Author: BEX Staff

By Tasha Anderson for AZBEX  Plans have recently been resubmitted to the City of Mesa for the development of a new industrial condominium project to be located at 8607 East Pecos Road.  Real Estate Developer, Cavan Commercial, and partner The Kaidence Group is requesting approval of a few different applications: a rezoning of the 10.6-acre site with a PAD overlay, site plan review, preliminary plat approval and design review. The project, called Pecos 10, was heard and approved at the City of Mesa’s Design Review Board meeting on September 8th.  Pecos 10 is proposed as a 111.4KSF, upscale light industrial project consisting of 14 units within eight buildings. According to the project documents, there…

Budget, Policy & Stimulus News  Yuma County to Contribute to State Relief Fund  The Yuma County Board of Supervisors voted to fund a state-sponsored relief grant program designed to help small businesses in the unincorporated areas of county. In doing so, county staff members have been authorized to execute an Executive Services Agreement with Local Arizona First Foundation to contribute $20K to Gov. Doug Ducey’s recently created $10M Arizona Small Business Rent and Mortgage Relief grant fund. The money is being allocated from the county’s general fund contingency budget. (Source: Yuma Sun)  Phoenix Expands Aid to Include Newer Businesses  The Phoenix City Council expanded the type of small businesses that could apply to be…

By Cecilia Chan for Gilbert Sun News  A much-ballyhooed 25-acre water park in Gilbert touting technology that can create ocean waves for surfing in the desert is delayed yet again – this time until 2022.  The Strand@Gilbert in February 2019 inked a deal with Gilbert to build the $60M project on town-owned land near Queen Creek and Higley roads, adjacent to the Regional Park.   The developer proposed a summer 2020 opening but later postponed it to the summer 2021.   With Town Council’s recent approval, the project is now looking to open in August 2022. According to a town staff report, the developer cited “economic conditions…

By Les Shaver for GlobeSt.com  While many CRE sectors and product types have floundered after COVID-19 hit, one industry has continued to flourish.  In the second quarter, cap rates for dollar stores fell a 12-basis point decrease when compared to the prior year, according to The Boulder Group.  There are some long-term concerns for the sector, most notably overbuilding. But e-commerce is not a near-term threat, according to Randy Blankstein, president of The Boulder Group. The main reason is that dollar stores are essential in small towns and rural areas.   “Amazon is a very developed network in the top 25-40 metros,” Blankstein says. “Once you start getting to rural areas,…

Awards & Accolades  1. Keith Stanton, ASID, NCIDQ, CHID – Director of Design Development at Thoma-Holec Design, was named the 2020 Designer of Distinction by ASID AZ North, recognizing his high-quality body of work.  2. The Phoenix Business Journal has unveiled the finalists for the 2020 Small Business Awards presented by Pacific Premier Bank, recognizing excellence among entrepreneurs and small business owners around the Valley. Finalists include:  Dynamic Water Technologies – Micro Category  Agate Construction – Midsize Category  The Laughton Team/My Home Group – Midsize Category   Boards & Commissions  3. Bobby Walker, Senior Preconstruction Manager at PENTA Building Group, has joined the New Pathways for Youth (NPFY) Board of Directors. Walker also sits on the ASU Art Museum’s…

Sales Transactions  1. An undisclosed buyer purchased The Vineyard Apartments, a 300-unit multifamily community at 6706 N. Dysart Road, Glendale, for $41M. Newmark Knight Frank Director Chris Canter, Executive Managing Director Brad Goff and Senior Managing Director Brett Polachek represented the seller, Univest.  2. Western Wealth Capital purchased Villas de Azul, a 300-unit, garden-style multifamily complex at 2627 N. 45th Avenue, Phoenix, for $33M. The seller was Sterling Azul Holding Company.  3. Cowabunga Two, LLC purchased 32 Arcadia, a 104-unit multifamily community at 3211 E. Pinchot Avenue, Phoenix, for $14.8M. The seller was Moderne Living. Kidder Mathews’ multifamily investment broker, Karl Abert, represented the buyer.  Lease Transactions  4. Children’s clothing retailer, SpearmintLOVE LLC moved into an 18KSF warehouse…

By Tasha Anderson for AZBEX Coconino Community College (CCC) is looking for a partner to help develop a new student housing complex at its Page campus on the corner of Cameron Street and Lake Powell Boulevard. The Community College recently issued a Request for Qualifications for Public-Private Partnership services for the new complex. The chosen developer for this project would be required to finance and maintain the complex. According to the RFQ, the proposed project also includes, “short-term rental possibilities for the local workforce in Page.” Interested parties wanting to submit a statement of qualification will need to specify any…

Source: Glendale Office of Economic Development Global entertainment and experiential leader Crystal Lagoons® has chosen Glendale for a one-of-a-kind attraction. ECL Glendale, LLC will develop Crystal Lagoons Island Resort, a mixed-use project unique to the Southwest. As a first step in the process to bring this development to Glendale, the City Council has voted to approve a development agreement and Government Property Improvement Leases. The main feature of the project will be an 11-acre Public Access Lagoon™ that will be up to 10-feet deep. Crystal Lagoons is a leader in water innovation and technology, making them the perfect fit for the Sports &…

By Gabriela Rico for Arizona Daily Star Investor interest in Tucson’s upper-end apartment complexes has been high for several years and, while there was some breath-holding at the start of the pandemic, millions of dollars worth of transactions have transpired in the past few months. Investors are focused on the high-wage jobs the city has gained in recent years, the low rate of new multifamily projects and the fizzling out of formerly hot markets in states like Colorado and Oregon. “Tucson is at an all-time high because of demand, while supply is at an all-time low,” said Allan Mendelsberg, a…

Budget, Policy & Stimulus News Republican Stimulus Proposal Includes 2nd PPP, New Protections Small businesses could see a second round of Paycheck Protection Program loans and legal liability protections from COVID-19-related claims under a new, scaled-down stimulus proposal introduced by Senate Republicans. The new bill would create a second round of PPP loans for small businesses of 300 employees or less that have seen at least a 35% drop in revenue in one quarter in 2020 over the same quarter in 2019, according to a summary of the bill circulated by Republicans. (Source: Phoenix Business Journal) Economic News Biden Proposal…