Author: BEX Staff

Litchfield Park has adopted a $45.2M Fiscal Year 2022 budget. The measure approved by the City Council is unchanged from the tentative budget approved in June.  Capital costs increased nearly $22M year-over-year. Projects include $4M for the City Center, $2.67M for road maintenance and $1.9M for La Loma Homestead Infrastructure Cost Sharing. There are 40 improvement projects planned through 2026. (Source) 

By Colliers in Arizona  The Greater Phoenix industrial market is setting records in many categories. Construction of new projects has hit a historic record with approximately 19.1MSF currently being built. Colliers in Arizona also reports net absorption of industrial space has pushed vacancy rates to 5.9 percent, the lowest ever achieved in the market.   Arizona’s economy is booming and experiencing record revenue growth, as well as personal income growth. From 2019-2020 Arizona led the nation (tied with Montana) in the category of largest personal income growth by posting a 7.1 percent increase.   The Greater Phoenix industrial market brought 3.6MSF of new product to the market during second quarter. These new projects were completed with vacancy of…

Giving Back  1. Habitat for Humanity has opened enrollment for their 16-week Construction in Training Program Fall semester, which helps produce the next generation of highly skilled craft construction leaders by bringing people together to build homes, communities, and hope. Registration can be found here.  Awards & Accolades  2. ENR Southwest recently issued their 2021 Top Contractors list. The full list can be viewed here. The top 12 are:  Kiewit Corporation  McCarthy Building Cos. Inc.  Hensel Phelps  Layton Construction  Sundt Construction  AECOM Hunt  Martin-Harris Construction  Holder Construction  Kitchell Corp  CORE Construction Group  Okland Construction  Mortenson  3. Arizona Capitol Times, Best Companies Group and Best Companies in AZ have announced the 2021 Top…

Sales Transactions  1. Federal Realty Investment Trust purchased the Camelback Colonnade, a shopping mall at 4724 N. 20th Street, Phoenix, for $162.5M. The seller was RED Development.  2. Decron Properties purchased Aura on Broadway, a multifamily community at 1221 E. Broadway Road, Tempe, for $64.75M. Brass Enterprises was the seller.  3. Kohlberg Kravis Roberts & Co. purchased Sierra Pines Apartments, a multifamily community at 9422 N. 31st Avenue, Phoenix, for $55M. The seller was Western Wealth Capital.  4. Capital Real Estate purchased The Villas at Mountain Vista, a multifamily community at 16630 N. Reems Road, Surprise, for $55M, from an undisclosed seller.  5. Greenwater Investments purchased Westcreek Apartments, a multifamily community at 4040 W. Peoria Avenue,…

By Tasha Anderson for AZBEX  The Town of Gilbert recently issued a Request for Proposals for a development firm to build a small-scale, pedestrian-oriented mixed-use project within the Heritage District.  The 2.18-acre site at the NWC of Gilbert and Elliot Roads, known as the South Anchor, is located in an opportunity zone and will serve as the gateway entrance to the Heritage District and the Lacy Tract neighborhood. The South Anchor was identified as a key project in the Town of Gilbert’s 2018 Redevelopment Plan.  The town and the Heritage Village Center zoning district encourages a mix of uses including retail, service, office, lodging, entertainment, high-density lofts above residential, public and cultural uses.   “The design of this site should…

By Tasha Anderson and Rebekah Morris for AZBEX  Arizona’s seasonally adjusted unemployment rate increased to 6.8 percent in June 2021, from 6.7 percent in May 2021, according to the latest report published by the Arizona Office of Economic Opportunity.   The national rate increased to 5.9 percent from 5.8 percent in May. In June 2020, the state had a seasonally adjusted rate of 10.7 percent, and the national was at 11.1 percent.  The state had a net loss of 8,800 non-farm jobs over the month. “Historically (2011-2020), Nonfarm employment has recorded a loss of 45,000 jobs in June,” the report states. Trade, Transportation & Utilities had the largest net gain of 10,500 jobs, followed by Leisure & Hospitality with 4,800. Government had the largest net loss of 34,800 jobs. Construction gained 2,200 jobs for the month.   Trade, Transportation & Utilities took the top spot in job gains from June 2020 to June 2021 with a total of 46,100, followed by Leisure & Hospitality with 41,500. Construction…

By CBRE  CBRE announced Ti Cold Development purchased a 27.2-acre site for an undisclosed amount. The land is part of the first phase of the future development of Copperwing Logistics Center, a speculative cold storage facility scheduled to be constructed in El Mirage.  CBRE’s Jason Lev, Rusty Kennedy, Pat Feeney and Dan Calihan represented the buyer in the transaction. The team will also be responsible for the marketing and leasing of the property, located at the NWC of Joe R. Ramirez Road and Dysart Road.  The future state-of-the-art Copperwing Logistics Center will contain 45,000 pallet positions, 50’ clear height, a 40’ deep refrigerated rear rail dock, 51 trailer stalls, a pre-approved foreign trade zone, rail service provided by BNSF Railway and 320KSF of…

The Tucson Department of Transportation and Mobility’s “Move Tucson” master plan is entering its final phase of soliciting public input.  Over the past year-and-a-half, residents have recommended 234 projects that would total out to nearly $5.7B if fully implemented. Residents have until Aug. 1 to offer final suggestions.  The projects fall into four general types, with each type divided into three tiers by priority.  Catalyst Corridors are large street projects intended for multiple modes of transportation. These total 122 miles of road at a projected cost of $1.8B. The highest priority projects include:  Intersections on Golf Links Road from Kolb to Alvernon way ($289M), and   An enhanced…

Groundbreakings  1. Attesa, the multi-use, advanced transportation technology development near the City of Casa Grande, broke ground on the Podium Club, its inaugural project at the 2,351-acre site. The Podium Club will offer a bi-directional, 15-turn, 2.25-mile paved road course and leased garages for phase one, followed by residential and industrial areas, track expansion, and an RV park. It is expected to open 4th quarter, 2021. The project was designed by Rose Design of Arizona and engineered by Apex Circuit Design. DanRick Builders is the general contractor.  2. Sun State Builders announced that the MyDogToys.com building, located on the SEC of 137th Avenue and Test Drive, Goodyear, will break ground on August 1st. The building totals 95.4KSF,…

By Tasha Anderson for AZBEX The General Services Administration has recently issued a pre-solicitation for the first phase of the San Luis I Land Port of Entry project, in preparation of releasing a two-step Design-Build Request for Qualifications. The San Luis I Port of Entry is the second busiest non-commercial land port of entry in Arizona and according to the pre-solicitation, the structures are nearing or are past their operational life. To accommodate future growth and to address the issues, the GSA is finalizing a A/E Pre-Design Submittal for a two-phased construction plan. Phase one of the project is expected…