Author: BEX Staff

By Associated Builders and Contractors Construction input prices increased 1.0% in January 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 increased 0.9% for the month. Overall construction input prices are 0.4% higher than a year ago, while nonresidential construction materials prices are 0.7% higher. Prices increased in 2 of the 3 energy subcategories last month. Crude petroleum input prices were up 6.1%, while unprocessed energy materials prices were up 3.8%. Natural gas prices decreased 2.4% in January. “Construction materials prices…

Awards & Accolades 1. Cushman & Wakefield | PICOR recently hosted its annual awards ceremony to recognize the top producers and exceptional team members for 2023. The honorees are: Leadership Awards: President’s Award for Excellence: Rob Tomlinson Peter H. Douglas Heart & Soul Award: Joey Martinez Brokerage Awards: Winner’s Circle (Top Producers) # 1 Producer: Allan Mendelsberg, Multifamily # 2 Producer: Stephen Cohen, Industrial # 3 Producer: Rob Glaser, Industrial Top Producers by Specialty Industrial: Steve Cohen Retail: Dave Hammack Office/Medical: Richard M. Kleiner Multifamily: Allan Mendelsberg Property Management Awards: Manager of the Year: Alexis Ryland Most Valuable Player: Bill…

Sales Transactions 1. Adero Scottsdale Resort, a 177-room property in Fountain Hills, is set to sell for $66.5M to Cabo Resort Development Partners LLC, a limited liability company owned by GRMM Hotel Investment Fund. The luxury hotel property—formerly known as CopperWynd Resort—has been in receivership since December after owner Palisades Resorts LLC missed three mortgage payments. 2. JLL Capital Markets announced the sale of a $32M Phoenix medical portfolio consisting of three Banner Health Centers totaling more than 80KSF. JLL represented the seller, Banner Health, and procured the buyer, Stockdale Capital Partners. The three centers are located in Mesa, Gilbert…

The Buckeye Planning Commission has voted to recommend approval for a 2,100-acre master plan proposal from Arizona Land Consulting to create a data center and technology campus in the Buckeye Tech Corridor. The property is generally bounded by Yuma Road and Southern Avenue to the north and south and by Johnson Road and 323rd Avenue to the east and west. The request seeks a major amendment to the former Cipriani master plan currently in place for the site. ALC submitted plans for the new corridor last April after buying the site from Cipriani Land Holdings LLC for $40M. The Cipriani…

By Roland Murphy for AZBEX “Those Omninet projects have been a pain… since 2016.” Such was the response when I asked the BEX Research team about a project I couldn’t immediately find in DATABEX after it was mentioned in a local news article. When I ask researchers about a project, I try to include as much background as possible so they don’t have to dive too deeply to find answers. I found this project on our outstanding projects sheet of items that are on our radar but haven’t made it into the database yet. I also found a similarly named…

The section of Lake Pleasant Parkway between Loop 303 and State Route 74 is the only area of the roadway that has not been widened, and the City of Peoria wants to remedy that as soon as possible to accommodate the pace of growth in the surrounding area. Peoria officials want to accelerate the road expansion design process. The initial target is to widen the road with two lanes in each direction. Another lane in each direction will eventually be added. Most of the land required for the plan is owned by the State Land Department. Peoria will have to…

Republic Services Inc. is making progress on its planned nearly 250KSF new headquarters at City North in Phoenix. The company recently signed a 25-year lease and joint development agreement for the new location. Earlier this month, City North developer Crown Realty and Development sold nearly seven acres at City North to U.S. Realty Advisors. Allied Waste North America LLC, a Republic Services entity, signed a 25-year lease with two 10-year renewal options with U.S. Realty Advisors. Representatives confirmed U.S. Realty Advisors will provide build-to-suit funding for the new headquarters. U.S. Realty Advisors and Crown Realty and Development have signed a…

By City of Tempe Increasing funds for affordable housing, protecting Tempe’s historic places and restoring all of Tempe’s streets may be on the ballot this November as part of a proposed bond election. Councilmembers heard information about leveraging bonds to increase affordable housing opportunities and preserve and maintain Tempe’s historic places at the Feb. 8 Work Study Session. Affordable Housing The City of Tempe has invested $72M in housing solutions as well as assistance to the community’s unsheltered population. To accelerate the city’s affordable housing efforts, an additional $32M is being requested, $8M annually for four years. The cost of…

Groundbreakings 1. Earlier this month, 29th Street Capital hosted a groundbreaking for two of its projects in Goodyear: the 408-unit multifamily community The Artesian Apartments and the 187-unit Build-to- Rent development Artesian BTR. 2. Creation Equity broke ground on the $60M Thunderbird Commerce Park—a 243.4KSF, single-building industrial development located on 18 acres within Scottsdale Airpark. The expected completion date is early 2025. 3. Arizona Department of Transportation began construction on the $38.5M project dubbed US60X, a five-mile stretch of Main Street in Mesa. Construction is expected to take two years to complete. The project includes sidewalk, curb, gutter, bike lane…

A solar power facility that will also feature the United States’ first cobalt sulfate production facility has been granted a special use permit by the Yuma County Board of Supervisors. The facility will be built on 138 acres of vacant desert at the NWC of the alignment of Avenue 47½ E and Old Highway 80. Cobalt is an essential component in manufacturing batteries for electronic vehicles. Most cobalt is currently produced in Africa and processed in China. The planned facility from EVelution Energy will be the first in the U.S., and company officials say their goal is to move cobalt…