In the News—Week of June 30, 2025
Deal of the Week
In partnership with our NCS Houston office, Thomas Title & Escrow successfully closed the $12.9 million sale of a key development site in Holbrook, Arizona, located within Navajo County. The transaction involved Snowflake Solar, LLC as the buyer—an entity affiliated with Clēnera, LLC, a Boise-based renewable energy company. The land will be used for the future development of the Snowflake Solar project, supporting the region’s expanding commitment to clean energy infrastructure. This deal reflects the continued momentum behind renewable energy investments in the Southwest and highlights our team’s ability to facilitate intricate land transactions involving multiple parties and jurisdictions. Special thanks to Senior Commercial Title Officer Teri Guevara for expertly managing the title process. We’re proud to play a role in powering the future, alongside trusted partners at Stewart Title.
National
Cook County homeowners face tax hike after CRE values fall in downtown Chicago
Cook County homeowners are facing higher property taxes due to declining commercial real estate values in Chicago, particularly in the downtown area, Loop North News reports. Following the 2024 reassessment cycle, residential properties now bear 54% of the city’s tax burden, up from 49%, after the Cook County Board of Review cut commercial property values by 17% ($4.3 billion) while only reducing residential values by 1%. The shift follows a pattern seen in previous years, with homeowners across Cook County experiencing nearly $2 billion in additional tax burden over three years as businesses successfully appeal their assessments. Chicago’s overall tax base grew by only 11% instead of the potential 22% due to these commercial property reductions.
National
NYC real estate shares tank after radical candidate’s victory in primary for mayor
New York City real estate stocks tumbled last week as investors worried about Zohran Mamdani’s potential rent freeze policy if he wins the mayoral race, the New York Post reports. Major developers like Vornado Realty Trust and SL Green saw drops exceeding 5% the day after the election, while banks with significant real estate exposure also suffered losses. Analysts warn that rent freezes could harm building owners already struggling with rising costs and potentially accelerate wealthy residents’ migration to places like Florida. Mamdani, a 33-year-old democratic socialist who defeated former Gov. Andrew Cuomo in the Democratic primary, must still face incumbent Mayor Eric Adams and Republican Curtis Sliwa in the general election.
National
Figueroa at Wilshire tower sells in LA’s biggest CRE deal since January 2024
Brookfield Properties has sold the 52-story Figueroa at Wilshire tower in downtown Los Angeles to Uncommon Developers for $210 million, marking the largest commercial real estate transaction in the market since January 2024, CoStar reports. The property, which is currently more than one-third vacant, was acquired by Brookfield in 2006 and later added to a joint venture with institutional partners in 2013. Uncommon Developers plans to reposition the skyscraper with competitive rates and new amenities, hoping to attract tenants despite downtown’s record vacancy rate of 21.4%. This sale reflects a broader trend in downtown Los Angeles, where office transactions have more than tripled year-over-year.
National
Redevelopment board approves affordable housing projects in downtown Pittsburgh
The Urban Redevelopment Authority board in Pittsburgh has approved funding for two major downtown affordable housing projects, WPXI-TV reports. The first is a $3.25 million loan to Woda Cooper Companies for converting the historic 4 Smithfield building into Smithfield Lofts, which will create 46 apartments with 39 units designated as affordable housing. The second approval provides $3 million to Beacon Communities for renovating the May Building at Fifth and Liberty avenues in the Cultural District. Both projects are part of Gov. Josh Shapiro’s $600 million downtown revitalization initiative announced last fall, with construction on the Smithfield project expected to begin this summer.
Arizona
Greater Phoenix trails only New York for hotel projects under construction
The Phoenix area ranks second in the nation for hotel projects already under construction following only New York, AZ Big Media reports. Figures from Lodging Econometrics show the Valley of the Sun with 34 projects and 5,023 rooms. Over the next 12 months, Phoenix will see the completion of numerous hotel projects, including the massive 1,100-room VAI Resort scheduled to open in December 2025. According to forecasts, Phoenix is expected to be among the leading markets for new hotel openings in 2026, with 23 new properties planned.
Arizona
Gilbert council shoots down two plans for major multifamily developments
The Gilbert Town Council denied two major apartment developments while approving a third during a recent meeting, the East Valley Tribune reports. One rejected proposal sought to rezone commercial land at Higley Road and Elona Drive for 335 apartments with retail space. Another denied request would have reduced common open space at Tuscany at Gabriella Pointe apartment complex to accommodate private patios. Town staff opposed the first project citing concerns about an oversaturation of apartments in the area and the loss of valuable commercial land, which generates more tax revenue than residential properties. The council did approve a request to increase apartment units from 304 to 367 at a third property, the Bella Storia development.
