Author: BEX Staff

The Arizona Department of Transportation can put a roundabout project at Cornville and Tissaw roads out to bid, following approval of additional construction and administration fees by the Yavapai County Board of Supervisors earlier this month. The approved invoices totaled nearly $1.6M. Rights of way have been finalized, and additional actions are expected this summer. Construction costs have increased across the board since the project, which will primarily serve to provide safe access into the Verde Santa Fe housing development, was initially proposed. ADOT’s requirement that the roundabout be designed to its specifications also added to costs, County officials said.…

By Roland Murphy for AZBEX A recent report from Scottsdale City Manager Greg Canton shows the multifamily construction pipeline in Scottsdale is roughly half as large as development opponents have claimed in recent years. While anti-apartment activists have claimed for at least the last four years Scottsdale has 15,000 units waiting to be built, Canton’s report puts the actual number at 7,592, according to a local news report. The report shows 1,345 proposals currently seeking zoning entitlements or approval by the Development Review Board, 2,699 units with DRB approval but that have not yet submitted final plans or pulled permits,…

Boards & Commissions 1. Cheryl Lombard has been announced as the new CEO of NAIOP Arizona. In her new role, she will oversee strategic initiatives and member engagement and will act as the primary liaison with policymakers, economic development groups and business leaders. She will step into the role on Sept. 1. Company News 2. Starwood Property Trust is preparing to acquire Fundamental Income Properties LLC and its entire real estate portfolio for $2.2B. Brookfield Asset Management Inc., an affiliate of Brookfield Corp., is selling the company. The 28-person team will now join Starwood. The new owner will take on…

Sales Transactions 1. Cushman & Wakefield announced the firm advised the sale of Seventy5 Business Park, a four-building industrial infill park totaling 222.4KSF at 7150 W. Roosevelt St. in Phoenix. The property sold for $46.8M and is currently 95% leased to 33 tenants. MIG Real Estate acquired the property from Baron Properties. C&W’s Will Strong, Phil Haenel, Foster Bundy, Molly Hunt, Michael Matchett, Jack Stamets and Madeline Warren represented the seller. C&W’s Gary Anderson and Nik Vallens provided market leasing advisory. 2. Neighborhood Ventures announced the acquisition of a 78-unit multifamily property in central Phoenix, which will rebrand as Venture…

Modular housing developer and manufacturer ZenniHome announced earlier this week it is closing operations at its LeChee site at the former Navajo Generating Station near Page. The company had secured a 75-year lease slightly more than a year ago but opted to close the site after what it alleges was a year of “contractual breaches, delays and political interference” that resulted in more than $47M in losses the company says it cannot recover. The Navajo Nation awarded ZenniHome a $50M contract to build at least 250 modular housing units across the area and then awarded another $24M in American Rescue…

By CJ Jorgensen and Roland Murphy for AZBEX The Arizona construction industry remains strong in the face of uncertainty and slowing growth across the state as the demand for different developments and project types continues to shift. On July 15, BEX held its 2025 Mid-Year Update at the Arizona Heritage Center in Tempe. BEX Founder and President Rebekah Morris, Researcher Andrea Howard, Researcher Aaliyah Koelzer and DATABEX Manager Lya Parrish each presented their respective findings on construction across nine separate market sectors. Economic Factors Morris began the presentation by discussing various data points that are essential to understanding markets across…

By Roland Murphy for AZBEX Cavan Commercial has proposed development of a 45KSF warehouse/light industrial facility at the NEC of Signal Butte and Germann roads in Mesa and has requested a major site plan modification, design review and lot split of the 4.1-acre property to facilitate the project. The Mesa Design Review Board met to discuss the project details and aesthetics on July 15. According to the submitted project narrative, the site was split off from a larger 640-acre general industrial parcel earlier this year. The surrounding uses include undeveloped land to the north and west, industrial to the east,…

By BEX Staff for AZBEX The three-parcel Potato Barn property at Ray Road and Seaver Avenue in Mesa could soon move to full development. Potato Barn owners, The Bongiorno Family, have submitted a proposal for a 48KSF one-story warehouse. The rest of the complex is occupied by an existing Potato Barn store and the 60KSF concert venue The NOX, which is expected to open in 2027, according to a local news report. The warehouse will include a small showcase area, an open floor plan and shell space, according to planning documents. The Mesa Design Review Board discussed the plans and…

By Roland Murphy for AZBEX New data from CBRE Research shows the Phoenix Industrial market experienced its first decrease in vacancy in nearly three years. The firm reports Industrial vacancy was down 30 basis points in Q2 2025 to settle at 11.9%, which marks the largest decrease since Q1 2022. Most absorption happened in the Southeast Valley and Southwest Valley submarkets, both of which saw availabilities decrease by more than 1% as new developments continue to attract tenants. “This is a very good sign for the market overall as businesses that may have hit their limit in second-generation space can…

Groundbreakings 1. Willmeng Construction has broken ground on a 110.1KSF self-storage facility for Garrett Development Corp. in Peoria. Designed by RKAA Architects, the project includes 1.1KSF of office, 53.9KSF of first-floor storage and 55.1KSF of basement storage. The site sits along Lake Pleasant Parkway in a county island. Work is scheduled to finish by Q3 2026. 2. LivAway Suiteshas broken ground on a 126-room extended-stay hotel at 1680 E. Tucson Marketplace Blvd. in Tucson. The four-story project is the brand’s first in southern Ariz. and fourth in the state. West77 Partners acquired the 3.2-acre site in June for $2.2M. VOLK…