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Phoenix Business Journal
Small-business grants you can apply for this month
Small-business owners are increasingly confident about the economy despite staffing and interest-rate concerns.<\p> New research from financial, insurance and advisory services firm CBIZ Inc. found that business owners have gotten used to higher but relatively stable interest rates over the last 18 months.<\p>
Arizona, Canada seek stronger ties through new Phoenix trade office
Arizona attracts tourists and foodies, major sports events and big business. The money comes from all over the world, but one major investor is the neighbor in the north: Canada.<\p> Total trade between Arizona and Canada topped $5.3 billion in 2023. Arizona Rep. David Cook, R-Globe, who serves as the chair of the House International Trade Committee, has been an advocate for increasing trade with Canada.<\p>
More retail opportunities at West Valley ballpark; plus more deals
The city of Goodyear is marketing nearly 10,000 square feet of retail space available for lease at the Goodyear Ballpark, home to the spring training facilities for the Cleveland Guardians and Cincinnati Reds. <\p> Four suite spaces are available for lease along the front entrance of the ballpark including a 3,207-square-foot endcap, a 1,222-square-foot space, a 3,441-square-foot space and a 1,592-square-foot endcap. <\p>
Tempe Chamber of Commerce CEO abruptly departs
The Tempe Chamber of Commerce has a new interim chief executive officer after the sudden and unexplained departure of former CEO Colin Diaz. <\p> The organization said that former Tempe City Council member and Vice Mayor Robin Arredondo-Savage will lead the Chamber’s transition as it begins the search for a permanent CEO to replace Diaz. <\p>
Carvana shares pop as Q2 earnings beat Wall Street expectations
Shares of Carvana Co. roared out of the gate in early trading Thursday after the Tempe-based used car retailer reached new profitability milestones in the second quarter.<\p> After the markets closed on July 31, Carvana (Nasdaq: CVNA) reported net income of $48 million and revenue of $3.41 billion, up 15% from the prior year quarter.<\p>
Intel plans major round of layoffs, report says
Intel Corp. — one of the Valley's largest employers — plans to lay off thousands of employees, according to a report from Bloomberg. <\p> The cuts are meant to reduce costs to pay for new programs and strategies to bolster its sagging earnings and loss of market share, and the workforce reorganization could come as early as this week, sources told Bloomberg. <\p>
Prominent Phoenix shopping center sold
As it reported its second quarter earnings, executives at Macerich Co. made a significant announcement: that it has sold its 50% stake of Biltmore Fashion Park to a regular project partner, Red Development, which now takes full ownership of the shopping center.<\p> "Red Development is honored to acquire full ownership of Biltmore Fashion Park, now making one of the state’s most important and historical properties into a locally owned and operated landmark," said Mike Ebert, managing partner of Red Development in a statement to the Phoenix Business Journal. "We’re grateful to Macerich for this incredible opportunity and for the years of collaboration and partnership. We look forward to unveiling our plans for the next chapter of this iconic destination soon."<\p>
Teacher shortages persist in Arizona but may be easing
WASHINGTON – A few weeks into the previous school year, 30% of teacher positions in Arizona were unfilled. The shortage persists as classes get underway this year, but there are signs of improvement.<\p> Tucson Unified School District currently has 164 classroom openings – down from 300 at the same time last year. Deer Valley Unified School District is close to fully staffed. Tempe Union High School District has just one opening to fill compared to five at this time last year.<\p>
Sky Harbor records busiest year for passengers
Phoenix Sky Harbor International Airport saw passenger traffic increase again for another consecutive month, leading the Valley's main airport to its busiest fiscal year ever.<\p> In June, Sky Harbor recorded 4.2 million total passengers going through its terminals, a 10.6% increase from June 2023, according to the latest data released by the Phoenix Aviation Department.<\p>
Trampoline park eyes East Valley for next takeoff
An indoor trampoline park has zeroed in on its next Arizona location at an emerging retail development.<\p> Utah-based Get Air filed pre-submittal documents to the city of Mesa to build a new building on 3.5 acres of land within Eastgate Plaza — a new mixed-use development on the corner of Elliot and Ellsworth being developed by Scottsdale-based Diversified Partners. While final details are still coming together, Get Air's application said its trampoline parks are typically 25,000 square feet and offer basketball, dodgeball and playground equipment in addition to trampolines. Typically, over $1 million is spent on improvements for these parks, the application read.<\p>
Tempe tech company's shares hit all-time high on strong Q2 earnings
Shares of Benchmark Electronics Inc. reached an all-time high Wednesday after the Tempe-based contract electronics equipment manufacturer reported positive financial results.<\p> After the markets closed on July 30, Benchmark Electronics (NYSE:BYE) reported $666 million in revenue during the second quarter, down from $733 million in the prior year quarter, according to a regulatory filing. However, the company saw revenue increases in its aerospace and defense and semiconductor capital equipment segments, which generated $109 million and $172 million in the second quarter, respectively.<\p>
Chicago company seeks to buy Arizona cannabis businesses
Chicago-based Verano Holdings Corp., one of the largest multi-state cannabis operating companies in the nation, has agreed to acquire ownership of some Arizona and Virginia assets operated by The Cannabist Company Holdings Inc.<\p> In a deal worth $15 million that is payable in cash, Verano would acquire two subsidiaries in Arizona known as 203 Organix LLC ($9.9 million) and Salubrious Wellness Clinic Inc. ($5.1 million). The Arizona operations being acquired include one cultivation facility, one production facility, and two dispensaries, one in Tempe and one in Prescott. The Virginia operations would be acquired from The Cannabist Company (OTC: CBSTF) for $90 million and would include one cultivation/production facility and six cannabis dispensaries.<\p>
Don't give up on paper checks before considering all the consequences
Target Corp. stopped accepting personal checks for customer purchases earlier this month, joining the ranks of big businesses that have ditched the old-school payment method.<\p> It's a lineup that includes the likes of Whole Foods, Aldi and Old Navy, all of whom have canceled checks as a payment option. At the same time, digital payments through the likes of Venmo, Cash App, and other card- and phone-based systems have skyrocketed.<\p>
Real estate firm moves into new Camelback Corridor office
Stream Realty Partners is changing Phoenix offices – but they aren't moving far.<\p> Stream Realty, a Texas-based real estate firm, is set to move into a 5,358-square-foot office at Esplanade III at 2415 E. Camelback Road. The real estate firm is subleasing part of the top floor from consulting firm The Intersect Group, which will remain in the building.<\p>
Luxury home prices hit a new high
The U.S. luxury housing segment has bucked some of the trends affecting the rest of the residential real estate market, in large part because those buyers and sellers are less affected by affordability issues.<\p> But like the broader housing market, luxury homes continue to see a surge in prices. In fact, luxury home prices hit a new high in the second quarter of this year, with a typical home in the category selling for $1.18 million, an 8.8% increase from the same quarter last year, according to Redfin Corp. data.<\p>
Long-running Phoenix restaurant under new ownership
Phoenix City Grille, an iconic 27-year-old restaurant at 16th Street and Bethany Home Road in Phoenix, has new owners.<\p> On July 25, the restaurant’s founding partner, Sheldon Knapp, announced that Phoenix City Grille will be operating under a new partnership made up of Dennis Shaw and Micah Wyzlic.<\p>
Phoenix freight transport firm acquires LA company
Knight-Swift Transportation Holdings Inc., a Phoenix-based freight transport company that has operations covering North America, said Tuesday that it has acquired the operating assets of Dependable Highway Express Inc., based in Los Angeles.<\p> The acquisition, effective July 30, also includes some liabilities of the Los Angeles company's nonunion regional less-than-truckload (LTL) division.<\p>
Medevac helicopters start carrying blood, but what about ambulances?
Time was running out as the medevac helicopter made its way from rural Arizona to a nearby hospital. The patient was in critical condition, and flight paramedics worked against the clock. Only one thing could save him – blood.<\p> BannerAir flight paramedics worked to save the patient, who was losing large amounts of blood due to an ATV accident. If the flight team did not have access to the life-saving blood, the patient could have died.<\p>
Aircraft parts supplier buys East Valley building
Aftermarket aircraft part supplier Setna iO has acquired a large Tempe industrial building to expand its operations. <\p> An entity linked to the company, 1345 S. 52nd ST LLC, purchased the 112,300-square-foot University Logistics Center at 1345 S. 52nd Street in Tempe for $27.5 million, according to real estate database Vizzda. Setna iO and an affiliated company, Setnix, which specializes in airplane parts machining and repair, will nearly quadruple the size of its existing Valley facility. The companies have a presence in another Tempe building at 402 W. Fairmont Drive, according to their website.<\p>
Scottsdale real estate tech firm parts ways with CEO
A Valley real estate tech firm is parting ways with its CEO.<\p> Scottsdale-based SmartRent Inc. (NYSE: SMRT), which provides smart solutions for the rental housing industry, on July 30 announced that CEO Lucas Haldeman has stepped down and resigned from the company's board of directors, effective July 29. <\p>
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