west Phoenix. Phoenix City Council is considering a development agreement to reimburse IDM for infrastructure improvements as an incentive for the project. Under the agreement, the City would reimburse the company up to $1M of the expected $2M cost to connect the site to Phoenix water lines. City officials said the connection will provide service for multiple uses west of Loop 101, but there are no other…

By Mohr Capital Mohr Capital has acquired 46.26 acres in one of Arizona’s fastest-growing cities to develop Lot 9 at Summit Business Park, a Class A industrial business park in Surprise. Summit Business Park will offer a combined space of 704.5KSF of leasable industrial space with 454KSF in Building 1 and 250.5KSF in Building 2. The buildings will be ideal for distribution, manufacturing and logistics companies throughout the southwest with capabilities to serve numerous large urban areas located within a one- or two-day delivery zone. The project will break ground in August 2022 and is slated for completion in summer…

By BEX Staff for AZBEX LGE Design Build and Creation RE have submitted a proposal to build a 243.4KSF warehouse building on 18 acres of a 75-acre site near the SEC of Scottsdale and Thunderbird roads currently owned by an entity of the Seventh-day Adventists. The Arizona Conference Corporation of the Seventh-day Adventists owns approximately 75 acres next to Scottsdale Airport, most of which it uses for a religious school and affiliated residential and educational purposes. AZCCSDA leases property on the northern portion of the site for airpark and industrial use, according to the submittal filed with the City of…

By Roland Murphy for AZBEX With three major announcements so far, June has turned out to be a month filled with important developments for affordable housing in Arizona. One of those announcements helps ensure even bigger developments to come, literally. In the first announcement, the Arizona Department of Housing reported the state has set a record for Low-Income Housing Tax Credits this year. Federal 9% LIHTC credits awarded this year total $30.1M distributed to 16 developments around the state, including seven in rural areas – the most in state history. The record amount follows a reengineering of the tax credit…

Awards & Accolades 1. The 2021 Best of NAIOP Arizona Awards were announced June 9th in a ceremony at the Arizona Biltmore. Check out next Tuesday’s issue for the Company, Individual and Broker Awards. Winners in the Project Awards were: Economic Impact Project of the Year: HelloFreshIndustrial Build-to-Suit Less Than 500K SF Project of the Year: FedEx Prologis Commerce Park 2Industrial Build-to-Suit More than 500K SF Project of the Year: White Claw DistilleryIndustrial Tenant Improvement Project of the Year: Covetrus GrandviewMedical Office Project of the Year: U.S. Department of Veterans Affairs Phoenix Outpatient ClinicMixed-Use Project of the Year: Park CentralOffice…

The Maricopa Planning and Zoning Commission is considering a proposal to change the land use map and zoning for nearly 17 acres of City-owned land from Public/Institutional to High Density Residential. The City has requested the change for the site north of City Hall, likely to enable the development of multifamily housing. The spaces around City Hall have been targeted for development after the mitigation of the nearby North Santa Cruz Wash floodplain is complete. When that is in place, 11 square miles of land will be open for economic development. City officials last year estimated the assessable value at…