In the News—Week of March 3, 2025

In a deal sourced by Arizona-based Zoned Properties, Inc., an Ohio cannabis license holder purchased a 7,800-square-foot multi-tenant retail building northeast of downtown Cincinnati, Ohio. Post-closing, the buyer will convert the property into a 5,000-square-foot dispensary. The $1,500,000 transaction was coordinated by Senior Commercial Escrow Officer Bryan Selna, and underwritten by Underwriting Counsel Chadwick Campbell, who leads the Thomas Title Cannabis Practice Group.

Trump, Musk’s plans to cut federal office footprint in Chicago not as easy as it sounds

President Trump and Elon Musk’s plans to cut federal office space in Chicago by half are meeting significant challenges, The Real Deal reports. Real estate experts say long-term government leases with strict cancellation terms make terminating active contracts difficult, while selling federally owned buildings presents obstacles due to outdated facilities and security concerns. The targeted Kluczynski and Metcalfe buildings face particular complications because of their proximity to a federal courthouse with strict security requirements. Even terminating all federal leases in Chicago would fall short of the 50% reduction goal since the government owns over 5.3 million square feet of office space compared to just 1.3 million square feet of leased space.

As tech firms move out of Portland, Oregon offices, professional services, others move in

Business and professional services companies are taking advantage of vacant offices left by tech firms that have embraced remote work or relocated to the suburbs, OREGONLIVE reports. Despite downtown Portland’s 33% office vacancy rate last fall, more leases are now being signed in the city’s core than in suburban areas. Professional investment firm Becker Capital Management is an example, expanding into high-end downtown Portland office space previously occupied by tech companies. The firm is moving to a 15,000-square-foot space on the 26th floor of PacWest Center, increasing its footprint by 60% as it plans to grow from 38 to 58 workers in the next five years.

Milwaukee suburban retail center on track for a Target store, $21 million investment

A troubled retail center in Brown Deer, Wisconsin may be redeveloped under a $21 million proposal from Woodsonia Real Estate, Biz Times reports. The Nebraska-based firm plans to demolish a largely vacant 300,000-square-foot building and replace it with a 128,000-square-foot retail space that appears designed for a Target store, based on architectural details. The project also would include a four-story mixed-use building with apartments and commercial space, while maintaining an existing restaurant and adding new retail spaces.