In the News—Week of June 10, 2024

 In The Title Trove

Deal of the Week

An Arizona-based senior living operator refinanced its Mesa, Arizona property with a $42.5 million loan from a North Carolina-based bank. The 186-unit independent and assisted-living facility was built in 2017, and is one of six retirement communities operated by the borrower. The transaction was closed by Assistant Vice President and Commercial Escrow Officer, Joel Montemayor, in our Scottsdale, Arizona office.

National

New York developer Michael Shvo bets big on Transamerica Pyramid

New York developer Michael Shvo has invested close to $1 billion to redevelop San Francisco’s iconic Transamerica Pyramid, and he believes the office tower’s planned reopening in September will coincide with the revival of San Francisco’s downtown area, MarketWatch reports. Shvo anticipates the renovated pyramid becoming a hub for the public with free art exhibits, lectures and cultural programs, while also attracting tenants with high rents. The redevelopment, which includes ground-level amenities open to the public, high-end tenant-only facilities and a revamp of the building’s thin metal spire, aims to create a bustling city block. “In the last cycle and decade-plus of San Francisco, there’s been an amazing amount of wealth creation — a lot in tech, but also private equity, venture capital, investment banking and in other professions,” says Chris Roeder, a corporate real-estate adviser at JLL who handles leasing at the Pyramid, which is asking the highest prices in the country outside of New York City.

National

Detroit’s Michigan Central Station reopens after a $900 million facelift

Detroit’s Michigan Central Station, which shut down in 1988, has undergone a $900-plus million renovation funded by Ford and is now a business hub expected to bring thousands of tech jobs and boost local businesses, Morning Brew reports. The refurbished station will house Ford’s operations, other businesses, startups, shops and community spaces. However, concerns about gentrification have arisen as median rent in Detroit’s metro area has significantly increased. Central Station 2.0 is expected to bring thousands of tech jobs to the area and boost surrounding service-industry businesses, like restaurants and hotels. And it’ll just be one building at the heart of Ford’s planned 30-acre, $1 billion technology campus, which the carmaker said will be mostly running in three to five years.

National

Hotels in U.S see small rises in occupancy and average room rate

Recent data indicates a rise in U.S. hotel industry performance, Hotel News Now reports via costar.com. The week of May 19-25 saw a 1.6% increase in occupancy, a 2.3% increase in average daily rate and a 3.9% increase in revenue per available room from the same week in 2023. Houston experienced the most significant growth in occupancy (+20.9% to 74.1%) and revenue per room (+29.2% to $89.15). Conversely, Detroit and San Francisco reported the largest declines in revenue per available room.

National

Alamo Drafthouse Cinemas closes locations in North Texas

Alamo Drafthouse Cinemas is facing closures in North Texas and Minnesota due to financial difficulties, leaving approximately 600 employees jobless, 5NBC in Dallas Fort Worth reports. The franchisee, Two is One, One is None, LLC, stated that the business has struggled to regain its footing after the pandemic. The franchisee said high franchise fees, the obligation to keep unprofitable locations open and a downturn in the movie industry made the outlook untenable. The parent company of Alamo Drafthouse Cinemas said it hopes to reopen the affected theaters soon.

Arizona

$129 million Switchyard project in Queen Creek planned for 2026

Creation, a real estate development company, has announced a $120 million mixed-use project, The Switchyard, in Queen Creek, AZ Big Media reports. The project will feature restaurants, retail spaces, offices and residences. Leases have been secured with Postino, a wine cafe, and The Porch, a neighborhood pub. Construction is set to start later this year, with the development opening in stages, and the first phase is expected to be completed by early 2026. “Queen Creek is seeing significant demand for true mixed-use development that integrates living, working and social spaces, and The Switchyard aims to meet those needs in this growing community,” says David Sellers, co-founder of Creation.

Arizona

Federal legislation frees up land for mixed-use project in Buckeye

The town of Buckeye is set to embark on a new chapter of development and growth after a recent legislative victory in Washington, D.C., Hoodline.com reports. A provision in the Federal Aviation Administration Reauthorization bill includes a provision that lifts federal deed restrictions on a sizeable plot of land in the state. The land now available will be part of a project called The Landing, which the municipality hopes becomes a hub for jobs, residences, retail and entertainment. Buckeye is planning strategic infrastructure improvements to major thoroughfares including Verrado Way, Yuma Road and Van Buren Street.

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