Author: BEX Staff

By Colliers International  The retail real estate market was arguably hit hard by the COVID-19 pandemic, but Metro Phoenix endured the challenges more successfully than most markets. The metropolitan area posted positive net absorption in 2020 and rental rates remained healthy during the difficult year.  During 2020, Metro Phoenix experienced incredible population growth and job growth that helped shore up the retail marketplace.   Multiple national company closures and bankruptcies caused significant vacancies in Metro Phoenix. Fourth quarter 2020 ended with 64KSF of negative net absorption, yet posted positive net absorption of 215.7KSF during the entire year. The East Valley and West Valley submarkets led fourth quarter with…

Groundbreakings  1. Fulton Homes is beginning work on the infrastructure at Barney Farms, a 550-acre master-planned community that has been years in the making. The sprawling development is located at Queen Creek and Signal Butte Road and will be eventually built out to include 1,700 homes, with 114 acres of open space.  2. Lake Havasu City and the Arizona Department of Transportation will begin prep work this week to install a pedestrian hybrid beacon (PHB), or High Intensity Activated Crosswalk (HAWK), at the intersection of Acoma Boulevard and Pima Drive North. Initial work through March will include removing the existing concrete and establishing underground utility connections. The…

By Tasha Anderson for AZBEX  Developer, Marwest Enterprises, LLC is planning a 1.08MSF industrial project to be located at the NEC of Hawes and Elliot Roads, near the Loop 202 in Mesa.  The 74-acre property is located within the Elliot Road Technology Corridor and is currently owned by Loop 202 & Elliot Road Parcel #2 LLC. Marwest under contract to purchase the site is looking to rezone it to Light Industrial with a Planned Area Development Overlay, which would allow the property to “opt-out” of the corridor. According to the project documents, “The ability to ‘opt-in’ is based on the particular type of employment activity that has been defined in…

Economic News  P3s Could Help Local Governments   The pandemic has been devastating to state and local government revenues around the country due to lost tax revenues and increased health and infrastructure expenses. Private developers and investors, however, have seen a time of marked opportunities. Some industry experts are predicting this could see a rise in public-private partnerships as a way to develop needed and wanted projects, with the developers shouldering the upfront risks and the governments providing projects and administration. (Source)  Resources  Valley Metro, Phoenix Launch Small Business Assistance  Valley Metro and the City of Phoenix have launched the Small Business Financial Assistance Program,…

By Kroger Co. and The Arizona Commerce Authority  The Kroger Co. and Ocado have announced Phoenix as the latest location for a Customer Fulfillment Center. The location confirms a previous announcement stating Kroger and Ocado would construct a CFC in the Southwest Region.  Kroger has partnered with Ocado to accelerate its ability to provide customers with anything, anytime, anywhere. The CFC model – an automated warehouse facility with digital and robotic capabilities – will be used to serve customers across the region. Kroger is designing a flexible distribution network, combining disaggregated demand and the proximity of its stores and facilities that vary in design and size.  This new 200KSF CFC will accelerate Kroger’s ability…

By ZOM Living  ZOM Living has acquired a portfolio of four parcels totaling 33 acres in Phoenix and Scottsdale with plans to deliver up to 1,600 units over the coming years.  The Florida-based firm plans to build up to 1,600 luxury units as part of a first phase of development across five rental communities based in north Phoenix, Scottsdale and the Biltmore District, resulting in a combined investment exceeding $500M. The four sites were purchased by an affiliate of ZOM Living through an auction in the U.S. Bankruptcy Court.  The acquisition marks the firm’s entrance into the Arizona market, where it will open a regional office…

Boards & Commissions  1. Libby Ekre, principle and certified property manager with MEB Management Services, will be elected to the national position as secretary and treasurer for 2022 with the Institute of Real Estate Management (IREM) at their annual meeting held in Las Vegas, Nevada in October 2021.  Company News  2. Civic CM is proud to establish roots in Phoenix. Originally founded in 2014, Civic CM provides construction management, CPM scheduling, 4D/5D scheduling, claims, cost management, dispute resolution, expert witness and advisory services for contractors, owners and attorneys. Clients trust Civic CM to champion their most difficult construction challenges. Their goal is to keep the client’s best interest a top…

Sales Transactions  1. TerraCap Management, LLC purchased Anchor Centre, a 333KSF, Class A office asset at 2201 and 2231 E. Camelback Road, Phoenix, for $103.5M. The JLL Capital Markets team consisting of Director Ben Geelan, Senior Managing Director Michael Leggett and Managing Director Brian Ackerman, represented the seller, KBS. JLL also procured the buyer.  2. Rise48 Equity purchased Pointe Vista Apartments, a 160-unit multifamily apartment property in Phoenix, for $24.25M. ABI Multifamily’s Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented the buyer and the seller, a California-based company who was not disclosed.  3. HK Real Estate Investment purchased Tri-City Pavilions, a 94.3KSF Safeway grocery-anchored shopping center at the NEC of North Main Street and Dobson Road, Mesa, for $15M. Glenn Smigiel, Bob Young…

By Tasha Anderson for AZBEX  A new dual-branded hotel is being proposed for a +/- 2.5-acre infill site south of the SEC of Power and Ray Roads in Mesa.  Earl & Curley, on behalf of developer, Equinox Hospitality, is requesting an amendment to the current PAD zoning to allow a height adjustment, site plan review/modification approval, and design review approval of the site plan, landscaping plan and elevations for the project, known as Sleep Inn and MainStay Suites Dual-Branded Hotel. The City of Mesa heard the requests at its January 12th Design Review Board meeting.  The property is part of a larger, 4.74-acre site consisting of two…

Economic News Tempe Chamber Focused on Help Like its economic development and businesses assistance peers around Arizona and the U.S., the Tempe Chamber of Commerce saw, and continues to see, challenges in helping members navigate the complexities of the COVID-19 pandemic. Leaders say they had to adapt quickly to provide resources and information in the early stages, and that they continue to work diligently to stay abreast of evolving needs and processes. (Source)  Adaptability, Focus Helped GPEC Gains  Even though it was taken by surprise as much as any other organization, the Greater Phoenix Economic Council saw a 15 percent gain in net new deal activity by the end…