Author: BEX Staff

Giving Back  1. With heightened economic and health concerns amid the COVID-19 pandemic, Parallel Capital Partners has announced it will donate $100K – in lieu of traditional holiday festivities – to regional charities in its six primary markets: San Diego, Honolulu, Dallas, Long Beach, Orange County and Phoenix.  2. For the fourth consecutive holiday season, Taylor Morrison asked team members for ideas on how to ‘Build Joy’ in their local communities, and is spreading these efforts even further with the launch of its inaugural National Build Joy Day. This year’s acts of kindness touched lives in 10 states and included constructing desks for students in need while virtual learning, making blankets for…

Sales Transactions  1. Millburn & Company acquired Parc South Mountain, a 258-unit multifamily property at 3400 E. Southern Avenue, Phoenix, from Evergreen Development Company for $60M. CBRE Capital Markets arranged $39.565M in new Fannie Mae debt for the deal.  2. Newmark announced the sale of two multifamily properties, known as Ascent 1829, a 180-unit complex, and Vicinity, a 125-unit complex, in Phoenix, for a total of $55M. Newmark’s Executive Managing Director Brad Goff, Senior Managing Director Brett Polachek and Director Chris Canter handled the sale of the assets. The buyer and seller were not disclosed.  3. Element Property Company purchased Port Royale, an 18-building, 252-unit multifamily property in Sierra Vista for $30M. Hamid Panahi, Steve Gebing and Cliff David with Institutional Property Advisors, a division of Marcus…

By Tasha Anderson for AZBEX  To prepare for the final Leading Market Series of 2020, BEX President and Founder, Rebekah Morris, asked hundreds of owners, from private developers and institutional owners to public owners, asking for their perspective on where they think the construction market is headed in 2021.  While many of the responses came from owners who are involved in larger projects of more than $15M in construction value and who are usually involved in more than 10 projects at one time, BEX did receive responses from owners in a variety of market sectors, including: Transportation and Transit, Education, Municipal Buildings, Housing, Office/Retail, Healthcare, Industrial and…

Budget, Policy & Stimulus News  New Pandemic Relief Bill May be Coming  A bipartisan group of lawmakers has circulated more details about a possible $908B relief and stimulus measure known as the Bipartisan Emergency COVID Relief Act of 2020. A new relief measure has been deadlocked for months, and jobless benefits under previous measures are set to expire at the end of the month. Discussion on the new measure and other proposals is ongoing. (Source)  Tempe Awards $1.2M in Grants  The City of Tempe awarded $1.2M in grants last week to about 183 Tempe-based businesses. Nearly 230 businesses applied for funds. The hospitality industry led recipients with 47 percent of the funding. Healthcare…

Budget, Policy & Stimulus News  New Pandemic Relief Bill May be Coming  A bipartisan group of lawmakers has circulated more details about a possible $908B relief and stimulus measure known as the Bipartisan Emergency COVID Relief Act of 2020. A new relief measure has been deadlocked for months, and jobless benefits under previous measures are set to expire at the end of the month. Discussion on the new measure and other proposals is ongoing. (Source)  Tempe Awards $1.2M in Grants  The City of Tempe awarded $1.2M in grants last week to about 183 Tempe-based businesses. Nearly 230 businesses applied for funds. The hospitality industry led recipients with 47 percent of the funding. Healthcare…

By Iron Mountain Incorporated  Storage and information management services company Iron Mountain Incorporated announced it has signed a six megawatt data center pre-lease expansion with a U.S. based Fortune 100 customer in Phoenix at its AZP-2 data center. Iron Mountain announced the initial six megawatt deal with this customer in September 2020.   The AZP-2 data center supports the growth demands, network proximity and scalable capacity needs of the customer. The lease is expected to commence in the third quarter of 2021.  Iron Mountain’s hyperscale-ready AZP-2 data center is part of a 40-acre, 3-data center, metro-connected campus within several miles of east downtown Phoenix. The facility, spanning more than 530KSF,…

Source: ASCE Phoenix Branch  The ASCE Phoenix Branch is now accepting nominations for the Government Civil Engineer of the Year and ASCE Phoenix Branch Project (Large and Small) of the Year Awards. Nominations are due by 4:00 PM on January 15th, 2021.   Government Civil Engineer of the Year Award   The nomination for ASCE’s Government Civil Engineer of the Year Award must be an ASCE member in good standing, and preferably a licensed professional engineer. Qualifications of the award nominees will be judged on following criteria:  Sustained outstanding civil engineering performance in the public sector  Evidence of high character and professional integrity  Civic and humanitarian activities…

Awards & Accolades  1. National Association of Women in Construction bestowed its Civil/Heavy Highway award on the $54M C.C. Cragin Pipeline project to recognize the women who participated through Sunrise Engineering. A second award through the Arizona Water Works Association, gave the pipeline honors in its category of Treatment Plant of the Year, Large System award.  Groundbreakings  2. LGE Design Build announced the groundbreaking of its new headquarters for Loftin Equipment at 52nd Street and McDowell, Phoenix. The facility will be a combination of office and warehouse space for a total of 20.5KSF.  3. GTIS Partners LP announced the groundbreaking of a 197-unit, single-family build-to-rent community at Cadence, a master-planned development in Mesa, owned by GTIS and Harvard Investments.  4. The Empire Group’s Village at Pioneer…

By Rebekah Morris for AZBEX  Next month, the BEX research team will present detailed market analytics at the fourth annual Construction Forecast Event. The topic will be an exclusive and deep analysis of the next three years of the Arizona construction market. Below is a sneak peek:  How Much Construction Happens Each Year?  Annual construction volume in Arizona has been increasing by double-digit percentages year-over-year (Y-O-Y) since 2017. Prior to 2017, changes from year to year bumped around zero, averaging -1.88 percent between 2011 and 2016. For comparison, the average change in statewide construction volume Y-O-Y between 2008-2009-2010 was -29.91 percent. Since 2017 however, the industry has sustained a consistent and robust growth track.    Statewide…

Budget, Policy & Stimulus News  Expiring Aid Could Create Eviction Explosion  An end to aid for renters could lead to a spike in evictions for Arizona renters. Maricopa County has run out of funds in its $30M rental aid program. The Centers for Disease Control and Prevention’s eviction ban is set to expire. A new federal stimulus and relief package has yet to pass. Gov. Doug Ducey has moved the remaining $400M in CARES Act funds to state agencies for operating expenses. Arizona renters owe an estimated $178M to landlords, and up to 150,000 renters could face eviction in January. (Source)  Grants Available to Rio Nuevo Small Businesses …