In the News—Week of August 11, 2025
Deal of the Week
An Arizona-based homebuilder acquired 74 finished residential lots totaling 20.14 acres within Phase 5B of the Alamar master-planned community in Avondale, Arizona, from Brookfield Lakin Arizona LLC. The $8.44 million sale supports the continued development of Alamar, one of the West Valley’s most active and amenity-rich residential communities. The lots will be developed for new single-family homes, meeting strong housing demand in the Phoenix metro area. The transaction was closed by Vice President and Senior Escrow Officer Bryan Selna in the Scottsdale, Arizona office.
National
One-time home of New York Stock Exchange to become multifamily, retail development
AGFP Real Estate plans to transform 40 Exchange Place, a historic 20-story office tower in Manhattan’s Financial District, into a mixed-use development featuring 382 residential units and ground-floor retail, the New York Post reports. The building briefly housed the New York Stock Exchange in the mid-19th century before serving as traditional office space. The Financial District has emerged as a hot bed for New York’s office conversion trend, driven in part by a tax abatement program.
National
JCPenney operations to remain same after 100 stores get new landlord
Plano, Texas-based retailer JCPenney is selling more than 100 store properties to Onyx Partners for $947 million in an all-cash deal expected to close by Sept. 8, WFAA-TV reports. The properties are part of a trust formed during JCPenney’s 2020 bankruptcy reorganization and are subject to triple net master leases where tenants cover taxes, insurance and operating expenses. JCPenney has assured customers that store operations will continue unaffected by this change in landlord. This sale follows JCPenney’s recent merger with Sparc Group to form Catalyst Brands.
National
Utah shoots down Chinese attempt to buy acreage near airport in Provo
Gov. Spencer Cox announced that Utah has blocked a company linked to the Chinese military from purchasing land near Provo airport, The Salt Lake Tribune reports. This is part of Utah’s efforts to strengthen laws preventing certain foreign entities, especially those with ties to adversarial governments, from buying strategic land in the state. The law specifically targets companies connected to the Chinese government, including subsidiaries and majority-owned firms, rather than Chinese individuals. Chinese investors own only a small fraction of foreign-held farmland in the U.S., but concerns about national security have driven legislation to restrict such purchases, particularly near military facilities.
National
Office vacancy rate in downtown Denver climbs above 36% in the second quarter
Denver’s office real estate market continues to face significant challenges, Colorado Public Radio reports. Figures from CBRE show the downtown vacancy rates reached 36.8% in Q2, and the broader metro area sits at 27% vacancy. Despite some companies scaling back remote work in favor of hybrid models, new leasing activity has declined by nearly 40% compared to the previous year. Older buildings are being demolished or converted as owners struggle with unsustainable debt burdens. Cherry Creek stands out as a positive exception, attracting businesses with its modern, high-end office spaces amid the broader downtown struggles.
Arizona
Billion dollar baby: The Ranch in Gilbert gets OK, will start construction by year’s end
The Ranch, a landmark $1 billion mixed-use development in Gilbert, recently received final approval from the Planning Commission, allowing construction to begin later this year, AZ Big Media reports. Spanning 295 acres, this project will feature 3 million square feet of industrial space, 34 acres of retail including the Harvest Village center, and 729 residential units, all complemented by 18 acres of green space. Developed by IndiCap, Colmena Group and Langley Properties, The Ranch is near Loop-202 and Phoenix-Mesa Gateway Airport. Upon completion, the development is projected to generate $1.5 billion in annual economic output and support nearly 9,000 jobs.
Arizona
Historic lodge on Grand Canyon’s North Rim destroyed by wildfire
The historic Grand Canyon Lodge, constructed in 1928 to boost tourism along the North Rim, has been destroyed by the Dragon Bravo Wildfire in Arizona, Yahoo News reports. The fire consumed between 50 and 80 buildings across 500 acres, including the iconic hotel known for its cozy interior and spectacular canyon views. Fortunately, all employees and guests were safely evacuated. Arizona Gov. Katie Hobbs expressed sadness over the significant loss of this beloved landmark that had welcomed countless visitors during its nearly 100 years of operation.
