Author: BEX Staff

Giving Back 1. As the economic impact of the pandemic continues to affect our communities, GLHN Architects & Engineers, Inc. has taken action. A fundraising campaign led by Associate Director of Business Development, Cloriza Lomeli, has raised $5,916 – a total of 41,412 meals for local foodbanks. In addition, the 100 percent employee-owned firm elected to contribute the $13K budgeted for a holiday event to the Community Food Bank of Southern Arizona and St. Mary’s Food Bank. 2. Valley Partnership announced the 2020 Community Project Challenge Grant raised more than $89K benefitting St. Vincent de Paul. As the Valley of…

Sales Transactions 1. A group of investors led by Colorado investor Daniel Feiner purchased Alanza Place Apartments, a 360-unit multifamily asset at 1121 N. 44th Street, Phoenix, for more than $90M. Berkadia’s Andrew Curtis, Mark Forrester and Dan Cheyne represented the seller, an entity affiliated with Sares-Regis Group. 2. Knightvest Management acquired Shade at Desert Ridge, a 14-building, 342-unit apartment complex at 21150 N. Tatum Boulevard, Phoenix, for $87M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch, and Mark McFate of Phoenix Multifamily Institutional Properties represented the seller, Ergas Group. Rocco Mandala of CBRE Debt & Structured Finance arranged…

By Tasha Anderson for AZBEX  Banner Health is planning a five-story medical tower expansion at their Desert Medical Center Campus at the SEC of Southern Avenue and Dobson Road in Mesa.  Plans were recently submitted to the city and were discussed at its Design Review Board meeting on December 15th.  According to the project’s narrative, the project, called the Banner Desert Medical Center (BDMC) Women’s Tower Expansion, will be a vertical expansion to the current two-story Cardon Children’s Medical Center. It will include a build out of five stories to include approximately 149.2KSF of space to the campus.  “The tower will house Labor & Delivery services and additional Medical-Surgical patient rooms,” the documents state. The…

Economic News  PPP Was a Lifeline for Very Small Businesses  New data on the Paycheck Protection Program loans issued by the Small Business Administration shows businesses with three or fewer employees that would not normally have access to SBA loans benefitted greatly. Some experts have credited the ability for sole proprietors and very small businesses to access loans directly, rather than through multi-layered government distribution channels, as a key factor in their continued survival. (Source)   Crisis Has Helped Some Property Managers Grow  Despite the massive upheavals to personal and work life, some property managers who were able to embrace pandemic-generated opportunities could find growth. Online course enrollments through the Institute of Real…

Economic News  PPP Was a Lifeline for Very Small Businesses  New data on the Paycheck Protection Program loans issued by the Small Business Administration shows businesses with three or fewer employees that would not normally have access to SBA loans benefitted greatly. Some experts have credited the ability for sole proprietors and very small businesses to access loans directly, rather than through multi-layered government distribution channels, as a key factor in their continued survival. (Source)   Crisis Has Helped Some Property Managers Grow  Despite the massive upheavals to personal and work life, some property managers who were able to embrace pandemic-generated opportunities could find growth. Online course enrollments through the Institute of Real…

By Tasha Anderson for AZBEX  Arizona’s seasonally adjusted unemployment rate decreased to 7.8 percent in November 2020, from October 2020, according to the latest report published by the Arizona Office of Economic Opportunity.   The national rate decreased to 6.7 percent from 6.9 percent in October. In November 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 27,700 non-farm jobs over the month. “Historically (2010-2019), Nonfarm employment has averaged a gain of 28,900 jobs in November,” the report states. Trade, Transportation & Utilities had the largest net gain with 19,000 jobs, followed by Leisure & Hospitality with a gain of 2,600. Construction gained 2,400 over the month.   Trade, Transportation & Utilities took the top spot in job gains from November 2019 to November 2020 with a total of 17,700, while Leisure & Hospitality took the top spot in job losses over the year with 43,800. Construction reported a 2,300-job gain over the year.  The Construction sector…

Groundbreakings  1. The $115M sports arena planned by Arizona State University to host hockey, wrestling and gymnastics has received final approvals from the Arizona Board of Regents and the City of Tempe and is set to begin construction in January. Construction is scheduled to be complete by December 2022. The venue will be managed and operated by Oak View Group. Mortenson Construction is the developer design-builder, and SCI Architects designed the building.  2. The Phoenix Business Unit of Trammell Crow Company, along with capital partner Clarion Partners, LLC, announced that it has broken ground on the 285.1KSF Cowden Logistics Center at 420 S. 104th Avenue, Tolleson. The project is being designed by Butler Design Group and Wespac Construction is the general contractor.  3. Virtua Partners has broken ground on V Townhomes at…

By Tasha Anderson for AZBEX  Porter Kyle, a Scottsdale-based multifamily builder and developer specializing in horizontal, build to rent space, is quickly adding new luxury townhomes across the Valley, with more than 250 units in different stages of construction and entitlement and the recent sale of their 18-unit Monarch Luxury Townhomes.  Located at 2335 E. Utopia Road in North Phoenix, The Monarch Luxury Townhomes were sold for $6.5M or $361.1K per unit to 701 Investments, LLC. Ryan Ash and Mike Woodrick with Newmark Knight Frank brokered the deal between the buyer and Porter Kyle.  Porter Kyle’s two-story townhome designs attract higher end renters with quality finishes, two car direct access…

Budget, Policy & Stimulus News  Glendale Wants to Use CARES Act Funds for Homelessness  Glendale’s Community Services Department has proposed a pilot program to curb homelessness by devoting $3.2M of a one-time grant fund through the Coronavirus Aid, Relief, and Economic Security Act to target affordable housing and homeless services. The Community Development Advisory Committee identified affordable housing as a top goal. The city has $3.2M in CARES Act funding and would manage the program under a proposed master services agreement. (Source)  Economic News  Phoenix Metro a Top Relocation Market  The National Association of Realtors identified Phoenix Metro as a top 10 real estate market during and in a post-COVID-19 environment. The area ranked as the third largest in-migration market overall, and…

By Phoenix Rising Communications  Phoenix Rising FC, Arizona’s highest-level professional soccer team, announced the relocation of its stadium and professional training facilities from south Scottsdale to Wild Horse Pass within the Gila River Indian Community. The move will increase seating capacity at the stadium by more than 35 percent, improve VIP luxury suites, speed entry and exit from the stadium complex and add additional training fields.  In addition to increased seating, the stadium will include an enhanced video board, a larger press box, improved sound and a new family-friendly general admission section, opposite of the lively supporters’ area anchored by two of USL’s top…