Commercial Real Estate & Business News – June 17, 2016

Scottsdale has long been known as a shopping destination, and it’s long benefitted the city’s tourism and its overall economy. Shopping is the most frequent activity for both overnight and day-trip domestic visitors, according to the the city of Scottsdale’s Longwoods Visitor Report; and 86 percent of respondents said they shopped during their visit to Scottsdale in the 2015…»

Economists both within and outside of the commercial real estate sector had expected the Federal Reserve to delay action on an interest rate increase at its June meeting, and their expectations were met Wednesday. In a Research Brief last week, for example, Marcus & Millichap pointed to weaker-than-anticipated May job growth as providing “an opening to withhold a rate hike this month and delay action until it believes economic momentum supports a hike.…»

The founders of Pita Jungle are launching a new concept focused on seafood. Nelly Kohsok, Fouad Khodr, and Bassel Osmani, who launched Pita Jungle in 1994, are opening Grand Blue, which will include dishes like cast-iron cooked sardines, cioppino or a spicy rockfishand seafood quinoa wrap.…»

In a property sale that closed two years after originally scheduled, a company formed by JLB Partners L.P. in Irving, Tex. (James Bosler, chairman) paid $10 million to acquire a site in Tempe that is planned for 367 apartments. The 14.66-acre parcel, now occupied by the shuttered Lake Country Village shopping center, is located along the north side of Baseline Road and about a block east of Rural Road. The seller was LCV Property Inc., a Delaware company believed to be formed by the Royal family of Dubai in the United Arab Emirates…»

A retailer can accomplish plenty in two and a half years, but 61.2 percent of industry professionals say they are concerned about their readiness to meet updated lease accounting standards from the Financial Accounting Standards Board (FASB), which are set to go into effect in 2019, according to a recent study by consulting firm Deloitte. The updated accounting rules, released in February, call for financial and accounting professionals to bring detailed information about their companies’ operating leases onto the balance sheet.…»