COVID-19 News Round-up for October 27th
Budget, Policy & Stimulus News Floodgates Open on PPP Loan Forgiveness The Small Business Administration is facing a mountain of Paycheck Protection Program loan documents and forgiveness applications as the “floodgates” open on small businesses asking for their loans to be forgiven. The renewed forgiveness push comes after the SBA released a simplified forgiveness form for businesses with loans under $50K. (Source: Phoenix Business […]
Investors Flocking to Biolab Sector
By Sebastian Obando for National Real Estate Investor Commercial real estate investors are showing increasing interest in biolab facilities as healthcare research and development has accelerated due to the pandemic. “[There is] an increased demand for laboratory space which, when coupled with low vacancy rates in most life science cluster markets, drives rental rates higher,” says Russell Brenner, president of the […]
Phoenix Retail Posts Positive Net Absorption in Q3
Source: Colliers International The Greater Phoenix retail market posted positive net absorption in third quarter, despite the continued impact of the COVID-19 pandemic. Vacancy rose slightly during the quarter to 7.7 percent as the city was recognized for comparatively low unemployment and small business closures. During third quarter, Greater Phoenix posted a 1.7 percent increase in unemployment, finishing September […]
Industry Professionals 10-27-20
Giving Back 1. CHASSE Building Team partnered with the Tempe Elementary School District in October to assemble and launch “Little Free Libraries” at four local elementary schools: Laird, Thew, Nevitt and Scales. The general contractor both assembled the four 4-foot structures at the schools as a team, as well as donated books to each Little Free Library to get the sharing started. Awards & […]
Commercial Real Estate Transactions 10-27-20
Sales Transactions 1. TA Realty acquired Alta North Central, a 229-unit four-story apartment complex at 777 E. Stella Lane, Phoenix, for $75M. The seller was an entity tracing back to Wood Partners. 2. Kennedy Wilson Multifamily acquired Apache Station Apartments, a 400-unit gated apartment complex at 2323 E. Apache Boulevard, Tempe, for $69.75M. The seller was Green Leaf Partners. CBRE Capital Markets delivered […]
AZ Construction Continues Growth Despite Pandemic
By Rebekah Morris for AZBEX Sales tax data available on AZEconomy.org, published by the University of Arizona Economic and Business Research Center, shows a surprising trend: construction in Arizona has risen despite the broad economic downturn as a result of the COVID-19 health epidemic. At the BEX Annual Construction Forecast event in January 2020, BEX researchers presented data that projected strong growth across the industry. Once COVID-19 hit in full […]
COVID-19 News Round-up for October 23rd
Budget, Policy & Stimulus News Glendale Introduces Landlord, Tenant Relief The Glendale City Council approved a program designed to help tenants and property owners apply for assistance if they’ve been affected by the coronavirus pandemic. The Property Owner Preservation program is designed to allow landlords to apply for federally funded assistance on behalf of their residential tenants if they […]
CMAR Sought for New DVUSD Elementary School
By Tasha Anderson for AZBEX Deer Valley Unified School District is looking for help to develop a new Elementary School on approximately 14 acres located at the intersection of Inspiration Mountain Parkway and Pinnacle Vista Drive in Phoenix. The school district recently published a Request for Qualifications for Construction Manager at Risk (CM@R) and construction services for the $20.3M […]
New Pavement Tech Could Cool Cities
By Brian P. D. Hannon for Associated Press Sunbathers understand the benefits of applying sunscreen, but in America’s hottest big city the same concept is being tested at street level in the hope of bringing some lasting relief from the relentless Arizona sun. A team from Arizona State University is working with the City of Phoenix on a pilot […]
Arizona Projects 10-23-20
Groundbreakings 1. Developer Joe L. Cook, My Home Group (MHG) Commercial, Construction Solutions Company (CSC) and the City of Maricopa are holding a groundbreaking ceremony for the 30+ acre Estrella Gin Business Park on October 23rd at 9am, at 45654 W. Edison Rd. The Estrella Gin Business Park is an Arizona Commerce Authority Certified Gold Site, making it truly shovel-ready. 2. Lifestyle Homes was recently selected by The Empire Group as […]