Commercial Real Estate Transactions 06-30-20
Sales Transactions 1. Tides Equities teamed with FCP to buy the Tides at South Tempe, a 442-unit apartment complex at 4130 S. Mill Avenue, for $71.5M. 2. Knightvest Capital purchased the Capital Place Apartments, five-story, 292-unit complex at 11 S. 12th Street, Phoenix, for an undisclosed amount. The JLL Capital Markets Investment Advisory team representing the seller, Epoch Residential, includes Mike Higgins, Charlie Steele and John […]
Package Delivery Facility Planned for Surprise
By Tasha Anderson for AZBEX A new package delivery service facility is being planned at the NEC of Litchfield and Sweetwater Roads in Surprise. Applicant, Withey Morris, LLC, on behalf of real estate developer, BH DevCo, submitted a request for site plan approval to the city for the approximately 145.5KSF development, called Project Baxter. The Surprise Planning & Zoning Commission heard and recommended the project for approval at its […]
COVID-19 News Round-up for June 26
Budget, Policy & Stimulus News Surprise Gets $16M in CARES Cash The City of Surprise recently received more than $16M via the Coronavirus Aid, Relief, and Economic Security Act to help offset tax losses and other budget impacts from the COVID-19 pandemic. The funds are intended to help with public safety personnel costs. Money freed up through the assistance payment will be […]
Johnson Utilities to Begin Plant Expansion
Source: Arizona Corporation Commission Arizona Corporation Commissioners voted for Johnson Utilities LLC to begin work on the Pecan Water Reclamation Facility Phase IV Expansion and Influent Pump Station & Headworks Replacement projects approved in Decision No. 77330. The Pecan Water Reclamation Plant Phase IV Expansion totals approximately $18M and will expand the capacity at the plant from 3.0 million gallons per day to 4.0 […]
Maricopa County Board Approved $3B Budget
Source: Maricopa County Maricopa County is putting hundreds of millions of dollars in federal funds to immediate use helping people impacted by the COVID-19 pandemic while also pulling back on discretionary spending unrelated to the crisis. The Board of Supervisors approved the final $3.071B budget for fiscal year 2021. The bulk of spending is focused on core responsibilities like public […]
Arizona Projects 06-26-20
Groundbreakings 1. Pacific Hospitality Group and Mortenson recently broke ground on a 238-room, 8-story Hyatt Place hotel in downtown Phoenix. The project is expected to be completed in September 2021. Allen+Philp Partners is the architect. 2. FatCats Entertainment has started construction on their new ground up, 61KSF family entertainment center at 20660 E. Riggs Road, Queen Creek. The $11M project will have 8 theaters, 20 bowling lanes, arcade, nine-hole glow in the […]
Preliminary CIP Totals Show 6 Percent Increase
By Rebekah Morris for AZBEX The top 10 Capital Improvement Programs (CIP) in Arizona total $22.5B, a 6.01 percent year-over-year increase over last year’s tally. BEX evaluates the internal planning documents produced within more than 30 municipalities each year, identifying funding levels and future trends in public spending for infrastructure and public spaces. This is the fifth consecutive year of increased budget levels for capital […]
COVID-19 News Round-up for June 23
Budget, Policy & Stimulus News Beyond PPP: Help for Contractors A recent article in ConstructionDive takes a look at federal loans, tax credit and other assistance programs beyond the Paycheck Protection Program that can be of help to contractors trying to weather the COVID-19 downturn. (Source: ConstructionDive) New SBA PPP Rule Allows for (Some) Higher Salaries The Small Business Administration has officially expanded the amount […]
SUP Amendment OK’d for Navajo County Solar Facility
By Tasha Anderson for AZBEX Global energy storage developer, Invenergy LLC, is requesting a Special Use Permit Amendment from Navajo County in order to construct a 400 MW photovoltaic solar and energy storage facility south of Joseph City, called Hashknife Energy Center. The Special Use Permit Amendment, which was recommended for approval at the Navajo County Planning and Zoning Commission meeting on […]
Ariz. Construction Gained 3,500 Jobs in May
By Tasha Anderson for AZBEX Arizona’s seasonally adjusted unemployment rate decreased to 8.9 percent in May 2020, from April 2020, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate decreased to 13.3 percent from 14.7 percent in April. In May 2019, the state had a seasonally adjusted rate of 4.8 percent, and the national was at 3.6 percent. The state had a net gain of 45,200 non-farm jobs over the month. “Historically (2010-2019), Nonfarm employment has averaged a loss of 6,800 jobs in May,” the report states. Leisure & Hospitality had the largest net gain with 37,200 jobs, […]