In the News—Week of May 27, 2024

 In The Title Trove

Deal of the Week

Hanson Capital Group, an Arizona based private equity real estate company, recently refinanced a 270,000 square foot multi-tenant industrial facility in Phoenix, Arizona. The $12,000,000 refinance was funded by a national life insurance company. The transaction was closed by Bryan Selna, Vice President and Senior Escrow Officer, in our Scottsdale, AZ office.

National

Big data shows big promise for saving developers from big mistakes

Commercial real estate developers are increasingly using big data to identify market oversaturation and adjust their strategies quickly, CoStar reports via Fast Company. Data-driven heatmap analysis can reveal supply intensity in specific markets, helping developers avoid overbuilding. The industry is shifting toward partnering with data providers for more specialized and current data, with granular property-level data proving particularly valuable. Despite the rise of big data, the human element remains essential in real estate, with brokers playing a vital role as consultants and strategic advisers.

National

Owners of 64 NYC office buildings weigh conversions to apartments

Owners of 64 office buildings in New York City are exploring conversion into residences, following the city’s Office Conversion Accelerator Program, the Gothamist reports. The initiative aims to address the city’s housing shortage and support Mayor Eric Adams’s objective of creating 20,000 apartments from offices in the next decade. However, the new apartments are not within reach for low-income residents, with none of the converted buildings offering affordable rents. The city’s planning department is suggesting changes to allow office conversions in any location where residential development is permitted, and to lower the age of office buildings eligible for conversion.

National

Fort Worth tower sells for less than 10% of its price three years ago

Everything is bigger in Texas — except for the price of Fort Worth’s tallest building. Burnett Plaza was sold at a significant price drop in a foreclosure auction, the Daily Mail reports. Initially sold for over $137.5 million three years ago, the building was recently bought for $12.3 million. Pinnacle Bank Texas, who bought the property, claimed the previous owner failed to repay a $13 million loan. The 40-story tower was built in 1983 and is considered Fort Worth’s largest commercial office and retail space with over one million square feet, according to its website.

National

BlackRock sells for less than it paid after holding property for 20 years

Taicoon Property Partners has purchased a 152,000-square-foot office property in downtown Washington, D.C. for $26.7 million from investment firm BlackRock, Commercial Observer reports. BlackRock bought the property for $43.7 million in 2004. The property is located along 19th Street’s “Restaurant Row” and is set to undergo significant renovations by the new owners. These improvements include updates to the building’s façade, restrooms, common areas and ground-floor storefronts. In addition to these enhancements, the property’s amenities and infrastructure will also experience a comprehensive modernization.

Arizona

4 Arizona hospitals up for auction as part of company’s bankruptcy

Four Arizona hospitals, including the only hospital in Tempe, are set to be auctioned next month, The East Valley Tribune reports. This comes after their parent company, Steward Health Care System, which is the largest private hospital chain in the U.S., filed for Chapter 11 bankruptcy. The company plans to keep all properties open during the bankruptcy and sale procedure. This bankruptcy, affecting 2.2 million patients in eight states, is considered the largest hospital bankruptcy in decades. Steward Health Care System has $9 billion in total liabilities, which it plans to significantly reduce by selling its hospitals. The hospitals affected are Tempe St. Luke’s Hospital, Mountain Vista Medical Center in Mesa, St. Luke’s Behavioral Health Center in Phoenix and Florence Hospital in Florence.

Arizona

Phoenix metro area among national leaders for expanding manufacturing

Phoenix ranked third among the largest U.S. metro areas for manufacturing growth, AZ Big Media reports. Figures from CommerialSearch show that from 2019 through 2023, the Phoenix area’s manufacturing space grew by 11.4%, adding 6.5 million square feet. The Valley has 10.5 million square feet of manufacturing space under construction, tops in the nation. Much of the Valley’s manufacturing space is relatively new, about 30% has been built since 2000, the most of any city in top 20.

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