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Phoenix Business Journal
Some Valley cities think twice about data center expansion
The data center boom has been a boon for many industrial developers in the Phoenix metro and across the country. <\p> The ever-increasing prevalence of artificial intelligence has only added to the demand for data centers, which ensure that data used by all of our digital devices can be stored and processed. That said, municipalities across the country have begun to question how they will keep up with that demand, which Goldman Sachs recently estimated will grow 160% by 2030. <\p>
My View: Mesa is on a roll after celebrating a $5 billion year
Imagine having the clean-technology capability to remove two million tons of carbon dioxide from the skies – the equivalent of emissions from 435,000 gas-guzzling cars every year. Could such an innovation protect our planet and leave us all breathing a little easier?<\p> We will find the answer to that question in Mesa, which just wrapped up a banner fiscal year of more than $5 billion worth of economic development. Over the past 12 months, more than 60 companies in the advanced manufacturing, semiconductor supply chain, transportation and warehousing sectors announced new and expanded projects in our city. Combined, they will create nearly 2,500 new jobs with average salaries of about $61,000. <\p>
Brand showcases WNBA stories through fashion during All-Star weekend
Before Allan Houston ended his conversation with Maya Moore at the USA Olympic Basketball 50th Anniversary celebration in Las Vegas on July 10, he called his daughter Rowan. Her overwhelming disbelief upon seeing Moore in the camera frame mirrored her emotions from 14 years ago when the Minnesota Lynx legend and four-time WNBA champion responded to a letter Rowan sent her for a second-grade class assignment.<\p> Whether via mail or FaceTime, communicating with her role model gratified Rowan because she admires what Moore embodies beyond basketball prowess: faith, integrity, sacrifice, leadership and legacy.<\p>
Huge pickleball facility closes at Arizona Mills mall
Less than a year after opening in the Arizona Mills Mall in Tempe, a pickleball concept is closing its doors and the company will cease to operate.<\p> Picklemall, an indoor pickleball court operator, will close its 104,000-square-foot operation in the former At Home space at the Tempe mall by the end of the month, as first reported by Axios. <\p>
Arizona AG sues Dodge Ram engine makers
Arizona Attorney General Kris Mayes has filed a lawsuit accusing automotive manufacturers Cummins Inc. and FCA US LLC of fraud in connection with thousands of diesel vehicles advertised as “super clean." <\p> The lawsuit alleges that Cummins (NYSE: CMI) and FCA installed illegal emissions defeat devices on Dodge trucks that they then marketed and sold as environmentally friendly, low-emission alternatives that were more powerful and efficient than gas vehicles, charging more for these vehicles. However, the lawsuit says, the vehicles with the defeat devices actually emit higher levels of nitrogen oxides, leading to more smog and health issues. <\p>
Homebuilder enters Phoenix market with two giant land buys
A Florida homebuilder is making its Arizona debut with the purchase of nearly 300 lots on opposite ends of metro Phoenix.<\p> Dream Finders Homes Inc. (NYSE: DFH) secured the last piece of Phase IV at Bella Vista Farms master-planned community in San Tan Valley and took another 36.57 acres at El Cidro in Goodyear.<\p>
Valley pool retailer's stock price plunges as revenue dips
Pool supply company Leslie’s Inc. (Nasdaq: LESL) announced that its quarterly financial results are below expectations and cut its forecasted earnings for the rest of year, which led to its stock sinking on July 18.<\p> The Phoenix-based company released its preliminary results from its fiscal third quarter, which ended on June 29, after the markets closed on July 17. The results showed revenue was more than 7% lower than expectations.<\p>
TSMC forges ahead on Arizona chip plants amid geopolitical concerns
Taiwan Semiconductor Manufacturing Co. (NYSE: TSM) increased its revenue expectations amid strong demand for chips used for artificial intelligence — without changes to its current plans for Arizona and other overseas factories. <\p> C.C. Wei, chairman and chief executive of TSMC, told investors and analysts during a July 18 earnings call that the company will continue to expand in Arizona as planned, as well as in Japan and potentially Europe despite geopolitical concerns that arose this week from comments by former President Donald Trump about Taiwan that prompted a sharp drop in its shares on Wednesday. <\p>
Amazon warehouse changes hands in biggest industrial sale this year
A 1.2 million-square-foot warehouse fully leased to Amazon has sold in the largest single-building industrial transaction so far this year for metro Phoenix. <\p> The Glendale facility was acquired earlier this month by an entity connected to BlackRock Realty Advisors Inc. for $128.1 million in an all-cash deal, or more than $100 per square foot, according to Maricopa County and Arizona Corporation Commission records. <\p>
The National Observer: Distress rises for apartment owners
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we'll take a look at the challenges of finding new tenants as two prominent drug store chains close stores, uncertainty around new rules on brokers in the home buying sector, and Big Lots' plan to close dozens of stores as doubts arise around its solvency over the next year. But for our top story we're going to examine distressed debt in the multifamily sector.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
First look: Phoenix Mercury open downtown Phoenix practice facility
The Phoenix Mercury opened the team's brand new, $100 million practice facility on July 18.<\p> The facility is located in downtown Phoenix next to the Suns and Mercury’s corporate headquarters campus in a renovated warehouse at 475 E. Lincoln Street.<\p>
Maricopa County ranks No. 1 in US for economic growth
Maricopa County has been ranked No. 1 in the country for economic growth in the past year for its substantial surge in jobs and investment from businesses. <\p> The Site Selection publication ranked counties in the U.S. based on number of projects from January 2023 through March 2024, in addition to investments and jobs. <\p>
West Valley medical device warehouse sells; plus more deals to know
A 326,018-square-foot warehouse fully leased to medical device manufacturer AirLife has sold for $50 million. <\p> The Falcon Park 303 Phase II facility, which was developed by US Capital Development, sold to EQT Exeter in July in an all cash deal, according to Maricopa County land documents. <\p>
Valley artist, Mercury collaborate on 2024 WNBA All-Star Game mural
When the Phoenix Mercury asked local artist Antoinette Cauley to design a mural for their community project refurbishing local basketball courts, Cauley didn’t hesitate to say yes – even if it meant working in conditions that could be dangerous if she and her team weren’t careful.<\p> Cauley used drone footage to make sketches and outline her design for the mural. She and her team began most days painting at 5:15 a.m. to beat Arizona’s crippling summer heat. Once temperatures reached 100 degrees Fahrenheit, the crew could no longer continue working due to the paint immediately drying when applied to the concrete.<\p>
The ghost effect: Another sign the job market has dramatically shifted
Three years ago, many employers reported the phenomenon of being "ghosted" by job candidates.<\p> In yet another sign of the shifting labor market, the shoe is now on the other foot, with companies now abruptly ceasing communication with candidates. <\p>
WNBA on cusp of $2.2 billion national media rights deal
In 2022, WNBA Commissioner Cathy Engelbert told Sports Business Journal she was seeking a new media deal that rivaled that of Major League Soccer. Two years later, she has done that – and more. <\p> As the WNBA prepares for its All-Star Game weekend in Phoenix, the league is close to finalizing a national media rights deal worth $2.2 billion over the next 11 years with Disney, NBC and Amazon, multiple sources close to negotiations confirmed to SBJ, which would begin in 2026 and average around $200 million per year. The news was first reported by The Athletic late Tuesday.<\p>
California design firm names new principal for Phoenix office
Irvine, California-based Ware Malcomb, an international design firm, has named Douglas Gullo as the new principal of its Phoenix office.<\p> The firm also promoted Henry Chan to a new role in Phoenix, and added Minh Nghiem to its roster.<\p>
Scottsdale investment platform strikes gold with private equity haul
Scottsdale-based gold and silver investment company Monetary Metals has raised nearly $5.6 million in private equity funding and plans to use it to scale its platform and gain new customers. <\p> The $5,577,556 raise was led by digital asset investment firm Sound Money Capital AG of Santa Monica, California. It brings the total amount of equity raised by Monetary Metals to more than $14 million across seven funding rounds between 2016 and now. <\p>
Meet the exec who celebrates all things Art Deco in Phoenix
Erin Lindsey is easy to spot in a crowd. <\p> Her daily attire consists of an authentic 1920's-style dress, accessories and bobbed burgundy hair — embodying her obsession with the Art Deco time period. <\p>
Greeting card kiosk startup inks funding deal, plans expansion
A Phoenix-based startup has landed a new round of funding to support nationwide expansion of its automated greeting card kiosks.<\p> Ink’d Greetings recently closed a $1 million early-stage round. It was led by Hamid Shojaee of AZ Disruptors with participation by other undisclosed investors, a majority of whom are based in Arizona.<\p>
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