Luxury Townhomes Proposed Near Peoria’s Park West
By Tasha Anderson for AZBEX Porter Kyle, a Scottsdale-based developer well known for creating high-end residential communities, is planning a new townhome community across from the popular Park West mixed-use development in Peoria. The project, known as The Prescott at Park West, will sit on a vacant 5.4-acre property at 8128 North 99th Avenue. The site is […]
COVID-19 News Round-up for October 20th
Economic News Phoenix Commercial Leasing Remains Bogged Down Phoenix CRE is slogging away amid the COVID-19 pandemic, with some deals continuing to move forward but many major deals remaining stalled. Andrew Cheney, principal for Lee & Associates, says almost any deal for more than 50SKF has been put on ice. Nonetheless, confidence has increased slightly over the course of the pandemic, and […]
Florence OK’s GPA for Sports Complex
By Richard Dyer for Independent Newsmedia A massive planned sports-oriented complex north of Florence will be adjacent to the future North-South Corridor connecting U.S. Highway 60 in Apache Junction to Interstate 10 in Eloy. The Town Council recently voted to approve amending the 2020 General Plan to change the land-use designation on approximately 357 acres in two […]
PHX Industrial Market Surges During Pandemic
Source: Colliers International The Greater Phoenix industrial market has surged during the COVID-19 pandemic, driven largely by the country’s increased use of e-commerce and elevated grocery shopping while restaurants were closed. Completion of new industrial projects in 2020 has been the strongest year in more than a decade. Arizona’s business-minded approach led to more companies remaining open during the pandemic. The Trade, […]
Industry Professionals 10-20-20
Giving Back 1. The Central Arizona chapter of CCIM, commercial real estate’s global standard for professional achievement, is offering two scholarships for classes in 2021 that lead toward getting the prestigious CCIM designation. The 2021 scholarship programs include: The Tim Hatlestad, CCIM Endowed Scholarship, $1,000 value (CI 102, 103 or 104); The David S. Miller, CCIM Endowed Scholarship, $1,000 value […]
Commercial Real Estate Transactions 10-20-20
Sales Transactions 1. Western Wealth Capital acquired Onnix Apartments, a 659-unit multifamily property at 1500 E. Broadway Road, Tempe, for $117.5M. The seller was Bridge Investment Group Partners. Institutional Property Advisors Arizona’s Cliff David and Steve Gebing handled the transaction. 2. An entity affiliated with Cortland Partners acquired The Angela, a 253-unit Class A multifamily community at 2727 E. Camelback Road, Phoenix, for $117M. CBRE’s […]
AZ Const. Reports No Job Gains/Losses in Sept.
By Tasha Anderson for AZBEX Arizona’s seasonally adjusted unemployment rate increased to 6.7 percent in September 2020, from August 2020, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate decreased to 7.9 percent from 8.4 percent in August. In September 2019, the state had a seasonally adjusted rate of 4.6 percent, and the national was at 3.5 percent. The state had a net gain of 30,200 non-farm jobs over the month. “Historically (2010-2019), Nonfarm employment has averaged a gain of 28,700 jobs in August,” the report states. Government had the largest net gain with 10,800 jobs, followed by Leisure […]
COVID-19 News Round-up for October 16th
Budget, Policy & Stimulus News SBA Makes Some Smaller Loan Forgiveness Easier The Small Business Administration released a streamlined Paycheck Protection Program loan forgiveness application for some loans under $50K — but small-business groups and experts say it still leaves many borrowers out in the cold. The new application provides a safe harbor for the smallest of PPP borrowers with one […]
Townhome Development Planned for Gilbert
By Cecilia Chan for Gilbert Sun News A developer wants to build a gated 207-unit townhome community at the SWC of Lindsay and Germann roads on land zoned for office use. The applicant, Norris Design, is seeking a minor General Plan amendment and rezoning of the 14.53 acres currently used for agricultural, according to staff at a Planning Commission […]
Phoenix Office Market Outlook
Source: JLL Despite a sluggish first half of 2020, the Phoenix office market showed signs of growth during the third quarter, posting just over 300KSF of positive absorption. The Chandler submarket led the way in Q3 with over 176KSF of net gains coming from the finance and insurance sectors. The Tempe submarket was a close second experiencing more than 100KSF of […]