In the News—Week of April 29, 2024

 In The Title Trove

Deal of the Week

Cole Valley Partners recently sold a central Phoenix shopping center to an Arizona-based investor for $9,750,000.00. The transaction was closed by Sheila Hunter, Vice President and Senior Commercial Escrow Officer, in our Scottsdale, Arizona office.

National

Developers plan to convert old malls in South Florida into mixed-use

Electra America and BH Group plan to convert South Florida malls into mixed-use spaces, driven by the demand for housing, The Real Deal reports. The Southland Mall, for instance, is set to become Southplace City Center, featuring apartments, a hotel, medical offices, retail spaces and a community amphitheater. The trend is fueled by the Florida Live Local Act, which encourages the development of mixed-use projects with at least 40% of residential units set aside for workforce housing. “We saw this as a unique opportunity for us in a growing portion of Miami-Dade County,” says Joe Lubeck, who is with Electra America. “There’s definitely a lack of quality retail, quality food and beverage options and a significant demand for residential.”

National

NFL Bears unveil plans for stadium with translucent dome on lakefront

The Chicago Bears of the NFL unveiled a $4.7 billion plan for a new domed lakefront stadium complex, CBS News reports. Bears president Kevin Warren said the new stadium would have a fixed, translucent dome that would allow Chicago to host major events such as the Super Bowl, NCAA Final Four games and Big Ten championship football games. The plan will require taxpayers to cover half of the costs, which has sparked skepticism from Gov. JB Pritzker. Mayor Brandon Johnson has shown support for the project, citing it as one of the largest private investments in the city’s history.

National

Developer has plans to turn building into a kind of resort for office workers

A developer wants to transform a largely vacant 11-story office building in the city’s Financial District into a “resort” style workspace, The San Francisco Standard reports. San Francisco-based Presidio Bay Ventures found the idea worked in Menlo Park. The concept is to create a vacation-like atmosphere for work with saunas, swimming pools and a rooftop restaurant. Presidio Bay bought the office building on the corner of Spear and Mission streets last summer for $40.9 million, about one third of its previously assessed value. “What’s clear to us is that (real estate) is no longer just a flight to quality, but a flight to experience,” says Cyrus Sanandaji, an executive with Presidio Bay.

National

Shopping malls defy conventional wisdom with rebound from pandemic

U.S. shopping centers, particularly open-air malls, are witnessing a resurgence in foot traffic, nearing pre-pandemic levels, Market Watch reports. Factors contributing to this rebound include amenities like gyms, pop-up stores, restaurants and entertainment offerings. Luxury retailers have also been significant drivers of mall-leasing activity. Despite this, the rate of past-due mall loans remains high. “The high-quality and market-dominant malls are in good shape, but the rest is still working its way through the rationalization process,” says Rich Hill, head of real-estate strategy and research at Cohen & Steers.

Arizona

Frenzy of industrial building drives vacancy rate in Valley up to 8.1%

Record levels of industrial construction in Greater Phoenix have led to higher vacancy rates, AZ Big Media reports. Figures from Colliers show that 9.7 million square feet of industrial space was completed in the first quarter. The market’s vacancy rose to 8.1%. The market has added 63.8 million square feet in the past two years. Amazon leased 3.4 million square feet during the first quarter, or the vacancy rate would be even higher.

Arizona

Decron pays $69 million for Hangar at Thunder complex

Decron Properties has purchased Hangar at Thunderbird, a 266-unit luxury multifamily community in Glendale, for $69 million, AZ Big Media reports. The property, completed in 2023, is located near multiple employment hubs. “Hangar was an opportunity to acquire Class A property in a submarket with an attractive demographic base and strong renter pool at a price well below replacement,” Decron CEO David J Nagel says. “And with only one apartment community under construction within a 3-mile radius and with the current rent structure at Hangar below market, we believe the property offers substantial opportunity for growth, and feel it is a tremendous addition to our local portfolio.”

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