Author: BEX Staff

By Tasha Anderson for AZBEX Arizona’s seasonally adjusted unemployment rate decreased to 6.7 percent in March 2021, from February 2021, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate decreased to 6 percent from February. In March 2020, the state had a seasonally adjusted rate of 5 percent, and the national was at 4.4 percent. The state had a net gain of 16,100 non-farm jobs over the month. “Historically (2011-2020), Nonfarm employment has averaged a gain of 7,600 jobs in March,” the report states. Leisure & Hospitality had the largest net gain of…

By Stevens-Leinweber Construction Inc. Marking its entry into the Phoenix industrial market, Denver-based Comunale Properties has selected Stevens-Leinweber Construction Inc. to build Chandler Connection, a 201KSF Class A industrial building immediately adjacent to the Chandler Municipal Airport in Chandler. Additional project team members selected by Comunale Properties include architect Butler Design Group and Ken McQueen and Chris McClurg from Lee & Associates, who will serve as the development’s exclusive leasing brokers. Located on Germann Road, between Gilbert and Cooper roads, Chandler Connection will offer mid-bay industrial space featuring 32’ clear height, 140’ to 240’ bay depth, 52’ x 60’ column spacing…

By JLL Tenant move-outs have outnumbered move-ins so far this year in the Phoenix office market, according to the new JLL Q1 Phoenix Office Insight Report, but tour activity has increased, leaving many cautiously optimistic about the year ahead. According to the report, while the Phoenix office market absorbed more than 446KSF during the first quarter of 2021, the gains were overshadowed by nearly 641KSF of sublet space to hit the market during the same period – representing a sublet space increase of 1.2MSF year-over-year. More than 1.1MSF of new office product was also added to the Valley’s inventory – 54 percent…

Giving Back 1. NAIOP has selected Margarita Effron as a recipient of its annual $5K Diversity Student Scholarship. The scholarship program supports students who are pursuing a graduate degree in commercial real estate and is a key component of the association’s pledge to advance diversity in the industry. Effron is a graduate student in the Master of Real Estate Development (MRED) program at Arizona State University and a member of NAIOP Arizona. Awards & Accolades 2. Rommie Mojahed, the Director of Retail Leasing & Sales Investments for SVN International Corp., was just recently named to the President’s Circle within the…

Sales Transactions 1. Erickson Companies purchased a multi-state industrial portfolio consisting of a 40KSF headquarters facility on 13-acres at 250 N. Beck Avenue, Chandler, and a 20KSF regional office facility on 15-acres at 8350 Industrial Avenue, Roseville, Calif., for $26.25M. Senior Director Phil Haenel and Executive Managing Directors Mike Haenel, Andy Markham and Will Strong with Cushman & Wakefield represented both the buyer and undisclosed seller. 2. The Bascom Group has purchased Sierra Charles Apartments, a 196-unit, garden-style multifamily property at 600 Charles Drive, Sierra Vista, for $11.6M, from an undisclosed seller. Brian Eisendrath and Cameron Chalfant of CBRE Capital…

By Tasha Anderson for AZBEX A new multifamily residential development is being proposed at East University Drive and North Miller Street in Mesa, and will provide modern housing to the students of Hillsong College. Owner, Stalwart Acquisitions, LLC, in partnership with Hillsong College, is requesting a Development Incentive Permit (DIP) to allow certain deviations from certain development standards, in order to develop the multifamily project on approximately nine underutilized parcels within the RM-2 and RM-4 Districts. “Through the DIP, the applicant is requesting a reduction to the required building and landscape setback along University Drive, a reduction to the foundation…

By George Oliver Phoenix-based developer George Oliver has announced plans for its next Arizona experiential office transformation: The five-building Hayden Station mixed-use office campus, located on the SWC of Mill Avenue and Third Street in the heart of downtown Tempe. Built in 1986, Hayden Station has served as a downtown Tempe landmark for more than three decades. It spans 107.5KSF, including one five-story office building and four two-story mixed-use buildings that are home to office, retail and restaurant space. The five-story tower offers views of downtown Tempe, Tempe Town Lake and Hayden Butte. With an approximate $14M capital improvement budget, George Oliver will…

By Kidder Mathews Kidder Mathews has released its reports on First Quarter 2021 activity in the Industrial and Office sectors. Economic Overview Phoenix lost fewer jobs (on a percentage basis) than any other large metropolitan area and maintains its place among the best-performing markets for job growth. A recent study by EMSI placed the Phoenix Metro as the top ranked county in the nation based on the ability to attract and retain quality workers and other economic-development factors. According to the Arizona Labor of Statistics Office of Economic Opportunity, Phoenix metro’s unemployment rate in January increased 1 basis point month-over-month…

Giving Back 1. Rosendin hosted a popular booth at the Queen Creek High School Career Fair 2021. Rosendin guided students through opportunities to enter the workforce after graduation or college, answering questions about the industry, job openings, and salary ranges. The construction industry is one of several facing a workforce shortage in Arizona, so representatives from Rosendin and Adolfson & Peterson Construction (AP) also offered advice for those seeking training and apprenticeships. 2. During the pandemic, MEB Management set up the MEB Cares Team which proactively identified, communicated and guided struggling residents through the various nonprofit networks and government systems…

Sales Transactions 1. KKR purchased a five-building industrial portfolio, representing 540,039 square feet of multi-tenant, fully leased infill space at 4441 W. Polk Street, 120 E. Watkins Street, 4720 W. Van Buren Street and 5240 and 5302 W. Buckeye Road, Phoenix, for $68M, from Lincoln Property Company. CBRE’s National Partners Team, led by Darla Longo, represented LPC in the portfolio sale. 2. 29th Street Capital purchased Lunaire, a 240-unit garden-style multifamily property at 949 S. Goodyear Boulevard, Goodyear, for $59.7M. Senior Managing Directors Mark Forrester and Ric Holway, Senior Director Dan Cheyne and Director Andrew Curtis of Berkadia’s Phoenix office…