Author: BEX Staff

By Phoenix Community & Economic Development Department The City of Phoenix is accepting proposals to lease and develop a 7-parcel site on 1.11 acres in a vibrant, fast-growing area of the city. The site, located between 14th and 15th Streets along Jefferson Street, is in the Eastlake Park Neighborhood, which has a mix of historic properties, single-family and multi-family homes, and is home to one of Phoenix’s oldest parks, Eastlake Park. “This site is a truly unique opportunity for the developer, the city and our community,” said Christine Mackay, Community and Economic Development Director.  “A great project with mixed uses…

By Southwest Regional Council of Carpenters An overwhelming bipartisan majority of voters – 90 percent – reported repairing our nation’s crumbling infrastructure as an important issue, according to a new Arizona poll released today by Southwest Regional Council of Carpenters and administered by Public Policy Polling. The poll also found that infrastructure is important to respondents across party lines, including 94 percent of Democrats, 91 percent of Independents, and 85 percent of Republicans. These results come as U.S. Sen. Kyrsten Sinema plays a leading role in the latest rounds of bipartisan infrastructure negotiations between the Senate and the White House. Among the poll’s…

Tight vacancies and high demand are sparking bidding wars for industrial space across the U.S., driving both asking rent and taking rent growth to new highs, according to a new report from CBRE. Asking rents increased a record 8.3 percent year-over-year in Q4 2020 and 7.1 percent in Q1 2021—well above the five-year annual growth average of 6.8 percent. Asking rents are the listed rates that landlords are offering for space. Meanwhile, “taking rents” — first-year base rents on industrial leases of 12 months or more—increased 9.7 percent year-over-year for the first five months of 2021. Bulk warehouses accounted for the…

Awards & Accolades 1. For the fourth consecutive year, HILGARTWILSON has been ranked on Zweig Group’s Hot Firm List. The Hot Firm Award recognizes the 100 fastest-growing A/E/C firms in the United States and Canada. Rankings are based on both dollar and percentage of revenue growth over the previous three years. HILGARTWILSON earned the #27 spot this year (up from #39 in 2020) and is the only firm on the list with headquarters in Arizona. 2. Craig Coppola was recently awarded the 2020 NAIOP Award of Excellence. The purpose of this award is to recognize an individual who has made…

Sales Transactions 1. Sares Regis Group purchased Level at Sixteenth, a 240-unit, mid-rise apartment community at the intersection of 16th Street and Camelback Road, Phoenix, for $69.1M. Steve Gebing and Cliff David with Institutional Property Advisors (IPA), a division of Marcus & Millichap, procured the buyer and represented the seller, an affiliate of Abacus Capital Group. 2. Rise48 Equity purchased Cascada Del Sol Apartments, a 166-unit multifamily apartment property in Phoenix, for $26.726M, from the Canada-based, undisclosed seller. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick brokered this transaction. 3. Newmark Knight…

By Tasha Anderson for AZBEX Developer, Kentwood Ventures is looking to contribute to the ever-growing West Valley industrial market by constructing two new flex buildings at the SEC of 211th Avenue and Roosevelt Street in Buckeye. A request was recently submitted to the City of Buckeye by Coe & Van Loo Consultants, on behalf of Kentwood Ventures, to rezone the 18.887-acre site from Single-Family 43 to Business Park District. The property is located within the Buckeye Gateway Activity Center and near several master planned communities as well as the West-MEC Education Center. The project, known as “Buckeye Industrial”, or “Buckeye…

By Greater Phoenix Economic Council AgTech startup OnePointOne announced the expansion of its corporate and vertical farming production facilities to Avondale. The 50KSF facility in the Avondale 107th Industrial Park will be home to OnePointOne’s latest indoor vertical farm. The technologically advanced cultivation platform they’re building will use automation, AI and plant science innovations to continue pushing the industry forward. OnePointOne’s proprietary vertical farming technology uses 99 percent less land and water than traditional agriculture. Also, the process is 100 percent free of pesticides, herbicides, and harmful chemicals. This new facility will act as the production hub for Willo, OnePointOne’s personalized…

By Arizona Department of Transportation The Arizona State Transportation Board has approved the 2022-2026 Five Year Transportation Facilities Construction Program, clearing the way for $1B annually in highway improvements during the next five years. The final 2022-2026 Five-Year Program can be found here. The plan was approved following a three-month period for the public to provide feedback. Arizonans submitted more than 1,000 comments on projects across the state. The State Transportation Board’s approval of the Five-Year Program followed a call for public comment in March and four virtual public hearings. The approved five-year program will fund several projects to widen…

By CBRE With e-commerce penetration expected to grow to 26 percent of all retail sales by 2025, the U.S. will need an additional 330MSF of distribution space just to handle the increase in online ordering in that timeframe, according to a new report from CBRE. That anticipated, e-commerce-generated demand for another 330MSF of distribution space represents 27 percent of the projected overall demand for industrial real estate in the U.S. through 2025, according to CBRE Econometric Advisors. The broader category of industrial real estate includes warehouses for traditional retail distribution, manufacturing, R&D space, and data centers. CBRE forecasted the incremental demand…

Groundbreakings 1. RED Development announced that construction is underway on the $300M development of The Grove, the highly anticipated mixed-use destination on the NWC of 44th Street and Camelback Road that features the recently announced hotel, The Global Ambassador, by Sam Fox. The 15-acre development also features a signature four-story Class-AA office building, several ground-floor retail spaces and restaurants; two additional two-story office buildings; a self-storage facility by Hibernia Capital; a covered parking structure; and a luxury apartment building by StreetLights Residential. Completion of the first phase is expected in the latter half of 2022 with final completion and the…