In the News—Week of December 22, 2025
Deal of the Week
Thomas Title & Escrow successfully closed a $116.65 million commercial refinance for Power Road Development Company, LLC, supporting a major development site located in Queen Creek, Arizona, near the Power Road and San Tan area. The transaction included a $63 million loan provided by JPMorgan Chase Bank, N.A., and reflects continued investment and momentum in one of the Southeast Valley’s fastest-growing submarkets.
The property consists of commercial land under development, strategically positioned near key transportation corridors and surrounded by ongoing residential and commercial growth. This refinance was structured to support the borrower’s long-term development plans while positioning the asset for future success.
The transaction was handled by Senior Commercial Title Officer Teri Guevara and the Thomas Title & Escrow Commercial Title team, with Stewart Title Guaranty Company serving as underwriter. Through proactive coordination, detailed title review, and seamless collaboration with all parties involved, the team ensured a smooth and efficient closing. This deal highlights Thomas Title & Escrow’s continued expertise in managing complex commercial refinance transactions and supporting large-scale development projects across Arizona.
National
Requiem for a shopping mall? Stores brace in SF for what might be last holiday season
San Francisco Centre, the city’s largest mall, is experiencing what may be its final holiday season after lenders foreclosed on the property and issued eviction notices to remaining tenants for the end of January, CoStar reports. Once a thriving nine-story retail destination that drew generations of Bay Area families with elaborate holiday displays, the mall now sits nearly empty with security guards outnumbering shoppers and minimal festive decorations. The decline accelerated after Nordstrom departed in 2023 and Bloomingdale’s closed in March 2024, leaving the 1.2 million-square-foot property less than 10% leased. The property is now being marketed for sale as a “blank slate” for potential conversion to housing, offices or other uses, while nearby Union Square enjoys a retail revival.
National
October sees CRE deal volume decline year-over-year for first time since 2023
Commercial real estate deal volume experienced its first year-over-year decline in nearly two years this October, reflecting ongoing challenges in the market recovery, CNBC reports. The slowdown stems from a standoff between buyers and sellers amid persistently high interest rates and economic uncertainty, rather than indicating an imminent downturn. While October saw substantial activity with $24.4 billion in sales — roughly 70% of pre-pandemic levels — the growth momentum has significantly diminished since 2023. Industrial and multifamily properties dominated major transactions, though the multifamily sector pulled back 27% from the previous year, while office properties continued their uneven recovery with notable sales involving deep discounts or property conversions.
National
The one about the building being sold: Japan group acquires ‘Friends’ home
The iconic “Friends” apartment building at 90 Bedford St. in New York’s West Village has been sold to a Japanese investment entity called JP Real Estate Group Limited for $32.7 million, The Real Deal reports. Though the show was filmed in Los Angeles, the building in New York served as the exterior for the characters’ apartments in the beloved sitcom. It became a popular tourist destination and pilgrimage site for fans worldwide. Visitors left graffiti — usually quotes form the show’s characters — on the facade. The previous owner, Jeff Sutton of Wharton Properties, purchased the property in February 2024 for $18.25 million and made extensive renovations to its 21 apartments, earning a 79% profit on his investment.
National
Ares Management makes major deals for data center properties in Northern Virgina
Ares Management Corp. has made two significant data center acquisitions in Northern Virginia, which has become a hotbed for data center real estate, Commercial Search reports. The firm purchased a 314-acre development site in Spotsylvania County where it plans to build facilities with 200 MW of capacity in the first phase, designed to handle advanced computing workloads. Ares acquired two fully-leased hyperscale data centers in Leesburg with 165 MW of combined capacity under long-term agreements.
Arizona
Atari Hotels to break ground on inn with video game theme in Phoenix
Atari Hotels and Intersection Development plan to break ground on downtown Phoenix flagship hotel in late 2026, AZ Big Media reports. Designed by Räkkhaus, the building will be located at 840 N. Central Ave. The hotel will draw inspiration from futuristic films and feature over 90,000 square feet of entertainment space, including a concert venue, esports arena with sports book, restaurants and a party-ready pool. The design incorporates gaming references throughout, with a striking LED breezeway and a façade that evokes pixel grids and arcade elements. The hotel will offer 72 rooms and 19 suites (honoring Atari’s 1972 founding year), including a 4,000-square-foot penthouse, and fans can invest in the project starting at $500 through an equity offering.
Arizona
ADOT awards major contract to beef up freeway infrastructure near TSMC plant
The Arizona Department of Transportation has contracted Pulice Construction for a $129 million infrastructure enhancement along State Route 303L in northwest Phoenix, AZ Big Media reports. The project will span from 51st Avenue to Interstate 17 and add four interchange ramps, five bridges and expand roadway capacity with new pavement, retaining walls and sound barriers. The improvements are near the massive TSMC semiconductor manufacturing facility and are designed to accommodate the area’s expected growth and increasing traffic volume. Construction is scheduled to commence in early 2026 and reach completion by 2028.
