Author: BEX Staff

By Arizona Department of Transportation The Arizona Department of Transportation, in cooperation with the City of Phoenix and Maricopa Association of Governments, is studying potential improvements to Interstate 10 in downtown Phoenix to address traffic operations, safety and regional travel needs. The study area includes I-10 from the Deck Park Tunnel to the I-10/I-17 “Split” interchange near Phoenix Sky Harbor International Airport, as well as State Route 51 south of Thomas Road, Loop 202 west of 24th Street and the “Mini-Stack” interchange where I-10, SR 51 and Loop 202 meet. As part of the study, ADOT will develop and evaluate…

By Associated Builders and Contractors The construction industry had 259,000 job openings on the last day of April, according to an Associated Builders and Contractors analysis of data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. JOLTS defines a job opening as any unfilled position for which an employer is actively recruiting. Industry job openings increased by 25,000 last month and are up by 52,000 from the same time last year. “This release of April data suggests that contractors are increasingly struggling to fill open positions,” said ABC chief economist Anirban Basu. “Fewer construction workers…

Groundbreakings 1. Lovett Industrial and Peakline Real Estate Funds have broken ground on North Park Logistics Center, a speculative industrial development on approximately 55.7 acres in Glendale. The project will deliver a 1.1MSF Class A cross-dock facility, with a second phase planned to add approximately 623KSF. Willmeng Construction is the general contractor; HPA is the architect, and Bank OZK is providing construction financing. Completion is anticipated in Q2 2027. 2. Intersection Development has applied for a demolition permit for a former radio station building at 840 N. Central Ave. in downtown Phoenix to make way for the Atari Hotel. Designed…

By BEX Staff for AZBEX Plans are advancing for Finish Line Auto Club’s car-centric self-storage country club development at 17600 N. Perimeter Center Dr. in north Scottsdale. The company officially acquired the location, formerly the Fender Musical Instruments Corporation headquarters, for $20.7M from Tryperion Holdings. Fender has since relocated its headquarters to the PV development (also known as PV Reimagined) on the former Paradise Valley Mall site in Phoenix. A local news outlet cited Finish Line representatives saying demolition of the former Fender building is planned to start within the next 60 days. A groundbreaking is planned for the end…

By Roland Murphy for AZBEX After years of wild vacillation, the cumulative U.S. Multifamily market is showing signs of moving toward stabilization. Individual markets, however, all have their own stories to tell. Colliers’ Q1 2026 United States Multifamily report calls the current circumstances, “A rebalancing phase,” after a “recalibration period” to end 2025. At year’s end, the sector was still dealing with higher-than-normal deliveries and the resulting slowing of rent growth. The report finds conditions started to become more balanced over Q1 of this year. Due to ongoing affordability constraints in the for-sale housing market, demand in Multifamily remains high,…

By BEX Staff for AZBEX The Lake Havasu City Planning and Zoning Commission is scheduled to hear a planned development overlay request this week that could allow for the development of a 68-unit townhome community at the SWC of Swanson and Smoketree avenues. The vacant property is bounded to the south by Magnolia Drive. According to submitted materials and a local news report, the current zoning of Residential and Commercial Health District would allow for the project’s development, as it meets the density and height requirements. Owner Paradyme Companies, however, is requesting a planned development overlay to allow the removal…

The U.S. Department of Housing and Urban Development has published an interim rule and removed a final review layer in the hopes of speeding up the approval process for large housing developments that receive federal support. The change eliminates a previous requirement that developers of housing projects with more than 200 units or a mortgage of more than $5M obtain a final approval from HUD environmental clearance officers before moving ahead on a project. The rule is planned to take effect June 22, though public comment is open through July 21. HUD officials said the existing rule unnecessarily adds processing…

Giving Back 1. More than 200 people from Arizona’s commercial real estate, construction, property management and facilities industries attended the sold-out “Bowling for Bailey” fundraiser at Lucky Strike in Scottsdale to support Ryan Bailey, who is battling stage 4 colon cancer with liver metastasis. The event was organized by a committee including Abby Vallelonga of EHS Restoration, Brianna Parette of EVO Construction Group, Mai Vu of Elevated Emergency Restoration, Michael Scott of Weems Asphalt, Sarah Temple of Upland Group, Ginger Morton of Ghaster Painting, Tiffany Pennington of Encore Landscape Management and Tom Pritscher of TEPCON Construction. 2. Mark-Taylor Residential celebrated…

Sales Transactions 1. Cogent Communications Holdings Inc. agreed to sell 10 data centers across nine U.S. cities, including a Phoenix facility at 1530 E. Roeser Road, for $225M to a new entity sponsored by I Squared Capital. I Squared plans to use the acquisition to launch a new U.S. data center operating platform focused on colocation, high-density deployments and AI inference infrastructure. 2. Domain 3201in Tucson recently sold for $45.5M. Domain 3201 I CG, LLC sold the 289-unit multifamily property to The Bascom Group in an off-market transaction. Institutional Property Advisors’ Hamid Panahi, Clint Wadlund, Steve Gebing and Cliff David…

By Roland Murphy for AZBEX The Surprise City Council has given its blessing to a requested rezoning that will change nearly 10 acres at the SEC of 163rd Avenue and the Dynamite Blvd. alignment for development of a Pure Heart Church campus. The overall campus is planned to cover 41.25 acres and will be built in phases. Phase I, which will be built on roughly 15 acres in the southern portion of the site, will feature an assembly chapel, classroom space, a gymnasium, outdoor meditation and reflection areas, an amphitheater, courtyards and plazas. These components are allowed under the site’s…