Author: BEX Staff

By Roland Murphy for AZBEX – BEXCLUSIVE While the Industrial construction market cools, catches its breath, takes a pause, returns to sanity or whatever other cliché one might want to tag the news with, Phoenix continues to lead the nation in terms of supply pipeline for the sector. The February 2024 National Industrial Report from Yardi-Matrix shows the U.S. has nearly 424.5MSF of Industrial stock under construction. Phoenix accounts for 41.6MSF of that space. Dallas is the next closest market with 28.6MSF. Phoenix’s Under Construction segment accounts for 10.9% of the Industrial stock. If Under Construction and Planned space are…

Awards & Accolades 1. The National Association of Home Builders held the National Sales and Marketing Awards gala in Las Vegas. Two of the awards were given to Arizona companies. Revel Scottsdale received the Best Apartment or Independent Living Community for 55+ Buyer award and Encanterra Vertical Triplex received Best Attached Home for 55+ Buyer award. Groundbreakings 2. Aptitude Development broke ground on The Marshall Tempe, a 485-bed student housing project in Tempe. The facility is expected to welcome students in fall 2026. BKV Associates (Architectural) and CHA Consulting (Engineering) were the designers. 3. Performance Capital Partners, LLC broke ground…

By BEX Staff for AZBEX The Clarkdale Planning and Zoning Commission has tabled a rezoning request that would allow for the development of a mixed single- and multifamily development at the NWC of State Route 89A, Cement Plant Road and Clarkdale Parkway. Developer Plateau Partners, LLC is requesting to rezone 18.56 acres of the 23.84-acre property from R-1 single-family residential to PAD-10, a Planned Area Development zoning that would allow for eight units per acre. The initial portion of the development would create 139 single-family units on the property, with 144 multifamily units to be built in a future phase.…

The City of Phoenix is seeking developers to build new residential and commercial projects under two different requests. The City wants to sell three properties featuring 11 residential/multifamily lots and one commercial lot in its West Sunnyslope and Village Center areas. The properties are located at: 1121 W. Ironwood Drive, 8825 N. 1st St., 8817 N. 2nd St. and 8844 N. 2nd Way; 415-501 E. Puget Ave., and 8930 N. 3rd St. The combined 12 lots have been appraised at $1.45M. Phoenix wants an area-compatible development for each property that will deliver single- and multifamily housing units. A minimum of…

Construction costs in the U.S. went up an average of 4% last year and will continue to increase across the country in 2024, according to data from Currie & Brown. Phoenix is expected to be one of the hardest hit markets with increases reaching as high as 6%. While increases are happening everywhere, there is a disparity as to the sizes in various markets. While Phoenix may see 6% increases, Chicago is “only” expected to rise 3.5%. Other notable markets and their expected construction cost increases include New York and Houston at 4%; Miami, Seattle and Minneapolis at 4.5%; San…

By Roland Murphy for AZBEX The Arizona Office of Economic Opportunity is projecting Construction will see the highest rate of job growth between Q2 2023 and Q2 2025 across the 11 supersectors it tracks. According to the Arizona 2023-2025 Projected Employment Report, AOEO expects Construction to see 3.3% growth during the period, followed by Education and Health Services at 2.6%, Leisure and Hospitality at 1.9%, Manufacturing at 1.3%, Trade/Transportation/Utilities at 1.2% and Other Services at 1.1%. All the other supersectors had growth rates of less than 1%. Natural Resources and Mining is the only supersector expected to shrink, with growth…

Developer Overland Property Group is continuing its efforts to bring a 72-unit affordable and market-rate housing multifamily complex and a Natural Grocers market to Payson. The project is dependent on state funding but was passed over last year. OPG representatives, along with the property site owner and representatives of Natural Grocers, hosted a public information session in Payson last week to present the project to the public and drum up support. The Reserves on the Rim development would deliver five three-story apartment buildings, a 3KSF community center and a small grocery store focused on natural and organic foods at Malibu…

By Associated Builders and Contractors At current rates of participation and completion, federal and state government-registered apprenticeship programs will fail to meet the construction industry’s short- and long-term skilled workforce needs, according to an Associated Builders and Contractors analysis of recently released U.S. Department of Labor data. ABC estimates that the construction industry’s federal and state GRAPs had about 250,000 apprentice participants and yielded just 40,000 to 45,000 completers in fiscal year 2023.* “It is no secret that America’s government-registered apprenticeship system isn’t keeping up with construction industry demand for skilled craft professionals, despite dedicated efforts by many stakeholders to…

Awards & Accolades 1. Sundt Construction recently won a Build Arizona award for its Zone 3D and 4A Improvements Program: Water Transmission Main Segment 2 project. The award is given each year by the Arizona Chapter of the Associated General Contractors of America. The project’s purpose was to upgrade the City of Phoenix’s drinking water delivery system. Sundt served as the construction manager at risk for the $62M Segment 2 under 32nd Street from Shea Blvd. to Bell Road. 2. The Arizona Chapter of NAIOP won two awards at the 2024 Chapter Merit Awards event. Suzanne Kinney was named Top Chapter Executive…

Sales Transactions 1. Inland Real Estate Group purchased the $62M Onyx at Westgate, a 190-unit Build-to-Rent community in Glendale formerly known as The Bungalows at Westgate. Berkadia represented the seller, Cavan Cos. 2. Cushman & Wakefield arranged the $38M sale of Koll Cotton Center, a portfolio of seven renovated light industrial buildings totaling 228.6KSF in Phoenix. The seller was TerraCap Management, LLC and the buyer was G.W. Williams Co. Kirk Kuller, Will Strong, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield brokered the transaction. 3. 2302 East Fort Lowell Owner, LLC purchased Wasko Modern Apartments, a 30.3KSF…