Author: BEX Staff

Before it submits its proposal to develop a new Flagstaff Medical Center Campus near Beulah Avenue, Northern Arizona Healthcare is holding an ongoing series of meetings to explain its plans to community members.   NAH wants to build a hospital and ambulatory care center to replace the current Flagstaff Medical Center downtown. The proposed new campus will occupy 700KSF, 150KSF-175KSF of which will be for the ACC. Funding for the $750M project would be $450M in bonds and $300M in cash. All costs would be borne by NAH.  The ACC is planned for a 2024 opening, with the hospital to follow in 2026. The overall campus would ultimately comprise 188…

By Bureau of Reclamation  The Bureau of Reclamation has announced its intent to gather information necessary for preparing an Environmental Assessment evaluating the effects of the proposed assignment and transfer of water from GSC Farm, LLC to the Town of Queen Creek.   The proposed action includes the partial assignment and transfer of 2,033.01 acre-feet/year of GSC Farm’s Arizona fourth priority Colorado River water entitlement to Queen Creek. Queen Creek has a Central Arizona Project municipal and industrial water subcontract for 495 AFY with the United States and the Central Arizona Water Conservation District.   To convey a Colorado River water entitlement on the mainstream to entities within its service area in central Arizona requires that Queen Creek have a CAP wheeling contract. The…

By Andrea Davis CRE  Companies across the U.S. are packing up their businesses and flocking to Arizona.  With its high-skilled talent pipeline, affordable cost of living, and lower taxes than neighboring states, Arizona – and primarily Metro Phoenix – has developed its position as an attractive business location, with no signs of slowing down.  One recent addition is scientific equipment supplier Atonarp Inc. from Fremont, California, who will call the Valley of the Sun home at 15950 N. 76th Street, Scottsdale.  Atonarp works at the forefront of next-generation molecular profiling, developing instrument platforms and software applications that enable healthcare and industrial markets to more predictably…

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)