PHOENIX, ARIZONA — BOMA Greater Phoenix, the industry group that advances the commercial real estate industry through advocacy, influence, and knowledge, has named Arizona Sen. J.D. Mesnard and Arizona Rep. Ben Toma as its 2021 Legislators of the Year for their work on a flat income tax rate that affects commercial property owners.

Mesnard, (R) Dist. 17, and Toma, (R) Dist. 22, were the architects of the $1.3 billion tax cut package in the 2021 Arizona Legislative session that will move Arizona to a 2.5% flat income tax rate and for BOMA/commercial property owners, reduced the commercial property tax assessment ratio from 18% to 16% over four years.

This property tax change will make Arizona more competitive regionally for large businesses/employers relocating. Changes were needed as Arizona has one of the highest commercial property tax rates regionally and across the country.

“The whole idea in trying to lower the commercial property tax rate is to make us more competitive as we see businesses fleeing California for some of our competitor states,” said BOMA Greater Phoenix Executive Director Farrell Quinlan. “We need to make our rates more competitive and make Arizona more attractive. We really don’t have the kinds of incentives that a state like Texas offers. This legislation is extremely important to the state’s commercial real estate industry.”

The awards were presented by BOMA Greater Phoenix Advocacy Committee Chair and Board Governor Susan Engstrom.

The Advocacy Committee monitors, studies, and recommends policy and advocacy strategies on legislative and regulatory matters that affect the commercial real estate industry. A key driver of these policy determinations is to find ways to make Arizona more economically competitive.

Usually, that is in the form of pursuing policies to reduce uncompetitive high property tax rates, supporting incentive tools for job recruitment, supporting efforts to lessen onerous regulation and litigation to our members, and opposing mandated cost increases on the industry.

PHOTO: Arizona Sen. J.D. Mesnard with BOMA Greater Phoenix Advocacy Committee Chair Susan Engstrom addresses the association’s membership upon receiving his 2021 Legislator of the Year Award.

MARANA, ARIZONA – The Ina Capital Development Joint Venture between John C. Buette and Andrew J. Robbins, announced the $2.4 million, an all cash sale of two retail parcels formerly occupied by Enterprise Rental Car and the Waffle House to Phoenix, Arizona-based DP Land Holdings IX, LLC, dba Lifted Trucks, a custom truck dealer.

The two sites are situated at the southeast corner of the recently re-developed ($128 Million project) Ina & I-10 interchange that comprise approximately 100,000-sqaure-feet (2.23-acres) of retail zoned property with a 3,672-square-foot turn-key building; located at 4601 W Ina and 4545 W Ina Road.

This is the first location for Lifted Trucks in metro Tucson. Last year, the company did $200 million in sales out of their four Phoenix locations.

Sarge Glenn of J&J Commercial Properties represented the buyer and John C. Buette  a principle and with Boss Capital Development represented the seller.

For more information, Buette should be reached at 520.907.3003.

To learn more, see RED Comp #9575

Phoenix, Arizona – This the second PAD that sold in the same popular intersection off Hunt Highway in the Town of Florence. Florence is one of the oldest towns in Pinal County and in recent news, the economic development in Florence is showing huge momentum for new residential homes, commercial real estate, and land developments for possible medical, retail and/or industrial opportunities. Director of Retail & Sales Investments, Rommie Mojahed with SVN represented the seller and buyer in the transaction.

Less than a year ago, Rommie Mojahed sold just around 1.5 acres to the Circle K Corporation to build a new Circle K, which is already under construction. His latest sale consists of four acres. located on the southeast corner of Hunt Highway & Merrill Ranch Rd., which sold for $950,000. The buyer, a long-time client Tony Quintana with Hunt Highway Holdings, LLC saw the opportunity in the growing town of Florence. He is looking to potentially develop on site or sell the PADS. It is located right across the street from Anthem at Merrill Ranch, a master-planned community from a mix of homebuilders, including D.R. Horton, Pulte, and Del Webb.  Mojahed also represented the seller, Tim Keyes with Anthem Corner, LLC. Keyes is an investor from Houston, Texas who just wanted to sell the parcels with no further plans from the sale.

Mojahed stated, “The southeast valley is continuing to expand to Florence and Coolidge. It is exciting to see the residential growth and the commercial growth that is following it.”

The Director of Economic Development, Elan Vallender previously stated, “Residents in Anthem at Merrill Ranch have expressed a desire to see more dining options and community services-based businesses.”  The area continues to attract national tenants. The Safeway-anchored shopping center is full of retail and restaurants as well as banking institutions and more. There are still some retail PADS on the northwest corner available. Mojahed said, “We hope that we will be able to bring in some fast-food concepts, sit down dining restaurants and retail shops that will bring more dining and shopping experiences for the residents in the area.”

For more information on the parcels still available, you can reach Rommie Mojahed at SVN | Desert Commercial Advisors in Phoenix, AZ.