Commercial Real Estate & Business News – November 29, 2017

Apple appears to be leasing a former Fiat Chrysler-owned proving grounds in Surprise to test autonomous vehicles, according to the vehicle news website Jalopnik. The tech behemoth Apple Inc. (Nasdaq: AAPL) has been recruiting automotive test engineers and technicians from other proving grounds in Arizona, according to an unnamed source in the story. The Phoenix metro area is home to several automotive proving grounds…»
A lot of apartment developers have reason to worry about the tax reform proposals working their way through Congress. The plan to reform the federal tax code that passed the House of Representatives in November wipes out several tax credits that developers use to finance plan to build new projects-including the federal historic rehabilitation tax credit and the New Markets Tax Credit (NMTC). The House plan would also damage the most important program for new affordable development.…»
NEW YORK CITY-Shoppers set out a plentiful table for both brick-and-mortar and online retailers over the Thanksgiving holidays, the traditional starting point for the end-of-year shopping season. The International Council of Shopping Centers reported that 105 million adults visited malls and shopping centers on Black Friday, and 75% of all shopping was captured by retailers with a physical presence…»
ATLANTA-Arby’s Restaurant Group, majority owned by Roark Capital, will acquire casual dining chain Buffalo Wild Wings Inc. for $157 per share, the two companies said Tuesday. The merger deal is valued at $2.9 billion including the assumption of debt, and represents a 38% premium on the 30-day average stock price of BWW shares as of Nov. 13, the last trading day prior to media reports about a potential sale…»
Tempe – as well as Gilbert and Chandler – outrank Phoenix when it comes to new office space being built and delivering next year. Tempe ranks 26th nationally for new office space, according to Commercial Cafe. That’s a commercial real estate information service. That puts Tempe on a top real estate market list topped by New York, San Francisco and Washington and ahead of the likes of San Diego, Portland, Miami and Phoenix…»