Author: BEX Staff

Groundbreakings 1. A joint venture between Ryan Companies US, Inc. and Standard Real Estate Investments, LP announced the groundbreaking of Phase Two of 17 North Corporate Centernear Interstate 17 and Pinnacle Peak Road in north Phoenix. The project is comprised of two industrial buildings, totaling more than 186KSF. Ryan Companies is developing and building the project. Bankers Trust is financing construction. Butler Design Group is the architect. CBRE’s Cooper Fratt, John Werstler and Tanner Ferrandi are marketing and leasing the building. Completion is expected in Q4 of this year. 2. Tiffany Construction Co. will begin replacing the existing City of…

By Roland Murphy for AZBEX The Mesa Design Review Board recently reviewed and made recommendations on the building elevations and landscape design for a new skilled nursing facility on Main Street east of 56th Street. The vacant, 2.07-acre property is situated next to a warehouse owned by Velda Rose Methodist Church. The submitted narrative states the church is working with the applicant—identified on the landscape plans as Circle the City—and the City of Mesa to separate the two parcels. Circle the City provides healthcare services to individuals facing homelessness in Maricopa County. The project will require a site plan and…

A proposal by the Arizona Department of Transportation to sell two parcels of land near State Route 179 and Sombart Lane to the City of Sedona could pave the way for a long-envisioned creekwalk as part of the local parks and trails system. Deputy City Manager Andy Dickey informed the City Council about the proposal at a retreat last month and added the land could be used for trails and/or a creek park. The site is located south of a recently completed pedestrian underpass. A future creekwalk could connect between the parcel and the underpass at SR 179. The other…

By BEX Staff for AZBEX Early last month, the Phoenix City Council unanimously voted to approve slightly more than $3M for the development of Senior Bridge, a transitional and affordable senior housing development at 2853 E. Van Buren St. north of Phoenix Sky Harbor International Airport. The Council action directs the City Manager to enter into an Affordable Housing Loan Program agreement for the funding using U.S. Department of Housing and Urban Development HOME Investment Partnerships American Rescue Plan program funds. Other funding sources for the development include $7.1M from the Arizona Department of Housing, $1.95M from Bloomspot LLC and…

Arizona’s population has grown 6% since 2020 and is up 1.5% between 2023 and 2024, according to the latest estimates from the U.S. Census Bureau. The state’s total population sits at almost 7.6 million people. Arizona is 10th for percent growth and eighth for numeric growth over the last year, which saw more than 109,000 new resident arrivals. Nine states added more than 100,000 people each between July 2023 and July 2024. The national population rose 1%, with Texas leading growth and adding 563,000 people. California led additions in the western region with more than 232,500. Despite California’s population gains,…

By Roland Murphy for AZBEX In its Jan. 9 meeting, the Pinetop-Lakeside Planning and Zoning Commission will consider a site plan and design review request from A-OK Builders to develop a 41.1-acre parcel at White Mountain Blvd. and Show Low Lake Road. Rustic Pines will consist of 61 residential units for sale, 163 rental units and 2.58 acres of commercial space. The for-sale units will feature a one-car garage with additional driveway parking. The rental area will have a total of 357 parking spaces. For-sale units will be available in two- or three-bedroom. The rental units are planned for a…

A recent analysis from Associated General Contractors of America reports Phoenix lost 3,700 construction jobs between November 2023 and November 2024, a decline of 3%. Phoenix’s decline made it the fourth-highest market in the country for construction job losses. Tucson lost a total of 100. Nationally, the sector added 10,000 in November, with 65% of markets seeing gains. Houston led gaining metros in terms of individual positions, adding 16,100 for a 7% increase. Anchorage, Alaska saw the highest percentage increase, rising by 1,800 jobs for a 17% gain. Markets leading losses included New York City and Portland, Ore., dropping 7,800…

On Dec. 18, Yuma City Council authorized the City to apply for Arizona State Match Advantage for Rural Transportation funds for infrastructure projects. The AZ SMART fund was created in 2022 by the Arizona Legislature. The funds are intended to assist municipalities, counties and the Arizona Department of Transportation to compete for federal grants. AZ SMART funds are available for federal discretionary grants. The funds are awarded by the discretion of the federal agency and not distributed by formula/allocation. ADOT requires applicants to have jurisdictional approval prior to applying for AZ SMART funds. The Yuma projects would include storm drain…

Awards & Accolades 1. Information Management Network recognized Lifestyle Homes as the architect, engineer and construction service company of the year during a dinner at the Fairmont Scottsdale Princess. Lifestyle Homes focuses on Build-to-Rent communities in Arizona and has completed more than 2,000 homes. 2. Trend Report announced the recipients of its 2024 Best-in-Class Broker Awards. The awards recognize professionals performing at the highest levels in commercial real estate in Pima County. Trend Report’s 2024 Best-in-Class Brokers are: Clint Wadlund, Hamid Panahi and Art Wadlund, Marcus & Millichap: Multifamily Sales (apartments more than 100 units); Allan Mendelsberg and C. Joey…

Sales Transactions 1. LaSale Investment Management purchased a five-building complex located on a 37-acre plot of land between Kyrene Road and Hardy Drive, just north of Elliot Road in Tempe. The five buildings combined equate to more than 500KSF of space. LaSale purchased the property from Investcore for $124M. LaSale is an affiliate of JLL Capital Markets, which previously marketed the warehouse complex. 2. Aligned Data Centers purchased a 100-acre site at the SEC of Reems Road and Olive Avenue in Glendale for $86.52M. The site was sold by Lex Reems & Olive LLC, an entity connected to LXP Industrial…