Author: BEX Staff

Source: Business Wire  Iron Mountain Incorporated announced it has signed a six-megawatt data center pre-lease with a U.S.-based Fortune 100 customer in Phoenix, at its new AZP-2 data center. The lease is expected to commence in the third quarter of 2021. The data center solution met all of the customers’ requirements, including scalable capacity, network proximity to other deployments, and a design that provided flexibility and reliability.  AZP-2 is a hyperscale-ready data center powered by 100 percent renewable energy. The three-story purpose-built facility will span more than 530KSF and deliver 48MW of total IT capacity at full build out, with campus connectivity to the existing 47MW…

By Philip Haldiman for Independent Newsmedia  A significant funding source that has generated about $4.3B in tax revenues since 2006 for transportation in Peoria and throughout Maricopa County expires in 2025, so city officials are planning to ensure they get a piece of the pie if funding is renewed.  Proposition 400, approved by 58 percent of Maricopa County voters in 2004, provided the Valley with a half-cent sales tax for transportation that resulted in some of the region’s biggest projects during the past 10 years.  Peoria officials are submitting projects they hope will be included in the extension of this massive tax plan come…

Giving Back  1. Resolution Copper has awarded more than $185K in grants to five area school districts for the upcoming school year. Along with supplying personal protective equipment (PPE) for teachers and students, the funds will ensure that up to 600 students in the Superior, Globe, Hayden, Miami and Ray school districts will receive technology to support distance learning.  Awards & Accolades  2. ABI Multifamily Vice President Mitchell Drake has been named a winner of the Connect Commercial Real Estate (CRE) Next Generation Award recognizing outstanding real estate professionals age 35 and younger in the Phoenix/Southwest Category.  3. Alexandra Stoicof passed the licensure exam and became a Professional Landscape Architect (PLA) for the State of…

Sales Transactions  1. The Praedium Group purchased Liv North Valley, a 385-unit luxury multifamily asset adjacent to the intersection of Interstate 17 and Loop 303/Bob Stump Memorial Highway, for $90M. Steve Gebing and Cliff David with Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer.  2. CPI Superstition Sunrise Owner LLC purchased Superstition Sunrise RV Resort, a luxury, 55-plus RV resort with 1,119 spaces at 702 S. Meridian Road, Apache Junction, for $88M. HARRI5 represented the buyer. The seller was Superstition Sunrise.  3. Tides Equities purchased Solara at Mill Avenue, a 515-unit multifamily community at 3730 S. Mill Avenue, Tempe, for $77M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch and Danny Baker represented the sellers, a partnership between Acre Valley Real…

By Tasha Anderson for AZBEX  Owner, Village Property Management, LLC is looking to redevelop an outdated commercial site into a vibrant, mixed-use project that will be located near the Scottsdale Greenbelt at the SWC of Hayden and Osborn Roads.  “The current layout of the buildings is dated,” according to the project documents. “Specifically, the center features two “big box” spaces which combined total over 40KSF of the available space. In a national trend, such big box tenants are downsizing and, in some case, disappearing.”  Called Lucky Plaza according to the submitted documents, or Greenbelt 88 according to the project’s website, the mixed-use development proposes a multifamily component consisting of 300 units and about 22KSF of ground…

Budget, Policy & Stimulus News  Double-dip Recession Possible Without New Stimulus  The U.S. economy is at a crossroads, with some analysts saying a failure by Congress to pass another stimulus package, even as the COVID-19 pandemic continues to spread, would tip the nation back into recession. Lawmakers remain deadlocked over a measure to provide another round of $1,200 checks to most households and more aid to struggling small businesses and unemployed Americans. (Source: AZCentral)  Get Familiar with Arizona’s PDA  Under Arizona’s Purchaser Dwelling Act, a purchaser of a residence is barred from filing a construction defect lawsuit until the purchaser gives the seller – including residential contractors – reasonable notice of…

By Yevgeniy Sverdlik for Data Center Knowledge  Microsoft is using its data center construction project in Arizona as a showcase for both the company’s new focus on water conservation and the power of its HoloLens augmented reality hardware in combination with Azure.  Along with rolling out publicly an aggressive goal to put more fresh water back into the regions where it operates than its operations consume by 2030, the company officially announced the upcoming cloud region. The data centers are being constructed in Goodyear.  One of the companies retained to help with design and construction of the project is NOX Innovations, a construction project design and planning firm that uses software that blends CAD and BIM with augmented…

By Rayna Katz for GlobeSt.com  Given corporate America’s reluctance to return to offices rather than work from home, current conditions in office properties—and the likely near-term future—are looking bleak. Looming excess supply on the horizon will also be a problem, according to a new report on the top 25 US Office Markets from Colliers International.  All told, the mid-year research stated, “net absorption fell into negative territory for the first time in 10 years, while vacancy posted its largest quarterly increase over a similar timeframe.” Further, Colliers noted, while the office sector’s performance certainly disappointed in the second quarter, the “true test” will be the latter…

Awards & Accolades  1. Engineering News-Record (ENR) Southwest selected the $275M, 670KSF Banner – University Medical Center tower and the Interstate 10 (I-10) interchange at Ina Road as the 2020 best Healthcare and Highway/Bridge projects. Both projects were completed by Sundt Construction, Inc. with DPR Construction partnering with them on the Banner project.  2. Floor Associates received one of the most prestigious awards in landscape architecture – the Honor Award in Residential from the American Society of Landscape Architects, for their work on Optima Camelview in Scottsdale. The award will be presented during a virtual Professional Awards Ceremony later in the fall.  Groundbreakings  3. Project developers Barclay Group and W.M. Grace Companies joined with local dignitaries to break ground on 303 Logistics, a speculative, 349.7KSF Class A industrial building at the SWC…

By Tasha Anderson for AZBEX  After being put on “indefinite hold” last year and having two years of market research, The United States Army Corps of Engineers (USACE) is finally looking for a general contractor to build a Ground Transport Equipment Facility in Fort Huachuca.  The facility will be located at 2387 Hatfield Road and will include a vehicle maintenance/equipment shop, wash platform, organizational vehicle parking, loading dock, storage building, petroleum, oils and lubricants storage, and other hazardous material storage.  According to the Invitation for Bid issued by the USACE, “The vehicle maintenance facility will include mechanical and electrical rooms, telecommunications, HVAC, fire detection and sprinkler suppression systems, building…