In the News—Week of September 2, 2024

Zoned Properties, Inc., a technology-driven property investment company for emerging and highly regulated industries, including legalized cannabis, closed on a 1.1-acre site in Surprise, Arizona. Thomas Title’s Cannabis Transaction Team insured the $1.6 million acquisition, after Zoned Properties secured the zoning and entitlements and the seller completed its infrastructure development. Zoned Properties subsequently closed a $1.6 million construction loan to develop the site into a dispensary for its future tenant, Sunday Goods. The sale was closed by Vice President and Senior Escrow Officer Bryan Selna in our Scottsdale office and marks the 5th anniversary of the collaboration between Thomas Title and Zoned Properties.

Downtown LA fills with residents as number of office workers shrink

Downtown Los Angeles has experienced a significant shift from being primarily a business district to a thriving residential area, Business Insider reports via Yahoo News. Despite this residential boom, the office market in the area is struggling as more businesses adopt remote work policies, reducing the need for office space. Only 65% of office spaces are occupied as of early 2024. However, the city plans to accommodate a substantial portion of Los Angeles’ future housing growth in the area.

Louis Vuitton, Aston Martin among brands getting into real estate game

High-end retail brands are increasingly venturing into the real estate sector as a strategic move to enhance their market presence and brand value, The Week reports. Companies such as Louis Vuitton and Aston Martin are investing in both commercial and residential properties, viewing real estate as a new avenue for brand promotion and marketing. These luxury brands are developing condos, apartments and retail spaces, with a focus on creating exclusive environments that reflect their brand’s prestige. This trend is particularly evident in cities such as Miami, where branded residences are becoming increasingly popular, symbolizing a fusion of lifestyle and luxury. The global market for such developments is expanding rapidly, with hundreds of new branded residences planned by 2030.

Old Spaghetti Factory in Nashville to be turned into short-term rentals

The Old Spaghetti Factory building in Nashville has been sold to a new owner who plans to convert it into short-term rental units, WKRN reports. The building suffered significant damage from a 2020 Christmas Day bombing and was the home to the Old Spaghetti Factory since the 1980s. The bombing caused more than $1 million in damages to the building and the collectibles it housed. T2 Capital Management plans to transform the building into more than 50 residential condominiums by 2026. The Metro Nashville Council approved a resolution for the project. T2 Capital Management found short-term rentals to be more feasible than converting it into affordable housing options, due to structural damage costs. “This is going to bring tourists to a re-developed Second Avenue, and they’re going to walk out their front door and they’re going to enjoy the shops and restaurants that are right there and they’re going to spend their hard-earned vacation money,” Metro Councilman Jacob Kupin says.