In the News—Week of September 1, 2025
Deal of the Week
Thomas Title & Escrow is proud to announce the closing of a $41 million commercial real estate transaction in Mesa, Arizona. The property, located at 4533 E. Banner Gateway Drive, is home to Inspira Gateway, a premier senior housing community situated next to Banner Gateway Medical Center. The buyer, PX SHS Inspira Gateway, LLC, acquired the property from Inspira Gateway Residences LP, further highlighting strong investor confidence in Arizona’s growing senior housing market. Congratulations to Senior Commercial Title Officer Teri Guevara, the Thomas Title Commercial team, and our colleagues at NCS Boston for their collaboration in making this closing a success.
National
Department store giant Dillard’s enters partnership to buy, refurbish mall in Texas
Dillard’s is buying into a mall at a time when other department stores are leaving malls. Trademark Property Company and Dillard’s have formed an unusual partnership to purchase and revitalize the Longview Mall in Texas, KLTV reports. This collaboration aims to modernize the mall with new retail stores, restaurants and entertainment concepts to better align with current customer preferences. The mall, which already attracts 3.7 million visitors annually, will undergo significant renovations to create more inviting public spaces and an improved customer experience. Trademark, which also owns the Galleria in Dallas, plans to complete these enhancements within the next two to three years, focusing on delivering what the Longview community wants and needs.
National
Alternative asset manager purchases two office towers on Park Avenue South
TPG, an alternative asset manager with nearly $13 billion in real estate investment cash, has recently acquired two adjacent office towers on Park Avenue South in New York City, CoStar reports. “This is a top submarket in New York City, where favorable supply-demand dynamics have led to a significant improvement in office fundamentals,” CEO Jon Winkelried says. The firm deployed $1.53 billion into real estate in the second quarter of 2025, an increase from the previous year, taking a patient approach to capitalize on market dislocations.
National
Newmark enters into alliance with Mountain West Commercial Real Estate
Newmark is expanding its presence in the Western United States through an alliance with Mountain West Commercial Real Estate, which will now operate as Newmark Mountain West while remaining independently owned, Commercial Search reports. This strategic partnership combines Mountain West’s regional expertise across Utah, Idaho, Wyoming, Montana and Nevada with Newmark’s global resources and platform. Since 2022, the two groups have completed over 5,000 transactions worth more than $9.3 billion across five countries and 39 states.
National
Los Angeles developers buy office building, plan to convert it to affordable housing
A joint venture including Elysian Housing and Capstone Equities has purchased a 75,000-square-foot office building in Encino, the Los Angeles Times reports. The buyers paid $20.64 million for the property on Balboa Boulevard and plan to convert it into affordable housing, addressing a critical regional need. Lee & Associates LA North/Ventura brokered the transaction, representing both parties. According to Darren Casamassima, a principal at the brokerage firm, the building’s configuration made it particularly suitable for residential conversion. Strategically located in the San Fernando Valley, the property offers convenient access to essential amenities including parks, retail establishments, restaurants and educational institutions.
Arizona
Phoenix area second largest market for development of data centers in U.S.
Greater Phoenix is poised as the second-largest market for data center development in the U.S., AZ Big Media reports. Figures from the JLL North America Data Center Report for mid-2025 show the region has 4.2 GW of planned capacity. The Valley region faces an extremely tight vacancy rate of just 3% amid unprecedented demand for digital infrastructure, with 73% of construction projects already preleased. This supply-demand imbalance is expected to persist through 2026 and beyond, forcing companies to secure capacity 18-24 months in advance. Phoenix’s appeal stems from its relatively affordable power costs (7.5 cents/kWh), strategic location and business-friendly environment.
Arizona
Long vacant lot in upscale south Tempe getting tony dining options in new center
Locals have called it “the ugliest lot on Warner” Road. A previously vacant 4-acre lot between Interstate 10 and Loop 101 in south Tempe is about to become an upscale center than befits one of the wealthiest areas in the Valley, The Tempe Tribune reports. South Tempe Square, a four-building upscale shopping and dining center, is currently under construction at Warner and Rural roads in one of the Valley’s wealthiest areas. Expected to open in fall 2026, the development will feature restaurants such as Luna Grill, Slice House and Negranti Creamery, along with various services to serve the affluent neighborhood. The 85284 ZIP code is among the five wealthiest in the Valley with a median household income of $154,663, according to the 2023 American Community Survey. While many residents are excited about finally having walkable dining options in south Tempe, some neighbors have expressed concerns about potential parking and traffic issues.
