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Phoenix Business Journal
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>
Arizona Venture Development Corp. names new CEO
Arizona Venture Development Corp. has named James Goulka its new chief executive officer, effective July 29, the Phoenix-based venture capital firm announced.<\p> Goulka took the helm of AVC on Monday. Prior to joining the venture capital firm, Goulka served as chairman and managing director of Arizona Tech Investors. He retired from that role in December 2022.<\p>
Why housing prices are up in metro Phoenix
Home prices increased 4.4% in metro Phoenix in May, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index released July 30.<\p> Nationwide, the annual gain in May was 5.9%, down from a 6.4% annual gain in the previous month, according to the report. These national gains are lower since peaking at 6.5% in February and March, said Selma Hepp, chief economist for CoreLogic.<\p>
Amkor shares new details for huge Peoria semiconductor facility
Amkor Technology Inc. revealed additional details about its proposed semiconductor advanced packaging and testing facility to be built in Peoria.<\p> During the company's second quarter earnings call on July 29, Amkor (Nasdaq: AMKR) officials said the company plans to break ground on the $2 billion facility in the second half of 2025. Significant investments in machinery and equipment are lined up in 2026 and 2027, Megan Faust, Amkor’s chief financial officer, told investors and analysts on the earnings call.<\p>
Arizona Cardinals owner to highlight PBJ panel
The Phoenix Business Journal is set to host a double-decker hybrid panel event featuring two distinct topics, combining our latest newsroom-driven Growth Corridors economic development update with a Business of Sports panel featuring Michael Bidwill, the owner of the Arizona Cardinals.<\p> The event, which starts at 8 a.m., will be held on Tuesday, Aug. 13 at Ocotillo Golf Club, 3751 S Clubhouse Dr., in Chandler. Buy tickets here.<\p>
Construction firm names Southwest president based in Tempe
Salt Lake City-based Big-D Construction has named Carl McFarland as the new president of its commercial division’s Southwest regional office in Tempe.<\p> McFarland, who was previously a senior vice president and managing partner with Big-D, joined the company's Southwest office two years ago after serving as a market sector executive for Kitchell Contractors. <\p>
Sprouts stock soars to an all-time high
Sprouts Farmers Market Inc. (Nasdaq: SFM) released a better-than-expected earnings report on July 29, which sent the stock to record heights Tuesday.<\p> Sprouts, a Phoenix-based specialty grocery chain, saw its stock price close at $95.88 per share on July 30, up more than 13%. Earlier in the day, the stock traded for as high as $103.80 per share.<\p>
Construction starts on new HQ office in Phoenix
Vertical construction is underway for the new Republic Services Inc. (NYSE: RSG) office headquarters in north Phoenix.<\p> The Phoenix-based environmental services company, one of the state's largest publicly traded firms, last year unveiled plans for a new build-to-suit office headquarters expansion with plans to hire an additional 600 people in Phoenix. <\p>
Arizona gets credit rating boost on strong economic growth
Hot on the heels of Maricopa County being named No. 1 for economic growth nationwide, the state's development prospects have received another boost from the Standard & Poor's Global Ratings agency.<\p> Late last week, S&P revised its outlook on Arizona's overall credit to positive from stable and affirmed its 'AA' issuer credit rating for the state, while also affirming its 'AA-' long-term rating on Arizona's general fund appropriation-secured certificates of participation, or COPs. The report noted that Arizona's surge in economic growth over the past two years was a key factor in the upgrade.<\p>
Law firm with Phoenix office reorganizes leadership structure
Spencer Fane LLP, which named a new managing partner for its Phoenix office last year, has created a new alternative leadership structure designed to keep its culture strong as the Kansas City-based law firm looks to stay a fast-track growth track.<\p> The firm has grown its revenue by 139% since 2018, the highest rate of any of the top 200 law firms in the nation. Over that same period, Spencer Fane grew its payroll from 243 lawyers in eight states to 419 lawyers in 14 states and the District of Columbia. Average profit for partner at the firm is at $779,000, up 24% since 2020.<\p>
Despite notable deals, struggles continue in Valley office market
A new report from brokerage firm Lee & Associates Arizona found the second quarter to be the worst on record for net absorption in the Phoenix office market. Still, some hefty leasing deals came into focus around desirable employment corridors.<\p> Even with a pair of sizable deals for Dutch Bros Inc.'s new corporate office in Tempe (136,426 square feet) and WillScot Mobile Mini's new Scottsdale headquarters (89,716 square feet), the market experienced 883,286 square feet of negative net absorption during the second quarter, according to Lee & Associates research. Net absorption is the total amount of office space leased minus what became vacant.<\p>
Why this Arizona city will explore creating public utility
WASHINGTON – Tucson is exploring a transition to a publicly-owned electric utility, as customers complain about high bills and the city aims to cut its carbon footprint.<\p> Tucson Electric Power’s contract will expire in April 2026. The city recently hired an outside firm to assess the economics and regulatory hurdles of taking over by forming its own power utility.<\p>
ERC moratorium could spark windfall for some businesses
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we've got stories on the challenges of Series B fundraising right now, how regulations are shaking up remote work at banks and declining foreign investor purchases of U.S. homes. First, however, let's zoom in on the potential costs for the IRS' pause on Employee Tax Credit refunds.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
Taurasi pushes back on questions about age; Team USA beats Japan
Diana Taurasi is clearly tired of questions about her age.<\p> “It’s something that I’ve been doing since I was 5,” Taurasi, 42, said Monday, ahead of the U.S. women's national team's first game of the Paris Olympics against Japan. “It is something that I’ve dedicated my whole life to, and it’s just so easy for a question to be brought up in a manner where it’s not meant to be disrespectful, but if you’re the person being asked, it is a bit disrespectful.”<\p>
CrowdStrike outage may cost billions. Here's what businesses should do
The fallout over the global outage from a Crowdstrike update on Windows devices could measure in the billions — a stark reminder that business owners may want to revisit their insurance policies. <\p> A report by cloud monitoring firm Parametrix Insurance estimated the direct financial loss among Fortune 500 companies —excluding Microsoft Corp. — from the CrowdStrike outage that disabled computers around the world on July 19 was $5.4 billion. <\p>
Cigna, Dignity Health in health insurance contract dispute
Cigna Corp. (NYSE: CI) is locked in a health insurance contract dispute with San Francisco-based Dignity Health.<\p> The two have until Sept. 1 to work out the details before Dignity Health is no longer in the Cigna insurance network.<\p>
Valley chip company shares soar on strong Q2 earnings
Shares of Onsemi soared by double digits Monday after the Scottsdale-based company's second-quarter financial results exceeded Wall Street expectations. <\p> Onsemi (Nasdaq: ON), which designs semiconductor products and sensors, reported adjusted earnings of 96 cents a share on revenue of $1.74 billion in the second quarter, ahead of the FactSet consensus revenue estimate of 92 cents a share on revenue of $1.73 billion.<\p>
Former Coyotes owner unveils new details on big arena complex
With the NHL and the Valley no longer on his radar screen, Alex Meruelo, the former owner of the Arizona Coyotes, revealed new details for his $1 billion privately funded arena and entertainment complex in Nevada.<\p> On July 25, Meruelo and the Grand Sierra Resort in Reno, Nevada, which he owns, unveiled his latest plans to transform the resort by adding a 10,000-seat arena, a separate ice rink, a dedicated parking garage, a fan zone, and more.<\p>
Future set for former Phoenix Fry's Electronics store
The shuttered Fry's Electronics in Phoenix, known for its resemblance to an Aztec temple, will be sold to a new owner. <\p> Phoenix City Council moved forward in June with the process to acquire the building and 12.5-acre site for a new Cactus Park police precinct and future fire station at 3035 W. Thunderbird Road. <\p>
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