Author: BEX Staff

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…

Budget, Policy & Stimulus News  Will Latest Stimulus Proposal Stop Housing Crisis?  The $1.5B bipartisan stimulus proposal from the bipartisan House Problem Solvers Caucus offers another round of $1,200 stimulus checks and other cash assistance for those in need as the COVID-19 recession wears on. But it’s unlikely the proposal would stop a potential wave of evictions and foreclosures next year if the economy doesn’t rapidly improve. (Source: Forbes)  Prop 208 Wealth Tax Strongly Opposed  Business groups across Arizona are opposing Proposition 208, saying the initiative, which seeks to tax certain earners to help fund education, would actually hurt small companies at a time when they are struggling during COVID-19 shutdowns. What many voters…

Source: Habitat for Humanity  Habitat for Humanity CIT pre-apprenticeship program is a 16-week, fast track, on the job training program.   The program is uniquely designed as an immersive and intensive curriculum that specializes on basic core construction fundamentals, leadership and soft skills development for participants ages 18 and over that are disenfranchised, underserved, underemployed and at-risk of being left out of the economy.  Our specialized training curriculum integrates technical, behavior and mindset skills where on the job failure is most likely to occur. Most of the job technical training curriculum emphasizes on practical skills. Assessment is done on a regular basis throughout the program, focusing on…

Source: JLL  COVID-19’s impact on public safety and stay-home orders drove significant demand for immediate digital connectivity around the world. JLL’s 2020 Mid-Year Data Center Outlook finds data centers’ resiliency and reliability established the sector as one of the few to perform strongly during the first half of the year.  According to the report, Phoenix ranks as a top location among all U.S. markets, performing second in the nation for year-over-year absorption, with 18.5 MW absorbed during the first half of the year. The amount of metro Phoenix data center projects under construction is also strong at 24 MW, representing a combination of speculative…

Giving Back  1. The David R. Sellers Foundation has funded several nonprofits during the COVID-19 pandemic and officially launched its website. During the COVID-19 crisis, it has funded seven organizations, which include Global Orphan Hope, UMOM, Phoenix Rescue Mission, Child Crisis Center, The Joy Bus, Children’s Advocacy Center of Collin County, and Amanda Hope.  Awards & Accolades  2. Kedrick Ellison, a project manager with the City of Phoenix’s Economic Development Department, was recently named the Arizona Minority Champion of the Year by the U.S. Small Business Administration.  3. CCS Presentation Systems was honored as a design icon in Arizona’s Sources for Design magazine.  4. For the sixth consecutive year, Fulton Homes has been recognized by the U.S. Environmental Protection Agency. The Tempe-based homebuilder…

Sales Transactions  1. Fundamental Income announced its acquisition of vehicle inspection and emissions testing centers for ~$56M from Opus Group AB. Opus, which is leasing the properties back from Fundamental, will continue uninterrupted operations at the sites as part of the company’s testing network. The sale leaseback transaction allows Opus a total lease term of up to 35 years.  2. Fundamental Income acquired a 75-acre vehicle inspection center at 600 S. 94th Avenue, Tolleson for $50M from Carvana. The e-commerce platform for buying and selling used cars will lease-back the property under a 25-year deal. SRS Real Estate Partners’ National Net Lease Group’s Travis Fidel represented both parties.  3. KKR announced the…

By Tasha Anderson for AZBEX  Developer, Keystone Equities LLC, is looking to transform a vacant, underutilized site in Goodyear into a master planned employment hub with office, commercial, retail, light-industrial and entertainment uses.  Keystone is requesting a rezoning of approximately 223.9 acres located at the SWC of Interstate 10 and AZ State Route 303 to Planned Area Development in order to develop the project, known as Innovation Centre. According to the project documents, while the site is currently designated a Business and Commerce on the General Plan map, it is currently entitled for a mobile home/RV park. The rezoning request was heard at the…

Budget, Policy & Stimulus News  Florence Offers “Returning Stronger” Grants  Florence businesses have until October 31st to apply to the town for grants to reimburse them for expenses and losses resulting from the COVID-19 pandemic. The Town Council has authorized the creation of the Returning Stronger Grant Program for businesses that have assisted the town in fulfilling its role to protect public health, and which aim to enhance development and stabilize the local economy. Applications are available on the town website. (Source: PinalCentral)  Multifamily Industry Needs Rental Assistance  Without a stimulus bill, any further sliding by the economy could leave millions of renters unable to make payments and landlords without crucial revenue…