Author: BEX Staff

Sales Transactions 1. Investcorp purchased Tempe Commerce Park, a five-building, 536.1KSF, multi-tenant, light industrial park at 7340, 7350, and 7360 S. Kyrene Road and 7343 and 7333 S. Hardy Drive, Tempe, for $85.35M. The JLL Capital Markets Investment Sales Advisory team representing the seller, BKM Capital Partners, was led by Senior Managing Director Mark Detmer and Senior Director Ryan Sitov, along with local market experts Executive Vice President Steve Sayre and Managing Directors Mark Gustin and Dave Seeger. The JLL Capital Markets Debt Placement team representing the new owner included Executive Managing Director Kevin MacKenzie, Senior Director Michael Gigliotti and…

By Tasha Anderson for AZBEX There are several large projects under construction around the Valley that may have you thinking, “I wonder if that project is still going on.” So, BEX has compiled a list of the Top 10 Projects currently under construction in Arizona, based on construction valuation, to keep you updated on just when those projects are expected to be completed. Note: All projects were pulled from DATABEX, our online searchable database, and represent several different markets. We did not include Master Plan projects because the projects that make up a master plan have their own valuations and…

A bill in support of the North-South Corridor in Pinal County has won approval from the Arizona House of Representatives. The proposed freeway would run from I-10 in Picacho to US 60 in the Gold Canyon area. House Bill 2394 appropriates $4M for a Tier 2 project study and $750K to Pinal County to boost a local match for more than $15M in federal grants. The bill will next be considered by the state Senate. (Source)

By JLL Industrial commercial real estate assets traded to the tune of nearly $96B in the United States in 2020, the second-best year on record, and the outlook for 2021 already looks bright. With increased competition among investors for industrial product, JLL Capital Markets has found one sub-class that is gaining big interest – multi-use logistics, which are typically older multi-tenant assets with solid footprints within infill urban logistics markets that boast compelling rent growth profiles. In a new report, JLL Research defines multi-use logistics assets as 20KSF-100KSF multi-tenant industrial buildings in dense, infill locations around the U.S. These buildings often…

Budget, Policy & Stimulus News PPP Delays Frustrating Ariz. Businesses As of Feb. 21, 1.9 million Paycheck Protection Program loans, totaling $140B across the country, have been approved by the Small Business Administration. Arizona businesses account for 23,000 of those loans, worth $1.8B. Many of those businesses, however, have encountered a variety of delays. The Biden Administration announced plans to improve the systems, including better access for sole proprietors and a window of exclusive access for companies with fewer than 20 employees. (Source) PPP Tweaks May Provide More Money for Smallest Businesses Adjustments to the Paycheck Protection Program by the…

By Tasha Anderson for AZBEX  Developer, Trinsic Residential Group is proposing another “Aura”-branded multifamily mixed-use development, this one to be located near the SEC of McClintock Drive and Apache Boulevard in Tempe.  The project will be heard at the City of Tempe’s Development Review Commission study session meeting today, and the developer is requesting a General Plan Amendment for the site from Medium to High Density Residential to Mixed-Use and High Density. The developer is also requesting a use permit to reduce the ground floor commercial frontage at Apache Boulevard to allow tandem parking, a PAD Overlay and approval of site, landscape and elevation plans.  The…

Marana Matters to Compensate for COVID Costs  Last month, Marana City Council approved “Marana Matters,” a program to compensate small businesses budgeting for COVID-related items like hand sanitizer and protective equipment. A total of $100K is available under the program. Businesses may request up to $2K. Applications will be accepted until June 21st or until the funds run out. (Source) 

By Arizona Department of Transportation   Governor Doug Ducey today announced $230M in new transportation infrastructure investments that will enhance highway safety and meet the demand of new residents moving to Arizona.   The funding comes from transportation dollars, including higher than anticipated revenue amid Arizona’s strong economic recovery, and federal COVID-relief funds.  The projects include:   $33M to rebuild and widen the Gila River Bridge on Interstate 10 between Phoenix and Tucson, paving the way for a full expansion of I-10 between the two cities;   $41M to widen U.S. Route 93 north of Wickenburg;   $40M to add capacity to Interstate 17 north of metro Phoenix; and   $117M to improve more than 600 highway lane-miles across the state.   The funding plan is…

Giving Back  1. The Sundt Foundation awarded grants to seven Southern Arizona nonprofits during its current giving round. The Foundation awards grants each quarter to local charities that support disadvantaged children and families. Nonprofits are selected through an application process and reviewed by a committee of Sundt employee-owners.  Awards & Accolades  2. A nationally recognized name in the Commercial Real Estate Industry, Rommie Mojahed, the Director of Retail Leasing & Sales Investments has been named the 2020 Top Producer of the Year at the SVN franchise in Phoenix.    Company News  3. Corporate Interior Systems (CIS) is the preferred provider in Arizona of the AeraMax Professional. With a four-stage filtration system, AeraMax Pro…

Sales Transactions  1. Apartment Ventures NNC has purchased Village at Aspen Place, a 222-unit, Class A apartment community located within Aspen Place at the Sawmill in Flagstaff, for $64.5M, from an undisclosed seller.   2. Barker Pacific Group purchased a Class A self-storage portfolio totaling 2,090 climate-controlled units, 83 drive-up units and 16 parking spaces, for $39.5M. The three properties are located at 670 Gilbert Road, 1965 E. Ray Road in Gilbert, and 34995 N. Valley Parkway in Phoenix. Devin Beasley, Luke Elliott and Mike Mele of Cushman & Wakefield’s Self-Storage Advisory Group represented the sellers, WDP Partners and Titan Development/TDREF I.  3. L5 Odyssey Real Estate Investments purchased The Tides on 5th, a 197-unit garden-style multifamily property at…