In the News—Week of June 9, 2025
Deal of the Week
An entity tracing to Brandon Wade recently acquired a technology center industrial building in Phoenix for $3.2 million. The acquisition also included a $2,447,600 construction loan from Pima Federal Credit Union for a remodel and improvements of the property. Vice President and Senior Commercial Escrow Officer Joel Montemayor closed this transaction along with help from National Account Executive Justin Wine in our Scottsdale, Arizona Office.
National
Real estate on the high seas? Cruise executive tests the waters, offers condos aboard ships
Russell Galbut, a prominent developer and former Norwegian Cruise Lines board chairman, is pioneering a unique venture in luxury real estate by converting cruise ships into floating condominiums, The Real Deal reports. His company, Crescent Seas, plans to invest $70 million to transform two Norwegian cruise ships into high-end residential vessels, with potential for expansion to five ships totaling 1,200 units. The first ship, the Navigator, will undergo extensive renovations in 2026 and offer units ranging from $1.25 million to $8.5 million, featuring luxury amenities and worldwide travel to 140 cities across seven continents. This innovative concept aims to attract wealthy buyers who can work remotely and seeks to combine the benefits of luxury living with global exploration, though it faces significant operational challenges and competition from other maritime residential ventures.
National
Competition hot for prime retail space in Manhattan as market sees upswing
New York City’s retail landscape is experiencing a significant upturn, with retail leasing velocity increasing by 14% year-over-year and representing more than 3.5 million square feet of new leases and renewals, the New York Post reports. The market is seeing intense competition for prime locations, particularly in areas like Times Square and SoHo, where high-end retailers are willing to pay premium prices for quality spaces. Notable developments include major international brands entering the market, such as Meow Wolf’s 74,000-square-foot lease at South Street Seaport and Urban Revivo’s first U.S. store in SoHo. Some retailers are taking the strategic step of purchasing their locations outright, as demonstrated by Ralph Lauren’s $132 million acquisition on Prince Street.
National
High note: Property values in Nashville’s Lower Broadway have shot up in 4 years
Nashville’s Lower Broadway, a vibrant entertainment district reminiscent of Times Square, is experiencing an unprecedented surge in property values, with many honky-tonks seeing increases of over 140% in the past four years, Axios reports. The area has transformed into a major corporate investment hub, where even small properties like Robert’s Western World and Tootsie’s Orchid Lounge have seen their values triple or quadruple. Recent transactions highlight the district’s astronomical real estate values, including a $75 million purchase of the Margaritaville building and a remarkable $16.25 million deal for a tiny parking lot. However, property owners are concerned about the combination of steep value increases and proposed tax hikes, warning that excessive financial pressure could threaten the district’s vitality.
National
Software firm Notion moves into historic Monadnock Building in San Francisco
Notion, the collaboration platform valued at $10 billion, has moved into a historic 100,000-square-foot office space in San Francisco’s Monadnock Building, marking a significant milestone in the company’s growth, The San Francisco Standard reports. The new headquarters, featuring cream-colored walls to match the software’s aesthetic and artwork deliberately left unhanged for flexibility, reflects the company’s commitment to maintaining a strong presence in San Francisco despite the city’s challenging office market. With 1,000 employees worldwide and half based in San Francisco, Notion uses a hybrid work model requiring staff to be in the office three days per week. The building, which was formerly home to Uber, dates to shortly after the 1906 earthquake that devastated the city.
Arizona
Sprouts Farmers Market starts building headquarters at CityNorth development
Sprouts Farmers Market has started construction on its headquarters campus in north Phoenix, marking a significant expansion from its current facilities, AZ Big Media reports. The project, located in the CityNorth development, will feature a 144,500-square-foot office building, a flagship grocery store, retail space and a parking structure across 7 acres. The modern campus will include numerous amenities for employees, including a gym, culinary facilities and outdoor spaces, reflecting the company’s commitment to wellness and innovation. The rapidly growing specialty grocer, which operates nearly 450 stores across 24 states, plans to complete the transition to its new headquarters by August 2026.
Arizona
Avnet buys former GoDaddy building, will shift HQs to ASU Research Park
Avnet, a global technology distributor, has acquired the former GoDaddy headquarters in Tempe, AZ Big Media reports. The 150,000-square-foot Class A office building, located at 2155 E. GoDaddy Way, will become Avnet’s global headquarters when it relocates from its current Phoenix location in mid-2026. The property was built in 2014 and includes sports facilities, a full-service kitchen and various meeting spaces. Situated in the ASU Research Park, the building offers strategic access to major freeways and the Sky Harbor International Airport. Avnet is the second largest company by revenue headquartered in Arizona.
