In the News—Week of April 8, 2024

 In The Title Trove

Deal of the Week

Amerco Real Estate, the Real Estate Division of Uhaul recently acquired a self-storage facility on nearly 6 acres with 640 units and 66,275 Net Rentable Square Feet in Webster, New York. The sales price was $11,500,000. The transaction was closed by Joel Montemayor in our Scottsdale, Arizona office.


SF supervisor wants to require grocery stores to give notice before closing

A San Francisco supervisor wants to require community input and six months’ notice before a grocery store can close, KRON-TV reports. A similar law was passed by the Board of Supervisors in 1984 and swiftly vetoed by Dianne Feinstein, who was then the mayor. “It was a good idea in 1984, and it’s an even better idea now,” Supervisor Dean Preston said. “Our communities need notice, an opportunity to be heard, and a transition plan when major neighborhood grocery stores plan to shut their doors.”


Goldman Sachs ready to invest in commercial real estate in US

In a sign that the worst has passed, Goldman Sachs Asset Management says it will resume “actively investing” in U.S. commercial real estate this year, Reuters reports. “The reason is a combination of interest rates coming down, we feel like the market is bottoming out, and because we’re starting to see a floor in prices set by buyers who are in the market,” Goldman Sachs Asset Management head of real estate Jim Garman says. British fund manager Schroder is also looking to buy commercial real estate in the United States.


Hotels enjoy robust bookings during St. Patrick’s Day weekend

New Orleans hotels reported the largest year-over-year increase in occupancy and Las Vegas posted the highest average daily rate increase, reports. For March 17-23, U.S. hotels were up from the previous year but down from the previous week. Figures form CoStar show New Orleans reported occupancy rose 13.6% to 75.5% from 2023. Las Vegas saw its average daily rate rise 14.2% to $217.27. Overall in the U.S., occupancy was up 0.7% to 65.3%. Average daily rate was up 2.5% to $162.28.


Historic Kansas City Club building up for sale after extensive renovation

The Kansas City Club building, which dates from 1922, is for sale after a renovation, Connect CRE reports. Denver-based Epoch Developments bought the building for $1.76 million after the Kansas City Club filed for bankruptcy in 2015. The development firm reopened the building for weddings, meetings and other events in 2018 after the overhaul. The club was started in 1882, and its members included Presidents Harry Truman and Dwight D. Eisenhower.


Phoenix area’s asking rates for data centers among highest in U.S.

Phoenix had some of the highest average asking rates among U.S. data center markets in 2023, AZ Big Media reports. Figures from CBRE North American Data Center Trend Report show Phoenix data centers charging $170 to $200 for 250-500 kilowatt (kW) per month. The area’s vacancy rate was 3.9%, down from 2022. “The demand in Phoenix for data centers is robust,” said Mark Krison, executive vice president at CBRE. “Last year we saw record under construction activity and preleasing levels, which is being driven in part by major hyperscalers who are developing larger campuses to satisfy long-term growth needs.”


NHL Coyotes settle on site for arena; now need to win an auction the land

The Arizona Coyotes of the NHL say they have picked out a site for a privately financed arena and entertainment district, AZ Family reports. The have chosen a 110-acre plot at the northwest corner of Scottsdale Road and Loop 101. Now all they have to do is win an auction. Jeff Sibbach, real estate agent with eXp Reality, said he thinks there will be several bidders on the land since it is in a prime location — right off a major highway and next to Scottsdale. “They appraised it for $68.5 million, and it’s 100 acres,” Sibbach said. “I’m expecting it to go for $100 million up to $140 million. You cannot find a better piece land of here.” The team has been searching for a new home since they were evicted from their long-time arena in Glendale two seasons ago. They have been playing at Arizona State University.

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