Author: BEX Staff

Groundbreakings 1. XNRGY announced the groundbreaking of its new $300M state-of-the-art manufacturing facility in Mesa. There will be four phases of the 1MSF manufacturing hub, with the first phase constructing a 275KSF facility. No expected completion date was given. 2. The City of Hope Cancer Center Phoenix announced the groundbreaking of its surgical center expansion. The expansion will renovate 20KSF and add 15KSF of new space to offer four new operating rooms, recovery rooms, endoscopy rooms, post-anesthesia care units and new surface parking lots. Construction is expected to be completed in 2026. City of Hope is collaborating with Ryan Companies…

The City of Peoria wants a total of more than 8,300 acres of state-owned land in two separate areas for development to meet its goals. City officials are working with the Arizona State Land Department to bring two locations in north Peoria to auction for potential development. The first area is made up of nearly 1,600 acres along Loop 303 north of Happy Valley Road. The area is referred to as North Peoria Gateway. The second segment comprises 6,700 acres along Lake Pleasant Parkway south of Loop 303 and reaching to State Route 74. This portion is referred to as…

The Payson Town Council has approved a partnership agreement with Danco Communities to create more affordable housing units. The company will partner with the Payson Senior Center to create affordable senior living spaces. Danco President Chris Dart told Council the company will buy a site, partner with the Town to execute a 99-year lease on the property and then build and manage the site for the term of the lease. At the end of the 99 years, the property ownership would revert to the Town. Dart explained that funding under the tax credit incentive programs is competitive and that the…

By Roland Murphy for AZBEX LGE Design Build has released its Construction Delivery Outlook for Q2. While the data is well-sourced, the overall tone is slightly more optimistic than we’ve seen from other outlets, including Associated Builders and Contractors, but it’s worth keeping in mind that LGE is first and foremost a highly regarded design and construction firm, not a market analysis think tank. When leading design and construction firms start to publicly express doubts, the time to start worrying will have already passed. In introducing the report, LGE’s VP of Preconstruction Blake Wells says, “We are particularly encouraged by…

By BEX Staff for AZBEX Owners of nearly 30,000 acres in the Harquahala Valley near Tonopah are advancing plans to build a $1.2B solar energy development while simultaneously exploring opportunities to sell the water rights under the site, according to local news reports. AZBEX first reported on the Harquahala Sun III development plan in November 2022. The project, as well as the original Harquahala Sun development that is currently under construction in the area, were initially proposed by Birch Infrastructure, which completed a strategic merger with Copia Power the same month. Copia Power is backed by the global investment firm…

By Associated Builders and Contractors Construction input prices increased 0.4% in March compared to the previous month, according to an Associated Builders and Contractors analysis of the U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices also increased 0.4% for the month. Both overall and nonresidential construction input prices are 1.7% higher than a year ago. Prices fell in all three energy subcategories last month. Natural gas prices were down 37%, while unprocessed energy materials and crude petroleum were down 6.9% and 0.8%, respectively. “There has been growing evidence of resurfacing inflationary pressures in the nation’s…

Giving Back 1. It’s time to start gathering teams and get ready for Canstruction Phoenix Metro 2024. Canstruction Phoenix Metro 2024 has announced this year’s Build Day will be on Aug. 3. Theme, additional dates and more info will be sent out the first week of May. Awards & Accolades 2. Cushman & Wakefield | PICOR brokers have once again earned multiple recognitions in the most recent CoStar Power Broker™ Awards for the Tucson Commercial Real Estate market. C&W | PICOR’s winners are: Industrial Leasing Brokers: Jesse Blum, Robert Glaser, Paul Hooker, and Andrew Keim. Office Leasing Brokers: Richard Kleiner,…

Sales Transactions 1. A joint venture between Partners Group and funds managed by Trinity Investments announced the acquisition of The Scottsdale Plaza Resort & Villas in Paradise Valley. The resort features 404 rooms and 50KSF of meeting space. The transaction also includes the potential for expansion with entitlements secured by the seller. Local news sources list the transaction price at $124.3M. The seller was a partnership between Highgate and Rockpoint Group. 2. A private investor has paid $51.3M for Cambria, a 174-unit apartment community on Guadalupe Road in Gilbert. Seller Bridge Investment Group was represented by Mark Forrester, Ric Holway,…

By The Office of Representative Greg Stanton All 12 of Rep. Greg Stanton’s Community Project Funding requests, totaling $11.9M, were included in the minibus appropriations package for Fiscal Year 2024 that passed the House of Representatives. A list of projects is below. Tempe $1.89M for the City of Tempe’s Kyrene Recharge Well, and $959.8K for the Recharge Wells Pipelines. These funds are built on the $3.45M Rep. Stanton has previously secured to expand and improve the Kyrene Water Reclamation Facility and ground water recharge facilities. Once complete, the project will allow the city to store its reclaimed water for future…

By The Phoenix Office of JLL The Phoenix Office of JLL has released its Q1 2024 Phoenix Industrial Report, noting 6.3MSF of new leasing activity – a 60% spike from the previous quarter – marking Phoenix’s third-highest Q1 leasing performance on record. According to the Q1 report, activity was boosted by an uptick in demand for big box warehouses. As leasing expanded, the development pipeline contracted, falling 44% since its peak in Q2 2023 to 30.9MSF. That caused industrial deliveries to outpace construction for the third consecutive quarter, pushing rents up by 2.4% quarter-over-quarter in a market where nearly 40%…