Author: BEX Staff

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…

Source: Associated Builders and Contractors In June, estimated not seasonally adjusted construction unemployment rates fell nationally and in 40 states and increased in 10 on a year-over-year basis, according to an analysis of U.S. Bureau of Labor Statistics data released by Associated Builders and Contractors. For the second month in a row, all 50 states posted construction unemployment rates of less than 10 percent. The construction industry employed 200,000 more workers nationally compared to June 2018, dropping the June 2019 national NSA construction unemployment rate 0.7 percent, from 4.7 percent to 4 percent, according to BLS numbers. “While severe weather,…

Groundbreakings 1. Three “state-of-the art” data centers that Microsoft Corp. has begun constructing in Goodyear and El Mirage will employ a total of 110 people in their first phases, which are planned to open around 2021. The first phase for the Goodyear sites will total 486KSF while the first phase of the El Mirage site will total 254KSF. 2. McCarthy Building Companies broke ground on construction of a new 220KSF medical tower at Dignity Health Chandler Regional Medical Center earlier this month. Slated to open in spring 2021, Tower D will bring the medical facility’s total bed count to 429.…

By Tasha Anderson for AZBEX The City of Phoenix has issued a Request for Proposals for a firm to redevelop the Regency Parking Garage site at 40 N 2nd Street, downtown. The 41.2KSF site currently houses the Regency Parking Garage, a multi-story structure with commercial space on the ground floor that provides parking for the Phoenix Convention Center. The City of Phoenix wishes the selected firm to “create an appropriately dense, infill redevelopment project that capitalizes on the Site’s prominent urban location and provide a mix of complementary land uses that facilitate urban activation, which may include office, hotel, retail,…

By Hayley Ringle for Phoenix Business Journal As solar investments by businesses grow across the U.S., Arizona is a leader with 148 megawatts of installed corporate solar projects, according to a recently released report. The Solar Energy Industries Association’s 2018 Solar Means Business Report, released July 25, said tech giant Apple Inc. is now the leading user of corporate solar in the U.S. with nearly 400 megawatts of installed capacity. In 2018, Apple announced its global operations were powered 100 percent by renewable energy sources. In Arizona, Apple’s $2B Mesa data center is purchasing solar power from the 50-megawatt Bonnybrooke…