Author: BEX Staff

Groundbreakings 1. Sunbelt Investment Holdings, Inc. announced the groundbreaking of Buckeye Commons, a 410KSF retail center in Buckeye. The anchor for the shopping center was Costco at nearly 161KSF that opened back in July 2023. The first stores are expected to be completed in mid-2025. Butler Design Group is the designer. CHASSE Building Group is the general contractor. 2. Ryan Companies US, Inc. began construction on Surprise 34, a two-building, 145KSF industrial campus in Surprise. ESI Ventures is the owner. Ryan Companies is the builder. Ryan A+E, Inc. is the architect and civil engineer. Construction is expected to be completed…

By Roland Murphy for AZBEX A dual-branded hotel development may bring another 248 guest rooms to Greenfield Road near U.S. 60 in Mesa. Local outlets report the Mesa Design Review Board discussed the proposal for the Greenfield Hotel Development project, which would put an Extended Stay America Premier Suites and a Marriott StudioRes hotel at the NEC of Greenfield and Banner Gateway Drive, during its March 12 meeting. According to the planning narrative and supporting documents, the project would deliver two four-story hotel buildings with a planned 124 rooms each on a 4.51-acre site. Each would also include a lobby,…

By Roland Murphy for AZBEX Arizona’s seasonally adjusted unemployment rate decreased from 4.2% to 4.1% from January to February, according to the latest report published by the Arizona Office of Economic Opportunity. The national unemployment rate increased over the month, rising from 3.7% to 3.9%. Last February, Arizona had a seasonally adjusted rate of 3.7%, while the national rate was 3.6%. The Construction sector lost 600 jobs around the state from January through February. Arizona had a not seasonally adjusted gain of 16,300 in nonfarm employment in February. “Prior to the pandemic (2010-2019), NSA nonfarm employment gained 25,100 jobs on…

The Maricopa County Board of Supervisors has approved a special use permit for Gambler’s Row, a 75-acre equestrian and RV park development planned in Aguila. Plans call for two 34KSF outdoor arenas, a 34KSF indoor arena, cattle pens, retail/concession areas, restrooms and public parking. There will also be two 140-space RV parks and three comfort stations, as well as on-site horse boarding. The staff report noted an equestrian use in a remote location was appropriate for the area and that much of the surrounding area is controlled by the project applicant and supporters. The proposal has generated extensive public engagement…

Last week, representatives with J2 Engineering and Design presented the final design concept for the Somerton West Master Plan recreational facility to the Somerton City Council. Council, City administrators and J2 began collaborating on design work last year. The current design features a three-acre lake, an amphitheater/sports field area, a community center and emergency shelter, a playground, an Olympic-sized pool and a 250-vehicle parking area. In addition to its recreational uses, the lake would serve as an irrigation source for the site’s green areas and the fields at Somerton High School. It would also provide water for the nearby Perricone…

Giving Back 1. Sundt Foundation recently awarded $42K to Tucson non-profits. Our Family Services, $7.5K; The Hope Coalition, $7.5K; More Than a Bed, $5K; Smiles for Veterans, $5K; Turn Your Life Around Counseling and Recovery Center, $5K; About Care, $3K; Arizona Friends of Foster Children Foundation, $3K; Lutheran Social Services of the Southwest, $3K, and; Sister Jose Women’s Center, $3K. Awards & Accolades 2. Isaac Figueroa of Larsen Baker, LLC has earned the SIOR designation from the Society of Industrial and Office REALTORS. Company News 3. Suntec Concrete is celebrating its 40th anniversary and also recently announced its Employee Stock…

Sales Transactions 1. The Parker Tucson—a LEED Silver Certified, 130-unit student housing community—has sold for $132.5M. The $1.02M/unit price is a record for the market. Owner/developer Sterling University was the seller and was represented by CBRE Tucson’s Jeff Casper and the Dallas-based CBRE Student Housing Team of Jaclyn Fitts, Wiliam Vonderfecht and Casey Schaefer. The self-represented Buyer is an affiliate of Inland Prime Capital. 2. Cliff David of Institutional Property Advisors led the $94.5M sale of Alta Chandler at the Park, a 291-unit apartment complex in Phoenix. The parties were not disclosed. 3. Cushman & Wakefield arranged the $21.8M sale…

Late this year or early in 2025, the City of Phoenix expects to issue a Request for Proposals to redevelop 7th Avenue and Washington Street. The probable requirement would be for a mixed-use development with ground-floor retail/restaurant space and multifamily units with an affordable or workforce component. The chance to redevelop the site comes as the Phoenix Police Department moves its headquarters into the nearby 525KSF building that was the former Wells Fargo Tower. The building is currently undergoing renovations. Once the relocation is complete, Phoenix plans to raze the existing headquarters building, freeing up the site for redevelopment. (Source)

By U.S. Department of Commerce The Biden-Harris Administration announced that the U.S. Department of Commerce and Intel Corporation have reached a non-binding preliminary memorandum of terms to provide up to $8.5B in direct funding under the CHIPS and Science Act to strengthen the U.S. supply chain and re-establish American leadership in semiconductor manufacturing. This is the Department of Commerce’s fourth PMT announcement under the CHIPS and Science Act. Over the course of the next five years, Intel expects its investments in the United States to exceed $100B, as it expands capacity and capabilities in Arizona, New Mexico, Ohio, and Oregon,…

By Roland Murphy for AZBEX Here at AZBEX, we follow political news closely, but we try to keep ourselves above the fray. While these editorial analyses always have conclusions—and, sometimes, predictions—we try to base those on numeric data and long experience while steering clear of politics and opinion. Sometimes, however, things happen that require us to get down into the mud. Most often, this is because of a trend or series of events for which there isn’t much in the way of objective, numeric data and we’re forced, instead, to rely on our experience and familiarity with issues from having…