Author: BEX Staff

By Equipment Leasing and Finance Association  The Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index – the MLFI-25 – which reports economic activity from 25 companies representing a cross section of the $900B equipment finance sector, showed their overall new business volume for December was $12.1B, down six percent year-over-year from new business volume in December 2019. Volume was up 66 percent month-to-month from $7.3B in November in a typical end-of-year spike. Cumulative new business volume for 2020 was down almost six percent compared to 2019.  Receivables over 30 days were 2.20 percent, down from 2.30 percent the previous month and unchanged from the same period in 2019. Charge-offs were 0.59 percent, down from 0.61 percent the previous month and…

Giving Back  1. The application portal for the SAME 2021 Engineering and Construction Camp season has opened. The deadline is March 15th, 2021. SAME has been supporting science, technology, engineering, and math (STEM) events for more than 30 years and conducting camps for almost 20 years. SAME camps offer a unique curriculum that features hands-on activities conducted in a competitive environment to promote teamwork, leadership, project management, and problem solving.   Awards & Accolades  2. Fidelity National Title Agency announced that one of its valued partners, Andrew Bloom, CEO/Senior Partner/Co-Founder of BVO Luxury Group at Keller Williams Arizona Realty, has surpassed a historic milestone of $1B in closed MLS residential real estate deals. Bloom becomes the fourth…

Sales Transactions  1. An affiliate of The Milestone Group has purchased two multifamily assets totaling 448 apartment units through a recapitalization valued at approximately $85M. The first is Pavilions at Arrowhead, a 248-unit garden-style complex at 7400 W. Arrowhead Clubhouse Drive, Glendale. The second is Alta Mesa, a 200-unit garden-style complex at 1865 N. Higley Road, Mesa. The sellers were not disclosed.  2. Jason McCool, the founder of Executive Coatings and Contracting LLC, purchased Stadium Vue Townhomes, a 163-unit, Class A multifamily community at 7677 W. Paradise Lane, Peoria, for $47.3M. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE Phoenix Multifamily Institutional Properties represented the seller, Sunroad Enterprises.  3. An undisclosed, Arizona-based buyer purchased Sanctuary on Broadway, a 240-unit…

By Tasha Anderson for AZBEX  The Arizona Department of Transportation has recently issued a Request for Qualifications for a firm to provide final design services on the State Route 303 Loop (Estrella) Phase One: MC 85 – Van Buren Street project.  ADOT first advertised for the RFQ on January 26th and plans to issue another newspaper advertisement on February 2nd.  The approximately $167M project includes construction of three general purpose lanes in each direction from north of MC 85 to Van Buren Street, with a transition into Cotton Lane near Elwood Street in Goodyear. According to the RFQ, some other features of the freeway project are expected to include: …

Economic News  Shorter Leases = More Difficult Underwriting  Among the ongoing debates and difficulties facing the future of the office market in what wake of the ongoing pandemic, many tenants are opting for shorter lease terms to maintain options in determining their office footprints down the road. This is creating challenges for investors and lenders when it comes to underwriting deals. Uncertainty about the future was a key contributor to office property sales’ 40 percent drop over the course of 2020. (Source) 

By Tasha Anderson for AZBEX  Arizona’s seasonally adjusted unemployment rate decreased to 7.5 percent in December 2020, from November 2020, according to the latest report published by the Arizona Office of Economic Opportunity.   The national rate remained at 6.7 percent from November. In December 2019, the state had a seasonally adjusted rate of 4.5 percent, and the national was at 3.5 percent.  The state had a net gain of 6,300 non-farm jobs over the month. “Historically (2010-2019), Nonfarm employment has averaged a gain of 5,500 jobs in December,” the report states. Trade, Transportation & Utilities had the largest net gain with 9,800 jobs, followed by Education & Health Services with a gain of 4,000. Construction had the largest net loss of 5,100 jobs for the month.   Trade, Transportation & Utilities took the top spot in job gains from December 2019 to December 2020 with a total of 22,700, while Leisure & Hospitality took the top spot in job losses over the year with 44,800. Construction…

By Colliers International  The retail real estate market was arguably hit hard by the COVID-19 pandemic, but Metro Phoenix endured the challenges more successfully than most markets. The metropolitan area posted positive net absorption in 2020 and rental rates remained healthy during the difficult year.  During 2020, Metro Phoenix experienced incredible population growth and job growth that helped shore up the retail marketplace.   Multiple national company closures and bankruptcies caused significant vacancies in Metro Phoenix. Fourth quarter 2020 ended with 64KSF of negative net absorption, yet posted positive net absorption of 215.7KSF during the entire year. The East Valley and West Valley submarkets led fourth quarter with…

Groundbreakings  1. Fulton Homes is beginning work on the infrastructure at Barney Farms, a 550-acre master-planned community that has been years in the making. The sprawling development is located at Queen Creek and Signal Butte Road and will be eventually built out to include 1,700 homes, with 114 acres of open space.  2. Lake Havasu City and the Arizona Department of Transportation will begin prep work this week to install a pedestrian hybrid beacon (PHB), or High Intensity Activated Crosswalk (HAWK), at the intersection of Acoma Boulevard and Pima Drive North. Initial work through March will include removing the existing concrete and establishing underground utility connections. The…

By Tasha Anderson for AZBEX  Developer, Marwest Enterprises, LLC is planning a 1.08MSF industrial project to be located at the NEC of Hawes and Elliot Roads, near the Loop 202 in Mesa.  The 74-acre property is located within the Elliot Road Technology Corridor and is currently owned by Loop 202 & Elliot Road Parcel #2 LLC. Marwest under contract to purchase the site is looking to rezone it to Light Industrial with a Planned Area Development Overlay, which would allow the property to “opt-out” of the corridor. According to the project documents, “The ability to ‘opt-in’ is based on the particular type of employment activity that has been defined in…

Economic News  P3s Could Help Local Governments   The pandemic has been devastating to state and local government revenues around the country due to lost tax revenues and increased health and infrastructure expenses. Private developers and investors, however, have seen a time of marked opportunities. Some industry experts are predicting this could see a rise in public-private partnerships as a way to develop needed and wanted projects, with the developers shouldering the upfront risks and the governments providing projects and administration. (Source)  Resources  Valley Metro, Phoenix Launch Small Business Assistance  Valley Metro and the City of Phoenix have launched the Small Business Financial Assistance Program,…