Author: BEX Staff

Awards & Accolades 1. As Nikola Motor Company draws closer to developing a 1MSF plant in Coolidge, the hydrogen electric semi-truck manufacturer is gaining accolades. The most recent recognition by Area Development Magazine ranks the Nikola plan among five “Projects of the Year” for 2019. Groundbreakings 2. Harkins Theatres has started construction on a new $32M, 65KSF headquarters at McDonald Drive near the Loop101 in Scottsdale that will also include mixed-use space for a variety of retail tenants. Construction is expected to be complete in summer 2020. 3. 2438 N. Palo Verde Avenue LLC, developers of the former Motel 6…

By Tasha Anderson for AZBEX The Tempe City Council has approved beginning negotiations with developer, South Pier Tempe Holdings, LLC for the lease/sale and development of 11 acres of city-owned land at Pier 202. The City of Tempe wishes to redevelop the area on the south bank of Tempe Town Lake East of Scottsdale Road and North of Rio Salado Parkway into a new mixed-use development. In April, a Request for Qualifications was issued looking for a developer to purchase or lease and develop the 11 acres of lakefront property. According to the RFQ, the submittal and site plan should…

By Nick Esquer for Chamber Business News Last month, Arizona senators Martha McSally (R) and Kyrsten Sinema (D) joined forces in a show of bipartisanship by introducing legislation aimed at improving water supply infrastructure, giving local operators of federally owned facilities the resources and means they need to improve aging water treatment. The Water Supply Infrastructure Rehabilitation and Utilization Act hones in on giving aid to the Bureau of Reclamation’s (BOR) facilities that are in need of major upgrades or replacement. The total number of treatment facilities that fall under that category comes in at 80 percent. As those facilities,…

By Connor Dziawura for West Valley View Joe Dodani calls Tonopah his “Diamond City.” The land broker, who said he has 15 years’ experience with more than 200 transactions in the area, has seen the growth in the West Valley — growth that he said is poised to overtake Tonopah in the coming years. So, with that in mind, two of Dodani’s clients have made purchases amounting to a combined 242 acres of land in downtown Tonopah. Those clients — SLM Land Holdings and Phoenix physician Dr. Hetal Shah — each purchased about half of that land for $1,052,700, Dodani…

Giving Back 1. Valley Partnership has announced that New Pathways For Youth is the 2019 recipient of its annual Valley Partnership Community Project. The event brings together members and leaders within the Valley’s developmental community for a day of service. This year’s event will take place on November 4th, to improve the building and structure of New Pathways For Youth’s building located in Downtown Phoenix. 2. The Southern Arizona Environmental Management Society (SAEMS) recently received a $2,500 grant from the foundation of engineering consulting firm Terracon. The grant will be used to award a single, $1,500 scholarship to an SAEMS…

Sales Transactions 1. TruAmerica Multifamily has acquired Covington Park, a 520-unit garden-style apartment community in Phoenix for $77.26M. Tyler Anderson, Asher Gunter, Sean Cunningham and Matt Pesch from CBRE’s Arizona office marketed the properties on behalf of the undisclosed seller. 2. CBRE Global Investors acquired a 191KSF data center at 2500 W. Frye Road, Chandler, for $72.75M. The seller was Lincoln Rackhouse, the data center division of Lincoln Property Co. CBRE brokers Kristina Metzger and James McCarthy helped broker the deal. 3. JLL Income Property Trust, an institutionally managed daily NAV REIT announced the $72M acquisition of Summit at San…

By Sammy Williams for AZBEX The latest in the BEX Leading Market Series found attendees gathered at SkySong in Scottsdale on Thursday, August 1st to discuss the current state of the hospitality sector. BEX Vice President of Operations Rachel Pratt kicked off the breakfast with an overview of the hospitality industry, which is comprised of hotels and resorts, sports and entertainment venues and theme parks. With tourism as a major driver of Arizona’s economy, it’s no surprise that hotel and resort projects make up the majority (75 percent) of current projects. Sports and entertainment (16 percent) and theme parks (9…

By BEX Staff for AZBEX The Town of Gilbert has recently issued a Request for Qualifications for a qualified developer to build a “hotel, resort, complimentary retail, conference center space and/or combination thereof,” on approximately 10 acres at Gilbert Regional Park. The town intends to enter into a minimum 30-year ground lease (with up to two, 10-year options) for the land located south of Queen Creek Road and West of Higley Road, and have the developer finance and develop the approved project, as well as fund maintenance and operational costs during the lease. According to the RFQ, the desired project,…

Source: Arizona Public Service Company Arizona Public Service Company (APS) announced plans to add new solar and wind resources that will help expand the company’s renewable energy portfolio to about 2,500 megawatts by 2021 – enough to power more than half a million Arizona homes. The company plans to issue two Requests for Proposal (RFPs) by Sept. 15, 2019. The first RFP will seek competitive proposals for up to 150 megawatts of APS-owned solar resources to be in service by 2021. This solar generation will be designed with the flexibility to add energy storage as a future option. A second…

Source: Marwest Enterprises Marwest Enterprises is pleased to announce the successful joint venture for its new development known as Logic Park 91. The project consists of three buildings totaling 720KSF on 44 acres. The new $53M, Class-A industrial project will be located at the intersection of 91st Avenue and Buckeye Road in Phoenix. The project is expected to be completed by the end of 2Q 2020. Logic Park’s buildings will range from 230KSF to more than 250KSF of leasable space and will be delivered simultaneously to meet the market’s significant demand. The project was designed to provide tenants with a…