In the News—Week of May 20, 2024

 In The Title Trove

Deal of the Week

On behalf of our client, W & D Prescott Properties, LLC, an Arizona limited liability company, we are pleased to announce the successful $4.9M closing for 42 acres of land acquired by Yavapai College in Prescott, Arizona. Yavapai College is in growth mode and intends to expand its higher-education footprint on the land. This transaction was closed by Joel Montemayor, Assistant Vice President and Commercial Escrow Officer in our Scottsdale, Arizona office.

National

NYC leads country in converting hotels, offices into apartment units

New York City is leading a trend in converting former hotels and offices into residential properties, the New York Post reports. About 5.8% of all converted units in the U.S. are in the city. Figures from RentCafe show a 17.6% increase in conversions in 2023 compared to 2022. About 151,000 units are expected to be converted in the U.S. this year, a 24% increase from the 122,000 units in 2023. Los Angeles is expected to overtake NYC. LA has 5,881 units scheduled for conversion to New York’s 4,363.

National

U.S. could add 500 million square feet in factory space in the coming decade

“Reshoring’’ — bringing manufacturing back to the U.S. — is impacting industrial real estate nationwide, NAIOP Research Foundation and Newmark reports via the Los Angeles Times. There have been more than 300 announcements involving major manufacturing facilities in the United States since 2020. “Currently, the U.S. has less than five billion existing square feet of statistically tracked manufacturing inventory,” Newmark researcher Lisa DeNight says. “Comparatively, we are priming for market expansion that could equate to upwards of 10% of that entire stock — 500 million square feet — in the next decade alone.” Firms in the high-tech, automotive, energy and bio-manufacturing sectors are making the largest investments, and most of the activity is in the Midwest and Southeast.

National

Buc-ee’s seeks zoning change for location near Kansas Speedway

Buc-ee’s, a Texas-based chain known for its large-scale travel centers, has confirmed plans to build a new location near the Kansas Speedway, The Springfield News-Leader reports via the Kansas City Star. The proposed site is a 57-acre lot near Kansas City, Kansas. It would require a zoning change from agricultural to commercial for about half the site. While the project is still in its early stages, Buc-ee’s application for the travel center has been submitted to the Unified Government of Wyandotte County and Kansas City for review. The company’s travel centers, which offer much more than fuel amenities, have gained a large and loyal fanbase.

National

North Face closes store that was fixture in downtown Seattle

North Face has closed its flagship store in downtown Seattle, following the trend of other brands like Nike and Lululemon, KIRO 7 reports. The closure comes amid ongoing struggles for the downtown retail core, which has been impacted by the COVID-19 pandemic and rising crime rates. North Face is known for its hiking and camping clothing, and the company’s rain jackets were particularly popular in Seattle. Other nearby North Face locations in University Village and Southcenter remain open.

Arizona

3 firms eligible to bid on state land for high-tech hub next to chip plant

There’s a bidding war for 2,300 acres of state land around the Taiwan Manufacturing Semiconductor facility in North Phoenix, The Real Deal reports. The Arizona State Land Department approved New York-based Mack Real Estate Group, Tempe-based W Holdings and Phoenix-based ViaWest Group. There will a minimum bid of $56.28 million. The winner will build a high-tech hub on the u-shaped parcel. The winning bidder will be required to invest heavily in the hub’s infrastructure; the estimated cost is $1.7 billion. The City of Phoenix has zoned the site for industrial, office, retail space, hotel rooms and apartments.

Arizona

Medical office buildings in Valley are doing better than other offices

Medical office buildings in the Greater Phoenix area are outperforming general offices, AZ Big Media reports. Figures from Colliers show medical’s vacancy rate is 11.8%.The overall office market’s 14.9%. Factors contributing to this include the rapid growth of Maricopa County and increased demand for health care services. The market is tight, especially around the major hospitals, and it shows in rents, says Kelly Carlon, vice president at Avison Young. She says she recently put together a letter of intent for a condo near HonorHealth’s Scottsdale Osborn location for $420 per square foot.

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