Commercial Real Estate & Business News – September 22, 2022

Fed Hikes Rates Again, Raising Risk of Recession To Bring Inflation Under Control

For the third time in as many meetings, the Federal Reserve’s policy-setting committee raised its target lending rate by three-quarters of a percentage point, the latest step in its aggressive campaign to battle decades-high inflation. The unanimous decision on…»

Mixed-Use Development Across From Scottsdale Fashion Square Gets Thumbs up From City Council


A development application that called for more than 500 luxury apartment units and more than 14,000 square feet of ground floor commercial space was approved by Scottsdale City Council. The council gave unanimous approval for a site plan, landscaping and…»

Virginia Real Estate Firm Buys Pair of Phoenix Apartment Complexes for $225 Million

Real estate firm Harbor Group International bought its fifth and sixth apartment complexes in greater Phoenix in the latest sign that investor demand is still strong for multifamily properties in the Grand Canyon State. Harbor Group International of Norfolk, Virginia, paid…»

Shamrock Foods Buys 81 Acres in Marana For Distribution Center

Shamrock Foods Company, a 100-year-old, multi-billion-dollar, family-owned Phoenix-based company, has acquired 81 acres from Crown West Residential Group at The Crossroads at Gladden. The planned distribution center will serve southern Arizona markets…»

Contour Breaks Ground on 1.55M SF Sossaman Park 202 in Mesa

Contour, a leading privately-held real estate and development company, announced yesterday the start of Phase I construction of Sossaman Park 202, a 1.55-million square foot industrial park in Mesa, Arizona. The announcement comes just days after Contour closed on…»