Author: BEX Staff

Awards & Accolades 1. DP Electric President Danielle Puente has been honored as a Rising Star in AZ Big Media’s Spotlight Awards. 2. Phoenix Sky Harbor International Airport Director of Aviation Services Chad Makovsky has been awarded the distinction of Accredited Airport Executive by the American Association of Airport Executives. 3. The following companies have been awarded AZ Big Media’s Arizona’s Most Admired Companies of 2023 based on five key areas: Customer Opinion, Innovation, Leadership Excellence, Social Responsibility and Workplace Culture: Burch & Cracchiolo, CHASSE Building Team, Canyon State Electric, Clayco, Colliers in Arizona, Corbins, Cresa, DP Electric, Fennemore, Haydon…

Sales Transactions 1. Realty Income Corp. acquired five EoS Fitness properties from Barclay Group in a transaction set up by SRS Real Estate Partners. The total purchase cost was $94M. The properties were: 40.35KSF in Queen Creek for $14.3M; 57.8KSF in Mesa on Baseline Road for $5.4M; 51.7KSF in Mesa on University Road for $5.1M; 63.84KSF in Tempe for $4.4M, and 46KSF in Scottsdale for $5.8M. 2. Marcus & Millichap announced the portfolio sale of six Ultra Clean Express Car Wash properties totaling $41.4M. The properties are located in Phoenix and Las Vegas, and no specific details were provided. M&M’s…

By BEX Staff for AZBEX Even though the Gallery Park master plan was approved by Mesa City Council and planned to debut in 2020 as a vertical mixed-use development in 2020, today it contains only a small collection of retail shops. Multifamily developer Trammell Crow Residential bought eight acres of the 40.23 acres last year for $24M with plans to develop a 305-unit community called Park Place at Gallery Park. The company received a minor site plan modification, but the project has since been put on hold. Still, according to media reports, representatives of Gallery Park owner VIVO Development Partners…

The Gilbert Planning Commission met earlier this month to discuss a conditional use permit request for a Higley Storage, 122KSF self-storage development on 2.4 acres at Higley and Williams Field roads. City staff informed the Commission the proposal has gone through the initial review and a presentation and staff report are being prepared. Developer Wentworth Property Company had previously held two neighborhood meetings to discuss the project. Attendees questioned the landscape buffer between the development and nearby residential properties and raised concerns about site security, lighting and the potential of attracting transients. Staff had also recommended changes to the building’s…

By Roland Murphy for AZBEX The Phoenix Planning Commission is scheduled to hear cases involving a proposed three-building 366KSF commerce park from Trammell Crow Company in south Phoenix and a potential 63.9KSF Tesla repair center in the Deer Valley area of north Phoenix at its Sept. 9 meeting. Trammell Crow 12th St. & Elwood Commerce Park Trammell Crow is proposing its new commerce park on a 28.32-gross-acre site at 12th and Elwood streets. The proposal requests a rezoning of the site from a Multifamily Residence District with a Commerce Park Option to Commerce Park District, according to the staff report.…

FIVE NORTH at Vistancia could see 1,500 more residential units than originally proposed under a request by owners IHP Capital Partners and Varde Partners, who are seeking changes to the Vistancia planned community district. The current zoning allows a total of 10,500 units in the overall 7,100-acre Vistancia master plan. The request would increase that to 12,000. The newly proposed housing would be in the master plan’s 320-acre FIVE NORTH commercial core, which is located toward the southern end of Vistancia and is planned for a mix of multifamily, retail, industrial and other uses. The total unit count in FIVE…

By Associated Builders and Contractors Associated Builders and Contractors reported that its Construction Backlog Indicator increased to 9.3 months in July, according to an ABC member survey conducted from July 20 to Aug. 4. The reading is up by 0.6 months since July 2022. The South remains the region with the highest level of backlog, despite being the only region with lower backlog on a year-ago basis. Backlog gains in July were concentrated in the commercial and institutional categories. ABC’s Construction Confidence Index reading for profit margins and staffing levels moved higher in July, while the reading for sales fell…

By BEX Staff for AZBEX Mortenson has released its Q2 Construction Cost Index, and costs in Phoenix are up slightly more than the national average. Single-quarter nonresidential costs in Phoenix rose 1.42%, according to the report. The national average was 1.28%. Mortenson’s national data, “shows a continued flattening of material costs, suggesting pandemic, supply-chain, and inflation-related increases experienced over the last two years have largely abated. The overall pace of labor cost increases slowed in the second quarter to 3.2% relative to the 12-month trailing average, and at +1.3% and +0.7%, respectively, the costs of subcontract work and materials are…

Groundbreakings 1. Construction has started on Novus Place, a 275KSF entertainment and retail development in the Novus Innovation Corridor by Arizona State University and Catellus Development Corp. in Tempe. Restaurant tenants include offerings from Fox Restaurant Concepts, and openings are expected to begin in 2024. 2. Silver Creek Development and partner Stonemont Financial Group plan to break ground next month on the four-building, 216.7KSF El Mirage Commerce Center at 9755 N. El Mirage Road. GMA Architects is the design firm, and ARCO Mountain West is the general contractor. Leasing is through CBRE. Completion is planned for Q3 2024. 3. Mill…

By BEX Staff for AZBEX Diversified Partners plans to build a 17-acre mixed-use development at the NEC of Ellsworth and Elliot Roads in Mesa. The E&E at Gateway development will feature a 107-room Cambria Hotel by Choice Hotels, retail shops and a four-building, 33KSF medical office building. Media reports quote Diversified Partners CEO and Designated Broker Walt Brown, Jr. as saying construction should get underway within the next two months. Tenants already under pre-lease include an urgent care, a dental office, an orthodontics practice and several restaurants and retail shops. The development cost is estimated at between $37M-$40M, and completion…