Author: BEX Staff

Company News  1. BEX is proud to announce that we have recently obtained the status of Certified DBE firm for the following NAICS codes:  511120 – Periodical Publishing  5418 – Advertising & Public Relations Consulting  51913 – Online Publishing & Web Search Portals  541613 – Marketing Consulting  561920 – Event & Meeting Planning  We look forward to expanding our scope of services in these areas of work, especially related to projects that have DBE goals.  2. CapRock Partners announced a first and subsequent second closing of CapRock Partners Industrial Value-Add Fund III, totaling more than $180M of committed capital in the fund and co-investment vehicles. CapRock Partners Industrial Value-Add Fund III…

Sales Transactions  1. Valwood Element, LLC purchased Element at Kierland, a 57.7KSF upscale multi-tenant office building at 14614 N. Kierland Boulevard, Scottsdale, for $17.3M. Eric Wichterman and Mike Coover of Cushman & Wakefield represented both the buyer and seller, MACP Kierland Fairways, LLC, a subsidiary of Montana Avenue Capital Partners.  2. Lilly Tucson Investments, LLC purchased Ridgewood Gardens, a 171-unit multifamily complex at 3302 S. Pantano Road, Tucson, for $11.3M. SVN Desert Commercial Advisor’s Danny Lee represented the buyer. The seller was Ridgewood USA, LLC.  3. Marcus & Millichap announced the $9.05M sale of Walgreens, a net-lease drugstore at 2000 S. Mill Avenue, Tempe. Mark Ruble, Chris Lind, and Jamie Medress, investment specialists in…

By Tasha Anderson for AZBEX  Plans for a new 203.4KSF residential mixed-use development to be located at the NEC of Smith Road and Apache Boulevard have been submitted to the City of Tempe.  The 4.09-acre property is within Tempe’s Eastline Village development site. Applicant, Gammage & Burnham P.L.C., on behalf of developer, Jones Multifamily, LLC, is requesting a General Plan Density Map Amendment from Medium to High Density, a Zoning Map Amendment to Mixed-use High Density, a PAD Overlay and approval of plans including site plan, elevations and landscape plan.  The project, called Blue at Eastline Village, is proposed as a four-story residential mixed-use development comprised of two buildings housing 187 dwelling units, and approximately 4KSF…

Economic News  Experts Fear ‘Credit Infection’  Jim Belfiore of Belfiore Real Estate Consulting and other experts are warning the impacts of unemployment and reduced credit availability could result in a “credit infection” that will affect buyers’ ability to purchase new homes. “If unemployment rises further, as it’s expected to, more people are missing their rent and mortgage payments and credit card delinquencies are rising,” Belfiore said. “We’re going to have a bigger infection on our hands. It’s going to infect long term the housing demand.” (Source: Phoenix Business Journal)  Pandemic Could Continue Rough Times for Senior Housing  The decrease in seniors moving into elderly homes because of the coronavirus could result in…

By Tasha Anderson for AZBEX  Arizona’s seasonally adjusted unemployment rate increased to 12.6 percent in April 2020, from March 2020, according to the latest report published by the Arizona Office of Economic Opportunity.   The national rate increased to 14.7 percent from 4.4 percent in March. In April 2019, the state had a seasonally adjusted rate of 4.8 percent, and the national was at 3.6 percent.  The state had a net loss of 283,300 non-farm jobs over the month. “Historically (2010-2019), Nonfarm employment has averaged a gain of 8,700 jobs in April,” the report states. Of the 11 sectors tracked Natural Resources & Mining was the only sector with a net employment gain with 100 jobs for the month. Leisure & Hospitality had the largest net loss with 122,600 jobs, followed by Trade, Transportation & Utilities with a loss of 57,400. Construction lost 4,200 jobs over the month.  Natural Resources & Mining in Arizona took the…

Source: Maricopa County  Maricopa County is putting hundreds of millions of dollars in federal funds to immediate use helping people impacted by the COVID-19 pandemic while also pulling back on discretionary spending unrelated to the crisis.   It’s a one-two effort to best serve taxpayers during a time of national emergency. The Board of Supervisors approved a tentative $3.071B budget for fiscal year 2021. The bulk of spending is focused on core statutory responsibilities like public safety, with an increased amount dedicated to community health.   The overall county budget increased this year in large part because of an injection of federal funding through the Coronavirus Aid, Relief, and Economic Security Act. As the nation’s fastest-growing county with the 3rd largest public health jurisdiction, Maricopa County received more than $398M to combat COVID-19, money that is being spent…

Groundbreakings  1. To make way for improvements to State Route 189 (Mariposa Road) in Nogales, the 3.75-mile road that connects the international border with Interstate 19, crews have been clearing brush from the path of the first of two flyover ramps that will connect northbound SR 189 with northbound I-19. Construction on ADOT’s $134M project began this week. The improvements to SR 189 also include building a roundabout at SR 189 and Target Range Road as well as a traffic signal, drainage improvements and additional work, including improvements east of I-19 and on Grand Avenue.  Progress Reports  2. With the completion and sale of a 6.5KSF…

By Tasha Anderson for AZBEX  Real estate developer, The Empire Group of Companies submitted plans to the City of Phoenix for a new single-family for rent development to be located at the NWC of Camelback Road and Ball Park Boulevard.  Empire is requesting to rezone approximately 18.02 acres from Suburban S-1 District – Ranch or Farm Residence, Special Permit and Suburban S-1 District – Ranch or Farm Residence, to Multifamily Residence District. They are also requesting a General Plan Land Use Designation amendment from Park/Open Space-Public and Residential 3.5 to 5 dwelling units per acre, to Residential 10 to 15 dwelling units per acre…

Policy & Stimulus News  Cities, Counties Pushing for More Funds  Arizona cities and counties are pressing for more funding at both the state and federal levels as they deal with coronavirus outbreak. Local officials from across the state are pushing Gov. Doug Ducey to send them a portion of more than $1.9B in federal coronavirus relief funds. Mayors from cities around the state are also lobbying representatives in Washington to support additional funding sent directly to local governments. (Source: Arizona Daily Sun)  State Gets $21M in Federal Housing Funds  Arizona received close to $21M from the federal government this month to address housing needs during the new coronavirus pandemic. The U.S. Department of…

Source: Arizona Commerce Authority  Governor Doug Ducey has announced that following a national search, Taiwan Semiconductor Manufacturing Company has selected Arizona for its new U.S. advanced semiconductor factory. The project will create more than 1,600 new high-tech jobs and generate thousands of additional jobs in the state for suppliers and other companies within the semiconductor industry. TSMC’s total spending on this project, including capital expenditure, will be approximately $12B from 2021 to 2029.  “We’re incredibly proud that one of the world’s leading technology companies has chosen Arizona for this high-tech project, one with national and global significance,” said Governor Ducey. “I’d like to thank TSMC Chairman Dr. Mark Liu for his commitment to Arizona.…