Author: BEX Staff

Source: Arizona Department of Transportation  The Arizona Department of Transportation has finalized the Disparity Study report and the Federal Highway Administration Overall Disadvantaged Business Enterprise Goal and Methodology for federal fiscal years 2021-2022.  Based on the results of the Disparity Study, which took into consideration comments and input from the public, ADOT will adopt a 12.89 percent DBE goal for federal fiscal years 2021 through 2023 for FHWA-funded contracts; 8.17 percent of which is expected to be accomplished through race- and gender-conscious means (DBE contract goals) and the remaining 4.72 percent to be accomplished through race-neutral means (ADOT outreach, training and program efforts). The goal will be submitted to FHWA…

Awards & Accolades  1. Paul Johnson Drywall, Inc. announced that it was named to Walls & Ceilings Magazine’s 2020 Top 50 Contractors list for the sixth consecutive year and is the only drywall contractor with a presence in Arizona and Nevada to make the list.  2.The 2021 edition of Best Lawyers in America includes the following Withey Morris attorneys and practices:  William Allison – Government Relations Practice and Land Use and Zoning Law  Adam Baugh – Land Use and Zoning Law  Jason Morris – Land Use and Zoning Law  Benjamin Tate – Land Use and Zoning Law – “Ones to Watch” award  Michael Withey – Land Use and Zoning Law and…

Sales Transactions  1. An unnamed institutional buyer purchased a 50.4KSF Target-occupied building at 1625 Camelback Road, Phoenix, for $20.3M. Newmark Knight Frank Net Lease Capital Markets Executive Managing Director Matt Berres and Director Samer Khalil, in cooperation with Managing Director David Guido, represented the seller, an affiliate of Menin Development, Inc., and procured the buyer.  2. SB Real Estate Partners purchased Verona Court, a 141-unit community at 17646 N. Cave Creek Road, Phoenix, for $20M. Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction. Executive Directors Cliff David and Steve Gebing represented the seller, A partnership between Dalan Management and VM Management, and procured the buyer.  3. A private investor purchased Safeway Center at Lake Powell, a 100.5KSF Safeway-anchored shopping…

By Tasha Anderson for AZBEX  Ross Aviation Operations, LLC, a Fixed Base Operator (FBO) with locations throughout the United States, is looking to develop a new hangar building at the Scottsdale Airport located at 14600 North Airport Drive.  Architect and applicant, DWL Architects + Planners, Inc., on behalf of Ross Aviation, submitted documents to the City of Scottsdale on August 4th and is requesting approval of the site plan, landscape plan and building elevations for the project, known as the Ross Aviation SDL Hangar.  The project will consist of a 64KSF hangar building comprised of two, 28KSF hangar bays and two, 3KSF shell office spaces. According…

Budget, Policy & Stimulus News  Three Tax Breaks for Liquidity During Crisis  Wading through the tax legislation implications of the 2017 tax reform and 2020 CARES Act can be overwhelming for many real estate companies. Three tax breaks, however, warrant special attention. These are: The First-year Depreciation Deduction, Faster Write-offs for Interior Building Improvements and Use of Net Operating Losses to Create Liquidity. (Source: National Real Estate Investor)  Economic News  Apartment Renters on the Brink  Millions of apartment residents have fallen behind on their rent payments, according to data from the U.S. Census — and the damage is likely to spread as the economic crisis caused by the novel coronavirus continues. Federal assistance…

By Tasha Anderson for AZBEX  Arizona’s seasonally adjusted unemployment rate increased to 10.6 percent in July 2020, from June 2020, according to the latest report published by the Arizona Office of Economic Opportunity.   The national rate decreased to 10.2 percent from 11.1 percent in June. In July 2019, the state had a seasonally adjusted rate of 4.7 percent, and the national was at 3.7 percent.  The state had a net loss of 19,500 non-farm jobs over the month. “Historically (2010-2019), Nonfarm employment has averaged a loss of 19,200 jobs in July,” the report states. Leisure & Hospitality had the largest net loss with 16,200 jobs, followed by Government with a loss of 1,500. Construction lost 1,200 jobs over the month. Trade, Transportation & Utilities had the largest net gains with 700 jobs.  Trade, Transportation & Utilities took the top spot in job gains from July 2019 to July 2020 with a total of 6,500, while Leisure & Hospitality took the top spot in job losses over the year with 60,600.  The Construction…

By Blake Herzog for Golden Corridor Living  An 18-month study being launched by Pinal County and the University of Arizona will plot out the county’s future industrial development by identifying where different types of businesses should go for their benefit as well as the region’s.  The study’s aim is to create an Arizona Innovation Technology Corridor that, for now, begins on Interstate 10 at the southern Maricopa County line, includes all of Pinal County’s frontage on Interstates 8 and 10, and continues on I-10 through Tucson before ending at the UA Science and Technology Park.  County Economic Development Director Tim Kanavel said he will be working with Dr. Greg…

Awards & Accolades  1. ENR’s regional Excellence in Safety Award is now in its eighth year and is honoring three projects for their outstanding safety records and jobsite procedures. The Arizona project that won the Excellence in safety, Award of Merit is the I-10 Ina Road Traffic Interchange project in Tucson, which was submitted by Sundt/Kiewit, a Joint Venture. All the winning projects can be found here.  Groundbreakings  2. The City of Goodyear is welcoming Amazon’s newest high-tech facility on Bullard Avenue just north of the I-10. At 855KSF, the new four-story facility is the largest building ever built in Goodyear. With four levels, the building spans more than 2.3MSF. The project is expected to open by…

By Tasha Anderson for AZBEX  Developer, Dominium Management recently submitted plans to the City of Phoenix for two separate multifamily residential communities, one of which will be an age restricted community, to be generally located at the NEC of 79th Avenue and Encanto Boulevard.  The current zoning on the approximately 28.26-acre property is C-2 Intermediate Commercial and RSC Regional Shopping Center. Dominium wishes to rezone the property to a Planned Unit Development.  Currently known as the 79th Encanto PUD, the entire project is proposed as a four-building multifamily residential community consisting of 575 total units. According to the project documents, the purpose is to, “facilitate…

Economic News  Online Shopping & Delivery Squeezes Landlords  Digital grocery sales have soared, but potential aftershocks are significant for smaller tenants that occupy grocer-anchored centers that depend on grocers to draw in customers. Those tenants pay higher rents than they would at other retail centers because of traffic exposure — a premium that could evaporate should current trends in online shopping take hold. (Source: Phoenix Business Journal)  Can Empty Offices Help Solve Housing Crisis?  The COVID-19 crisis has emptied office space around the country. An abundance of vacant commercial real estate could be transformed into what the real estate market is most desperately clamoring for: Housing. According to an article at realtor.com, “The…