Author: BEX Staff

By Trammell Crow Company  Trammell Crow Company, one of the nation’s largest commercial real estate developers, has announced plans for the second phase of development at Park Aldea in Phoenix’s growing West Valley submarket. Phase two will include 570.6KSF of Class A in-fill logistics space across four single-story buildings available for lease or sale to users. Construction is slated to begin in Q4 2021 and will be complete during Q3 2022.  Buildings A, B, and C within Phase two will be rear-loaded facilities that span 138.2KSF, 90.3KSF and 90.5KSF, respectively. These facilities can accommodate users ranging in size from 25KSF to full-building…

Panelists at a recent NAIOP Arizona event recently tackled the skilled labor shortage and discussed ways to find and keep needed talent.  Members included:  Brandon Milligan: StrataTech Education Group,  Kevin Major: CBRE,  Danielle Feroleto: Small Giants, and  Mike Bontrager: Alston Construction and Build Your Future Arizona.  James Murphy of Willmeng Construction served as moderator.   Low pre-pandemic unemployment rates made securing labor difficult, and the uncertainty and wild social and economic vacillations during and afterward added to the problem, according to Major. He predicted, however, the Phoenix area’s in-migration rates should contribute to a stronger base of labor.  Panelists noted all market sectors are seeing increased demand and costs for labor, which is adding to the dearth of available workers…

By RENTCafé  RENTCafé’s most recent Apartment Construction Report ranks the Phoenix metro in third place for the projected number of units to be built by the end of year, an increase of 76 percent from 2020.  At national level, developers are set to bring 334,000 new apartments on the market, passing the 300,000 mark for the sixth year in a row. There’s only a 2.5 percent drop compared to 2020, which is an impressive accomplishment after a period of uncertainty.  Here are the highlights on Phoenix:  Phoenix metro area is set to build 15,846 new apartments this year, reaching a five-year high, and claiming the third position nationally when looking at projected apartment count.  The jump is 76 percent compared to last…

Giving Back  1. The Sundt Foundation awarded grants to nine Southern Arizona nonprofits during its current giving round. The Foundation awards grants each quarter to local charities that support disadvantaged children and families. Nonprofits are selected through an application process and reviewed by a committee of Sundt employee-owners. Nonprofits that received a grant include:  Diaper Bank of Southern Arizona  Boys & Girls Clubs of Tucson  Southern Arizona Network for Down Syndrome  Marshall Home for Men  STEP: Student Expedition Program  Gabriel’s Angels  Inside Out Network  Sol Food Initiatives  Children’s Museum Tucson  2. Yuma Multiversity Campus Corporation (YMVC) announced support from Southwest Gas (SWG) for a phase two…

Sales Transactions  1. Funds managed by Oaktree Capital Management L.P purchased Ravenwood Heights, a 240-unit multifamily community at 647 W. Baseline Road, Tempe, for $94.5M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Hudye Group.  2. The joint venture of Cypress Office Properties and Harbert Management Corporation purchased The Arc (fka. Stapley Corporate Center), a 180.1KSF, Class A office project at 1840 and 1910 S. Stapley Drive, Mesa, for $37M, from Buchanan Street Partners. Cushman & Wakefield’s capital markets team of Chris Toci and Chad Littell handled the transaction on behalf of both parties.  3. Intrust Property Group purchased Veranda & Sunflower Apartments, a 208-unit multifamily community in Glendale for $32.85M. ABI Multifamily’s Phoenix-based Institutional…

By Tasha Anderson for AZBEX  RD Olson Development recently submitted plans to the City of Sedona for the design and construction of a new boutique hotel at 150 Schnebly Hill Road.  The 11.58 acre-property is bounded by Schnebly Hill Road, Oak Creek, and Bear Wallow Lane. The developer applied for preliminary conceptual review for the project, known as Oak Creek Resort. The application is currently undergoing staff review.  Oak Creek Resort is proposed as a 92-key boutique style hotel and spa, “where guest and locals can refresh, revive, and reconnect,” according to the project documents. “The resort will be offering creek and rock formation view guestrooms with a signature restaurant,…

By Tasha Anderson and Rebekah Morris for AZBEX  Arizona’s seasonally adjusted unemployment rate decreased to 6.6 percent in July 2021, from 6.8 percent in June 2021, according to the latest report published by the Arizona Office of Economic Opportunity.   The national rate decreased to 5.4 percent from 5.9 percent in June. In July 2020, the state had a seasonally adjusted rate of 10.4 percent, and the national was at 10.2 percent.  The state had a net gain of 6,100 non-farm jobs over the month. “Historically (2011-2020), Nonfarm employment has recorded a loss of 19,700 jobs in July,” the report states. Professional & Business Services had the largest net gain of 11,700 jobs, followed by Leisure & Hospitality with 2,400. Government had the largest net loss of 10,000 jobs. Construction gained 300…

As of 2020, only four percent of skilled construction workers in the United States were women.  While new programs have come about around the country, including one from the LA-based nonprofit Women In Non Traditional Employment Roles and a Biden Administration proposal currently in discussion that would create one million to two million apprenticeships, enhancing the pipeline for women and minorities, females’ participation in the trades has not flourished much since the 1980s.  President Lyndon Johnson issued Executive Order 11246 in 1965, prohibiting employment discrimination by federal contractors and requiring affirmative action in payroll diversification. Following a lawsuit by the National Women’s Law Center in 1976, the Department of Labor set a goal…

The Yuma Marine Corps Air Station and Yuma International Airport stand to receive $6.8M in project funding over the next five years if the current version of the Infrastructure Investment and Jobs Act is passed and signed into law.  The current version of the Act was championed by Arizona U.S. Senator Kyrsten Sinema and Ohio U.S. Senator Rob Portman, passing the Senate on a 69-30 vote. The House will take up the measure when it returns from recess later this month. The $1T bill includes $25B for repair and upgrades at U.S. airports.  Sinema chairs the Senate Aviation Safety, Operations and Innovation Subcommittee.  Yuma Airport officials note the allocation, along with earlier appropriations,…

Awards & Accolades  1. The Arizona Multihousing Association announced the winners of the 29th Annual AMA/Cox Communications Tribute Awards. The projects that were awarded were:  Affordable Community of the Year: Cottonwood Crossing Apartments, Shelton Residential  Renovated Community of the Year: Haven at South Mountain, Shelton Residential  Developers Award for Best Community Design Garden Style: Acero Cooley Station, IDM Apartments  Developers Award for Best Community Design Mid/Low Rise Style: The McKinley, Baron Property Services, LLC  Groundbreakings  2. Adolfson & Peterson Construction and Douglas Unified School District #27 broke ground on a $27M expansion and renovation project for Douglas High School. The project includes four new pre-engineered metal buildings encompassing 87.5KSF, additional classrooms, and new athletics equipment and facilities. Construction on the Douglas High School…