Author: BEX Staff

Work will begin on the $35M campus renovations Mountain View High School in Mesa this spring. Key components of the project include renovating a 70KSF building to add office and administrative space along with 10 new classrooms, and a 160KSF academic building, which will be renovated to include a new performing arts space. The entire campus will be renovated with new amenities, landscape and branding features accenting the school’s identity. Planned features include updated lighting for sports fields, a high-intensity interval training area and a sand volleyball court. The school’s parking area will also be updated. The project is funded…

The Phoenix Business Unit of Trammell Crow Company, along with capital partner Clarion Partners, LLC, announced it has acquired a 25-acre site for the development of Tolleson 107 Logistics Center, a 332KSF logistics facility that will include 4.6 acres dedicated to retail. Located in Tolleson, the site sits at the SWC of 107th Avenue and Van Buren Street and is located one mile from TCC’s Cowden Logistics Center development, currently under construction. The groundbreaking for the new Class A facility is slated for April 2021 and the building will be ready for tenant occupancy by year-end. Phil Haenel, Andy Markham,…

Retail vacancies increased to 8.0 percent in the Phoenix area at the end of Q4, according to a recently released market report from CBRE. While the market continues to tighten, year-over-year vacancy was steady. New construction totaled a modest 686KSF, led mostly by grocery-anchored development and fitness outlets. Net absorption was -106KSF, bringing the two-year average to 149.4KSF. Q4’s gross activity was 602.7KSF, and both gross and net absorption showed improvement over Q3. Shutdowns and move-outs by Stein Mart and Office Max locations around the Valley contributed strongly to the market negatives, while the opening of a 154.4KSF Costco in…

Groundbreakings 1. Adolfson & Peterson Construction (AP), a top national construction management firm and general contractor, and The Leona Group, an education service provider and school manager, will break ground on Ridgeview College Preparatory High School in San Tan Valley, Arizona, on March 5th at 10:00 am. Once complete, the 37KSF campus will feature a regulation-sized gymnasium, science labs, technology-rich classrooms, and indoor/outdoor learning spaces that provide students with comfortable, flexible and student-focused environments. Designed by Carhuff & Cueva Architects, Ridgeview College Prep is currently enrolling grades nine through 11 for the 2021-2022 school year, and 12th grade enrollment will…

By Tasha Anderson for AZBEX A new luxury multifamily residential development is being proposed for the SWC of Bell Road/Frank Lloyd Wright Boulevard and Scottsdale Road on the south side of the Central Arizona Project canal, in the Kierland area of Phoenix. The project’s site currently houses a 90’s-era single -story retail building which will be redeveloped into the 14-story multifamily tower currently known as “Scottsdale & Bell.” The developer of the project, The Hampton Group, Inc., is planning for up to 255 units comprised of a mix of 160 one-, 87 two- and eight three-bedroom dwelling units. The residences…

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…