Author: BEX Staff

Marana Matters to Compensate for COVID Costs  Last month, Marana City Council approved “Marana Matters,” a program to compensate small businesses budgeting for COVID-related items like hand sanitizer and protective equipment. A total of $100K is available under the program. Businesses may request up to $2K. Applications will be accepted until June 21st or until the funds run out. (Source) 

By Arizona Department of Transportation   Governor Doug Ducey today announced $230M in new transportation infrastructure investments that will enhance highway safety and meet the demand of new residents moving to Arizona.   The funding comes from transportation dollars, including higher than anticipated revenue amid Arizona’s strong economic recovery, and federal COVID-relief funds.  The projects include:   $33M to rebuild and widen the Gila River Bridge on Interstate 10 between Phoenix and Tucson, paving the way for a full expansion of I-10 between the two cities;   $41M to widen U.S. Route 93 north of Wickenburg;   $40M to add capacity to Interstate 17 north of metro Phoenix; and   $117M to improve more than 600 highway lane-miles across the state.   The funding plan is…

Giving Back  1. The Sundt Foundation awarded grants to seven Southern Arizona nonprofits during its current giving round. The Foundation awards grants each quarter to local charities that support disadvantaged children and families. Nonprofits are selected through an application process and reviewed by a committee of Sundt employee-owners.  Awards & Accolades  2. A nationally recognized name in the Commercial Real Estate Industry, Rommie Mojahed, the Director of Retail Leasing & Sales Investments has been named the 2020 Top Producer of the Year at the SVN franchise in Phoenix.    Company News  3. Corporate Interior Systems (CIS) is the preferred provider in Arizona of the AeraMax Professional. With a four-stage filtration system, AeraMax Pro…

Sales Transactions  1. Apartment Ventures NNC has purchased Village at Aspen Place, a 222-unit, Class A apartment community located within Aspen Place at the Sawmill in Flagstaff, for $64.5M, from an undisclosed seller.   2. Barker Pacific Group purchased a Class A self-storage portfolio totaling 2,090 climate-controlled units, 83 drive-up units and 16 parking spaces, for $39.5M. The three properties are located at 670 Gilbert Road, 1965 E. Ray Road in Gilbert, and 34995 N. Valley Parkway in Phoenix. Devin Beasley, Luke Elliott and Mike Mele of Cushman & Wakefield’s Self-Storage Advisory Group represented the sellers, WDP Partners and Titan Development/TDREF I.  3. L5 Odyssey Real Estate Investments purchased The Tides on 5th, a 197-unit garden-style multifamily property at…

By Tasha Anderson for AZBEX  Core Spaces and Up Campus Properties are proposing a new addition to The Hub student housing mixed-use development within the Main Gate District in Tucson.  Currently known as The Hub V, the new student housing complex will be located at the former Arizona Credit Union site at 1001 N. Park Avenue, near the University of Arizona campus. The submitted project documents state that the existing credit union will be demolished.  According to the documents, “The Project is located on three parcels, stretching from Park Avenue the alley in back, and from 1st Street to the south line of the 1031 N. Park (“Sol”) building.”  The Hub V will consist…

Budget, Policy & Stimulus News  Six Things to Know About PPP Loans, Taxes  Arizona Certified Tax Law Specialist Giselle Alexander recently offered up six things businesses should be aware of concerning Paycheck Protection Program loans and taxes. In summary:  Expenses paid for with loan proceeds are deductible;  Forgiven PPP funds do not have to be included as income;  Employers can take advantage of tax credits for paid leave granted under the Families First Coronavirus Response Act in addition to PPP loans;  Payroll taxes may be deferred under the CARES Act,   PPP funds cannot be used to pay business taxes, and   Companies that have applied for PPP loan forgiveness but have yet to receive an IRS decision…

By Town of Gilbert  Do you drive, bike, walk, or use some other mode of transportation in Gilbert?  The Town of Gilbert is updating its Transportation Master Plan and we want to hear from you.  Visit our virtual open house from now until March 16th, 2021 to submit your ideas on ways we can improve transportation in Gilbert.   Share your input in the following ways:  General transportation survey  Driving survey  Multimodal survey (public transit, walking, biking, trails)  Map your ideas  Visit the virtual open house at GilbertTransportationPlan.com to get started.  Your feedback will help Gilbert better understand current transportation needs and challenges and what potential solutions our residents and travelers would like to see for…

By CommercialSearch/Yardi Matrix  Over the past decade, the price-per-unit for multifamily properties surged 156 percent, reaching nearly $160K. This increase surpassed both median home sale prices and rental rates.  The latest CommercialSearch study compared and ranked the most active U.S. metros in terms of multifamily sales since 2009.  Here are some highlights:  Phoenix is the sixth hottest U.S. market for multifamily sales over the last decade. Since 2009, Phoenix registered more than $42B in multifamily sales.  In terms of transactions, 1,711 deals were completed across the metro since 2009, totaling 385,717 units.  In 2020 alone, Phoenix closed 125 deals, claiming the 3rd spot. The market had only 21 deals fewer than Dallas-Fort Worth, which took #1.  For…

By Associated Builders and Contractors  Construction input prices increased 2.5 percent in January 2021 compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices rose 2.1 percent for the month.  Construction input prices rose 4.8 percent from a year ago. Nonresidential construction input prices experienced a 4.2 percent increase over that span. Softwood lumber prices are up 73 percent on a year-over-year basis and iron and steel prices are up 15.6 percent. Natural gas prices have climbed 30 percent over the past year, while crude petroleum prices have declined 10.5 percent. (Source) 

Groundbreakings  1. Creation RE/PE announced the land closing and construction start of 10 West Commerce Park, an 863KSF industrial development to be located on a 76-acre site in Buckeye. Careful consideration has been given to circulation, maneuverability and building design with special attention to critical items such as clear height, loading configuration and enhanced parking / yard availability. LGE Design Group is the architect and LGE Design Build is the general contractor.  2. ViaWest Group has broken ground on Goodyear Crossings Industrial Park located at the southwest corner of Elwood Street and Sarival Avenue in Goodyear. The plan includes three industrial buildings of 284.3KSF, 58.5KSF, and 67.5KSF in size. Each building is planned for single or multi-tenant use…