Author: BEX Staff

Company News 1. FCI Constructors, Inc. which has nine offices in six states, is celebrating its 40th Anniversary of serving clients in the Rocky Mountain region. Promotions 2. The Opus Group announced the recent promotion of Larry Pobuda to executive VP, general manager at Opus Development Company, L.L.C. He is responsible for the leadership and oversight of the Phoenix and Denver teams, including development and construction pursuits, active projects, as well as market strategies and future growth plans for those offices. 3. Mike McKinney has been promoted to VP and District Manager at PCL Construction. 4. Ian Schimke has been promoted to healthcare…

Giving Back 1. Habitat for Humanity Central Arizona has adopted four Phoenix central city south neighborhoods — Grant Park, Central Park, Matthew Henson and the 7-11 Neighborhood — and has committed to spend five years making significant upgrades to existing homes and building 30 new homes on vacant lots. Awards & Accolades 2. An Arizona Department of Transportation project that’s rebuilding 5 miles of Interstate 40 near Williams has been ranked in the nation’s top 10 by construction industry publication Roads & Bridges. 3. LSW Engineers Arizona, Inc. received an Engineering Excellence Grand Award in the category Building Technology Systems for its design of the…

By Roland Murphy for Arizona Builder’s Exchange The City of Litchfield Park Planning & Zoning Commission recently heard information on a 313-unit residential mixed-use project with 13KSF of commercial space at the NWC of Litchfield Road and Wigwam Boulevard. As reported by AZBEX in January, 2015, the city approved plans to expand the Wigwam Resort. The general plan amendment approved at the time split portions of the property owned by JDM Partners into three parcels – A, B and C – for redevelopment. Parcel B of the expansion area, now known as Cornerstone at the Park, comprises roughly 15 acres…

Sales Transactions 1. Glen Una Management purchased the fully occupied office buildings at 6221 & 6223 South Palo Verde Road in Tucson for $16.42M in the Tucson International Gateway Center. The buildings total 120.8KSF. The CBRE team of Tim Healy, Bob Delaney, Mike Sandahl and Martin Encinas handled the transaction for the seller, Wabash Hillcrest Regency, LP. The buyer was self-represented. 2. CBRE announced that it secured a $9.1M loan for Sterling Organization’s $15.2M acquisition of the 98.7KSF Union Plaza, a grocery-anchored shopping center in Phoenix. Dana Summers, Shaun Moothart and Danielle Priore of CBRE facilitated the loan for Sterling. Michael Hackett and Ryan Schubert of…

By Jen Crane for Adams & Associates Engineers Several Arizona A/E/C firms came together to sponsor this year’s KIDstruction event – a design/build competition for middle school students, using only business cards, toothpicks and glue on a 12”x12” base. This year’s event took place on September 29 and was judged by prominent members of the A/E/C community.  More than 160 structures from 21 southern Arizona middle schools were on display for an entire week at Park Place Mall in Tucson. In the 17 years that Kidstruction has been held, more than 2,200 teams and 5,800 middle school students have participated…

By Roland Murphy for Arizona Builder’s Exchange Long an icon of stalled hopes for renovation and redevelopment in Central Phoenix, the area around Park Central Mall continues to blossom into one of the city’s most dynamic areas of urban rebirth. According to an announcement this week, the ownership group behind the mall property redevelopment “has purchased an additional 21 acres of property and an additional 193KSF building, consolidating ownership of Park Central for the first time in decades.” Holualoa Companies and Plaza Companies announced plans for a Phase II in the redevelopment process, including a new nine-story residential complex that will go along with the…

By AZBEX Staff for Arizona Builder’s Exchange September saw a slight dip in multifamily rents, but the grand picture is still rosy overall. According to the September 2018 Multifamily National Report from Yardi Matrix, “A $1 decline is insignificant, especially at the start of the fall, when rent growth traditionally begins to hibernate for winter. The 0.3 percent growth in the third quarter is slightly disappointing compared to same period results in recent years.” It notes, though, national rents have grown 3.1 percent over the first three quarters, which exceeded market expectations. Phoenix’s market strength is evidenced by its rent…

Giving Back 1. CBRE’s 8th annual PurSuit of Success citywide business clothing runs through Friday, Oct. 19 and benefits women and men in job training programs with much-needed access to professional clothing. New and gently used items can be donated Monday through Friday, 8 a.m. to 5 p.m. at CBRE’s Phoenix office, 2575 E. Camelback Road, or at one of 38 office buildings throughout the Valley. This year’s charity partners include: Dress for Success, Fresh Start Women’s Foundation, Sojourner Center, and St. Joseph the Worker. Awards & Accolades 2. Queen Creek’s Economic Development Department recently became an Accredited Economic Development Organization. The International Economic Development Council accreditation…

Progress Reports 1. 212 concrete girders installed on two Loop 202 South Mountain Freeway bridges spanning the Salt River between Broadway Road and Southern Avenue in the southwest Valley. It’s nearly a third of the 1,000 girders to be installed on 40 bridges throughout the 22-mile corridor, according to the Arizona Department of Transportation. Completions 2. With the YAM Circle build out nearly complete, YAM Properties has announced the 17.8KSF shopping and dining complex in North Scottsdale has reached 100 percent occupancy. YAM Circle will house six tenants, four of which are owner operated. 3. The Noria luxury multifamily housing…

By Tasha Anderson for Arizona Builder’s Exchange It’s October, which means football season is in full swing, hockey has just begun, and basketball is right around the corner, making Sports Facilities the perfect AZBEX Leading Market Series topic for the month. Attendees gathered at the DoubleTree by Hilton Tempe on Thursday, October 4th, to gain insight into the Sports Facilities market and what trends might be coming in the next five to ten years. AZBEX President, Rebekah Morris began the presentation by once again giving attendees a brief overview of the market with analytics taken from the AZBEX Database. “When…