Author: BEX Staff

Giving Back  1. During its fourth-quarter round of giving, the Sundt Foundation awarded more than $75K in grants to 19 Phoenix-area nonprofits. In addition to its grants, the Foundation also donated 25 gently used computers to five Valley charities. Amanda Hope Rainbow Angels, Chrysalis, Live & Learn AZ, StreetlightUSA and the Be Kind People Project each received five computers.  Awards & Accolades  2. A record 24 protégés were honored as the Arizona Chapter of NAIOP’s Developing Leaders Young Professionals Group (YPG) mentorship program hosted graduation for the 2019-2020 class. The 24 protégés, grouped into five teams, each pitched a development proposal to a potential equity partner. Team 3’s Eagle Landing concept took home top honors. Team members included Michael Roberts, JDM Partners; John Coughlin, Prologis; Diego Almaral, Strategic…

Sales Transactions  1. PCCP acquired the District at Chandler, a 340-unit, four-story apartment complex at 2222 W. Frye Road, Chandler, for $95M. The seller was an entity tracing to Kaplan Management Company and The Carlyle Group. Great American Insurance Group provided $63.5M in new debt for the deal.  2. NexPoint Real Estate Advisors purchased The Fairways at San Marcos, a 352-unit apartment asset in Chandler, for $84.48M. Steve Gebing and Cliff David, IPA executive managing directors with Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Virtú Investments and procured the buyer.  3. Tides Equities continues to expand its portfolio in Phoenix with the addition of Tuscany Palms Apartments, a 582-unit apartment complex at 901 S. Country Club Drive,…

By Tasha Anderson for AZBEX  The Waypoint Office Complex in Mesa is getting its fifth building at the SWC of north Alma School Road and Bass Pro Drive.  Developer, Lincoln Property Company has requested Design Review board review and approval for the proposed three-story office building, known as Waypoint 5, along with “associated site development and landscape design,” according to the project’s narrative.  The building will total approximately 152.6KSF and will also include a three-level parking structure housing approximately 1,245 parking spaces.  The site plan shows the new building and parking structure located toward the middle of the Waypoint Complex, surrounded by four, two-to-three-story buildings. The proposed building…

Budget, Policy & Stimulus News  Phoenix May Extend Sky Harbor Rent Relief  Having already reduced rents for concession companies at Phoenix Sky Harbor International Airport through the end of the year, Phoenix City Council wants to ensure companies are making efforts to take care of employees, including job restoration guarantees in some cases, before extending rent relief into the new year. Council will consider the issue at its December 1st meeting. (Source)  More Than 100 Pinal Businesses Got Relief  A total of 106 unincorporated Pinal County businesses have received a share of nearly $1.2M in assistance from a two-phase Business Sustainability Program to assist those struggling with the effects of COVID-19. County…

Late last month, TMC HealthCare announced it is expanding its Rincon campus at 10350 Drexel Road in Tucson. According to a joint press release, TMC partnered with MedCraft Healthcare Real Estate in the expansion and future development. MedCraft acquired the 44KSF, two-story medical office building and has added new medical groups to establish full-time offices.  The expanded campus will further integrate primary and specialty care, as well as a planned state-of-the-art Ambulatory Surgery Center. Groundbreaking of the ASC is slated for next year.   The project architect is Orcutt | Winslow. The general contractor for construction on the existing medical office building is Caldwell Construction and the ASC is Kraus-Anderson. (Source) 

By Chad Schleicher for Weitz COVID-19 has changed our environment over the last eight months and forced us into a new modality of working and competing for business. While each state has certain restrictions in place, there is a common thread throughout the United States, and that is much of our interaction and communication is being done digitally; whether that is over the phone, through email, or video platforms like Zoom.   This transition into a digital, remote working environment might feel impossible at times and, with the pandemic not having a direct end in sight, exhausting. While the burnout might be strong, we need to stay motivated…

Groundbreakings  1. Tucson International Airport is undergoing a $300M remodel for the first time in 60 years. The project is primarily to modernize and configure the runways to make flying in and out much safer. Included will be construction of a new full-length commercial runway. It will take about five years to complete the project and is expected to support 1,000 jobs.  2. The Arizona Department of Transportation will begin work to replace the Rio de Flag bridge along Historic Route 66 near Flagstaff City Hall. The work will involve the use of precast bridge components to significantly reduce the amount of traffic restrictions during the project. The $4.9M project is anticipated to…

By Tasha Anderson for AZBEX  While the final results have yet to be confirmed, bond issues from Arizona’s November 3rd elections appear to be a mix of approvals and rejections. In all, approximately $361.1M in bonds are headed for approval while approximately $334.6M are currently failing.  Approximately $700M worth of Arizona K-12 school district bond measures were on the Tuesday, November 3rd ballot, which was a significant decrease from the record-breaking $1.6B total request from 2019.  The school districts that made the largest requests included:  Glendale Union High School District – Maricopa County – $130M   Peoria Unified School District #11 – Maricopa County – $125.255M  …

Budget, Policy & Stimulus News  Judge Orders PPP Loan Information Release  Late last week a U.S. District Judge James E. Boasberg ordered the Small Business Administration to release detailed information on Paycheck Protection Program and Economic Injury Disaster Program loans by November 19th. The information to be released includes the names and addresses of all individuals and organizations that received loans under the programs, as well as the loan amounts. (Source)  Economic News  Longer Leases, Concessions Becoming Common  It what’s being called a ‘win-win’ for both sides, a trend is emerging in which landlords of retail and restaurant spaces are offering rent reductions and other concessions in exchange for…

Budget, Policy & Stimulus News  Judge Orders PPP Loan Information Release  Late last week a U.S. District Judge James E. Boasberg ordered the Small Business Administration to release detailed information on Paycheck Protection Program and Economic Injury Disaster Program loans by November 19th. The information to be released includes the names and addresses of all individuals and organizations that received loans under the programs, as well as the loan amounts. (Source)  Economic News  Longer Leases, Concessions Becoming Common  It what’s being called a ‘win-win’ for both sides, a trend is emerging in which landlords of retail and restaurant spaces are offering rent reductions and other concessions in exchange for…