Commercial Real Estate & Business News – December 12, 2016

Oaktree Capital Management L.P. is teaming up with Cypress Office Properties to buy almost 1 million sq. ft. of office space in the Renaissance Square towers located in downtown Phoenix. The joint venture partners will pay an estimated $152 million ($157 per foot) to buy the project in a deal set to close this month…»

Apple is one of the potential tenants for the Barney’s space, according to sources familiar with the situation. The former Barney’s space is in a 100,000-square-foot wing of the Macerich-owned mall. The only Apple store in Scottsdale is at Scottsdale Quarter, and the closest after that is at Biltmore Fashion Park in Phoenix…»

The city of Phoenix will consider a rezoning of the land to allow for the development of 382 new houses, townhomes, condos and resort casitas, according to the proposal. The resort’s 27 holes of golf would be pared down to 18 to make space for many of them…»

Phillips Edison Grocery Center REIT II Inc., a public non-traded REIT focusing on the acquisition and management of grocery-anchored shopping centers, has announced the purchase of Alameda Crossing, a grocery-anchored shopping center in Avondale, Ariz.. The financial details of the transaction were not disclosed…»

We’ve been spoiled with historically low interest rates, which haven’t risen despite threats to do just that over the past few years. No more. “The kind of rates we were getting earlier this year, down to 3.5 percent – those days are over,” said Cook. Where will they go?…»