Author: BEX Staff

Awards & Accolades  1. AZ Business, in partnership with BestCompaniesAZ, has selected Suntec Concrete as one of the Most Admired Companies of 2020. Annually, Suntec puts on a teacher appreciation program, through which employees can nominate local impactful teachers who are then recognized. The company also supports organizations that promote teachers and careers in construction.  Boards & Commissions  2. Coe & Van Loo Consultants Inc. announced that Kristina Locke has been inducted to the American Public Works Association (APWA) Board of Directors.  3. Barbi Reuter, CEO, Chairman and Designated Broker of Cushman & Wakefield | PICOR in Tucson has been named CREW Network President-Elect for 2021. She will also be the first Tucsonan to lead…

Sales Transactions  1. Cortland Partners purchased Metropointe Apartments, a 408-unit multifamily community at 7017 S. Priest Drive, Tempe, for $96.75M. Steve Gebing and Cliff David with Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Rockwood Capital, and procured the buyer. The complex will now go by the name, Cortland South Mountain.  2. Mack Real Estate Group purchased the Hub at Goodyear, a 794KSF speculative industrial development at the corner of Bullard Avenue and Van Buren Street for $59M, from Walton Street Capital. Pat Feeney, Dan Calihan, Rusty Kennedy and James Cohn of CBRE Group Inc. in Phoenix represented the buyer.  3. Cloud Peak Development, LLC purchased Paradise Valley Plaza, a…

By Tasha Anderson for AZBEX  Plans for a large expansion to the Banner Gateway Medical Center have recently made their way to the Town of Gilbert’s Planning Commission on October 7th.  The original Banner Gateway Medical Center, located at 1900 N. Higley Road, opened in the fall of 2007 and currently consists of a five-story patient tower housing 180 beds, and a two-story Diagnostic & Treatment (D&T) facility. According to the project documents, the original master site plan allowed for “two additional bed towers and the expansion of the D&T facility.”  Banner Health’s expansion plans include the construction of one new five-story patient tower consisting of 181 new patient beds at full build-out…

Economic News  No-Anchor Retail Could Be Better Bet  Conventional wisdom would dictate that in times of economic turbulence, a retail landlord might prefer to have an anchor tenant that offers essential services, like a grocery store. But one observer thinks that during the COVID-19 crisis, non-anchored retail has done better than anchored at adapting to an uncertain environment. (Source: GlobeSt.com)  Where Will the Post-COVID Opportunities Be?   AZRE Magazine recently posed questions to a roundtable of NAIOP Arizona members, looking for their thoughts on the market, how it will look coming out of the pandemic and where the real estate opportunities are for those ready to take the lead in…

By Suzanne Adams-Ockrassa for Pinal Central  The long, hot summer with few monsoon rains continues to remind Pinal County residents, and especially farmers and ranchers, about the preciousness of water in a desert climate.  This year, ranchers are on the edge of having to make a decision on whether to buy feed and haul water for their animals, said Richie Kennedy, president of the Pinal County Farm Bureau.   The future of both residential and industrial development and agriculture in Pinal County depends on the availability of water, but no one is really sure how much water is available.  Pinal County agriculture gets a large amount of its water…

Source: GlobalData  GlobalData has revised its forecast for North America’s construction industry to -1.7 percent this year from the previous projection of -6.5 percent in the Q2 2020 update, as the recovery in the US residential market from the initial shock of the COVID-19 pandemic has been faster than expected.   Dariana Tani, Economist at GlobalData, comments: “The US residential market has been benefiting from an increase in pent-up demand for new homes, record-low interest rates and the noticeable shift in remote working, which have prompted many renters and first-time buyers, who have held on to their jobs and wealth, to look for more affordable and larger…

Groundbreakings  1. Johnson Carlier broke ground on the Southeast Justice Courts and Adult Probation for Maricopa Court. Located at 222 E. Javelina Dr. in Mesa, the 109KSF facility will triple the amount of space of the existing building and allow for additional operations, administrative support, and adult probation space. The $27M project was designed by Gould Evans and is expected to be completed in early 2022.  2. Benjamin Franklin Charter School, Waltz Construction and Orcutt | Winslow broke ground on October 6th for the new 26KSF Fine Arts auditorium facility on the campus in Queen Creek. Construction is scheduled to complete in spring 2021. The project consists of a hybrid-building that will include an 850-seat auditorium and performing arts theatre. …

By Tasha Anderson for AZBEX  Approximately $700M worth of Arizona K-12 school district bond measures will be on the Tuesday, November 3rd ballot, a significant decrease from the record-breaking $1.6B total request from 2019.  The largest bond requests are once again coming from Maricopa County, with Pinal County again at a far distant second.  The school districts with the largest bond requests include:  Glendale Union High School District – Maricopa County – $130M  Peoria Unified School District #11 – Maricopa County – $125.255M  Roosevelt Elementary School District #66 – Maricopa County – $90M  Buckeye Union High School District #201 – Maricopa County – $87.31M  Riverside Elementary School District – Maricopa County – $75M  Florence Unified School District – Pinal County…

Budget, Policy & Stimulus News  Gilbert to Start Spending Relief Funds  Gilbert will begin spending some of its nearly $30M in coronavirus relief funding, three months after the town received the money. The Town Council will spend $18M for business grants, loans and other support and $2M for nonprofits. A majority of the remaining funds may go to a public safety project. (Source: AZCentral) ARTICLE REFERENCES PUBLIC SAFETY DISPATCH CENTER. TRAINING FACILITY WAS THE ONLY PROJ I SAW.  SBA Could Start Issuing PPP Forgiveness Decisions  Businesses are expected to start receiving forgiveness decisions on the Small Business Administration’s Paycheck Protection Program loan applications this week or early next…

By Tasha Anderson for AZBEX  Plans for a 26-story multifamily tower with ground-floor retail proposed for the Roosevelt Row area is making its way through the City of Phoenix.  On September 23rd, the Phoenix Workforce and Economic Development Subcommittee recommended approval for City Council to enter into a development agreement with developer, Hubbard Street Group to build the multifamily project located at the SEC of Sixth and Garfield Streets, which previously housed the Roosevelt Growhouse.  The agreement also includes easements and Government Property Lease Excise Tax (GPLET) incentives which will be abated for up to eight years from the date of the certificate of occupancy.  Currently called Hubbard Street Group Tower, the project calls…