Commercial Real Estate Transactions 09-08-20
Sales Transactions 1. RK Properties has sold Northern Greens Apartments, a 420-unit multifamily property located in Gilbert, for $55.5M on behalf of one of its tenant–in-common 1031 exchange investment programs and the RK Opportunity Fund III. 2. Mark IV Capital, Inc. purchased Perimeter Parkview Corporate Center, a 24.2KSF, Class A multi-tenant office building at 8355 E. Hartford Drive, Scottsdale, for an undisclosed amount. Barry Gabel, Chris Marchildon and Will […]
Boeing Plans Fabrication Center in Mesa
By Tasha Anderson for AZBEX The world’s leading manufacturer of commercial jetliners, defense, space and security system and largest aerospace company is planning to build a new fabrication center at the NEC of Greenfield and McDowell Roads in Mesa. The Boeing Company submitted plans to the City of Mesa and is requesting site plan approval and a […]
COVID-19 News Round-up for September 4
Economic News Pandemic Exposes Stress in Commercial Property Financing The severity of the COVID-19 crisis has revealed extreme stresses in one of its primary sources of commercial property financing; the $1.4T market for commercial mortgage-backed securities. “I don’t think anyone foresaw the devastation that COVID would wreak on commercial real estate and the CMBS market,” says Lea Overby, an analyst at Wells Fargo who has covered the sector for almost […]
October is Careers in Construction Month
Source: NCCER and Build Your Future Spearheaded by NCCER and Build Your Future, the eighth annual Careers in Construction Month, will return this October. The campaign was launched to increase public awareness, inspire the next generation of craft professionals and make an impact on the perceptions of a career in construction. To date, 39 states have filed proclamation requests and are ready to […]
Nonresidential Construction Spending Down in July
Source: Associated Builders and Contractors National nonresidential construction spending fell 1.2 percent in July, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, spending totaled $809.1B for the month. Of the 16 nonresidential subcategories, 10 were down on a monthly basis. Private nonresidential spending declined 1.0 percent while public nonresidential construction […]
Arizona Projects 09-04-20
Awards & Accolades 1. Avondale’s Festival Fields Park, which recently underwent a $19M expansion and renovation, was named Outstanding Facility of the Year by the Arizona Parks and Recreation Association. 2. The AZ Water Association has recognized EPCOR USA with its 2020 Water Project of the Year Award for EPCOR’s $29M expansion of the White Tanks Regional Water Treatment Plant in Surprise. Groundbreakings 3. Wood Partners has begun […]
Hotel Planned for Marana’s Cortaro Ranch Dev.
By Tasha Anderson for AZBEX A new hotel is being proposed within the Cortaro Ranch Phase II development and will be located just north of Cortaro Farms Road and west of Cerius Stravenue. Engineer and project applicant, EPS Group, Inc., on behalf of developer, Investment Resources Corp., is requesting approval of a development plan for the hotel, to be branded as a Home2 Suites by Hilton. The Marana […]
COVID-19 News Round-up for September 1
Budget, Policy & Stimulus News New PPP Rules Could Change Forgiveness Calculations New rules issued by the Small Business Administration could make some Paycheck Protection Program borrowers’ rent or mortgage interest payments ineligible for forgiveness. Generally, the rules of the COVID-19 stimulus program deem rent and mortgage interest as expenses that count toward loan forgiveness, so long as 60 percent of the […]
320-acre Legacy Sports Park Planned for Mesa
By Jeff Metcalfe for The Arizona Republic Mesa voters rejected a ballot proposal to build a youth sports megacomplex, so a private investment group is taking on an even grander project. Legacy Cares, Inc., an Arizona based non-profit organization, closed last week with Ziegler, an investment bank, on $250M financing to build a family sports and entertainment complex in southeast Mesa. […]
Lessons Learned from a Land Use Lifesaver
By Adam Baugh for Withey Morris PLC At the beginning of COVID, when the world suddenly halted in March, my children and I decided to build a bike shed. It was a great time bonding with my daughters, but the end product looked nothing like the fancy shed we intended. Corners weren’t square, hinges didn’t close evenly, and […]