Author: BEX Staff

By Tasha Anderson for AZBEX  Developer, Wood Partners is looking to bring another “Alta” brand multifamily residential development to the City of Chandler.  The city recently heard and approved a request to amend the existing Planned Area Development zoning at the SWC of Chandler and Parklane Boulevards to multifamily with a Mid-Rise Overlay, and approved the preliminary development plan for the proposed 293-unit luxury apartment complex, called Alta Chandler at the Park.  The other project Wood Partners developed, called Alta San Marcos, is located at the SWC of Chandler Boulevard and Dakota Street and was completed in late 2018.  The development will consist of a…

Budget, Policy & Stimulus News  Floodgates Open on PPP Loan Forgiveness  The Small Business Administration is facing a mountain of Paycheck Protection Program loan documents and forgiveness applications as the “floodgates” open on small businesses asking for their loans to be forgiven. The renewed forgiveness push comes after the SBA released a simplified forgiveness form for businesses with loans under $50K. (Source: Phoenix Business Journal)  Economic News  Amendments Allow for Clarification on Existing Leases  For the last six or seven months, lease modifications and amendments have been abundant. While many of the modifications and amendments have been pandemic related and frustrating for the parties, the good news is that like lease…

By Sebastian Obando for National Real Estate Investor  Commercial real estate investors are showing increasing interest in biolab facilities as healthcare research and development has accelerated due to the pandemic.  “[There is] an increased demand for laboratory space which, when coupled with low vacancy rates in most life science cluster markets, drives rental rates higher,” says Russell Brenner, president of the medical office and life sciences division with CA Ventures. “Very few sectors can demonstrate the same level of rent growth, especially in the COVID-19 environment. Similar to medical office, life sciences are viewed as a defensive asset class.”  Data firm the CoStar Group is receiving more inquiries about lab properties in…

Source: Colliers International  The Greater Phoenix retail market posted positive net absorption in third quarter, despite the continued impact of the COVID-19 pandemic. Vacancy rose slightly during the quarter to 7.7 percent as the city was recognized for comparatively low unemployment and small business closures.  During third quarter, Greater Phoenix posted a 1.7 percent increase in unemployment, finishing September at 5.9 percent. This marks a steep decline from an April unemployment rate of 12.5 percent. August employment in the Retail Super Sector dropped just 0.26 percent below the level of August 2019 Retail Super Sector employment. Many retail establishments are small businesses.   An Opportunity Insights report shows the number of…

Giving Back  1. CHASSE Building Team partnered with the Tempe Elementary School District in October to assemble and launch “Little Free Libraries” at four local elementary schools: Laird, Thew, Nevitt and Scales. The general contractor both assembled the four 4-foot structures at the schools as a team, as well as donated books to each Little Free Library to get the sharing started.  Awards & Accolades  2. WESTMARC’s 28th Annual Best of the West Awards Dinner on October 22nd honored the West Valley’s best leaders, investments and programs. The winners are:  Economic Engine: Desert Microsoft  Excellence in Innovation: Ottawa University  Quality of Life Enhancement in the Community: Verizon Wireless  Quality of Life Enhancement in Education: Abrazo Healthcare Residency…

Sales Transactions  1. TA Realty acquired Alta North Central, a 229-unit four-story apartment complex at 777 E. Stella Lane, Phoenix, for $75M. The seller was an entity tracing back to Wood Partners.  2. Kennedy Wilson Multifamily acquired Apache Station Apartments, a 400-unit gated apartment complex at 2323 E. Apache Boulevard, Tempe, for $69.75M. The seller was Green Leaf Partners. CBRE Capital Markets delivered $38.9M in new debt for the acquisition.  3. A discretionary fund managed by CBRE Global Investors has purchased a 368.5KSF multi-tenant warehouse at 4450 N. 45th Avenue, Phoenix, for $41.1M. JLL’s Tony Lydon and John Lydon assisted in the sale.  4. Two LLCs affiliated with the McMillin Companies purchased Nine90, a 72-unit…

By Rebekah Morris for AZBEX  Sales tax data available on AZEconomy.org, published by the University of Arizona Economic and Business Research Center, shows a surprising trend: construction in Arizona has risen despite the broad economic downturn as a result of the COVID-19 health epidemic. At the BEX Annual Construction Forecast event in January 2020, BEX researchers presented data that projected strong growth across the industry. Once COVID-19 hit in full force in mid-March, it appeared those projections were going to fall far short. Now, seven months into the pandemic, it is apparent that construction is mostly spared from severe downturns.  Monthly Volume Speaks, Well, Volumes!  Every month in 2020, Arizona construction volume has experienced a year-over-year (Y-o-Y) growth of more than 10 percent. The…

Budget, Policy & Stimulus News  Glendale Introduces Landlord, Tenant Relief  The Glendale City Council approved a program designed to help tenants and property owners apply for assistance if they’ve been affected by the coronavirus pandemic. The Property Owner Preservation program is designed to allow landlords to apply for federally funded assistance on behalf of their residential tenants if they are struggling to make rent because of the pandemic. (Source: KTAR)  Economic News  Apartments in Lower-Cost Areas Set to Thrive  With remote working increasing and oversupply a concern in urban markets, trends seem to favor suburban apartments in the future. (Source: GlobeSt.com)  Hotels to See Uneven Recovery  At the…

By Tasha Anderson for AZBEX  Deer Valley Unified School District is looking for help to develop a new Elementary School on approximately 14 acres located at the intersection of Inspiration Mountain Parkway and Pinnacle Vista Drive in Phoenix.  The school district recently published a Request for Qualifications for Construction Manager at Risk (CM@R) and construction services for the $20.3M school, called Elementary School No. 32.  “The purpose of the Request for Qualifications is to obtain qualification proposals for pre-construction and construction services necessary for design assistance and construction of Elementary School No. 32,” the RFQ states. “The CM will be required to work with District…

By Brian P. D. Hannon for Associated Press  Sunbathers understand the benefits of applying sunscreen, but in America’s hottest big city the same concept is being tested at street level in the hope of bringing some lasting relief from the relentless Arizona sun.  A team from Arizona State University is working with the City of Phoenix on a pilot program studying the use of “cool pavement” to reduce heat island effect, a phenomenon that raises temperatures in urban areas covered by asphalt and concrete.  Heather Murphy, a Street Transportation Department spokesperson, said Phoenix is applying cool pavement coating to nine sites representing different urban characteristics, from…