Author: BEX Staff

By Associated Builders and Contractors National nonresidential construction spending declined 1.1 percent in March, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $778.5B for the month. Spending was down on a monthly basis in 11 of the 16 nonresidential subcategories. Private nonresidential spending was down 0.9 percent, while public nonresidential construction spending fell 1.5 percent in March. “While the longer-term outlook for nonresidential construction is superb, the pandemic is lingering, creating much damage to commercial real estate fundamentals,” said ABC Chief Economist Anirban…

Groundbreakings 1. Clayco recently broke ground on a 388KSF speculative industrial building in Glendale’s Loop 303 Corridor for developer Scannell Properties. In collaboration with architect Ware Malcomb, Clayco is on track to complete the project by fall 2021. Progress Reports 2. Turner Impact Capital’s Turner Healthcare Facilities Fund will be the new real estate owner for New Freedom’s $17.6M behavioral health campus at 2532 W. Peoria Avenue, Phoenix. In partnership with Waltz Construction, New Freedom has launched a state-of-the-art behavioral health campus model of treatment programs in collaboration with Gold Canyon Heart & Home. The property was a 248-room 143KSF…

By Tasha Anderson for AZBEX A new self-storage facility is being proposed on approximately 16.45 acres at the NWC of Sweetwater Avenue and Litchfield Road in the Marley Park Planned Area Development of Surprise. Hunter Engineering, the applicant and civil engineer for the project, known as the Litchfield Self-Storage Facility, is requesting a Conditional Use Permit and Site Plan approval on behalf of the owner, Insite Property Group. Litchfield Self-Storage Facility is planned to include an office building and five buildings housing a total of 785 storage units. Building A, which is the office building, will be approximately 1.1KSF and…

Partnering with Mortenson Construction, The San Carlos Apache Healthcare Corporation, has announced planning and construction will move ahead on the following four major projects: The SCAHC Healthcare Expansion Master Plan; A 100-Bed Long-term Care/Skilled Nursing facility near the SCAHC Peridot campus; A new Clarence Wesley Health Center four miles southwest of the current CWHC Medical Clinic, and A warehouse and storage facility next to the SCAHC Peridot campus. Using a variety of funding sources, SCAHC has allocated $61M for the projects. (Source)

The new issue of RealAccess, a report from Nuveen Real Estate, a TIAA company, takes a look at the impacts of the pandemic on the built environment. The study shows Arizona and other Sunbelt states faring well. Migration to Sunbelt states was already a strong factor in commercial real estate, and the pandemic accelerated it. Enhanced appeal to Millennials for space in suburban areas, and the movement of more Baby Boomers into senior housing also are demand drivers. Migration is contributing to demand for distribution and fulfillment, healthcare, retail, and other supporting services. Major employers relocating to less expensive Sunbelt…

Giving Back 1. Concord General Contracting came up with the idea of showing appreciation to teachers, school administrators and communities by providing some cheer to various school districts within Arizona, called Show the Love. They supplied free, multiple variations of coffee (via the Traveling Cup and the Coffee Cure food trucks) along with pastries to each employee and teacher within numerous districts. At the end of the Show the Love event, Concord and various sponsors presented donations of the leftover proceedings in the amount of $4.5K to the Queen Creek Schools Education Foundation and another donation of $5.7K to the…

Sales Transactions 1. CapRock Partners purchased Northern 101 Commerce Center, a 388.6KSF, state-of-the-art industrial development at Glen Harbor Airpark, Glendale, for $44M, from Creation Equity. The development was designed and built by LGE Design Build. Will Strong and Greer Oliver with Cushman and Wakefield managed the sale. 2. ZH Multifamily purchased Sunnybrook, a 103-unit, garden-style multifamily property at 138 W. 1st Street, Mesa. Sterling Real Estate Partners purchased Pennytree, a 146-unit, garden-style multifamily property at 232 S. MacDonald, also in Mesa. Senior Director Dan Cheyne and Senior Managing Directors Ric Holway and Mark Forrester of Berkadia Phoenix completed the $31.3M…

By Tasha Anderson for AZBEX This month, instead of looking at several different markets, BEX looked at the ever-growing multifamily market and put together a Top 10 list of multifamily projects, sorted by project valuation, that are currently in the design stage of development. We did our research and dug into DATABEX, our online searchable database, to find these projects and update you on when they are expected to move forward on construction. Note: We excluded large mixed-use projects that include multifamily (unless the multifamily portion is a separate project within a master plan development). We do count mixed-use projects…

By Transwestern Real Estate Services Transwestern Real Estate Services has announced the rebranding and upcoming renovations to 201 E. Washington in downtown Phoenix. Purchased by Sumitomo Corporation of Americas in late 2019 and formerly known as Collier Center, the 613.4KSF high-rise will undergo a $10M capital improvement program and be reintroduced as 201 E. Washington. Specific upgrades include a new tenant amenity lounge, conference center with meeting rooms, library, event space, and bike storage room. Additionally, a resort-style fitness center with state-of-the-art equipment, a group fitness studio, and full locker rooms will be added. Completion is expected by the fourth…

Attendees to a recent Westmarc webinar were treated to an overview of the West Valley’s dramatic healthcare sector expansion, particularly along I-10 and McDowell Road. As a result of the region’s population growth, demographics are now trending younger. Two projects discussed at the event aimed at serving those demographics were Phoenix Children’s Hospital’s $33M Avondale expansion and a number of medical offices planned for the city’s The BLVD mixed-use development. Trevor Stokes, CEO of The Partnership for Workforce Innovation, told attendees healthcare has overtaken government as Maricopa County’s largest employer, and the county’s growing population will ensure healthcare-related jobs remain…