In the News—Week of May 12, 2025
Deal of the Week
Amerco, The real estate division of Uhaul, recently closed on a land site in Ruskin, Florida for $3,400,000. Uhaul is planning to develop a self storage facility that will add to their growing portfolio across the United States. This deal was seamlessly executed by Senior Commercial Escrow Officer Joel Montemayor, with National Accounts Executive Justin Wine providing support throughout the process. Their collaborative efforts provided a smooth transaction process ensuring client trust and confidence.
National
Rite Aid to shutter its remaining stores as part of bankruptcy proceedings that began in 2023
Rite Aid, one of the United States’ largest pharmacy chains, is preparing to close its remaining stores as part of bankruptcy proceedings that began in October 2023, following challenges with debt and opioid-related lawsuits, Newsweek reports. The company operates 1,240 stores across multiple states with the largest presence in California (347 stores) and Pennsylvania (345). Rite Aid has already closed hundreds of locations and plans to complete its retail shutdown by mid-2025. Store closures are being implemented in waves, with prescription services being transferred to competitors like CVS and Walgreens. This marks the end of a 60-year legacy in pharmacy services, despite previous attempts at mergers with companies such as Walgreens and Albertsons failed.
National
Brooklyn-based firm back in game after suspension from Chicago Housing Authority
Brooklyn-based Levav Properties has emerged from a yearlong suspension from Chicago’s Housing Choice Voucher program after multiple units failed housing quality inspections, The Real Deal reports. The suspension ended in February. Following reinstatement, the company has successfully executed between 50 to 100 new voucher program leases. Shaya Wurzberger, Levav’s leader, said the experience led to improved operations and a stronger partnership with the Chicago Housing Authority.
National
AT&T parts with 28-story tower in St. Louis as part of sale of 74 properties nationwide
AT&T has sold its 28-story downtown St. Louis office tower at 1010 Pine St. to real estate firm Reign Capital for $19.4 million, as part of a larger initiative to reduce its real estate holdings, the St. Louis Business Journal reports via KSDK-TV. The deal was part of a sale of 74 properties across the United States, which generated over $850 million in cash proceeds for AT&T. The deal includes a profit-sharing arrangement for future redevelopment opportunities with Reign Capital. The Pine Street building, which spans 584,000 square feet, was among several “underutilized central office facilities” that AT&T decided to sell in this nationwide real estate reduction strategy.
National
Shuttered Philadelphia art school finishes selling off its most prominent real estate
The University of the Arts in Philadelphia has completed the sale of nine prominent buildings in Center City through bankruptcy proceedings, Axios reports. The historic properties are set to undergo significant transformations, with new owners planning various commercial, residential and educational uses. Notable developments include Temple University’s acquisition of Terra Hall for adult education, Curtis Institute of Music’s plans for the Art Alliance building, and the conversion of Hamilton Hall into affordable arts spaces. The University of the Art was founded as the Philadelphia Musical Academy in 1870. The private school closed last summer with little notice.
Arizona
Phoenix purchases industrial property in first step of developing portion of Salt River
Phoenix has taken a significant step in the Rio Reimagined project by purchasing a 30-acre industrial property along 7th Street for $29.5 million, Axios reports. The Rio Reimagined initiative is a collaborative effort involving multiple cities and communities in the region to revitalize the Rio Salado riverfront. Ace Asphalt is current tenant and its lease runs until 2028. While specific plans for the site are not finalized, the city envisions creating an engaging outdoor space that could feature restaurants, open areas or entertainment venues. The project’s first phase includes the development of the Arizona Fresh Agri-food Innovation Center and various infrastructure improvements, demonstrating Phoenix’s commitment to transforming its riverside areas.
Arizona
Development project will bring high-end apartments to Queen Creek’s downtown
A development project called The Switchyard is set to transform downtown Queen Creek with a $120 million mixed-use complex, The Phoenix Business Journal reports via ABC15. The development will feature restaurants, including Postino, Shake Shack and Snooze, offices and 215 luxury apartment units. Phoenix-based Creation won the development rights for the 10-acre town-owned property at Ellsworth and Ocotillo roads, following a 2022 proposal request. The project team, which includes Dallas-based GFF Design, LGE Design Build and Horizon Real Estate Ltd., aims to create a unique, walkable space that stands apart from other developments in Queen Creek.
