In the News—Week of September 22, 2025
Deal of the Week
Thomas Title & Escrow is proud to announce the successful closing of a $5.2 million commercial sale in Billings, Montana. The property, located in Yellowstone County, was acquired by Amerco Real Estate Company, the real estate division of U-Haul. The asset is a commercial/industrial self-storage facility, strategically positioned in a growing submarket of Billings. This acquisition reflects Amerco’s continued investment in expanding its real estate portfolio.
The transaction required careful coordination across multiple stakeholders, including the listing agents at Meridian Storage Group, BC Law Firm, and Stewart Title National Commercial Services. Our Thomas Title & Escrow team played a key role in driving this deal to a smooth and timely closing. Special recognition goes to Senior Escrow Officer Joel Montemayor with help from National Account Executive Justin Wine for their dedication and expertise throughout the process. This deal underscores our team’s ability to successfully manage complex, multi-party commercial transactions throughout the country while delivering the highest level of service to our clients.
National
Mr. DeMille, I’m Ready for My Close Up: At long last, a television show about CRE
A+E is launching “The Real Estate Commission,” the first reality TV series focused on commercial real estate, the New York Post reports. Until now, all the screentime has gone to luxury residential real estate sales people. The show, which premieres Oct. 12, will follow Todd J. Drowlette of Titan Commercial Realty Group through authentic, high-stakes property deals across multiple states, with transactions ranging from office leases to retail expansions. It’s about time.
National
88-year-old developer buys 1920s tower on Madison Avenue for condo conversion
Harry Macklowe, an 88-year-old developer, has purchased a 1920s building at 809 Madison Avenue on Manhattan’s Upper East Side for $49 million to convert into luxury condominiums, The Real Deal reports. Working with SK Development and designers Robert A.M. Stern and SLCE Architects, the project will create large 4,000-square-foot apartments expected to sell for over $20 million each. The renovation required approval from the Landmarks Preservation Commission as the property is located in a historic district. This acquisition continues Macklowe’s long career in real estate development, which includes his ongoing $2 billion One Wall Street conversion project and various ventures in Florida.
National
California lawmakers are again mulling tax on vacant commercial properties
Sacramento lawmakers are considering a tax on vacant commercial properties to combat blight and encourage development, though the proposal is still in early discussions, Propmodo.com reports. Similar measures have been implemented in San Francisco, where landlords pay escalating fees for vacant storefronts, while California’s Senate Bill 789 would create the first statewide vacancy tax in the nation. While proponents argue these policies force owners to be realistic about rent expectations and put neglected properties to use, critics warn they may penalize landlords who need time to secure appropriate tenants and complete renovations.
National
Warehouse sector sees first drop in demand since 2010
The industrial warehouse sector has experienced its first quarterly demand decline since 2010, CNBC reports. Economic uncertainty stemming from fluctuating tariff policies and persistent inflation has contributed to just 27 million square feet of industrial space being absorbed in the first half of 2025, with demand dropping by 11.3 million square feet in Q2 alone. While industrial property sales are matching last year’s pace at $74.3 billion (up 14.7% from 2023 but down from the 2021 peak), price appreciation has significantly cooled compared to the 2019-2022 period. Experts predict demand will remain flat through year-end before rebounding in Q2 2026.
Arizona
City wants former council member to stop state from allowing Axon to build apartments
Controversial state legislation enabling Axon’s planned international campus development in north Scottsdale is scheduled to become law this Sept. 26, and it appears the city is depending on a former council member to go to court to derail it, the Scottsdale Progress reports. The so-called “Axon bill” would greenlight the Taser manufacturer’s proposal to build approximately 1,900 apartments along with office space on 74 acres of land purchased from the state. Critics argue the legislation deliberately circumvents local zoning control and nullifies a pending referendum that would have allowed Scottsdale residents to vote on the development. By a 4-3 vote last week, the Scottsdale City Council approved filing a notice of claim against Arizona regarding the constitutionality of Senate Bill 1543, but stopped short of authorizing immediate litigation. Mayor Lisa Borowsky suggested that a private lawsuit promised by former Councilman Bob Littlefield might be preferable to city-funded legal action. Littlefield, husband of Councilwoman Kathy Littlefield, is skeptical of Borowsky’s approach. “The problem with that is the city has better standing than we do,” Bob Littlefield tells the newspaper.
Arizona
Firm-linked to owner of Angels baseball club buys parcel at 44th Street and Camelback Road
A firm linked to billionaire Arte Moreno, owner of the Los Angeles Angels baseball team, has purchased a 1.47-acre Phoenix property at Camelback Road and 44th Street for $11 million, KTAR radio reports. The parcel includes a pocket park situated between a historic Chase Bank and a commercial center that Moreno’s company already owns. With a net worth of $5 billion, Moreno is ranked as Arizona’s fifth-richest resident, according to Forbes. He has been actively investing in Valley real estate, including a 21-acre vacant lot in Gilbert and a $60 million office complex purchase near his Biltmore Estates mansion in late 2024.
