Author: BEX Staff

The commercial real estate and construction markets are trying to anticipate their next, best steps following the Trump administration’s announcement of tariffs on more than 150 countries April 2. Markets dropped dramatically, and fears of price increases and the potential for delays in construction, sales and leasing were a commonly expressed concern, including fear of many large projects around the country being abandoned entirely. The scale of the tariffs was larger than many pundits had expected. More than 150 countries were hit with a minimum tariff of at least 10%, while Vietnam saw 46% and China was issued a 34%…

Giving Back 1. Brycon partnered with the Ronald McDonald House and hosted a dinner for the families staying at the main house near the Phoenix Children’s Hospital. The team handled everything from grocery shopping and meal prep to cooking, serving and cleaning. 2. Refrigeration School Inc. is hosting a career fair and open house for welding, HVAC/R and electrical programs on April 9 and 12. The events will provide prospective students with live demonstrations, guided tours, financial aid and career placement information, career insights and networking opportunities. Promotions 3. The Mesa City Council has unanimously appointed Scott Butler as the new City Manager.…

Sales Transactions 1. JLL and HJS Sims arranged $249.7M in bond financing for Integrated Senior Foundation’s senior housing portfolio throughout Arizona and California. The portfolio totals 430 units and includes financing for a 102-unit new development in Buckeye—Ativo of Sundance. The purchase included Ativo Senior Living of Yuma at 10565 S. Commercial Centre Loop in Yuma. The property consists of 79 units. 2. Blackstone sold Arches at Hidden Creek to Brookfield Properties for $95.4M. The 25.3-acre apartment complex is in Chandler at 1586 W. Maggio Way. 3. Copper Point, a 93.3KSF medical outpatient facility, was acquired by Transwestern Investment Group…

By Roland Murphy for AZBEX ATLAS Capital Partners and development partner Hawkins Development Company have acquired 38 acres in Mesa’s Elliot Road Tech Corridor for nearly $13.8M. In its March 26 meeting, the Mesa Planning and Zoning Board approved a preliminary plat and recommended approval of a rezoning request for the property at 4140 S. Signal Butte Road. Referred to as ATLAS Exchange in the company’s purchase announcement and Atlas – Mesa Eastmark in municipal project documents, the industrial development is planned as a “four-building, Class A industrial project… differentiated by its low-coverage building designs with large, secured and screened…

By Roland Murphy for AZBEX The Glendale Planning Commission has recommended approval for a rezoning request from Dignity Health to amend the planned area development zoning for 32 acres the company owns at the NWC of 99th and Myrtle avenues—to better facilitate healthcare-related development on the site. There were no votes against the measure in the March 27 hearing, and the request will now go to City Council for consideration. The initial Desert River PAD rezoning was implemented in 2008, changing the land entitlement for 110 acres from agricultural to PAD. There is currently a 67.5KSF hospital/medical office building on…

By Roland Murphy for AZBEX The Glendale Planning Commission has recommended approval for a rezoning request and a General Plan amendment from Alliance Residential to allow the development of a 368-unit apartment and townhome community on 20.23 acres near the SWC of 75th Avenue and Rose Garden Lane. Current zoning for the site is split between agricultural and planned area development. The land use designations in the General Plan are for low-density residential and parks and open space. The requests would rezone the property to high-density residential and change the land use designation for 18.82 acres to high-density residential, while…

By BEX Staff for AZBEX With smaller data center users having a difficult time finding space in the currently booming market, phoenixNAP | Global IT Services is planning to build a second data center at 3221 E. Elwood St. in south Phoenix specifically targeting that segment’s needs. The 530KSF center—phoenixNAP PHX02—will be located across the street from the company’s first data center, a 160KSF facility at 3402 E. University Dr., which was built in 2010, according to a local news report. phoenixNAP bought the 6.54-acre site for PHX02 in 2021 for $10.2M. PHX02 will have an initial capacity of 30…

By Associated Builders and Contractors National nonresidential construction spending increased 0.3% in February, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.255T. Spending was up on a monthly basis in nine of the 16 nonresidential subcategories. Private nonresidential spending increased 0.4%, while public nonresidential construction spending was up 0.2% in February. “Nonresidential spending rebounded in February, rising to the highest level on record,” said ABC Chief Economist Anirban Basu. “A surge in highway and street spending accounted for more than 40% of the…

Groundbreakings 1. ZOM Living has begun construction on Azola Desert Ridge, a 416-unit multifamily development in north Phoenix. $88M in construction financing and a joint-venture equity investment with Origin Investments, arranged by CBRE, funded the project. Construction is expected to be completed in Q3 2026. Units will range from one-to three-bedrooms and fall between 730SF and 1.5KSF. The area will contain up to 1,500 units upon full buildout. 2. Shops at the Cardinal, a Glendale retail project valued at more than $20M, will break ground next week. The project has only 1.2KSF unleased. Tenant buildouts will begin later this year…

By BEX Staff for AZBEX The Glendale Planning Commission has recommended in favor of a rezoning for a 39-acre site near the Westgate Entertainment District for development of a new mixed-use project. The City applied for a rezoning from agriculture to planned area development and a minor General Plan amendment from business park to entertainment mixed-use for the Envision Encore property, which is located south of the SWC of 99th Avenue and Ballpark Blvd. Glendale made the application on behalf of owner Porter Fields, LLC, an entity associated with the Fram Family Limited Partnership and other parties, according to the…