Author: BEX Staff

By Associated Builders and Contractors The construction industry added just 8,000 jobs on net in December, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has increased by 196,000 jobs, an increase of 2.4%. Nonresidential construction employment increased by 4,700 positions on net, with growth in all three subcategories. Nonresidential specialty trade added the most jobs, increasing by 3,900 positions. Heavy and civil engineering added 600 jobs, while nonresidential building added 200 jobs last month. The construction unemployment rate rose to 5.2% in December. Unemployment…

Giving Back 1. P.B. Bell has raised $12.5K for Entryway. Entryway is a 501c3 nonprofit organization that upskills at-risk individuals to get them work-ready for entry-level positions in the multifamily housing industry. Awards & Accolades 2. P.B. Bell’s Jen Santiago, Casey Hale and Jodi Silva recently graduated from the Arizona Multihousing Association Lyceum program. Lyceum is a yearlong volunteer leadership development program that focuses on the essential elements of successful leaders. 3. Valley Partnership announced its 2025 ADVOCATES graduates. The Class of 2025 includes: James Sullins, Alexander Building Company; Hayley Freestone, A.R. Mays; Brandon Ramirez, Ashton Woods; Connor Peagler, BFSO…

Sales Transactions 1. Cushman & Wakefield advised the sale and acquisition financing for Broadway 101 Commerce Park, an 809.2KSF multi-tenant industrial park spanning 11 buildings across 53 acres in Mesa. The sale set several local records including: the largest Phoenix industrial sale in 2024, the largest legacy industrial sale in Phoenix history, and the largest single transaction for an industrial park in Phoenix’s southeast Valley. CIP Real Estate purchased the property for $168.3M. The seller was Canyon Partners Real Estate LLC. C&W’s Will Strong, Michael Matchett and Molly Hunt represented the seller. The firm’s Mike Haenel, Andy Markham, Phil Haenel…

By Roland Murphy for AZBEX The Phoenix Planning Commission voted in favor of a rezoning that would allow UMOM New Day Centers to build a 192-unit multifamily development on 6.89 acres at the NEC of 39th and Grand avenues. The Alhambra Multifamily development site is currently covered by two different multifamily zoning types. The rezoning will establish a single zoning designation of R-4A (Multifamily Residence – General). Surrounding land uses consist of a school bus depot, a used car dealership, a restaurant, a freight railway and other industrial uses. According to the staff report prepared for the Commission and the…

As the former Metrocenter Mall continues its $850M redevelopment into The Metropolitan mixed-used master plan, Formation Interests is planning a new speculative industrial business park nearby. The plans for Formation Park 17, located east of Interstate 17, will redevelop a 22-acre former seven-building office site with four new buildings of between 95.2KSF and 111.6KSF. The total build area will be 425.3KSF, with space available for occupants needing between 20KSF and the full space. Likely tenants include warehouse/logistics and manufacturing companies, with semiconductor firms being one named possibility. The initial site plan received preliminary approval from the City last month. The…

Embry-Riddle Aeronautical University is planning a new student union on its Prescott campus. The new development will replace five older structures, some of which date back to the 1960s. The facility is planned for 48KSF and will include food services and office space. Following construction, the existing student union will be converted to office space, according to university officials. The new development will be located in the central campus area off the campus’ entrance road. The proposed student union recently received a water allocation recommendation from the City of Prescott’s Water Issues Subcommittee. A water demand analysis from Dibble Engineering…

By Roland Murphy for AZBEX Axon had planned to break ground this week on its new headquarters in north Scottsdale. The efforts of the city’s cohort of NIMBYs, CAVEs and BANANAs have led to that event being put on indefinite hold, possibly along with all the company’s future plans in Arizona. The company said in a Jan. 8 press release, “Today, Axon is announcing the cancellation of its planned January 10 groundbreaking for its new world headquarters in Scottsdale, Arizona. The decision comes amid delays caused by a ballot referendum effort led by a California-based labor union, which has created…

The extend and wait approach to managing commercial real estate loans prevalent over the last few years, in which maturing loan terms were extended in the hope of better market condition coming soon, may prove to be a benefit in the multifamily sector. More than $1T could due between the start of last year and the end of 2025. Even higher volumes will mature between 2026 and 2028. Stabilizing interest rates, lower volumes of starts and deliveries compared to the post-pandemic boom, and still relentless demand could fuel increased sales activity in multifamily, according to the Gray Capital multifamily forecast…

Groundbreakings 1. A joint venture between Ryan Companies US, Inc. and Standard Real Estate Investments, LP announced the groundbreaking of Phase Two of 17 North Corporate Centernear Interstate 17 and Pinnacle Peak Road in north Phoenix. The project is comprised of two industrial buildings, totaling more than 186KSF. Ryan Companies is developing and building the project. Bankers Trust is financing construction. Butler Design Group is the architect. CBRE’s Cooper Fratt, John Werstler and Tanner Ferrandi are marketing and leasing the building. Completion is expected in Q4 of this year. 2. Tiffany Construction Co. will begin replacing the existing City of…

By Roland Murphy for AZBEX The Mesa Design Review Board recently reviewed and made recommendations on the building elevations and landscape design for a new skilled nursing facility on Main Street east of 56th Street. The vacant, 2.07-acre property is situated next to a warehouse owned by Velda Rose Methodist Church. The submitted narrative states the church is working with the applicant—identified on the landscape plans as Circle the City—and the City of Mesa to separate the two parcels. Circle the City provides healthcare services to individuals facing homelessness in Maricopa County. The project will require a site plan and…