COVID-19 News Round-up for August 18
Economic News Online Shopping & Delivery Squeezes Landlords Digital grocery sales have soared, but potential aftershocks are significant for smaller tenants that occupy grocer-anchored centers that depend on grocers to draw in customers. Those tenants pay higher rents than they would at other retail centers because of traffic exposure — a premium that could evaporate should current trends in online […]
VanTrust Planning 660KSP Spec Industrial in GLDE
Source: VanTrust Real Estate VanTrust Real Estate recently acquired 76.4-acres of land at Sarival Road and Maryland Avenue along the Loop 303 corridor in Glendale. VanTrust plans to break ground in October on a 660KSF speculative industrial building to be completed in June of 2021. The site offers access to the entire Valley and provides distribution tenants with a convenient transportation corridor to […]
Project Wants Mesa to Become ‘Surf City’
By Jim Walsh for East Valley Tribune A developer already has “Surf Mesa’’ tee-shirts printed, hoping that his proposed two-acre “surf lagoon” turns into a regional attraction near Phoenix Mesa Gateway Airport. But while the lagoon is the centerpiece of Cannon Beach, it also includes 475KSF of commercial space, a gym, a climbing wall, a go-cart track, a 65-foot […]
Legislation will let La Paz Buy More BLM Land
By John Gutekunst for Parker Pioneer The three members of the U.S. Congress that represent La Paz County have introduced legislation that could add considerably to the land the county had conveyed to them by the Bureau of Land Management. Sponsored by Arizona U.S. Senators Martha McSally and Kyrsten Sinema and U.S. District 4 Rep. Paul Gosar, the La Paz County Solar Energy and Job Creation Act will add 4,800 acres of BLM land to […]
Industry Professionals 08-18-20
Giving Back 1. During its third-quarter disbursement, the Sundt Foundation awarded more than $75K in grants to 25 Phoenix-area nonprofits and more than $23K in grants to nine Southern Arizona nonprofits. 2. The ASU Foundation accepts gifts of real estate and provides the donor with a charitable contribution receipt that may qualify as a tax deduction. The proceeds from the sale of […]
Commercial Real Estate Transactions 08-18-20
Sales Transactions 1. Apple Hospitality REIT, Inc. purchased the newly constructed, 105-room Hyatt House and 154-room Hyatt Place at 601 E. 6th Street, Tempe, for a gross purchase price of approximately $64.6M. The hotels are part of the initial phase of the Novus Innovation Corridor. 2. Tides on 19th Partners, LLC purchased Nineteen Apartments, a 236-unit, garden-style apartment community at 4802 N. 19th […]
Uncertainty Forces Economic Developers to Pivot
By Rebekah Morris for AZBEX The diversity of East Valley cities was on full display at the August 12th, 2020 Leading Market Series discussion hosted by BEX. Economic development directors from the cities of Mesa and Scottsdale, along with the Town of Queen Creek, identified their unique challenges and goals in bringing in new employers to their municipality, especially during a time when […]
COVID-19 News Round-up for August 14
Economic News 80 Percent of Retail Tenants Paid July Rent Fewer than 60 percent of national brand retail tenants paid their rents in May, but 80 percent mailed the checks in July, according to the Datex Tenant Track of more than 1,000 shopping centers and tens of thousands of retail stores. (Source: Real Estate Daily News) Alternate CRE Lending Dries Up Lending for commercial real estate deals […]
WaterWalk Planning North Phoenix Extended Stay
By Corina Vanek for Phoenix Business Journal A developer of high-end extended stay hotels bought 4.5 acres of land in north Phoenix to develop the company’s first Arizona hotel property. WaterWalk purchased the site at 19th Avenue and Pinnacle Peak Road for $2.14M from the Alter Group. Trask Switzenberg and Chuck Wells of Kidder Mathews represented WaterWalk. “The continued rapid expansion in the Deer Valley […]
Hearing Set on Florence Copper Permit
By Mark Cowling for Florence Reminder & Blade-Tribune Florence Copper is a step closer to full-scale commercial production with state environmental regulators issuing a draft permit for public comment and scheduling a virtual public hearing for September 9th. The company has been mining copper on a small scale for more than a year in a test phase. […]