Author: BEX Staff

By Tasha Anderson for AZBEX The City of Glendale’s Planning Commission recently heard a request to rezone approximately 33 acres at the NWC of 99th Glendale Avenues, for a new mixed-use development which will include multifamily, a medical office building, assisted living and commercial/retail uses. The request was made by Burch & Cracchiolo, P.A., on behalf of developers, Mangat Investments II, LLC and Continental 562 Fund, LLC, for a Minor General Plan Amendment from Business Park to Entertainment Mixed-Use and to rezone the site from Agricultural to Planned Area Development. The request was heard and recommended for approval by the…

By Colliers Calgary-based APEL Extrusions has purchased 22.6 acres of land at the SEC of the new Loop 202 Freeway and Lower Buckeye Road. The property will be the site of a new 323.8KSF headquarters and manufacturing facility. Plans call for North America’s leading aluminum extrusion company to expand its West Coast operations to Phoenix in late 2022 with plans to move the company’s headquarters to follow. APEL Extrusions intends to hire approximately 200 employees at the new location and will begin recruiting for management, administrative, engineering, technical services and labor positions mid-year 2022. Becknell Industrial sold the property to…

By Associated Builders and Contractors National nonresidential construction spending declined 1.3 percent 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 $789.5B for the month. On a monthly basis, spending was down in 13 of 16 nonresidential subcategories. Private nonresidential spending was down 1.0 percent, while public nonresidential construction spending fell 1.8 percent in February. Nonresidential construction spending has declined by 6.1 percent from the same time last year. “We remain in the midst of the COVID-19 pandemic, which has shattered commercial…

Awards & Accolades 1. Terracon Consulting, Inc. announced that Senior Staff Geologist Briana Li-Vidal, who has been with the firm for three years, earned the title of Registered Geologist (R.G.) and was honored with Terracon’s 2020 Emerging Leader Award for the Rocky Mountain Division. Boards & Commissions 2. The Maricopa Economic Development Alliance recently went through a makeover in 2020, dubbed MEDA 2.0 and recently hired long-time board member Adam Saks as new executive director. Company News 3. Land Advisors Organization announces the formation of its Land Conservation team, which specializes in facilitating real estate transactions that conserve important land…

Sales Transactions 1. BPM Real Estate Group purchased PetSmart’s corporate headquarters campus at 19601 N. 27th Avenue, Phoenix, for $110M. The property includes three, four-story buildings as well as a six-level parking structure. CBRE’s Barry Gabel, Chris Marchildon and Will Mast along with Newmark’s Kevin Shannon, Ken White and CJ Osbrink represented the undisclosed institutional seller. Newmark’s Nick Kucha represented the buyer. 2. A New York-based pension fund advisor purchased Almeria at Ocotillo, a 389-unit multifamily community in Chandler, for an undisclosed amount. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the…

By Tasha Anderson for AZBEX Tucson Electric Power Company is proposing to construct a new 138 kilovolt (kV) electric substation on north Vine Avenue near the Banner University Medical Center in Tucson. The project, known as the Vine Substation – which was formerly known as the UA North Substation – will be located on approximately 1.6 acres at 1602, 1610, 1640 and 1730 North Vine Avenue. The site currently houses the University of Arizona Facilities Management and Maintenance Operations Center, “which includes warehouses for parts storage, an engine repair shop, an outdoor materials storage area and office space,” according to…

By Sun Corridor, Inc. BD (Becton, Dickinson and Company), a leading global medical technology company, announced it will invest $65M to construct a state-of-the-art facility in Tucson that will be a hub for the company’s supply chain, serving as a final-stage manufacturing and sterilization center. The new 120KSF facility will be built on approximately 32 acres at the NEC of Valencia and Kolb Road and is planned to be operational in mid-2022. BD plans to add approximately 40 new jobs, including engineers, scientists, quality control specialists and other skilled talent. Sun Corridor, Inc. projects that BD’s investment will have a…

By Urban Land Institute Arizona Last year’s in-person Trends Day attracted a record number of participants. Join ULI Arizona for the 16th Annual Trends Days, this year a three-day virtual program of deep-dive content. The 2021 event, April 20th-22nd, brings together more than 40 top industry experts from across the globe. They will discuss the most current real estate trends with a focus on what to expect in the future, where the best opportunities can be found, and how these components affect both public and private sector partners. ULI Arizona’s Trends Day is recognized as the third largest ULI program…

By JLL In a turbulent year with overall U.S. commercial real estate volume decline, increased activity in some alternative property sectors was a bright spot for the industry. Alternatives like self-storage, life sciences, manufactured housing communities, medical office and data center assets were collectively responsible for more than $47.9B in transaction volume in 2020, bringing these non-traditional real estate assets more into focus as investors sought yield. While some of this demand is accelerated due to the pandemic, there is evidence that it is more than a passing phase. Alternatives, which also include student housing, cold storage and single-family rental,…

Groundbreakings 1. The Arizona Department of Transportation will start construction this month on a 10-mile section of North Oracle road that will bring new pavement and other improvements to the busy corridor. The $34M project will include improvements like new LED lighting, improved drainage, sidewalks, turn lanes and more. ADOT did the design in-house and Granite Construction, Inc. is the general contractor. 2. MC Companies broke ground this week at The Place at Silverbell Gateway, a 300-unit luxury apartment home community at 7430 N. Silverbell Road in Marana. Dean Alan Architects is the design firm and Clark Wayland is the…