Author: BEX Staff

As the Federal Reserve is expected to quicken its tapering of Treasury and securities purchases, and interest rates are expected to rise, experts predict Commercial Real Estate will remain one of the best hedge investments against inflation. In a recent news feature, John Chang, senior VP and national director of research services at Marcus & Millichap, noted CRE volume is up 19% versus Q3 2019 and that the amount of capital looking for solid returns is likely to keep CRE interest high. Interest rates on 10-year Treasuries dropped to 0.7% by March of 2020 due to the Fed’s quantitative easing…

Awards & Accolades 1. The City of Kingman’s Solid Waste Superintendent Ed Tapia, Administrative Assistant II Donna Alderson and Water Quality Program Manager Nancy Sipe have all graduated from the APWA Public Works Institute. Boards & Commissions 2. The Goodyear City Council will no longer hold meetings on the second and fourth Monday of every month. Moving forward, meetings will be held on an “as needed” basis. 3. The City of Peoria reminds residents interested in public service that it accepts applications for the City’s boards and commissions year ‘round. Applications are kept on file for two years. Company News…

Sales Transactions 1. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of The Halifax, a 300-unit multifamily asset in Phoenix for $76M. IPA’s Cliff David and Steve Gebing represented the seller, Jevan Capital and procured the buyer, Western Wealth Capital. 2. Institutional Property Advisors, a division of Marcus & Millichap, announced the $63.25M sale of Lakeside Casitas, a 310-unit multifamily property in Tucson. IPA’s Hamid Panahi, Steve Gebing and Cliff David represented the seller, Monarch Investment and Management Group, and procured the buyer, Bridge Investment Group. 3. NexMetro Communities has sold the 89-home Avilla Paseo Build-to-Rent development at…

By Roland Murphy for AZBEX (BEXCLUSIVE) The Mesa Design Review Board heard a presentation in its November 9th meeting for a massive new industrial project planned for approximately 80 gross acres on a vacant site north of Pecos and west of Ellsworth Road. Project Thunderbird, as the project is currently called, will have a first-floor footprint of nearly 650KSF, with a 348KSF mezzanine and four additional floors of 605.5KSF for a total building area of 3.425MSF and a height of 100 feet, according to the project data supplied to the Board by DLR Group. Although Amazon is not named directly…

A planned project in Kingman will bring six Mohave County legal departments together under one roof. The new facility will be built on the site of the old Mohave County jail, which closed in 2010. The old building must be remediated to remove asbestos and other contaminants before it can be demolished for the planned 39KSF Legal Services Center. The new center will be anchored by the County Attorney and Public Defender’s offices and will also house the County’s Legal Defender, Legal Advocate, Victim Witness and Indigent Defense programs. In adopting its Fiscal Year 2022 budget, the Mohave County Board…

The newly passed $1.2T federal infrastructure bill includes funding for the San Luis I Land Port of Entry Modernization Project. A statement from U.S. Senator Mark Kelly’s office said the bill’s $3.85B ports of entry allocations include $147M for the San Luis I crossing. Other earmarks include a new port of entry in Douglas and rehabilitation of the existing port of entry there. With the infrastructure bill’s contribution, total funding for the border crossing modernization project in San Luis now stands at nearly $300M. Work could begin as early as 2022. Improvement work on the Mexican side of the port…

By Gulfstream Aerospace Corp. Gulfstream Aerospace Corp. announced it will construct a new aircraft service center at the Phoenix-Mesa Gateway Airport, its first facility in Arizona. The new 225KSF facility, a more than $70M investment, is expected to achieve LEED Silver certification and will expand Gulfstream’s Maintenance, Repair and Overhaul capabilities in the Western United States. The new facility is scheduled to open in 2023. The Arizona service center complements Gulfstream Customer Support’s growing network around the world and follows recent expansions in Savannah, Georgia; Van Nuys, California; Fort Worth, Texas; Palm Beach, Florida; Appleton, Wisconsin; and Farnborough, England. The…

With the recent approval of a development agreement for a new 1MSF manufacturing facility from Kohler Co., Casa Grande officials noted the plant is the first major project planned for the Pinal County Technology Park, an approximately 1,000-acre site between Clayton Road and Maricopa-Casa Grande Highway. Officials say several more companies are considering building in the tech park. Representatives of Land Advisors Organization briefed the City Council on work the firm had done in preparing site infrastructure for Nacero LLC, a company that had wanted to build a $3B gasoline production facility before plans fell through. Additional improvements will come…

After sending the project back to the drawing board in May, Tucson officials now have a new design ready for the Reid Park Zoo expansion. The revised plan addresses public concerns that halted the original plan and avoids building over existing green space. It also preserves Barnum Hill and an existing duck pond popular with area residents. The expansion will now take place entirely east of Lakeshore Lane. It will be used to feature the “Pathway to Asia” exhibit and include tiger, reptile, and bird exhibits. (Source)

By Associated Builders and Contractors Construction input prices increased 1.5% in October, according to an Associated Builders and Contractors analysis of the U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices increased 1.4% for the month. Construction input prices are 21.1% higher than in October 2020, while nonresidential construction input prices increased 22.3% over that span. Steel mill product prices have increased 141.6% since October 2020, while iron and steel prices are up 101.5%. Softwood lumber prices, which surged during the pandemic, are now down 19.5% from the same time last year. “Any notion that the…