Author: BEX Staff

By Creation Creation has announced The Switchyard, a $120M mixed-use project in Queen Creek that will blend restaurants, retail spaces, offices and residential. (AZBEX Note: The project was formerly known as Queen Creek Marketplace.) Expected to break ground in Q4 of this year, Creation has already secured the first two leases with tenants. Postino, the popular industrial wine café, will open a 3.8KSF restaurant. The Porch, a retro-inspired neighborhood hangout, will open its fourth Valley location with an 11.9KSF restaurant, which will include an outdoor patio. Located on the NEC of Ellsworth and Ocotillo roads, The Switchyard encompasses 10 acres…

By Associated Builders and Contractors The construction industry had 338,000 job openings on the last day of April, according to an Associated Builders and Contractors analysis of data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. JOLTS defines a job opening as any unfilled position for which an employer is actively recruiting. Industry job openings decreased by 8,000 last month and are down by 25,000 from the same time last year. “Construction job openings fell to the lowest level since March 2023,” said ABC Chief Economist Anirban Basu. “This recent decline in job openings does…

By Associated Builders and Contractors National nonresidential construction spending decreased 0.3% in April, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.20T. Spending was down on a monthly basis in 10 of the 16 nonresidential subcategories. Private nonresidential spending decreased 0.3%, while public nonresidential construction spending was down 0.2% in April. “Nonresidential construction spending fell for the second consecutive month in April but remains just 0.3% below the all-time high established in February,” said ABC Chief Economist Anirban Basu. “An unprecedented increase…

Groundbreakings 1. Clayco announced the groundbreaking of Ray Phoenix, a 401-unit, 26-story, 523KSF residential tower in Phoenix. Vela Development Partners and Ray are the joint developers. Johnston Marklee & Associates and Lamar Johnson Collaborative are the architects. Parts and Labor Design is the interior designer. Grace Fuller Design is the landscape designer. Construction is expected to be completed in early 2026. 2. Pentagon Technologies Group Inc. has started construction on its $50M semiconductor cleaning equipment facility at View 202 in Mesa. 3. Ryan Companies US, Inc. and Alidade Capital, LLC have started a joint venture for the construction of Innovate48…

Atlas Global Development Group LLC has filed its first official documents detailing its plans for the Winslow Commerce and Industrial Park Planned Area Development, a 1,618-acre master-plan area southwest of Winslow’s current core. The submitted plan marks the first phase toward Atlas’ overall goal of developing a 3,750-acre area known as the I-40 TradePort. The development plan looks to leverage Winslow’s location and proximity to major rail and highway routes, as well as the Winslow-Lindbergh Regional Airport, for industrial, commercial, residential and other economic development opportunities. Specific land use areas detailed in the submission include industrial, a commerce park, aviation…

By Roland Murphy for AZBEX BEXclusive There’s nothing fast, cheap or easy about bringing a development project from concept to completion. From choosing a site, to designing to project, assembling a development team, procuring approvals and permits, assembling financing, et cetera, there are countless challenges and speed bumps to delay progress and add to costs before the build team turns the first shovel of dirt. It’s understandable and accepted that owners, particularly small owners who aren’t major developers and don’t build strings of projects across the country, may try to save money and keep upfront costs to a minimum by…

By BEX Staff for AZBEX Documents filed recently with the City of Mesa show heavy industrial equipment manufacturer Komatsu has plans to develop an almost 240KSF facility at Sunbelt Investment Holdings Inc.’s 230-acre Mesa Ellsworth business park near Phoenix-Mesa Gateway Airport. Recordings of a recent meeting to discuss the proposal show Komatsu will purchase the 25-acre development site from SIHI. Local news reports say the Komatsu facility would be used for sales and service functions, with a key use being a main weld and machine shop area. Also included will be 50KSF of warehouse space, 50KSF of equipment shop space…

By Salt River Project The Department of the Interior has announced the approval of $8.5M for the Verde Reservoirs Sediment Mitigation Project Feasibility Study, which could restore storage loss due to sedimentation in reservoirs that supply water for the Phoenix metropolitan area. Salt River Project has partnered with the Bureau of Reclamation and 22 municipal, tribal and agricultural water users on a study for restoring a loss of capacity in Bartlett and Horseshoe reservoirs, which are located on the Verde River in the Tonto National Forest and operated by SRP. The Verde River watershed covers nearly 7,000 square miles across…

Awards & Accolades 1. Arizona Commerce Authority won an Economic Development Organization Award for its Future48 Workforce Accelerator training center. The award is to recognize EDO efforts in delivering capital investment, job creation, quality of life and other factors. 2. Dan Maher with GLHN Architects & Engineers, Inc. completed the Design-Build Institute of America’s certifications and has become a nationally certified Design-Build Professional. 3. ConnectCRE held the 2024 Next Generation Awards, presenting awards to 100+ winners across several regions. The Phoenix & Southwest winners include: Davis Bocks – CapMatrix, Chris Rogers – DAUM Commercial, Zack House – Marcus & Millichap,…

Sales Transactions 1. CBRE Hotels Institutional advised Anish Hotels Group in the $43.3M sale of the 148-room Home2 Suites by Hilton Phoenix Downtown. Hotel real estate investment trust Chatham Lodging Trust acquired the property. CBRE’s Carter Gradwell, Jennifer Bergamo and Rick Rush advised the seller. Island Hospitality Management will manage the hotel. 2. CapRock Partners announced the nearly $32M sale of Longbow Industrial Park, a 244KSF industrial complex in Mesa. Stein Koss, Tom Louer, Marc Pierce and Fenton Kelly of Lee & Associates represented CapRock Partners. 3. Newmark arranged the $24.5M sale of 3200 Central, a 25-story, 350KSF office tower…