In the News—Week of September 7, 2026
Deal of the Week
Thomas Title & Escrow successfully closed a $3,410,000 commercial refinance for Saguaro 26, LLC, a Delaware limited liability company, for the property located at 5890 N. Saguaro Road in Paradise Valley, Arizona. The transaction was handled by Thomas Title & Escrow, LLC, led by Escrow Officer Bryan Selna and Business Development Officers Scott Tatum and Justin Wine, with support from Georgette Khoury and Rebeca Carrizo. Financing was provided through Ascent Developer Solutions LLC.
This successful closing reflects the strong collaboration, expertise, and attention to detail required to bring a significant commercial transaction smoothly to completion. Congratulations to Bryan, Scott, Justin, and the entire Thomas Title team on another outstanding closing!
National
Upper East Side site that once inspired plans for skyscraper is back on market
A cleared Upper East Side development site that once inspired plans for a supertall skyscraper is back on the market for $360 million, up from the $300 million it fetched in 2015, the New York Post reports. The six-parcel assemblage at 143-161 E. 60th St., across from Bloomingdale’s flagship store, offers roughly 283,000 square feet of buildable space and zoning that could still support an unusually tall tower. Broker Marlon Schwarcz estimates a luxury project there could ultimately cost close to $1 billion once construction is factored in, though he says the lot could alternatively be developed more affordably for a few hundred million dollars. Several major New York developers, including some behind Billionaires’ Row projects, have reportedly already made offers since the listing went live. The site’s history includes a string of ambitious but unrealized skyscraper designs — some soaring past 1,000 feet — commissioned by prior owner Kuafu Properties.
National
Commercial real estate firms uncertain of how to implement artificial intelligence
An industry survey suggests commercial real estate has largely made peace with the idea that AI matters — the harder problem is getting organizations ready to actually use it, Buildings.com reports. MRI Software’s poll of nearly 600 professionals found that while the vast majority see AI as critical to the industry’s future, more than half work at organizations that provide no AI training at all. The research identified three core anxieties holding companies back: worries that AI could undercut human judgment, uncertainty about whether the returns justify the cost, and a persistent skills gap, with only a small fraction of workers trained in areas like prompting or verifying AI output.
National
Small-scale landlords in LA selling off because of climbing costs, regulations
Small-scale landlords in Los Angeles are exiting the rental market in growing numbers, The Real Deal reports. Longtime owner Rich Kissel sold off all 20 of his below-market units by late 2025 after pandemic-era rent freezes and eviction protections left him unable to collect rent from some tenants for years, even as his insurance costs rose more than tenfold. He ultimately sold his properties for far less than they were once worth, with buyers largely made up of small corporate investors rather than individuals. Industry data backs up his experience: a Marcus & Millichap broker reported a 34% jump in sales of small multifamily buildings compared to before the pandemic, driven by expenses climbing faster than the rent increases landlords are permitted to charge. The result, according to the Apartment Association of Greater Los Angeles, is a consolidating ownership landscape in which mom-and-pop landlords are steadily giving way to larger corporate players.
National
Port Authority of KC approves bonds to overhaul historic shopping plaza
The Port Authority of Kansas City has cleared the way for a major overhaul of the Country Club Plaza, approving up to $1.49 billion in bonds and a 30-year property tax exemption for owner Gillon Property Group, KCUR reports. The Dallas-based developer’s plan envisions taller buildings, roughly 824 new housing units, 150 hotel rooms and 1.7 million square feet of retail and office space built out over the next 15 years — a response to the district losing half its appraised value and several major tenants, including Lockton, since 2020. Kansas City officials already raised height limits in the area this spring to accommodate the project, and the vote sets in motion negotiations over a formal agreement between Port KC and Gillon, which bought the Plaza in 2024 for $175.6 million. The incentive package still faces pushback from Kansas City Public Schools, whose superintendent said the deal, while improved from an earlier November version, doesn’t go far enough to offset lost property tax revenue for schools and libraries.
Arizona
Evergreen Development begins project in Mesa that includes retail, residential
Phoenix-based Evergreen Development is moving forward with a new mixed-use project in Mesa’s Eastmark area, AZ Big Media reports. Evergreen has secured nearly 12 acres near Signal Butte and Warner roads for housing and retail. The plan calls for 261 apartment units spread across nine three-story buildings, complete with a clubhouse, pool, gym and outdoor amenities such as a dog park and fire pits. Alongside the residential piece, the site will feature an 8,500-square-foot retail building and a standalone Chipotle with a drive-thru pickup lane. Construction is slated to begin in early 2027, with apartments ready for lease-up by mid-2028. The project builds on Evergreen’s earlier success with a nearby Safeway-anchored center and marks the company’s latest step in an active push into Mesa, where it has broken ground on nearly 500 residential units over the past year.
Arizona
They don’t build ’em like they used to: New apartments in Valley are smaller
New apartments across metro Phoenix are getting smaller, though the trend hits some cities harder than others, AZ Big Media reports. Figures from a RentCafe analysis of 100 U.S. markets show that Scottsdale has fared best, ranking 17th nationally for new-apartment size at 962 square feet and losing just 11 square feet compared to a decade ago. Glendale and Tempe have seen the sharpest cuts, each dropping more than 140 square feet to under 890 square feet — among the steepest declines in the country. Phoenix and Mesa have also lost square footage, dipping below 900 and just above it respectively, with drops of 64 and 60 square feet.
