Author: BEX Staff

Giving Back  1. The Sundt Foundation awarded more than $72K in grants to 16 Phoenix-area nonprofits during its current giving round. The Sundt Foundation awards quarterly grants to local Phoenix charities that support disadvantaged children and families. Nonprofits are selected through an application process and reviewed by a committee of local Sundt employee-owners.  Awards & Accolades  2. Speedie & Associates, Inc. (S&A) announced one of their staff engineers, Zachary Herman, received his professional engineering license in March 2021. Herman is an Arizona State University graduate and has been with S&A since 2015.    3. AZ Business Magazine has published Arizona’s 2021 Most Admired Companies. The CRE and A/E/C companies that made…

Sales Transactions  1. Inland Real Estate Group of Cos. Inc. purchased the 286-unit Christopher Todd Communities at Estrella Commons build-to-rent property in Goodyear, for $98.098M, and the 222-unit Christopher Todd Communities on Happy Valley Road in Phoenix for $76.15M. That package deal was brokered by the NorthMarq team of Trevor Koskovich, Jesse Hudson and Bill Hahn. The seller was Christopher Todd Communities.  2. CIM Group purchased 2250 S. Litchfield Road, a newly constructed 450.6KSF industrial building adjacent to the Phoenix Goodyear Airport in Goodyear, for $56M. Executive Managing Director Will Strong, Associate Greer Oliver, Senior Director Kirk Kuller and Analyst Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller, The Opus Group.  3.…

By Tasha Anderson for AZBEX  Developer, Cypress West Partners recently submitted plans to the City of Flagstaff for a new combined medical office/micro-hospital building on 4.66 net acres at 1895 N. Jasper Drive.  The project, called Cedar Medical Collaborative Phase 2, is located within the McMillan Mesa Village Specific Plan development area “F”. Apricus Health, an Arizona healthcare company, is applying for a Conditional Use Permit to operate a micro-hospital in part of the proposed building.   Cedar Medical Collaborative is proposed as a 44.7KSF building with 27.7KSF of medical offices and 17KSF of ancillary micro-hospital space.  According to the project documents, “, approximately…62 percent of the Facility…

By Salt River Project  Salt River Project announced it is seeking Board approval to expand its Coolidge Generating Station, a quick-start natural gas power plant located in the Southeast Valley. The expansion will help SRP integrate more renewable energy resources into the power grid and allow SRP to provide reliable power to its rapidly growing customer base during times of peak electricity demand.  The Phoenix metropolitan area is experiencing population growth more than three times the national average and SRP is projecting significantly increased, near-term residential and commercial energy needs. This demand is rising especially as large industrial customers develop new and existing local operations. If approved by the…

By City of Tempe  The City of Tempe has been working with the community since March to create a character area plan for north Tempe. Now, a draft of that plan is ready for review.   A character area plan is a way of conveying the vision and goals of people in an area to create positive change. Each area plan is firmly rooted in placemaking principles and design guidelines. City staff have conducted extensive public outreach to collect input from the north Tempe community to create a cohesive vision for the future for the area north of Loop 202 as well as the adjacent county island.   You are invited…

CBRE’s recent Q2 2021 Tucson Retail Report shows retail leasing activity fell in Q2 with a negative net absorption rate of 24.5KSF.  Q1 net absorption had been 31.5KSF.  Quarter-over-quarter vacancy was 8.3 percent, up from 8.1 percent in Q1. Q2 2020’s vacancy was 7.1 percent.   With no new retail projects under construction in the market, redeveloping existing big-box locations remains an activity driver.   Triple-net asking lease rates fell $0.49 quarter-over-quarter to $17.67. Rates were down one percent year-over-year. (Source)

CBRE’s recent Q2 2021 Phoenix Retail Report shows retail vacancy dropped to 7.7 percent. Pre-leased construction projects fueled the drop from 8.0 percent in Q1. For reference, the three-year average vacancy is 8.1 percent.  The current pipeline shows 278.5KSF under construction, largely led by neighborhood and fitness center projects.   Both gross and net absorption improved in Q2. Gross activity was nearly 872KSF, while net absorption was more than 489KSF.  Triple-net lease rates increased to $17.86/SF, up 10 percent quarter-over-quarter and 5.4 percent year-over-year. (Source) 

Groundbreakings  1. JE Dunn Construction and Anchor Health Properties announced they have broken ground on the $6.5M HonorHealth Prasada, a new state-of-the-art healthcare facility in Surprise. The new facility will offer a hybrid provider-based emergency room and urgent care model and is scheduled to be completed by early 2022. Devenney Group is the architect.  2. Toll Brothers Inc. is already going vertical with construction on Callia, a 403-unit luxury apartment community at the NWC of Central Avenue and Indian School Road, Phoenix. The project is expected to be completed in Summer 2022. The Davis Cos. is partnering with Toll Brothers on this project. Biltform Architecture is the design firm and Wespac Construction is the general contractor.  3. Harsch…

By Tasha Anderson for AZBEX  Overland Group, Inc. is looking to develop a horizontally integrated mixed-use project with commercial and residential uses on a vacant 22.6-net acre property at the NWC of Avondale Boulevard and McDowell Road in Avondale.  The developer recently submitted a request to the city for a Freeway Corridor Specific Plan Amendment to increase the maximum allowed building height from three stories to four stories, as well as a request to rezone the property from Agricultural to a Planned Area Development. The property, while vacant, has been mainly used for agricultural/farming purposes.  The project, known as Avondale Commons, is…

By NTT Ltd   Global technology services provider NTT Ltd has announced its Global Data Centers Americas division is building a new data center campus in greater Phoenix. The new campus, slated to open in early 2022, will be the fourth U.S. market NTT has launched in since February 2021, growing its footprint from three to seven campuses.  Located in Mesa, just 30 minutes from downtown Phoenix and Phoenix Sky Harbor International airport, the 102-acre campus will have seven data centers offering a total of 240MW of critical IT load and 1.5MSF of space, along with an on-site dedicated substation. The first data center will offer 36MW across…