In the News—Week of March 2, 2026
Deal of the Week
Thomas Title & Escrow, LLC successfully closed a commercial refinance for Gateway Quads LLC, involving an industrial property located in Mesa. The transaction included an $18 million loan with State Farm Life Insurance Company, supporting the borrower’s continued ownership and long-term investment strategy for this growing Southeast Valley asset. The deal was expertly managed by Senior Commercial Escrow Officer Joel Montemayor, with business development led by Emma Chester and Kylie Cook, and title services provided by Teri Guevara. The transaction reflects the team’s commitment to delivering efficient, high-quality service on complex commercial transactions.
National
Amazon hires real estate veteran to sublease grocery stores it never opened
Amazon is looking to sublease several Amazon Fresh grocery stores in Metro Detroit that were never opened, The Detroit News reports. The company has hired a seasoned local commercial real estate broker to market the spaces and attract new tenants. This move comes as Amazon continues paying rent on properties currently sitting unused. The effort reflects a shift toward reducing costs and finding practical uses for stalled retail locations. While Amazon never confirmed stores in Michigan, in recent years construction began on buildings revealing facades with Amazon Fresh’s telltale green and dark gray color scheme. At one point, there were as many as 10 Amazon Fresh store locations confirmed or presumed for Metro Detroit and surrounding areas.
National
Dutch trading firm to expand footprint by 100,000 square feet in Willis Tower
IMC, a Dutch trading firm, is set to take roughly 100,000 more square feet in Chicago’s Willis Tower, bringing its footprint there to over 250,000 square feet, CoStar reports. The move follows an earlier expansion tied to a 10-year lease extension in 2022, and it stands out as many big-city office tenants have been shrinking rather than growing. For Blackstone, which owns the building, the deal is a positive signal for the tower and for downtown Chicago leasing momentum. Other recent expansions in the Loop, including Sargent & Lundy’s larger lease ahead of an August move, add to cautious optimism despite weak demand.
National
Lahaina’s commercial property owners uncertain they can rebuild after the fires
Lahaina’s commercial property owners are facing a difficult, slow and highly regulated path to rebuilding after the fires, and some are unsure they can move forward at all, Hawai’i Public Radio reports. One owner, Meri-Jo Abrams Manuel, says ongoing shoreline erosion and the loss of over-water lease arrangements have shrunk her parcel and made rebuilding feel impossible. County officials are trying to guide owners through complex permitting requirements that vary by location, especially for shoreline and historic district properties. Progress has been limited so far, with only a small number of non-residential buildings completed and many permits still working through the system. To give owners another option, Maui County is developing a voluntary buyout program that would convert some of the most constrained parcels into public open space.
National
Lawmakers weigh whether to cap rents on small businesses in New York City
New York City small business owners say steep, unpredictable rent increases are forcing many neighborhood shops to close, Business Insider reports. Lawmakers are considering a citywide commercial rent-stabilization bill that would cap annual lease hikes through a new guidelines board, aiming to reduce vacancies and give tenants leverage at renewal time. Supporters argue the policy could protect immigrant- and Black-owned businesses and help slow gentrification by keeping local storefronts in place. Critics in the real estate industry warn that caps could squeeze landlords facing rising taxes, insurance, and upkeep, and could lead to deterioration similar to what they say has happened in regulated housing.
Arizona
Old Town Scottsdale adds latest in a string of mid-to-high-rise hotels
Scottsdale’s Old Town is adding more mid-to-high-rise hotels than it has historically allowed, even as some projects have struggled to move forward, the Scottsdale Progress reports. The latest opening is the six-story AC Hotel Scottsdale Old Town, a Marriott-branded property with a modern European-inspired design and seasonal pricing. It is part of a larger redevelopment at 7110 E. Indian School Road that combines a hotel, housing and commercial space while incorporating the historic Kimsey building. The project’s height sparked significant pushback in 2021, but the City Council approved it 6-1 after supporters argued it would help address vacancies, protect nearby businesses and bring jobs.
Arizona
Vistancia neighborhoods add more than 100 acres as expansion continues
Vistancia’s Northpointe and Village neighborhoods in Peoria have added just over 100 acres through recent land deals, signaling continued expansion for the 7,100-acre master-planned community, AZ Big Media reports. Shea Homes purchased about 90 acres for a new 188-homesite neighborhood near Twin Buttes, with building underway since late 2024. Northpointe has already sold roughly 700 homes and is continuing additional phases, including Ridgecrest, a 55+ offering with homes starting in the $500,000s. Brightland Homes also acquired around 11 acres in The Village to create 40 lots.
