Author: BEX Staff

In a unanimous vote earlier this month, the Gilbert Town Council prohibited the use of Government Property Lease Excise Tax incentives for redevelopment projects. Under a GPLET, ownership of a property is transferred to the municipality and leased back to the developer, meaning there is no property tax on the site. The incentive is one of the few allowed under Arizona law and has been used extensively by towns and cities to promote targeted redevelopment efforts. In a presentation to the Council, Gilbert staff reported GPLETs have never been used there, nor has there been any stated intention of using…

Giving Back 1. Arizona Multihousing Charitable Foundation announced it has distributed more than $200K in grants to a variety of organizations. AMCF has contributed to the following groups: HSL Center of Opportunity – $75,250; Southwest Autism Research and Resource Center – $46,870; UMOM New Day Centers – $46,870; Interfaith Community Services – $29,140; and, Julie Hurst & Steve Peters Education Fund – $7,500. Awards & Accolades 2. Inc. Magazine has named Creation and LGE Design Build to its list of 5000 of America’s fastest-growing private companies. Creation was ranked at 1,462 and LGE Design Build was ranked at 3,263. 3.…

Sale Transactions 1. Artis Real Estate Investment Trust sold six industrial properties in the Valley to Radnor. The deal was part of a larger, nine-property sale worth $197.4M, which consisted of 822.4KSF in Phoenix and 317.6KSF in Minnesota. EQT Exeter was the buyer. 2. A 380KSF office property fully leased by CVS Health Corporation sold for $71.5M by Net Lease Office Properties in Scottsdale. Robert C. Samuel, of Robert C. Samuel Revocable Trust was the buyer. 3. JLL Capital Markets announced the $51M sale of KV Buckeye 10, a 249.6KSF industrial complex in Buckeye. The complex is 60% leased. JLL’s…

By Roland Murphy for AZBEX In what is quickly becoming a theme in construction-related trend reporting, the newly released Marcum Accountants and Advisors 2024 Construction Survey showcases a generally positive and confident outlook across the industry despite lingering headwinds. Key findings in the report and its accompanying announcement include a sense of cautious optimism tempered by ongoing economic and political concerns, “particularly in an election year.” Public sector investment—most notably through the Infrastructure Investment and Jobs Act, CHIPS and Science Act, and Inflation Reduction Act—is expected to continue fueling industry growth. This growth is impeded, however, but the fact that…

By Roland Murphy for AZBEX Yes, we’re spending a lot of time talking about housing this month, particularly multifamily. There are three primary reasons we’re putting so much focus on the sector at the moment: 1. Housing makes up 27% of the Arizona construction market. 2. Multifamily’s Arizona construction market share is valued at $7.3B. 3. We get deluged with so many new studies, findings, projections, conclusions and general information that some weeks multifamily news makes up most of our individual inboxes. So, let’s take a few minutes to get you caught up on the news we didn’t touch on…

The Prescott Valley Town Council has voted to approve annexation and zoning requests that will allow Fain Signature Group to develop its Lakeshore 650 master plan between Badger and Fain roads north and south of Lakeshore Drive. AZBEX NOTE: AZBEX was the first outlet to report on the Lakeshore 650 proposal in an exclusive article earlier this year. (AZBEX, May 31) The process includes a pre-annexation, annexation and zoning map change. The planned area development is included in a master development plan that includes PADs for residential, single-family limited, residential and services, and commercial, general sales and services. The first…

By Associated Builders and Contractors Associated Builders and Contractors has reported that its Construction Backlog Indicator held steady at 8.4 months in July, according to an ABC member survey conducted from July 22 to August 6. The reading is down 0.9 months from July 2023. Only the largest contractors, those with greater than $100M in annual revenues, have longer backlog than one year ago. On a monthly basis, the decline in backlog was driven by declines among the smallest contractors, those with less than $50M in annual revenue. ABC’s Construction Confidence Index readings for sales, profit margins and staffing levels…

By Roland Murphy for AZBEX In what is quickly becoming a theme in construction-related trend reporting, the newly released Marcum Accountants and Advisors 2024 Construction Survey showcases a generally positive and confident outlook across the industry despite lingering headwinds. Key findings in the report and its accompanying announcement include a sense of cautious optimism tempered by ongoing economic and political concerns, “particularly in an election year.” Public sector investment—most notably through the Infrastructure Investment and Jobs Act, CHIPS and Science Act, and Inflation Reduction Act—is expected to continue fueling industry growth. This growth is impeded, however, but the fact that…

Groundbreakings 1. Abrazo West Campus broke ground on its Inpatient Rehabilitation Hospital, a 27KSF space in the Abrazo Litchfield Medical Building under construction in Goodyear. The 24-bed hospital is expected to be completed in September 2025. 2. The City of San Luis announced the groundbreaking of a two-million-gallon water storage tank at Well 7, and a new well and Manganese Treatment Unit at Well 5. Official expect to complete construction on the Well 7 project in April 2025. MGC Contractors expects to complete Well 5 in March 2025. Progress Reports 3. LG Development, a division of LG Group, announced the…

By BEX Staff for AZBEX Three industrial projects will have their site plans heard by the Buckeye Planning and Zoning Commission this week. If all are approved, it could lead to a total of more than 650KSF in new development in the city. Sunrise Commerce Center The largest of the three proposals, Sunrise Commerce Center, is planned by Mark IV Capital on approximately 24 acres at Apache and Yuma roads south of Interstate 10. Plans call for 342.9KSF of warehouse space and 38.1KSF of office area. According to the site plans, the specific building sizes break down as: Building A…