Author: BEX Staff

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%…

By Roland Murphy for AZBEX – BEXclusive Interest in, and activity around, public works and infrastructure projects has seen a boost in the last several years, as massive federal spending has flowed down to the local level and as local bodies work to accommodate growing populations and demands for services. Attendees at this week’s BEX Companies Leading Market Series event, “Upcoming Public Works Projects,” held at ASU SkySong, heard from officials with three leading Valley municipalities as they detailed their plans and processes for both today and the next several years. The panel was moderated by Jeff Hamilton—VP of transportation,…

The Mesa Design Review Board heard a proposal this week regarding Google’s plan for Phase II of its data center development on more than 185 acres near the NWC of Elliot and Sossaman roads. The plan is codenamed Project Redhawk. The Board also heard the company’s plan for a one-story office building—Redhawk HUB—on the campus. The presentations were for informational purposes only, and no action was taken by the Board. The 280KSF air-cooled data center will be used as part of the backbone for Google’s various service offerings, including search, Gmail and continuing work in artificial intelligence advancement. The property…

The Florence Town Council recently heard an overview of planned projects under the Town’s proposed Capital Improvement Plan, and one of the largest concerns is changes to Hunt Highway. The $8M project would widen the curve at Florence Anthem and create a major redesign of Hunt’s intersection with Attaway Road. Hunt would be widened to four lanes from the curve to one-quarter mile beyond Attaway and create turn lanes at the intersection. Hunt will move approximately 400 feet north since the roads need to intersect at 90-degree angles to create a safe high-capacity corridor. Planning officials said the plan was…