In the News—Week of December 8, 2025

Thomas Title & Escrow is pleased to spotlight this week’s transaction involving the transfer of a Historic Phoenix property known as One Camelback, a 163-unit commercial to multifamily conversion project in Phoenix. Kinella Capital has acquired the property for $36,000,000.00 and intents to complete the project with a construction loan from The Post Road Group. Phoenix-based Kinella Capital, led by TK Stratton, specializes in acquiring and completing complex development efforts.

Our team successfully facilitated the transaction, supported by Senior Commercial Escrow Officer, Joel Montemayor with additional internal team contributions ensuring a smooth closing experience. This transfer represents another meaningful addition to the ongoing activity in one of Phoenix’s most active urban submarkets. Thomas Title & Escrow is proud to have supported the closing and thanks all parties and participating professionals, including brokers, legal counsel, and lender, for their collaboration. Upon completion, the property will feature 163 luxury residences averaging 980 square feet, along with 10,725 square feet of ground-floor retail and a five-level subterranean parking garage. Residences will offer floor-to-ceiling windows with panoramic city and mountain views, 10.5- to 11-foot ceilings, exposed concrete finishes, quartz waterfall-edge kitchen surfaces, stainless steel appliances, spa-quality bathrooms, walk-in closets with custom built-ins, smart-home technology and in-unit washers and dryers

Industrial space fills up during Q3 as companies adjust to tariff uncertainties

U.S. industrial real estate demand increased significantly in the third quarter of 2025, the highest since early 2023, Trucking Dive reports. Figures from Colliers show net absorption for industrial space reached 60 million square feet. Phoenix and Indianapolis experienced the largest growth, driven by major warehouse activity and custom-built facilities. This surge occurs as companies gain confidence in making long-term supply chain investments despite tariff uncertainties, with e-commerce and retail businesses leading expansion efforts. Meanwhile, construction of new industrial space declined to its lowest level since 2018.

Krispy Kreme takes over former CVS store as it returns to Minnesota after 17 years

Krispy Kreme is opening a doughnut shop in Fridley, Minnesota, marking its return to the state after 17 years, the Repurposed and Redeveloped Commercial Real Estate substack reports. The company achieved a 20% cost savings by repurposing a former CVS drugstore instead of building a facility from scratch. The 12,000-square-foot location serves as a production hub that will make and sell doughnuts on-site while also distributing to approximately 100 surrounding retail locations, including grocery stores and gas stations. This strategic location near Interstate 694 enables efficient delivery throughout the Twin Cities.

Nordstrom Rack to close store, dealing another blow to downtown Portland

The Nordstrom Rack in downtown Portland will close at the end of January, marking a significant setback for the Oregon city’s downtown core, KGW reports. Downtown Portland continues struggling to regain the foot traffic it had before the pandemic. Portland’s mayor expressed sadness over the decision and emphasized the city’s commitment to supporting the remaining flagship Nordstrom store at Pioneer Place, calling it a vital anchor for the downtown area. “Mayor Wilson’s office remains in close communication with Nordstrom to ensure strong support for their Portland locations, especially the flagship store at Pioneer Place, which is a vital anchor for downtown,” the mayor’s office said in a statement. “We deeply value Nordstrom’s longstanding presence in the heart of the city and are committed to working with them to keep downtown Portland vibrant.”