In the News—Week of May 25, 2026
Deal of the Week
Thomas Title & Escrow is proud to highlight the successful closing of a $24 million commercial land transaction located in Tonopah, Arizona.
The transaction involved the acquisition of the property as part of continued investment and development activity throughout Arizona’s rapidly expanding West Valley corridor.
This transaction required extensive coordination between multiple parties, including ownership entities, legal counsel, title, escrow, and recording teams to ensure a smooth and timely closing process. Our team worked diligently through commercial escrow administration, title coordination, funding, and recording to help bring the transaction to a successful close. Special recognition goes to our title and escrow teams for responsiveness, and dedication throughout the transaction. As well as our Director of Commercial Services Kylie Cook. We are proud to support complex commercial transactions with the expertise, communication, and attention to detail our clients rely on every day.
National
Owner says rising costs forced him to pull the plug on Heart Attack Grill in Las Vegas
The Heart Attack Grill, a long-running downtown Las Vegas tourist draw known for its over-the-top hospital theme and high-calorie meals, has closed at Neonopolis near the Fremont Street Experience, Fox 5-TV reports. Founded in Chandler, a Phoenix suburb, in 2005, it was known for its artery-clogging offerings, such as the “Quadruple Bypass Burger.” Owner Jon Basso said the restaurant shut down after deciding not to renew its lease, pointing to higher operating costs and what they described as corporate-driven price increases across the city. Basso said the brand plans to relocate, arguing that escalating prices are making Las Vegas less affordable for everyday visitors as big resorts go after high rollers.
National
Commercial real estate investment up in South Florida—except for multifamily
South Florida’s commercial real estate investment sales surged in the first quarter, The Real Deal reports. Figures from Avison Young show the total volume reached about $4.3 billion, up roughly 30% from a year earlier. The rebound was led by industrial properties, where deal volume more than doubled to nearly $1.3 billion, alongside a sharp increase in development-site transactions totaling just over $500 million. Retail and office sales also rose, supported by renewed interest in corridors like Miami Beach’s Lincoln Road and continued demand for boutique office buildings. Multifamily was the outlier, with activity cooling as a wave of recent apartment deliveries has outpaced leasing, though developers say new projects remain targeted to when demand is expected to return.
National
Fifth Third Bank planning to leave tower that carries name of firm it recently bought
Fifth Third Bank, which recently acquired Comerica Bank in a $10.9 billion deal, plans to relocate its Texas headquarters from the Comerica Bank Tower, D Magazine reports. Fifth Third Bank plans to move to a redeveloped Preston Center site at 8300 Douglas, with the move expected when the project delivers in 2028. The bank will lease about 63,000 square feet across two floors, trimming more than 120,000 square feet from its footprint at Comerica Bank Tower downtown. Fifth Third said it expects to exit the tower within about 90 days, while its North Texas workforce will be distributed among existing hubs in Frisco and other temporary locations in the interim. The tower’s owner, Slate Asset Management, is pursuing a major redevelopment that would add hotel rooms and residential units and significantly reduce the building’s office space.
National
AV Management bets on NYC apartment market, buys 6-story building in SoHo
AV Management has purchased 73–75 Sullivan Street, a six-story mixed-use multifamily building in Manhattan’s SoHo, for $43.3 million, City Biz reports. The purchase signals renewed interest in core New York assets amid shifting market conditions. The building sits in one of Manhattan’s most supply-limited submarkets. AV Management says it expects gateway markets like New York to hold up better than many secondary markets as investors reassess risk and return.
Arizona
Office vacancy rate in Greater Phoenix shrinks to 14.5%; asking rents inch up
The Greater Phoenix office market posted its second straight quarter of positive net absorption in early 2026, fueled by brisk leasing and the removal of nearly 1 million square feet of obsolete inventory slated for redevelopment, AZ Big Media reports. Figures from Colliers show 432,379 square feet of net absorption in the first quarter, with Tempe driving roughly a third of leasing activity and Class A space outperforming lower tiers. Vacancy edged down to 14.5% as inventory shrank, even as sublease availability ticked up slightly for the first time in more than two years. Construction cooled to about 184,500 square feet underway, while asking rents inched higher to $30.52 per square foot and top-tier submarkets continued to lead the gains.
Arizona
Empire begins work on 24-story tower with residential, retail in central Phoenix
Empire Group of Companies, through its Aspirant Development division, has secured a $131.2 million financing package and started construction on a 24-story, 328-unit mixed-use tower at Central Avenue and McDowell Road in central Phoenix, AZ Big Media reports. Dubbed The Whitney, the project includes more than 22,000 square feet of ground-floor retail and aims to add a prominent residential landmark to the city’s Arts District. The development is designed to capitalize on transit access, with the McDowell Road light rail station directly in front of the site, and includes co-working areas, a fitness center and a rooftop pickleball court.
