Author: BEX Staff

If the infrastructure bill currently under consideration in Congress is passed, Amtrak officials have said the rail service may once again provide passenger transport between Phoenix and Tucson for the first time since 1996. Phoenix is the largest city in the United States without direct Amtrak service. Mayors along the line expressed support for the possibility in July, citing benefits to economic development and the opportunity for diversified transportation options. The federal bill as it stands provides $66B for passenger and freight rail improvements. Amtrak has asked for $75B over 15 years for passenger rail development and expansion funding. Service…

Hudbay Minerals has filed a reclamation plan with the state in which it says it will build three open pit copper mines on the west slope of the Santa Rita Mountains. The company is conducting studies and drilling tests on the area, known as Copper World, and will make a final decision whether or not to proceed when those are complete. Company representatives told investors the Copper World locations will probably be developed before the Rosemont Copper Mine on the Santa Rita’s eastern slope. Rosemont is tied up in litigation and regulatory appeals for the foreseeable future. Hudbay officials estimated…

BEX/AZBEX Staff News By Rebekah Morris for AZBEX Exciting changes are happening at BEX with the promotion of two talented and experienced staff members and the rejoining of a familiar face. Kristen Amado has been promoted to Assistant General Manager of the Arizona BEX team. Her new duties include managing the direction and operations of the three primary service lines: AZBEX Digital Magazine, DATABEX, and BEX Events. Amado started with BEX nearly five years ago and has steadily progressed through every part of the business. She knows both the intricacies of the services BEX delivers and the Arizona market incredibly…

Sales Transactions 1. Oxford Properties Group announced it has agreed to acquire a 14.5MSF infill and light industrial portfolio from KKR for approximately $2.2B. The portfolio consists of 149 distribution buildings located across 12 major industrial U.S. markets, including metro Phoenix. The transaction is anticipated to close in the coming months. According to published reports, Oxford’s Phoenix-area purchases totaled at least $182.8M, ranging in value from $8M to $47M and ranging in size from 71KSF to nearly 243KSF. CBRE National Partners acted as real estate advisor for KKR. JLL Industrial Capital Markets acted as advisor for Oxford. 2. Tara Investment…

By Roland Murphy for AZBEX Goodyear as a maturing market? Check. Explosive growth in the West Valley generally? Check. Massive expansion in the Build-To-Rent market? Check. A mad scramble to build enough traditional multifamily units to meet demand anywhere in Greater Phoenix? Check. A plethora of oft- (some might say “over-”) reported trends are converging in Cotton Commons – a pair of associated residential projects proposed in Goodyear by SJ Acquisitions, in partnership with 29th Street Capital. Following a September 15th recommendation for approval from the Goodyear Planning & Zoning Commission, the developers won approval from Goodyear City Council on…

Phoenix-Mesa Gateway Airport is moving ahead with plans to replace its 13-year-old temporary terminal annex with a new 15KSF permanent structure to accommodate its rapid growth and increased flight volume. The airport technically has 10 gates but can only use two at a time in the current annex structure, leaving a total of eight available. The combination of pandemic impacts and the addition of 11 new nonstop destinations this year has demonstrated the current setup’s inadequacy, according to airport officials. This summer, the Phoenix-Mesa Gateway Aviation Advisory Board awarded a $948,243 design services contract to DWL Architects + Planners for…

By Performance Capital Partners, LLC Performance Capital Partners, LLC has acquired a site for its upcoming dual-brand Marriott TownePlace Suites and Marriott Fairfield Inn & Suites hotel complex to be located at the northwest quadrant of Market Street and Verrado Way in Buckeye. Performance Capital Partners, LLC will act as developer and manager of the new hotel. Construction is expected to start by October 15th, 2021, with an expected completion date of November 2022. Construction of the hotel will be led by Quest Development & Construction. This will be the third hotel Performance Capital Partners, LLC and Quest will complete…

A 310-unit apartment complex and mixed-use proposal near 92nd Street and Shea Boulevard has earned a 4-3 recommendation for approval from the Scottsdale Planning Commission. 92 Ironwood’s developer – Caliber Companies – sought a general plan amendment and rezoning from commercial to Planned Unit Development Planned Community Development District for the mixed-use project. In addition to the apartments, plans call for medical office and retail space on the 8.5-acre site, located across the street from an Honor Health hospital. Opponents, including those voting against it on the Commission, objected to the project’s density, potential traffic impacts and impacts to neighborhood…

By Skyway Commons, LLC Skyway Commons, LLC has recently closed on 27.9 acres on the NWC of Dysart Road and Peoria in Surprise. At total buildout, there will be 329KSF of office and logistics space across eight single-story buildings available for lease or for sale. Building C, which will be the first building constructed, is a rear-load facility that is 59KSF, has four loading docks, 24’ clear height and can accommodate up to eight users. Construction is expected to start November 2021. The next building under construction will be Building D. This building is also a rear-load facility, nearly 140KSF,…

Voters in the Higley Unified School District will be presented with a $95M bond for building renovations, buses and buying out a lease agreement. According to voter materials, a home with an assessed value of $250K would see an annual property tax increase of $163/year. With interest, the bond would cost $137M at payoff. Voters last approved a measure for HUSD, continuing a 15% override, in 2019. The largest expenditure under the proposed bond would be $32M (33.7%) to retire a 2012 lease agreement under which the district leased two buildings for 40 years at a cost of almost $160M,…