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Phoenix Business Journal
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>
My View: How upskilling has become a key part of corporate culture
The way people work has drastically changed in recent decades, making the traditional career trajectory less common. Employees now face multiple career changes and must engage in continuous learning to keep up with evolving trends. This shift has led to a significant skills gap, challenging employers in hiring and retaining top talent. <\p> Employees face several barriers to training today, whether due to a lack of access to relevant programs or understanding how upskilling could lead to career advancement. Given Arizona’s booming edtech industry, there is ample opportunity for organizations to partner with online learning platforms from a variety of education institution sources to create flexible, personalized, and accessible upskilling programs.<\p>
Letter to the Editor: Realtors don't shy away from the competition
I was interested to read the July 9 article titled, “Phoenix among worst cities for residential real estate agents, study says.”<\p> Naturally, the title attracted my attention, as I have been a Realtor in the Phoenix area for 26 years. I have found it one of the best cities to be a residential real estate agent. So I am responding to offer a different perspective.<\p>
Builder pessimism grows with rising interest rates, added inventory
Homebuilders continue to offer a bevy of incentives to remain competitive, but sustained higher mortgage rates and an increase in the number of homes for sale is dampening their overall sentiment about market conditions. <\p> Major homebuilders like Lennar Corp. (NYSE: LEN) and D.R. Horton Inc. (NYSE: DHI), among others, have been offering various concessions to prospective buyers at a time of much-higher mortgage rates than a few years ago and record home-price appreciation. Among the more popular offerings is a mortgage-rate buydown, in which a builder will put points down to reduce a buyer's mortgage rate.<\p>
Texas developer makes an Arizona debut
Houston-based Hines is developing its first Arizona master-planned community in the West Valley.<\p> On July 12, Hines paid $8.88 million to an entity tracing to Tenaska Capital Management for 115.52 acres east of the northeast corner of 163rd Avenue and Jomax Road in Surprise, according to Tempe-based Vizzda LLC.<\p>
German grocer moves forward on Valley distribution center
Seven years after Aldi proposed a regional office and distribution center in Goodyear along the Loop 303 corridor, signs of life have appeared with the German grocer's long-dormant plans. <\p> The Batavia, Illinois-based U.S. unit of Aldi applied in May for a pre-application and due diligence meeting with the city of Goodyear for a distribution center at the southwest corner of Indian School Road and Cotton Lane, according to city of Goodyear records. <\p>
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