Author: BEX Staff

Sales Transactions 1. TerraCap Management, LLC purchased Koll Cotton Center, a seven-building, 225.4KSF light industrial park at 4050 E. Cotton Center Boulevard, Phoenix, for $30.89M. JLL’s Senior Managing Director Mark Detmer and Senior Director Ryan Sitov, along with local market experts Executive Vice President Steve Sayre and Managing Directors Mark Gustin and Dave Seeger, represented the seller, BKM Capital Partners. The JLL Capital Markets Debt Placement team representing the buyer included Executive Managing Director Kevin MacKenzie and Director Jason Carlos. 2. An affiliate of Zeitlin Capital purchased The Crossing at Sahuarita, a 137.6KSF Sprouts-anchored neighborhood center at I-19 and Old…

By Tasha Anderson for AZBEX After rezoning was approved by the Phoenix City Council for the Paradise Valley Mall Redevelopment project in February, plans are moving right along as a new Request for Qualifications was recently published on the development’s website. RED Development, the developer for the PV Mall Redevelopment, is requesting Construction Manager at Risk services for various site improvements and demolition to prepare the current site for future development. According to the RFQ, “While the final scope decisions may vary, the general scope for the project includes major structural and site demolition, new roadways, utilities/infrastructure, future retail sites,…

By Arizona Commerce Authority ElectraMeccanica Vehicles Corp. a designer and manufacturer of electric vehicles, announced it has selected Mesa for its U.S.-based assembly facility and engineering technical center. The company’s selection marks the end of a comprehensive, year-long site search conducted by ElectraMeccanica and its partner, BDO USA’s Site Selection & Incentives Practice. Since late February 2020, the Company has been engaged in a nationwide review of potential locations that matched ElectraMeccanica’s technical and workforce criteria. BDO initially identified seven candidates and sent requests for proposals to the chief economic development entities and local authorities in each state, who in turn responded with detailed…

By Phoenix Children’s Hospital Phoenix Children’s will soon begin work on a freestanding emergency department and multi-specialty clinic in Avondale, which will provide West Valley families access to top-ranked, pediatric-specific emergency care and expanded specialty services, now closer to home. The opening of the Southwest Campus is part of a larger strategic effort by Phoenix Children’s to expand access to care for families in the West Valley and throughout the state. The Southwest Campus will be built on the site of Phoenix Children’s Southwest Valley Specialty and Urgent Care Center at 1665 N. Avondale Boulevard. Construction is scheduled to begin…

By Arizona Department of Transportation The Arizona Department of Transportation has released its tentative 2022-2026 Five-Year Transportation Facilities Construction Program for public review and comment. The public comment period for the Tentative Five-Year Program ends at 5 p.m. on June 3rd, 2021. The State Transportation Board is expected to consider formal action at its June 18th board meeting about what will be in the updated Five-Year Program. The public can provide comments on the tentative Five-Year Program in the following ways: Complete an online comment form at: https://www.surveymonkey.com/r/ADOTFiveYearPlan; Attend the virtual public hearings of the State Transportation Board on March 19th, April…

Groundbreakings 1. Banner Health has broken ground on the $243M, 351KSF Banner Gateway Medical Center Tower and Emergency Department at 1900 N. Higley Road, Gilbert, which will double the size of the campus. SmithGroup is the architect on the project and McCarthy Building Companies is the general contractor. The tower expansion is expected to be completed in the first quarter of 2023, while campus renovation work and parking lot additions are set for a 2024 completion date. 2. Local developer Ben Day has broken ground on the Daybreak Distribution Center, a 76.2KSF speculative industrial building on Valencia Road and Tucson…

By Tasha Anderson for AZBEX Greystar is looking to develop a luxury brand active independent living community located just northwest of the East Raintree Drive and North 90th Street intersection in Scottsdale. The developer recently submitted plans to the city, requesting a rezone of the +/- 5-acre, vacant infill property from Single-Family Residential to Commercial Office, as well as approval of a site/landscape/lighting and elevations plan for the project known as Greystar Active Independent Living. The 161.1KSF Greystar Active Independent Living project will consist of 151 total residential healthcare units inside of a three- and four-story building. The total building…

Budget, Policy & Stimulus News Pinal to Get $90M in New Relief Funds The $1.9T American Rescue Plan will send more than $90M to Pinal County. Casa Grande, Maricopa and other cities will receive additional payments of almost $10M. In total, Arizona will receive approximately $16.1B in relief and stimulus payments targeting local governments, businesses, healthcare, and schools, among others. (Source)

By Tasha Anderson for AZBEX Arizona’s seasonally adjusted unemployment rate decreased to 6.7 percent in January 2021, from December 2020, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate decreased to 6.3 percent from November. In January 2020, the state had a seasonally adjusted rate of 4.8 percent, and the national was at 3.5 percent. The state had a net loss of 41,700 non-farm jobs over the month. “Historically (2011-2020), Nonfarm employment has averaged a loss of 50,300 jobs in January,” the report states. Trade, Transportation & Utilities had the largest net loss…

By Associated Builders and Contractors Construction input prices rose 2.1 percent in February 2021, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices also increased 2.1 percent for the month. Construction input prices are up 7.6 percent from February 2020, and nonresidential construction input prices have expanded 7.1 percent during that span. Softwood lumber and natural gas have experienced the largest year-over-year increases, rising 79.7 percent and 76.2 percent, respectively. Prices in the iron and steel category increased 22.0 percent compared to the same time last year,…