Author: BEX Staff

By AZBEX Staff for Arizona Builder’s Exchange Phoenix’s office market is in its fourth year of consecutive annual absorption gains, and the area promised to see an added boost in high profile Class A and “Trophy” assets, as evidenced by the recent $928M sale of the 2MSF, five building Marina Heights – State Farm campus in Tempe, according to the Q4 2017 JLL Phoenix Office Market Insight report. “The State Farm campus and downtown Tempe area are a nice welcome to Phoenix as you fly into Sky Harbor International Airport,” said JLL Senior Managing Director Dennis Desmond. “The fact that…

By Roland Murphy for Arizona Builder’s Exchange Even though the South Central Light Rail Extension is still in the design phase and won’t be in operation until 2023, at least one developer is planning ahead and creating an 80-unit, three-story senior living complex that will lie directly between two planned stops along the route. In a Planned Unit Development submitted to the City of Phoenix in December, Bethel Development, Inc. laid out its vision for a long-vacant 2.56 gross acre site at the SEC of South Central and East Sunland avenues. “The goals are to develop the property with an…

Groundbreaking 1. Willmeng Construction has commenced construction on the expansion of BASIS Flagstaff. The 34.9KSF school will get an additional 30.9KSF. BASIS Schools is the developer, Chermack Consulting Group is the development manager, and Carhuff & Cueva Architects designed the expansions. 2. Groundbreaking is planned this month for Surprise’s first In-n-Out restaurant. Progress Reports 3. Phoenix Sky Harbor International Airport will close its north runway Jan. 8 for repairs. The repairs are slated to run until Feb. 21 with construction crews replacing pavement on the runway. 4. Christopher Todd Communities announced the opening of the leasing office at the company’s first single-family luxury…

Awards & Accolades 1. Robin Duncan, senior director of business development, was awarded “Employee of the Year” for 2017 by the Arizona Small Business Association. Boards & Commissions 2. Principal Andrew Cheney of Lee & Associates Arizona was recently selected as NAIOP Arizona’s 2018 chairman of the board. He has been a member of NAIOP Arizona since 2003 and served on the board since 2012. Company News 3. Velocity Retail Group is expanding by opening an office at 6061 E. Grant Road in Tucson. The office will be led by Brian Harpel, senior VP and associate broker for the new office. This…