Author: BEX Staff

Sales Transactions  1. TM Equities purchased Watermark at Gateway Place, a 250-unit class A, Big House multifamily community at 4454 E. Ray Road, Gilbert, for $84.35M, from Watermark Residential. Steve Gebing and Cliff David of Institutional Property Advisors brokered the sale.  2. DPC Development purchased The Park at San Tan, a five-story, 240KSF mixed-use business center at west side of the Loop 101 at Ray Road in Chandler for $65M, from TA Realty.  3. The Milestone Group purchased the Pavilions at Arrowhead, a 13-building, 248-unit apartment complex at 7400 W. Arrowhead Clubhouse Drive, Glendale, for $43.3M, from Capital Real Estate. PGIM Real Estate issued $28.21M in new debt for the deal.  4. The Milestone Group purchased the Springs at Alta Mesa, a 20-building, 200-unit…

By Tasha Anderson for AZBEX 2020 has been a roller coaster ride for the BEX team. We’ve celebrated milestones like our 10-year Anniversary in February, and the launch of DATABEX, the new and improved version of our online searchable database, in May. We’ve also adapted our day-to-day operations – like most A/E/C firms have – by working from home; introducing a short, weekly video briefly discussing projects and upcoming opportunities in the industry; and adding a COVID Roundup Section in our Magazine so our readers could stay up to date on the latest pandemic information. While our Magazine still strives…

Budget, Policy & Stimulus News Trump Signs Relief Package President Donald Trump has signed off on a $900B pandemic relief package. In addition to the COVID-related spending, the bill also includes $1.4T to continue government operations through September. (Source) Business May See Easier PPP Loan Forgiveness The new $900B stimulus package provides for a simpler, one-page forgiveness process for Paycheck Protection Program loans. Loans of less than $150K made during the first round of relief, and any second-round loans, will fall under the simplified process. Industry groups had pushed for the measure while lobbying for the new package. (Source) Economic…

By Cushman & Wakefield Cushman & Wakefield announced it brokered the sale of a 74-acre industrial development site in Glendale, acquired by New York Life Real Estate Investors, on behalf of an institutional client, and fellow San Francisco-headquartered SteelWave. Located at the NEC of W. Camelback and Alsup roads, the land traded for approximately $14.4M. The seller was Alsup 303 Industrial Park, LLC. SteelWave, along with New York Life Real Estate Investors, plans to develop a brand new 1.2MSF Class A industrial project known as Commerce @ 303 that will consist of two buildings of 663KSF (Building 1) and 498KSF…

Groundbreakings 1. Restaurateurs and co-founders of Upward Projects, Craig and Kris DeMarco, and retail store gurus, Eric and Elissa Seitz of Bro Retail Group, broke ground on the 5KSF Air Guitar, with an opening slated next fall. The market, sporting an unusual design by debartolo architects, is located on the NWC of Higley and Ray roads next door to Epicenter at Agritopia. Progress Reports 2. The $230M Phoenix Suns Arena renovation was 80 percent complete by the time the season tipped off on December 23rd. The Suns took the new arena amenities for a test drive on Wednesday night when…

By Tasha Anderson for AZBEX ‘Tis the holiday season, time to spread joy and cheer. Offices are closing, vacations draw near. Families rejoice to celebrate the year end, While relaxing at home and skyping with friends. But humbugs approach with deadlines in tow, Seeking perfect proposals topped with a bow. End of year bid dates are approaching with haste, Put down that hot cocoa, there’s no time to waste. The Hualapai Tribe needs a new EOC, and design RFP’s are due 12/23. On Christmas Eve, don’t leave work too soon, The county’s air dryer is due after noon. After the…

By Tasha Anderson for AZBEX ‘Tis the holiday season, time to spread joy and cheer. Offices are closing, vacations draw near. Families rejoice to celebrate the year end, While relaxing at home and skyping with friends. But humbugs approach with deadlines in tow, Seeking perfect proposals topped with a bow. End of year bid dates are approaching with haste, Put down that hot cocoa, there’s no time to waste. The Hualapai Tribe needs a new EOC, and design RFP’s are due 12/23. On Christmas Eve, don’t leave work too soon, The county’s air dryer is due after noon. After the…

Budget, Policy & Stimulus News Washington Finally Advances New Relief Following months of back and forth squabbling, negotiators in Washington announced an agreement to issue nearly $1T in new COVID-19 economic relief and stimulus. Included in the package is a $300/week temporary supplemental jobless benefit, a $600 one time direct payment to most U.S. residents, new aid for businesses, and assistance funding for schools, healthcare facilities and renters possibly facing eviction. (Source) Phoenix Issuing Last $43.4M in Relief Funds Phoenix City Council has decided how it will spend its last $43.4M in federal pandemic relief funds before the December 31st…

A study administered by testing firm Curative showed construction workers have the highest COVID-19 positivity rates for asymptomatic cases across all occupations. In examining the results of more than 730,000 tests, the study found construction workers showed a positivity rate of 5.7 percent for individuals without symptoms. Food service workers were next at 3.8 percent. For cases with symptoms, construction workers were 10.1 percent, second only to corrections staff at 12.5 percent. Several other recent studies have also shown construction workers to be among the leading demographics for positive coronavirus tests. (Source)

By American Society of Civil Engineers The American Society of Civil Engineers’ Structural Engineering Institute has announced the Structural Engineers 2050 Commitment Program (SE 2050). The SEI Structural Engineers 2050 Commitment Program provides structural engineers with the necessary tools and resources to contribute and track projects toward the vision of net-zero embodied carbon structures by 2050. The SE 2050 Commitment Program was developed in response to the SE 2050 Challenge put forth by the Carbon Leadership Forum. In response, the SEI Sustainability Committee has been developing the first national program aimed at structural engineering firms to achieve net-zero embodied carbon structures by the…