Author: BEX Staff

Source: Colliers International  The Greater Phoenix industrial real estate market remains healthy, despite business conditions during the pandemic. America’s growth in online purchasing is driving expanded demand for warehouse/distribution space.  Net absorption of industrial space peaked at more than 2MSF in the second quarter. This marks the fifth consecutive quarter with net absorption exceeding 1MSF. Year-to-date the market has posted 3.7MSF of positive net absorption. Net absorption was dominated by warehouse space in the Southeast and Southwest areas. Leasing activity slowed significantly in April as the nation paused and evaluated effects of the Coronavirus, but virtual tours and tenant interest picked up again in May and June.   The number…

Groundbreakings  1. The Douglas Allred Company recently broke ground on two additional office buildings at their Park Place Development on Price Corridor. Both three-story buildings will be 150KSF and located on the NEC of Price and Willis roads. The architect is Balmer Architectural Group and the general contractor is Willmeng.  2. The Kansas City Royals broke ground July 9th on The Fountains at Surprise Center, their new four-story, 47-unit player housing complex, just south of a similar facility for the Texas Rangers, which opened up late last year. The project is expected to be completed by mid-2021.  3. Sequoia Pathway Academy recently broke ground on a 7KSF classroom addition in Maricopa, with hopes of having it open by the beginning of…

By Tasha Anderson for AZBEX  Developer, PEG Companies is looking to preserve the historic Ralph “Haver Triangle Building” in Scottsdale while enhancing it with the development of a new $150M mixed-use project around it called The Triangle.  The Haver Triangle Building was designed in 1962 by architect Ralph Haver, AIA, who, “was one of the most influential and creative Arizona architects of the second half of the 20th century,” the project documents explain.  PEG Companies is requesting to rezone the +/- 3.1-acre property at 7110 E. Indian School Road from Central Business Downtown Overlay district to Downtown/Downtown Multiple Use Type-2 Planned Block Development Downtown Overlay district. The site also houses a Howard Johnson, and The Venue. …

Budget, Policy & Stimulus News  Navajo Nation Approves Initial Aid Expenditures  The Navajo Nation’s leaders over the weekend approved the tribe’s first expenditures of more than $60M in federal COVID-19 aid, about two months after receiving most of the funds in May. The tribe’s executive branch approved portions of two separate resolutions related to the spending of more than $714M given through the Coronavirus Aid, Relief, and Economic Security Act. (Source: AZCentral)  Economic News  Phoenix Apartment Rentals Still Doing Well  Tenant traffic at metro Phoenix apartments has steadily improved since the beginning of April, according to a new report from Radix. Phoenix is among the few markets in the whole country ahead of where it was…

By Josh Martinez for Independent Newsmedia  The Mesa City Council hosted a public hearing before unanimously approving a series of resolutions and ordinances that will make way for the mixed-use development called Destination at Gateway in the city’s southeast corner.  The 89-acre site sits near the intersection of Signal Butte and Williams Field roads.  As part of the approval, a minor General Plan amendment will allow for a character type change from neighborhoods to mixed-use development for the site. Council also approved a rezoning of the site from residential to general commercial.  As for the development agreement, the city and developer Signal Butte 24 agreed to stipulations…

Source: Colliers International   The Greater Phoenix office market remained relatively healthy during second quarter, despite business interruptions caused by Stay-at-Home orders and impact of coronavirus. The office sector posted its 33rd consecutive quarter of positive net absorption and office vacancy remains below 15 percent.  The Phoenix-Mesa-Scottsdale MSA unemployment rate peaked in April at 12.5 percent. Yet, Arizona’s economy was quick to get back into action when the executive order to stay at home was lifted on May 15. Our MSA was compared to 51 other metropolitan areas with a 2010 Census population of one million or more. We posted the lowest jobless rate…

Company News  1. Shephard-Wesnitzer, Inc. is a full-service civil engineering and surveying firm celebrating three decades of “engineering an environment of excellence” in northern Arizona. Founded in Sedona in 1990, SWI has since grown to 28 employees with additional offices in Flagstaff, Prescott and Cottonwood. SWI is grateful to have served public, private and tribal clients on thousands of projects over 30 years.  Promotions  2. Rebecca Fuentes, SPHR, a 17-year veteran of Cushman & Wakefield | PICOR, was named Director of Operations. Most recently serving as Director of Human Resources, Fuente’s growth, value, and contributions were recognized by the employee-owned Tucson company’s…

Sales Transactions  1. Cohen Asset Management purchased a 325.8KSF industrial building at 7400 W. Buckeye Road, for $30.7M, from Kansas City Life Insurance Co. Payson MacWilliam, Don MacWilliam and Chris Reese of Colliers International in Arizona handled the sale transaction.  2. Fairfield Residential purchased Jefferson Town Lake, a 244-home, 1.6-acre luxury apartment community at the intersection of North Scottsdale Road and East Playa Del Norte Drive, Tempe, for an undisclosed amount. The seller was JPI.  3. CBRE Capital Markets Debt & Structured Finance has arranged a $22M loan for the acquisition of a 285KSF cold storage facility at 7000 W. Buckeye Road, Phoenix. CBRE’s Bruce Francis, Robert Ybarra, Shaun Moothart, Dana…

By Rebekah Morris for AZBEX  On Wednesday, July 8th, nearly 80 people attended the BEX Virtual Leading Market Series discussion highlighting current and upcoming economic development happenings in the Central and West Valley of Phoenix. Panelists included Lori German, Communications Director for the City of Glendale, Sintra Hoffman, President and CEO of Westmarc, Christine Mackay, Community and Economic Development Director for the City of Phoenix and David Roderique, Economic Development Director for the Town of Buckeye.  Focus on Employment Growth and Services while Overcoming Misconceptions  For years, the West Valley has battled to overcome a perception that the workforce is not available for major employers. Hoffman detailed the efforts of Westmarc, working with the Maricopa Association of Governments and Arizona State University, to bring…

Budget, Policy & Stimulus News  Scottsdale Allocates Relief Funds  On July 1st, Scottsdale City Council accepted $29,628,014 from the AZCares Fund as part of the federal CARES Act. Uses range from utility assistance for residents to providing retrofitting to city businesses that house large quantities of people. (Source: Independent Newsmedia.)  Multifamily Advocates Lobby for Expanded Relief  Even though most renters have continued to pay on time — due, in part, to government relief programs — the largest of those programs, the Health and Economic Recovery Omnibus Solutions (HEROES) Act, is set to expire at the end of July. The Senate remains on its 4th of July recess, but apartment industry advocates continue to lobby for new and…