In the News—Week of February 26, 2024

 In The Title Trove

Deal of the Week

Featuring the closing of Northpoint Village Shopping Center, a 72 percent occupied retail community center in East Mesa, Arizona for $10,600,000.00. This deal was brokered by Jan Fincham at Lee & Associates for the Southern California seller. The transaction was closed by Sheila Hunter, Vice President & Senior Commercial Escrow Officer, in our Scottsdale, Arizona office.

National

Hotel occupancy rises in Boston, Las Vegas and New Orleans

The Super Bowl giveth and the Super Bowl taketh away, CoStar.com reports. Figures from CoStar show that Las Vegas hotels saw the highest jumps in average daily rate and revenue per available room in the country Feb. 11-17 from the comparable week in 2023. Las Vegas hotels charged an average of $318.88, up 76.7% from the year before. Weekly occupancy grew 2.7% to 80.8%. The reason? Vegas was the site of the Super Bowl. The Phoenix area, which hosted the previous Super Bowl, saw a major decline in revenue per available room dropping 21.6% to $173.63. Boston and New Orleans saw big increases in occupancy. Boston was up 14.6% to 64.7% occupancy. New Orleans was up 14.6% to 75.7%.

National

Officials drop two onerous regulations to spur conversions to residences

Seattle, like everywhere else, sees converting office buildings into residential spaces as a solution to affordable housing shortages. The city sought input from developers and actually listened, The Seattle Daily Journal of Commerce reports. Developers wanted no design reviews and to drop Mandatory Housing Affordability fee on conversions. The City Planning department said OK. The matters will go before the city council in the coming months.

National

Allstate hires Colliers to market tower it once considered for headquarters

Allstate has hired Colliers to sell a downtown Chicago building the insurance giant bought with the possibility of turning it into its company headquarters, ConnnectRE reports. Allstate bought the 10-story, 133,580-square-foot office building in January 2022 for $29.7 million. Also in 2022, Allstate sold its 232-acre Northbrook headquarters to Dermody Properties for $232 million.

National

Long Island firm decides to try its hand in Southern California

Silber Investment Properties, a commercial real estate brokerage based in Plainview on Long Island, has set its sights on the West Coast. The firm has a new office at 875 Prospect St. in La Jolla. “We’re excited to expand our brokerage operations to the West Coast,” Adam Silber, founder and president of Silber Investment Properties, said in a company statement. “La Jolla is a spectacular seaside community of San Diego.” Silber has been operating for more than 30 years and has closed over $5 billion in commercial real estate transactions throughout the country.

Arizona

Mall that was once largest in the Southwest about to be demolished

Metrocenter’s long-awaited demolition is scheduled for this spring, hoodline.com reports. The demolition and asbestos abatement will take about 12 months. Concord Wilshire Capital, TLG Investment Partners, CDS International Holdings Inc. and Hines will then begin an $850 million redevelopment of the site as a mixed-use project. The project will include 2,600 housing units and other buildings like restaurants, bars and entertainment. The mall in northwest Phoenix was once the largest shopping mall in the Southwestern United States. The center opened in 1973 and closed in July 2020.

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