Commercial Real Estate & Business News – December 18, 2015

After seven years of worrying over raising interest rates, discussing the best time to raise interest rates, and debating the impact of raising interest rates, money from the federal government is no longer free. In a unanimous vote, the board of the Federal Reserve voted to raise interest rates a quarter of a percentage point. The hike has been anticipated for nearly six months, thanks to a thorough communication strategy from the Fed that all but eliminated the element of surprise… Read more »
Downtown Phoenix’s Arizona Center has sold for $126 million. Its new owners plan to pump another $25 million into renovating the office and retail development. San Diego-based Parallel Capital Partners teamed with New York-based Angelo, Gordon and Co. to buy the 16-acre development, which was built in 1989… Read more »
Among the many retailers whose financial reporting quarter ended Oct. 31 and updated investors in quarterly earnings conference calls on their store expansion and contraction plans, a trend continues to emerge: mall-based retailers seem to be contracting, while center-based retailers seem to be expanding. The distinction is not quite that black and white. Within each retail property segment there are examples of different chains that are growing and those that are shrinking… Read more »
Both Phoenix and Arizona saw strong job growth in November, according to new data from the Arizona Department of Administration, but the region remains just shy of the pre-recession peak. Arizona added 65,400 jobs in November – a 2.9 percent increase over 2014 – and Phoenix saw 49,600 jobs added, a 2.6 increase over last year… Read more »
Apple, Inc purchased 282 acres of land earlier this month, planned for the Bonnybrooke Solar Project. The utility scale photo-voltaic solar facility will be located on Diversion Dam Road in Florence. This is part of Apple’s investment of nearly $3 billion for solar facilities in both Arizona and California1. California-based Sun Power had previously purchased the property as 439 acres late November, over two months after a planned unit development and rezoning application was submitted to the city council… Read more »