Author: BEX Staff

Source: Equipment Leasing & Finance Foundation The Equipment Leasing & Finance Foundation has released the January 2020 Monthly Confidence Index for the Equipment Finance Industry. The index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $900B equipment finance sector. Overall, confidence in the equipment finance market rose for the third consecutive month to 59.9, an increase from the December index of 56.2. When asked about the outlook for the future, MCI-EFI survey respondent David Normandin, CLFP, President and CEO, Wintrust Specialty Finance, said, “Demand for leasing in the segments we…

Giving Back 1. Clear Title Agency of Arizona has launched into 2020 by making a significant investment in the Central City South Neighborhood Revitalization initiative with Habitat for Humanity of Central Arizona. The three-year commitment will serve as a foundation for redevelopment efforts underway in four targeted neighborhoods that are part of the Central City South Community, located just south of Downtown Phoenix. Awards & Accolades 2. The recipients of the 2019 SAME Scholarship are: Lauren Hess – $1,500 scholarship Carter Christianson – $500 summer camp scholarship Boards & Commissions 3. AZCREW, Metro Phoenix’s premier real estate organization focused on…

Sales Transactions 1. The Blackstone Group purchased the 1,003-room Sheraton Phoenix Downtown hotel, located at 340 N. 3rd Street, from Marriott for $268M. In recent months the hotel has undergone a massive renovation, updating everything from guest rooms to restaurants. Renovations are scheduled to be completed in the first half of 2020. 2. Pillar Communities purchased the Circa Central Avenue apartments, a 227-unit complex just south of McDowell Road in Downtown Phoenix for $57.5M. The Hunt Companies, Tilton Development Co., Civitas Capital Group and Ryan Companies US Inc. developed the apartments which opened last year and announced the sale. Tyler…

By Tasha Anderson for AZBEX Hotel developer, Tharaldson Hospitality Development recently submitted plans to the City of Tempe for a new hotel to be located on 2.8 acres at 93 S. Rockford Drive, part of the Heavy Industrial District and the 2100 Rio Salado mixed-use development. Tharaldson has requested a use permit to allow a hotel in that district, a development plan review that includes a site plan, landscape plan and building elevations and an amended Planned Area Development to modify the site plan from retail and restaurant to hotel use. The project was heard at Tempe’s Development Review Commission…

Source: Arizona Commerce Authority Dot Foods, the largest foodservice redistribution company in North America, has announced it’s expanding its footprint in Arizona. The company plans to add nearly 70KSF to its current operation in Bullhead City and hire 70 additional warehouse employees and regional delivery drivers over the next three years to staff the growing operation. The Illinois-based company established operations in Bullhead City in 2017. The 190KSF Dot Foods Arizona distribution center includes refrigerated, frozen and dry storage and a garage to service the Dot Transportation, Inc., fleet. The expansion will nearly double the freezer space and expand the…

By Steve Burks for AZ Big Media Consistency may be boring, but when it comes to the commercial real estate outlook and the Greater Phoenix commercial real estate industry, no change is good for business. The United States is in what most economic experts feel are the latter stages of a growth cycle that is stretching into its 11th year. Many are signaling a global economic slowdown and are warning that could trigger the start of a recession in the U.S. However, commercial real estate experts in the Greater Phoenix market still see significant room for growth in all of…

Awards & Accolades 1. Gilbane Building Company, together with design partner DLR, accepted the ENR Southwest “Best Project Award” in Healthcare for their recent MIHS Maryvale project. Groundbreakings 2. Hines announced it has broken ground on Adeline, a 25-story, 379-unit luxury for-rent residential high-rise community at the Collier Center in downtown Phoenix. Construction is expected to finish in late 2020-early 2021. Leasing will begin in 2021. SmithGroup is the architect and Whiting-Turner is the general contractor. 3. Epicenter at Agritopia, a 320-unit multifamily and 49KSF retail development in Gilbert, broke ground on Thursday. Johnston and Co. and Streetlights Residential, the…

By Tasha Anderson for AZBEX A new assisted living, independent living and memory care development to be located at the former L.A Fitness site at the SEC of 32nd Street and Camelback is headed towards the City of Phoenix Planning Commission. Ryan Companies is seeking approval to rezone the approximately 5.86-acre site from Commercial Office, Major Office option, Special Permit, to Planned Unit Development. The request was recently heard at the city’s Camelback East Village Planning Committee meeting on January 7th. The project, called Clarendale at Arcadia, is proposed as a one- and five-story +/-250-unit licensed independent, assisted living and…

Source: Arizona Commerce Authority PVB Fabrications, Inc. (PVB), primarily a multi-disciplined general contractor and provider of quality welding and fabrication services for the commercial, utility, government, heavy industrial and mining sectors, announces plans to expand its headquarters in Marana. PVB has purchased 10 acres at 8037 and 8041 W. Tangerine Road, 85658 and is planning the construction of a new corporate headquarters to consolidate operations into one location. The new facilities will include a 15KSF administrative office building plus three separate 30KSF fabrication/production facilities. PVB is currently located at 911 W. Grant Road, 85705 and employs 375 people. The full…

Source: Real Estate Daily News Governor Doug Ducey applauded the passage of $152.4M in new federal funding to modernize the San Luis I Port of Entry in Southern Arizona. Designated as the number one priority port of entry in the United States by Customs and Border Protection, the San Luis I port is one of the busiest ports at the U.S.-Mexico border and the only port to receive this funding. In September, Governor Ducey sent a letter to Arizona’s congressional delegation urging them to support this critical investment. Last week, President Trump signed into law a $1.4T spending package, which…