Commercial Real Estate & Business News – June 16, 2017

In a move that was of little surprise to commercial real estate experts, the Federal Reserve raised short-term interest rates for the third time in six months. The quarter-point move boosted rates to a range of 1% to 1.25%. Though this is the fourth rate hike central bankers have implemented since December 2015, the gradual moves have had minimal impact on commercial real estate dealings…»
The city of Peoria and development firm Plaza Cos. have inked a deal aimed at bringing an office/business park to a 14-acre property at the Loop 101 freeway and Peoria Avenue in the West Valley. Like a number of commercial real estate deals in the Phoenix market, Peoria will own the land and has approved a ground lease for Plaza Cos. develop it…»
Tempe’s got millennials and college students – almost 52,000 of them are at Arizona State University’s main campus. It’s got Mill Avenue’s bars, coffee shops and restaurants as well as Metro light rail and proximity to other tech and employment hubs (Scottsdale and Chandler). Tempe and Valley Metro are also building a street car system (not called desire) to run down Rio Salado Parkway and to Marina Heights development where State Farm has thousands of employees on Tempe Town Lake…»
The move is unlikely to change conditions in the commercial real estate sector, according to industry insiders. As has been widely expected, the Federal Reserve raised its target interest rate by 25 basis points on Wednesday, to a range of 1.00 percent to 1.25 percent, Reuters reports. This marked the second time the Fed has raised interest rates this year…»
Tempe – In what marks the entry into the Valley for the firm, Forum Real Estate Group in Glendale, Colo. (Darren Fisk, founder) is developing 286 apartments and a Whole Foods Market on a parcel west of Arizona State University in Tempe. The mixed-use project, called The Local, is planned for a 1.858-acre site located west of Mill Avenue at the northwest corner of University Drive and Ash Avenue…»