Author: BEX Staff

Budget, Policy & Stimulus News What’s Next for $1.9T Relief Package? Now that the House has passed its version of the $1.9T release package sought by the Biden Administration and congressional Democrats, the bill moves to the Senate. The Senate has a complicated budget reconciliation process, and some portions of the bill not directly related to COVID impacts – such as a measure to increase the national minimum wage to $15 – will be stripped out. If and when the Senate passes its version, it will go back to the House for another vote. (Source) CPLC Wins $5M Wells Fargo…

By Nicola Wealth Real Estate Nicola Wealth Real Estate and Hopewell Development are strategically developing three industrial properties in low-tax, low-regulation Southwestern states with high migration. NWRE’s focus is growing an industrial portfolio in target markets against the backdrop of the increasing demand for industrial buildings to house e-commerce and distribution operations. NWRE and Hopewell recently acquired the sites for North Valley Industrial Park in the Deer Valley submarket and the South Valley Business Park in the Chandler submarket, with plans for delivering best in class mid-bay industrial developments. South Valley Industrial Park has broken ground. The project consists of…

A recent blog post from Axel Olson, a technical advisory consultant at 1898 & Co., part of Burns & McDonnell, detailed the frequently overlooked impacts of solar panels reflecting sunlight back into the surrounding area. As the number of solar farms continues to grow, particularly near urban environments, understanding and mitigating the impacts of reflected glare on airport operations is a growing concern. Mandating Analysis Solar projects near airports are subject to Federal Aviation Administration regulations, one component of which is a glare analysis. While there is no hard-and-fast rule, at present, stating what project sizes or locations are subject…

Giving Back 1. When many school children started staying home when the pandemic hit last year, the Arizona Department of Transportation launched a new outreach campaign called “ADOT Kids,” which seeks to educate children on transportation through videos, games and activities geared for them. With National Engineers Week being recognized this week, ADOT Kids has launched new content to get children interested in engineering as a career, including videos and activities to help kids learn about different areas of engineering. 2. Cullum Homes announced Cullum Homes Million Meal March for St. Mary’s Food Bank. Cullum Homes Founders Rod and Kim…

Sales Transactions 1. Investcorp purchased Tempe Commerce Park, a five-building, 536.1KSF, multi-tenant, light industrial park at 7340, 7350, and 7360 S. Kyrene Road and 7343 and 7333 S. Hardy Drive, Tempe, for $85.35M. The JLL Capital Markets Investment Sales Advisory team representing the seller, BKM Capital Partners, was led by 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. The JLL Capital Markets Debt Placement team representing the new owner included Executive Managing Director Kevin MacKenzie, Senior Director Michael Gigliotti and…

By Tasha Anderson for AZBEX There are several large projects under construction around the Valley that may have you thinking, “I wonder if that project is still going on.” So, BEX has compiled a list of the Top 10 Projects currently under construction in Arizona, based on construction valuation, to keep you updated on just when those projects are expected to be completed. Note: All projects were pulled from DATABEX, our online searchable database, and represent several different markets. We did not include Master Plan projects because the projects that make up a master plan have their own valuations and…

A bill in support of the North-South Corridor in Pinal County has won approval from the Arizona House of Representatives. The proposed freeway would run from I-10 in Picacho to US 60 in the Gold Canyon area. House Bill 2394 appropriates $4M for a Tier 2 project study and $750K to Pinal County to boost a local match for more than $15M in federal grants. The bill will next be considered by the state Senate. (Source)

By JLL Industrial commercial real estate assets traded to the tune of nearly $96B in the United States in 2020, the second-best year on record, and the outlook for 2021 already looks bright. With increased competition among investors for industrial product, JLL Capital Markets has found one sub-class that is gaining big interest – multi-use logistics, which are typically older multi-tenant assets with solid footprints within infill urban logistics markets that boast compelling rent growth profiles. In a new report, JLL Research defines multi-use logistics assets as 20KSF-100KSF multi-tenant industrial buildings in dense, infill locations around the U.S. These buildings often…

Budget, Policy & Stimulus News PPP Delays Frustrating Ariz. Businesses As of Feb. 21, 1.9 million Paycheck Protection Program loans, totaling $140B across the country, have been approved by the Small Business Administration. Arizona businesses account for 23,000 of those loans, worth $1.8B. Many of those businesses, however, have encountered a variety of delays. The Biden Administration announced plans to improve the systems, including better access for sole proprietors and a window of exclusive access for companies with fewer than 20 employees. (Source) PPP Tweaks May Provide More Money for Smallest Businesses Adjustments to the Paycheck Protection Program by the…

By Tasha Anderson for AZBEX  Developer, Trinsic Residential Group is proposing another “Aura”-branded multifamily mixed-use development, this one to be located near the SEC of McClintock Drive and Apache Boulevard in Tempe.  The project will be heard at the City of Tempe’s Development Review Commission study session meeting today, and the developer is requesting a General Plan Amendment for the site from Medium to High Density Residential to Mixed-Use and High Density. The developer is also requesting a use permit to reduce the ground floor commercial frontage at Apache Boulevard to allow tandem parking, a PAD Overlay and approval of site, landscape and elevation plans.  The…