In the News—Week of March 16, 2026
Deal of the Week
Thomas Title & Escrow, LLC successfully closed a $13.39 million commercial sale for Sonoran Townhomes (TBBG, LLC), involving a multifamily asset located in Mesa, Arizona. The transaction included $8.31 million in financing, supporting the buyer’s continued growth and investment in the Arizona market. The deal was expertly managed by Escrow Officer Bryan Selna, with business development led by Kylie Cook, Justin Wine, and Scott Tatum and additional support from Georgette Khoury and Rebeca Carrizo, whose teamwork and diligence helped bring the transaction to a successful close. This closing highlights continued momentum in the multifamily sector and reinforces our team’s ability to execute efficiently on complex commercial transactions.
National
City Council approves 72-story tower with apartments, office and retail for Brooklyn
Downtown Brooklyn is set to get a major skyscraper after the City Council approved a plan to replace the existing 395 Flatbush Ave. building with a 72-story, roughly 840-foot mixed-use tower, the New York Post reports. The project, led by Rabina and Park Tower Group in partnership with the city, would include about 1.5 million square feet and 1,263 rental apartments with 325 permanently affordable units targeted around 60% of area median income. Developers say the current office building no longer fits local needs, and they expect construction to begin in 2028. Plans also include street-level upgrades such as a public plaza, wider sidewalks and a larger DeKalb Avenue subway entrance, plus a $1 million commitment to Fort Greene Park over the next decade. Beyond housing, the tower is expected to add retail space and additional office or community facility space that could be used by a city agency.
National
U.S., China lead way for hotel construction pipeline’s strong fourth quarter in 2025
The global hotel construction pipeline hit a new high in Q4 2025, totaling 15,922 projects and about 2.4 million rooms, Hotel Dive reports. Figures from Lodging Econometrics show growth was modest year over year, with thousands of projects spread across active construction, starts expected within 12 months and a record number still in early planning. The U.S. accounted for the largest share of projects, followed by China. Dallas, Atlanta and Chengdu were the top cities by project count. Higher-end segments were a major driver, with luxury and upper-upscale pipelines setting records, and U.S. luxury projects also reaching a new peak.
National
Victoria Gardens in Rancho Cucamonga changes hands in a $530 million deal
Victoria Gardens, an open-air shopping center in Rancho Cucamonga, was acquired by Newport Beach-based Redwood West in a deal valued at $530 million, in partnership with Irvine-based Panattoni, the Daily Bulletin reports. The new owners say they intend to invest about $50 million in upgrades such as refreshed landscaping, improved shared spaces and redesigned plazas, while also adding more events and pop-up programming. The center, which opened in 2004 and has more than 150 shops and restaurants, was designed to combine an outdoor mall with the retail element of a traditional downtown. Local leaders estimate the property brings in roughly 14 million visitors each year.
National
Northwest Indiana city turns into hot spot for industrial and residential construction
Michigan City, Indiana, is drawing growing commercial real estate attention as new transit infrastructure and a surge of housing construction change how people live and work in the region, RE Journals reports. Local leaders say faster rail connections to Chicago and thousands of planned residential units are boosting demand for retail, office and services while strengthening Northwest Indiana’s role in the Chicago metro economy. Industrial development remains a major driver, with strong interest in logistics, advanced manufacturing and data centers, even as limited building inventory and low vacancy shape pricing and competition.
Arizona
Work set to begin on ‘city within a city’ near TSMC’s semiconductor campus
A major mixed-use development called Halo Vista is set to break ground near TSMC’s massive north Phoenix semiconductor campus, AZ Big Media reports. The roughly 2,300-acre project is planned as an innovation-focused district with large amounts of industrial and commercial space, hotels and thousands of homes. Developers say it is “city within a city,” and early phases will prioritize practical needs. Initial tenants include an auto mall, Costco and two hotel brands. Project leaders also describe close outreach to TSMC to understand priorities such as supplier sites, visitor lodging, housing for employees and access to services like retail, health care and education. The buildout is expected to unfold over the next 15-20 years.
Arizona
Canadian buyer acquires 26-story tower on Central Ave. in Phoenix for $32.25M
Newmark brokered the $32.25 million sale of Thirty 03, a 26-story office tower on Central Avenue in midtown Phoenix, AZ Big Media reports. The 458,047-square-foot Class A office property was purchased by a private buyer based in Canada, with Newmark’s Barry Gabel, Chris Marchildon and CJ Osbrink representing the seller, Balfour Pacific. The building has been extensively upgraded since 2019, with roughly $11 million invested in improvements such as lobby renovations, elevator updates and new spec suites. At closing it was about 81% leased to a wide range of office tenants.
