Author: BEX Staff

Source: JLL According to the Q3 Industrial Insight report from the Phoenix office of JLL, metro Phoenix now has more than 10MSF of industrial space under construction – the highest level of year-to-date construction activity since 2007. Despite still-rising construction costs, the JLL report cites in-migration and a growing pool of skilled labor as key factors driving the growth. “Companies have recognized the favorable operating conditions in the Valley, and they are not only driving new industrial construction but are also committing to new spec projects prior to completion of their construction,” said JLL Vice President Riley Gilbert. “Phoenix has…

Groundbreakings 1. Trammell Crow Co. and a fund managed by CBRE Global Investors have started construction on a four-building, 27-acre, 356KSF industrial complex, called Park Aldea, to be built near State Farm Stadium at 99th Ave and Cardinals Way, Glendale. Construction is expected to be complete by Q2 2020. 2. A new Marine Mart is coming to the Marine Corps Air Station in Yuma. A ground-breaking ceremony for the future Flightline Marine Mart was held September 26th. The new mart is set to open in the fall of 2020. It will contain a barbershop, Marine Corps Exchange shopping center and…

By Tasha Anderson for AZBEX Tempe-based developer, Kuber Development Co. has recently submitted plans to the City of Scottsdale for a new hotel at the NEC of 68th Street and Camelback Road. Kuber Development is requesting approval of a zoning district map amendment to modify the currently approved site plan in order to build the new four-story, 123-room hotel, dubbed Springhill Suites by Marriott, as well as approval for a Parking Master Plan to reduce parking requirements. The site, located at 6808 E. Camelback Road, which is bound to the north by Scottsdale Fashion Center mall parking, a retail store…

By Raquel Hendrickson for inMaricopa Estrella Gin Business Park effectively was sold by the City to two companies for development. Tuesday, Maricopa City Council approved the purchase agreement of 12.32 acres to J.E.T. Real Estate Holdings and 16.96 acres to Elpida LLC. The total purchase price between the two is $1.9M. The city is working with two different parties, but Woodglen Opportunities is the master developer working with Construction Solutions Company as the builder and contractor, City Manager Ricky Horst said. The Elpida LLC portion of the development is controlled by developer Joe L. Cook. Realtor Shane Cook of MHG…

Source: Arizona State University Associate Professor Jim Ernzen found his professional passion more than 23 years ago when he began teaching construction management at Arizona State University. What he realized even then is how much learning students need beyond classroom instruction to get a complete education and a solid jump-start on their careers. Especially vital to students’ success, Ernzen says, are mentorships, internships to get firsthand job experience, research training and connections to leaders in the industry. Personal commitment and financial backing by benefactors outside the university are critical to providing students those opportunities. But attracting such support requires focused…

Awards & Accolades 1. NEZ/FCI was one of eight firms/individuals honored at the Minority Enterprise Awards Ceremony on September 9th. Marvin Nez was in attendance to accept the National “Minority Construction Firm of the Year” award from the U.S Department of Commerce, Minority Business Development Agency. Boards & Commissions 2. Erin Raden has joined the Arizona Masonry Council (AMC) as the organization’s new executive director where she will lead and manage AMC’s Education and Promotion, Workforce Development, Building Code Advocacy and Government Relations efforts. Also joining AMC as Program Director is Cassie Mejia. She will be overseeing AMC’s workforce development…

Sales Transactions 1. Griffin Capital Essential Asset REIT has acquired McKesson III, a Class A office building at 5801 N. Pima Road, Scottsdale. Ryan Cos. sold the asset for $37.7M. Team Toci of Cushman & Wakefield represented Ryan Cos. 2. Sundance Bay, LLC purchased Solano Vista, a 352-unit apartment community at 7102 N. 43rd Avenue, Glendale, for $30.75M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the seller, 3rd Ave Investments, and the buyer. 3. Festival Ranch North LLC, an entity comprised of LKY Development, RC Spurlock LP and Mt. Shaw Holdings LLC, has…

By Rebekah Morris for AZBEX Agencies throughout the state have released their final Capital Improvement Plans (CIPs) and the trends are clear: municipalities are enjoying high levels of tax revenue due to an expanding economy, low unemployment and high property values. What’s interesting is the shifting priorities of capital projects and the growing reluctance to rely on debt to pay for one-time capital expenses. Additionally, cities are using the CIP document as an Economic Development tool; the visual appeal of many is noticeably improving, and several are touting the CIP document itself as a way to communicate with businesses considering…

By Tasha Anderson for AZBEX Tempe City Council held the first public hearing on September 26th for a new hotel planned for the SWC of Rio Salado Parkway and Smith Road. The hotel, dubbed Tempe Station Even Hotel, will carry the Even Hotels brand and is planned as a four-story, 150-room development consisting of a total of 78.2KSF. It is the largest portion of the six-lot Tempe Market Station mixed-use development and will be located on Lot 2. The site plan submitted to the city by Berry Riddell, LLC, on behalf of SJJ Development, also shows a request for approval…

Source: RED Development RED Development is now underway with plans to develop a $300M mixed-use destination on the NWC of 44th Street and Camelback Road, one of the most high-profile intersections in the Valley. The project will include a private NBA/WNBA training facility, boutique hotel, Class AA office buildings, self-storage facility and high-end shopping and dining. The Phoenix Suns and Phoenix Mercury have begun construction on a 50KSF state-of-the-art private practice facility. Designed as the teams’ training sanctuary, the facility will feature the latest innovations in sports science designed to elevate sustainable high performance as well as a wide array…