Author: BEX Staff

Hines has finalized its purchase of 1.8 acres in Tempe for the development of 250 Rio, a proposed 216KSF, 14-story mixed-use office project. The luxury office space and a parking structure will be built between the Ash Avenue alignment and Rio Salado Parkway. Hines has said it intends the project to be a “signature development.” Hines self-represented in the transaction. Tom Adelson of Newmark Night Frank and Troy Barron of Weston Commercial Realty represented the seller. (Source)

By CBRE Phoenix saw the second-most data center leasing activity in North America in the first half of 2021, according to CBRE’s latest North American Data Center Trends Report. Phoenix had 20.0MW of net absorption in H1 2021, a 70 percent year-over-year increase. The market also saw the highest percent growth among primary markets, adding 28.7MW of new inventory in the opening half of 2021, up 12 percent from the second half of last year. This was largely due to three providers bringing capacity to market. Phoenix providers leased more space and power in Q2 than any other quarter in the previous…

Valley Partnership’s first in-person event since the start of the pandemic featured a discussion on the state and challenges of homebuilding in the Greater Phoenix market. KASA Development President Jim Belfiore noted demand is down 31 percent from its May high, but speculative inventory has dropped 78 percent year-over-year and prices have risen 29 percent. He predicted as many as 35,000 permits could be issued by the end of 2021. HilgartWilson Principal Ron Hilgart noted the lack of available labor is a primary drag on the rate of construction, leading to delays. Lennar SVP Jeff Gunnerson said a home that…

Awards & Accolades 1. ENR Southwest published its 2021 Best Projects Award winners. The Arizona projects that received an award are: SRP Project Administration Building (PAB) Betterment Projects, Tempe: Excellence in Safety, Award of Merit & Renovation/Restoration, Award of Merit Tres Rios Water Reclamation Facility Nutrient Recovery Project, Tucson: Excellence in Sustainability, Award of Merit PHX Sky Train Stage 2 MSF, Phoenix: Airport/Transit, Best Project Prescott Regional Airport Passenger Terminal: Airport/Transit, Award of Merit Sahuarita Regional Library: Cultural/Worship, Best Project Valleywise Health Medical Center Central Utility Plant and Site Upgrades, Phoenix: Energy/Industrial, Award of Merit Police Property and Evidence Room…

By Tasha Anderson for AZBEX  The single-family rental community trend is continuing to grow across Arizona with no plans on slowing down anytime soon.  These projects are meant to provide residents with a more single-family feel by being developed horizontally rather than vertically, with detached units, and providing benefits such as private backyards, while still including central amenities.  Thomas Brophy, research director for Colliers International, said in a recent Phoenix Business Journal article dated July 22nd, 2021, that, “There currently are more than 5,300 units now under construction around the region, adding to the 4,800 existing units in metro Phoenix. By the end of 2022, inventory…

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.…