In the News—Week of October 20, 2025
Deal of the Week
Thomas Title & Escrow has successfully closed a $12.5 million land sale located at the northeast corner of Rittenhouse and Sossaman Roads in Queen Creek, Arizona. The property, totaling approximately 16.5 acres, was acquired by an entity tracing back to Mill Creek Residential from Arcus Private Capital Solutions in Gilbert, AZ.
The site is slated for the future development of Amavi Queen Creek Townhomes, a 166 unit for rent townhome community that will contribute to the ongoing growth and revitalization of the Queen Creek submarket—one of the most active areas for new residential development in the Southeast Valley.
Thomas Title & Escrow’s Scottsdale office managed the closing, led by Senior Escrow Officer Bryan Selna, with support from Escrow Assistant Georgette Khoury and Senior Commercial Title Officer Teri Guevara. National Account Executive Justin Wine represented Thomas Title & Escrow on this transaction. Key participants included Pinnacle Bank as the lender, Arizona Law Solutions, PLLC representing the buyer, and Perkins Coie, LLP representing the sellers.
This transaction highlights Thomas Title & Escrow’s continued expertise in facilitating complex, multi-party commercial transactions and supporting major development projects across the Southwest.
National
‘Powered land’ becomes new, important category as demand for data centers grows
The explosive growth in data demand is creating new commercial real estate categories, including quantum facilities and “powered land” — property with secured power access and permits ready for data center construction, CNBC reports. Currently, about 40,000 acres of powered land will be needed over the next five years to meet projected data center growth, roughly equivalent to three times the size of Manhattan. Major real estate firms like Hines are now focusing on securing power connections and land entitlements rather than traditional construction, as power availability has become the primary constraint. Investment firms are launching dedicated platforms with hundreds of millions in capital to acquire strategically located powered land sites, particularly in power-rich regions beyond saturated markets like northern Virginia.
National
Irvine Company bucks national trend with big bet on multifamily construction
The Irvine Company, under billionaire Donald Bren, is significantly expanding its apartment development across California, The Real Deal reports. The company has 3,000 units currently under construction and 9,000 more in planning stages across Orange, San Diego and Santa Clara counties. This aggressive expansion contrasts sharply with the broader multifamily sector, which has seen a 25% decline in construction over the past two years due to high interest rates and market challenges. The company’s strategy includes converting office buildings, shopping centers and industrial sites into residential communities, with major projects near the Irvine Spectrum, UC Irvine and other key locations.
National
Small businesses offered big breaks on spaces as shopping malls struggle
As retail malls decline and vacancy rates rise, small businesses are finding opportunities to secure prime commercial space at more favorable terms, CNBC reports. The national shopping center vacancy rate has increased to 5.8%, with rental rate growth slowing from 4% to 2%, creating openings for wellness practitioners, fitness studios and local retailers previously priced out of these locations. Many landlords are now offering flexible lease terms, shorter commitments and even rent-free periods to fill vacant spaces and maintain foot traffic. However, experts note these opportunities vary significantly by geography, with some markets like New York City remaining highly competitive, while mid-sized cities and suburban areas offer the most accessible deals for entrepreneurs.
National
New York City office vacancy rate falls below 15% for first time in five years
New York City’s office market is experiencing significant growth, with vacancy rates dropping to 14.8%, the lowest in five years, while trophy buildings show an even lower 7.6% vacancy rate, the New York Post reports. Third-quarter leasing reached 6 million square feet, contributing to a yearly total of 21.7 million square feet — a 7% increase from the previous year. Average rents have risen, with Midtown direct-lease rents climbing to $85.44 per square foot and trophy locations reaching $132.24 per square foot. Major companies like Deloitte, Amazon and NYU have signed substantial long-term leases, demonstrating strong confidence in Manhattan as a global business hub. Recent data also shows that office attendance in July 2025 exceeded pre-pandemic levels from 2019.
Arizona
Amkor Technology begins work on Peoria chip packaging, test campus
Amkor Technology has broken ground on a major semiconductor packaging and test campus in Peoria with an expanded investment now totaling $7 billion across two phases, AZ Big Media reports. The facility will feature over 750,000 square feet of cleanroom space and create up to 3,000 jobs, with the first phase expected to begin production in early 2028. This will be the first high-volume advanced packaging facility in the United States, serving major customers like Apple and NVIDIA while complementing TSMC’s nearby wafer fabrication operations. The project is supported by federal CHIPS Act funding, tax credits and state and local incentives.
Arizona
American Leadership Academy charter school network buys 40 acres in Buckeye
American Leadership Academy, a charter school network serving pre-K through 12th grade students across three states, has purchased 40 acres in Buckeye to develop a campus, AZ Big Media reports. The site is located near Broadway and Rainbow roads in one of the nation’s fastest-growing cities. Founded in 2009, ALA focuses on rigorous academics combined with character development.
