Author: BEX Staff

Economic News Landlords Have Options with Non-paying Tenants Multifamily landlords with non- or slow-paying tenants are exploring their options in the face of new Centers for Disease Control policies halting certain evictions. Among items they need to check are: Availability of other payment options, the availability of other payment sources, the option to apply existing security deposits to unpaid rent, relocation options, allowing leases to expire, and paying the tenant to vacate the property so it again becomes available to rent. (Source)  Multifamily Projects Can Still Find Financing  Now that multifamily has regained momentum following the panic in the early stages of the pandemic, many…

By Tasha Anderson for AZBEX  A new commercial/light industrial development is being planned for the NWC of Dysart Road and Sweetwater Avenue within the Surprise Pointe PAD.  E&V Investments, LLC is requesting site plan approval of the 157KSF project, known as Ancona at Surprise Pointe 33. The approximately 27.16-acre site is currently vacant and is surrounded by other existing commercial/industrial buildings and a business park, as well as neighboring residential for the City of El Mirage.  Ancona at Surprise Pointe 33 will consist of two industrial buildings. The first will be an 84.3KSF spec commercial/light industrial building consisting of 12 spec suites, and the second…

By CBRE  MDH Partners has purchased roughly 41 acres in Goodyear and plans to construct a two-building speculative industrial project called Gateway 303.  CBRE represented the seller, Merit Partners, in the transaction. CBRE also assisted the buyer and will lease the project, which is expected to be delivered in late 2021.  Located at the NWC of Loop 303 and Thomas Road, Gateway 303 will be part of PV|303, a 1,600-acre master-planned business park approximately 25 miles west of downtown Phoenix. PV|303 also falls into Foreign Trade Zone #277. The project will consist of two Class A logistics facilities, both of which will have direct Loop 303 frontage with significant signage opportunities.  Building A will…

By Jeanine Jerkovic for City of Surprise  When you’re a city called “Surprise,” it’s safe to say that constant change is a bit of a norm, however 2020 accelerated more change than ever for us – and somewhat for the better.  After 2020, we could all use some positivity, and the top three 2021 economic growth trends to watch in Surprise and the Northwest Greater Phoenix might actually signal positive growth ahead.  Homes, Homes and More Homes  By the end of 2020, Arizona hit a 14-year peak in single-family home growth, closing the year with an estimated 40,800 single-family permits and an additional…

Awards & Accolades  1. Healthcare Real Estate Insights has presented the $50M renovation and expansion of Splendido at Rancho Vistoso with the 2020 HREI Insights Award in the “Post-Acute & Senior Living Facilities Best New Ground-Up Development” Category. The awards were announced in December and recognized high quality properties across the country for their excellence in building and development. The project was a partnership between Plaza Companies and Mather.  Groundbreakings  2. Construction began in December to widen the 303 to three lanes in each direction from Happy Valley Parkway to Lake Pleasant Parkway. Work on the $20.3M project, which will include an interchange for Peoria’s anticipated extension of Jomax Road and a bridge over the Beardsley Canal, is planned…

By Tasha Anderson for AZBEX  Alliance Residential is looking to add another high-end multifamily residential development to their “Broadstone” collection in Phoenix.  Known as Broadstone on 7th, or 5727 Apartments as noted on the site plan, the 257-unit complex will take the place of a current, four-story, 50KSF office building and single-story behavioral health clinic at 5727 N. 7th Street. The property currently comprises six parcels that will be combined through a separate application.  Broadstone on 7th will be five stories total with a maximum building height of 70 feet and include a mix of 79 studio, 114 one- and 64 two-bedroom units. The design concept presents a cohesive,…

Budget, Policy & Stimulus News What’s in the New Relief Package? The recently signed 5,500-page-plus stimulus and relief measure includes another $284B in forgivable Paycheck Protection Program loans, new treatment for PPP expenses, simplified forms, grants for live events and cultural providers, and changes to the Economic Injury Disaster Loan program. (Source) Economic News  MacKenzie Scott Grants $5M to Prestamos Prestamos, a community development financial institution administered by Chicanos Por La Causa, was recently awarded a $5M grant from billionaire philanthropist MacKenzie Scott. The award is the largest in the history of Prestamos’ association with CPLC. (Source)  Pandemic Highlights Job Site Safety  While job site safety has always been a leading concern in the construction industry,…

By NAI Horizon  The NAI Horizon Self Storage Group represented the buyer, Vault at Houghton Road LLC, in the $690K purchase of 10.4 acres of land at the SEC of Golf Links and Houghton roads in Tucson.  The buyer plans to develop the site to include a fast-food drive-through, retail space and approximately 75KSF of self-storage with 192 covered parking spaces.  The seller, Tucson Electric Power Company, was represented by PICOR Commercial in Tucson. (Source) 

By Habitat for Humanity Central Arizona  The Habitat for Humanity Construction in Training pre-apprenticeship program is a 16-week, fast track, on the job training program. The program is uniquely designed as an immersive and intensive curriculum that specializes in basic core construction fundamentals, leadership and soft skills development for participants ages 18 and over that are disenfranchised, underserved, underemployed and at-risk of being left out of the economy.  The specialized training curriculum integrates technical, behavior and mindset skills where on the job failure is most likely to occur. Most of the job technical training curriculum emphasizes on practical skills. Assessment is done on a regular basis throughout the program…

Giving Back  1. Johnson Carlier and ACE Asphalt teamed together to bring Christmas cheer to families from Madrid Neighborhood School. Together the team members purchased over 200 gifts including family baskets, grocery gift cards, toys, jackets, clothes and a new pair of shoes for each child.  2. The Arizona Builders Alliance (ABA) brought the local construction industry together to make Christmas a magical time for hundreds of children. Approximately 100 Arizona construction companies and their employees donated almost $50K to the 11th Annual ABA Community Service Board’s 2020 Toy Drive to purchase toys and gifts for five nonprofits serving 900 children in Phoenix Metro area. The ABA teamed up with member construction companies…