In the News—Week of September 8, 2025
Deal of the Week
Thomas Title & Escrow is proud to announce the successful closing of a $25 million commercial refinance for Legacy Hospitality, LLC.
The property, located on East Hampton Avenue in Mesa, Arizona, is part of the growing Crismon Business Park. This transaction reflects continued investment in the East Valley’s hospitality and business park market, reinforcing Mesa’s role as a hub for commercial growth. Special thanks to Escrow Officer Teri Guevara and our dedicated team members, including Melissa Thacker and Steven Blank, for their hard work in navigating a complex title and lien history to ensure a seamless closing. We also recognize our underwriting partner, Stewart Title Guaranty Company, for their support. This deal demonstrates our commitment to delivering exceptional service and solutions for even the most intricate transactions.
National
Two trophy hotels in San Francisco find buyer after two years in receivership
San Francisco’s largest hotel, Hilton Union Square, and fourth-largest hotel, Parc 55, are finally being purchased by a consortium of New York-based hoteliers, the SFiST reports. The properties have been in receivership for over two years. The previous ownership, Virginia-based REIT Park Hotels & Resorts, defaulted on a $725 million mortgage in 2023. The sale is to the consortium, Newbond and Conversant, suggests the hotels will continue operating rather than being converted to housing as previously speculated. This development, alongside upcoming events like the Super Bowl and World Cup in 2026, indicates positive momentum for San Francisco’s downtown and tourism sector.
National
NYC workers’ foot traffic to office tops pre-pandemic levels for the first time
NYC workers are trudging back to the office. New York City’s office foot traffic in July 2025 surpassed pre-pandemic levels for the first time, CoStar reports. Figures from a study by Placer.ai show a 1.3% increase compared to July 2019. This milestone reflects the effectiveness of stricter return-to-office policies implemented by major financial institutions and other employers. Miami nearly reached its pre-pandemic levels as well, while other major cities still experience double-digit declines in office attendance. Nationally, office visits were 21.8% below pre-pandemic levels, the smallest gap since 2019, as more Fortune 100 companies have shifted to full-time office policies. Manhattan’s strong office leasing performance in the first half of 2025 exceeded figures from some pre-pandemic years.
National
Mixed-use development project along Ohio River near Cincinnati gets new life
Neyer Properties is moving forward with a significant mixed-use development project along the Ohio River, the Cincinnati Business Courier reports via LOCAL12.com. The company has submitted updated plans and reached a new agreement with Bellevue, Kentucky, city officials for the approximately 7-acre site located at Lafayette and Fairfield avenues According to city documents, the project will include both public and private components. This development represents a revival of what had been a dormant project in a prime riverfront location. The first phase of the private improvements calls for more than 200 apartments as well as office and retail space.
National
Cleveland developer plans his second mass-timber building for boutique hotel
Developer Dan Whalen is planning Cleveland’s second mass-timber structure, a seven-story Marriott Tribute Portfolio boutique hotel, NEOtrans reports. The proposed 129-room hotel in the Ohio City neighborhood would feature wood-timbered construction above a concrete first floor, with an estimated cost of $55 million. This follows Whalen’s earlier success with Intro, which was the largest mass-timber building in the United States when completed in 2022. If approved, the hotel would fill a notable gap, as there are currently no hotels between downtown Cleveland and Hopkins International Airport.
Arizona
Arizona ranks 14th for new manufactured housing, which remains an important option
Arizona ranks 14th in the nation for manufactured housing, with such homes accounting for 5% of all new single-family residences in the state, AZ Big Media reports. Figures from Construction Coverage show that the average manufactured home in Arizona costs $139,600, significantly less than the median single-family home price of $450,067, though still higher than the national manufactured home average of $123,300. The state saw 2,192 manufactured home shipments in 2024, compared to 41,944 site-built single-family home permits. This housing alternative provides an important option for Arizonans seeking more affordable pathways to homeownership amid the ongoing housing affordability crisis.
Arizona
Mesa gives approval for retail center in master-planned neighborhood
Mesa has approved a development agreement with Common Bond Development Group to build Eastmarket, a 6.6-acre retail center at Ellsworth and Ray roads in Eastmark, the East Valley Tribune reports. The center will feature a Sprouts grocery store and additional retail space. The agreement prohibits certain uses like discount stores and drive-thrus to maintain high standards for the development. While some council members expressed concerns about walkability within the site, officials emphasized that this project represents just one piece of a larger vision for the area. The development aims to provide the higher-level retail that both the city and thousands of Eastmark residents have been seeking, potentially enhancing quality of life and generating sales tax revenue and jobs.
