Author: BEX Staff

Progress Reports  1. Construction on La Quinta continues at John Wayne Parkway/Martin Luther King Jr. Boulevard next to Copper Sky. The four-story building will have 89 rooms and occupy 56KSF. It is expected to employ 20.   2. The joint venture, Willmeng Construction Inc. and Fann Contracting, recently celebrated the topping out of the new 18KSF passenger terminal at Prescott Regional Airport Ernest A. Love Field. Final completion is expected in March 2021.   Completions  3. 7180 Optima Kierland opened the 12-story residential high-rise tower. The award-winning, green-building design created by David Hovey, Jr., AIA, president and principal architect of Optima.  4. The Maricopa County Attorney’s Office recently moved into the new six-floor office building that was formerly the site of…

By Rebekah Morris for AZBEX  Arizona is the location of many planned mega projects, each valued at $1B+ total construction cost. Perusing DATABEX for a current list reveals 27 such projects.   Come along as we recap the largest projects going on in the state. One caveat to mention upfront; Since BEX covers the commercial and infrastructure markets, single-family residential is specifically excluded. Also excluded are projects on hold or canceled.  Data Centers & Master Planned Campuses Prevalent  Looking at the types of projects on the list includes a heavy concentration of both master planned campuses and data centers. Data centers are typically valued at a very high capital investment, although most of…

Budget, Policy & Stimulus News  Phoenix Has $9M+ Left for Business Grants  With more than $9M still left sitting idle in a Phoenix grant program set up to help small businesses amid the COVID-19 pandemic, city officials are looking to expand its eligibility parameters to get more of the money moving out the door. The Phoenix Small Business Resiliency Grants Program was created with nearly $14M in funding from the CARES Act to help small businesses navigate through the coronavirus pandemic. (Source: Phoenix Business Journal)  Assistance Applications Open for Rental Property Owners  Applications are open for Arizona’s Rental Property Owner Preservation Fund, providing assistance to rental property owners across the state who…

By Shaq Davis for Arizona Daily Star  The Arizona Department of Transportation is in the early process of exploring partnerships that would lead to broadband conduit being installed along three interstate routes.  The department is following an initiative from Gov. Doug Ducey who announced in January that $50M in funding would help achieve 500 miles of broadband lines and fiber optic cabling along highway segments in rural areas of Arizona.  Ducey said these “Smart Highway Corridors” will “improve highway safety while providing future high-speed internet capacity for smart infrastructure projects in Arizona’s rural and tribal areas.”  To start, the installation would affect Interstate 19 between Tucson and Nogales; Interstate 17 between Sunset Point…

By Paul Maryniak for Ahwatukee Foothills News More than 18 months after homeowners in the 185-home Foothills Paseo II subdivision launched an effort to derail a plan for Quik Trip on 40th Street, the gas station giant appears all but certain to win. The city Planning Department is only a few weeks from giving final approval to the controversial project, according to spokeswoman Angie Holdsworth. “It looks like the project is waiting final site review,” she said. “Everything is ready to go pending the approval. It will probably take a couple weeks for that to be completed give or take.”…

Source: AZ Big Media  In the fourth monthly NAIOP survey measuring the impact of the COVID-19 crisis on the commercial real estate industry, respondents say that deal activity is improving across most major sectors of the industry, but more now expect impacts from the crisis to affect their businesses for an additional 12-18 months.  “July continued a trend of positive growth in reported industrial, office and multifamily building acquisitions activity, with more respondents reporting having witnessed these deals than in previous months,” said NAIOP President and CEO Thomas J. Bisacquino.   The increase in building acquisitions activity was most notable for industrial properties, with 92.6 percent of respondents witnessing…

By Kelsi Maree Borland for GlobeSt.com  The pandemic isn’t deterring investment in Phoenix, at least not for CapRock Partners. CapRock has pinpointed Phoenix as a target market for industrial investment and development, and it expects the market to continue to benefit from longstanding population and job growth trends, despite the pandemic.  “The demand drivers of Phoenix are very attractive to us,” (said) Bob O’Neill, SVP of acquisitions of CapRock Partners.   While these demand drivers were in place long before the pandemic, O’Neill says the pandemic has brought a new set of drivers that make the market attractive for investment. “We look at the factors that are driving that growth,”…

Awards & Accolades  1. Mark Taylor, Senior Vice President of WestLand Resources, Inc., received AZ Water’s Engineer of the Year. The award recognizes individuals that have gone above and beyond in the water industry.  2. ENR Southwest Top Design Firms 2020:   AECOM  HDR  Kimley-Horn  Stantec  Burns & McDonnell  WSP USA  Carollo Engineers  Gensler  Bohannan Huston Inc.  EPS Group Inc.  Dekker/Perich/Sabatini LTD.   SmithGroup  Terracon Consultants Inc.   Wilson & Co., Engineers & Architects  Atkins, Member of the SNC-Lavalin Group  Souder, Miller & Associates  Gannett Fleming  SWCA Environmental Consultants   Atwell LLC  Stanley Consultants   For a complete list click here.  3. Phoenix Business Journal: 40 under 40 2020:   Vanessa Williams; Director of Business and Market…

Sales Transactions  1. MHP #1, LLC purchased Desert Pueblo Mobile Home Community, 55+ community with 418 spaces at 1302 W. Ajo Way, Tucson, for $30M. Derek Harris of HARRIS Manufactured Housing & Commercial Brokerage represented both the buyer and seller, a family trust from Redwood, California.  2. Exeter Property Group purchased 92 Mountain View, a 116KSF campus, 89 percent leased to CVS Health for $19.2M. The JLL Capital Markets team representing the seller included Ben Geelan, Andrew Milne from the National Healthcare Capital Markets Team and Michael Leggett. The seller, Exeter was represented by John DiVall.   3. Scottsdale Development Partners purchased Shops at Dynamite Creek in Cave Creek for $10.5M.   4. Pulte Homes and Meritage Homes purchased the first phase (260 lots)…

By Tasha Anderson for AZBEX  Conceptual plans for a new 24-hour outpatient medical center to be located just west of the NWC of 54th Street and Shea Boulevard have recently been submitted to the City of Phoenix Planned Unit Development & Planned Community District site.  Developer, Anchor Health Properties is requesting to rezone the approximately 3.17-acre site from Planned Area Development-Two, Special Permit to Planned Unit Development to allow for the HonorHealth branded medical center.  Known as HonorHealth Outpatient Medical Center – Shea, the project is proposed to be a single-story, 25KSF hybrid free-standing emergency center with medical office. Approximately 11.5KSF of space will be used for physical…