Thomas Title & Escrow

🎉 Congratulations to Bryan Selna on 5 Years with Thomas Title & Escrow! 🎉 Today we celebrate a major milestone — Bryan Selna’s 5-year anniversary with our team! His hard work, dedication, and expertise have been invaluable to our success. Thank you, Bryan, for your contributions and commitment over the years. We look forward to many more! #ThomasTitleandEscrow #CommercialRealEstate #WorkAnniversary #Milestone #ThomasTitle #TeamCelebration #5YearsStrong

Amerco, the real estate division of U-Haul, has recently acquired a portfolio of four Class A, multistory, climate-controlled facilities in Minnesota and Kansas. The properties include 3,297 units, totaling 327,179 net rentable square feet across 11.38 acres, further expanding U-Haul’s extensive portfolio. The all-cash transaction was completed by Joel Montemayor, Senior Commercial Escrow Officer, in our Scottsdale, Arizona office. Learn more: https://lnkd.in/g25vvHxG #ThomasTitleandEscrow #CommercialRealEstate #DealOfTheWeek #SelfStorage

Vacant offices have large impact on Phoenix and Tucson economies Vacant office space is having a significant economic impact on the Phoenix and Tucson metro areas, AZ Big Media reports. Figures from Switch On Business show the two areas are losing over $800 million in potential rent due to unoccupied offices. Phoenix alone accounts for more than $756 million in lost revenue, with over 25 million square feet of unused office space. While Tucson has lost about $68.2 million in revenue, with 2.9 million square feet of vacant office space. This trend is part of a larger national issue, with office vacancy rates reaching their highest levels since 1979. The shift toward remote and hybrid work models has exacerbated the problem, leading to discussions about potential office-to-residential conversions and concerns about broader economic consequences. The survey showed 20% of U.S. workers aged 18-24, now work on a hybrid or fully remote schedules. Read More: reptn.co/Be7AkkrAEAe #ThomasTitleandEscrow #CommercialRealEstate #Phoenix #Tucson #Office

Walgreens says it plans to close about 1,200 stores by 2027 Walgreens has announced plans to close approximately 1,200 stores by 2027, representing about one in seven of its current locations, CNN reports. This decision comes as the drugstore grapples with fierce competition from online retailers and decreasing profits from prescription drug sales. The closures, which include 500 stores shutting down over the next year, mark a significant increase from the company’s previous announcement in June of 300 store closures. Despite these challenges, Walgreens reported a 6% increase in revenue compared to the same quarter last year. However, the company also posted a $3 billion loss, largely due to write-downs of its investments. This move to close stores is seen as a necessary step for the company to address its financial struggles and adapt to changing market conditions.  Read More: rptn.co/dBAEGSArIAk #ThomasTitleandEscrow #CommercialRealEstate #Walgreens #Retail

🌟 Congratulations to our Q3 MVP, Melissa Thacker! 🌟 We’re thrilled to recognize Melissa Thacker, our incredible Accounting Specialist, as the MVP of Quarter 3! Her attention to detail, dedication, and outstanding contributions have made a significant impact on our team’s success. Thank you, Melissa, for your hard work and commitment! Join us in celebrating Melissa and her well-deserved recognition! 👏 #ThomasTitleandEscrow #CommercialRealEstate #MVP #Quarter3 #TeamSuccess #AccountingExcellence #ThomasTitle

In the initial transactions of Phase 5 in the Alamar master-planned community, Brookfield Residential Properties conveyed 148 lots to two national homebuilders, with combined sales totaling $13.2 million. Phase 5 of Alamar spans 180 acres in Avondale, Arizona, comprising 694 lots. The land trust holding the property during development is administered by Underwriting Counsel Chadwick Campbell, while the lot transactions were closed by Vice President and Senior Commercial Escrow Officer Sheila Hunter. Thomas Title has been involved in Alamar since its inception in 2018. Learn more: https://lnkd.in/g25vvHxG #ThomasTitleandEscrow #CommercialRealEstate #DealOfTheWeek #Arizona 

Removing asbestos the next step in $850 million mall redevelopment Resource Environmental, a Los Angeles-based company, is about to begin removing the asbestos from the buildings, the next step in the redevelopment of Metrocenter Mall in Phoenix, AZ Big Media reports. The $850 million redevelopment project is set to become the state’s largest mall transformation. The project aims to create a walkable, urban gathering space with a mix of residential, retail and dining options. A key feature is the integration of a new Light Rail Station, completed in January 2024.  Read more: rptn.co/kpkA2DXABAz #ThomasTitleandEscrow #CommercialRealEstate #TitleTrove #Asbestos #Phoenix #Mall #Retail

Seattle’s financial district among most vulnerable, research shows  Seattle’s financial district ranks among the most vulnerable in the U.S. according to recent research, Axios Seattle reports. Figures from the Kaplan Group show the city is experiencing a surge in commercial real estate loan defaults and rising office vacancy rates, which have increased to 24.7% in Q1 2024. This situation is attributed to the lasting effects of the pandemic, including the shift to remote work and changing business needs for office space. The potential struggles of building owners to refinance maturing loans, coupled with dropping commercial property values, pose a serious threat to the district’s financial stability. Despite some companies implementing return-to-work mandates, the overall demand for office space in Seattle remains low, marking a stark contrast to the pre-pandemic era when the city boasted a vacancy rate under 5%. Read more: rptn.io/lkAVpDAlABA #ThomasTitleandEscrow #CommercialRealEstate #TitleTrove #Seattle #FinancialDistrict

🎉 Happy Birthday to Brandy Lopez & Dustin Gaskey! 🎉 We’re excited to celebrate these two incredible team members this month. Thank you both for all you do—here’s to a fantastic year ahead! 🎂🎁 #ThomasTitleandEscrow #CommercialRealEstate #TeamBirthdays #CompanyCulture #Celebrate

Adding to its portfolio of Class A multifamily projects in Arizona, a Texas-based developer acquired a 4.1-acre parcel in the heart of the sports district in Surprise, Arizona. Within walking distance of the spring training homes of the Texas Rangers and Kansas City Royals, the site will feature a 4-story building with 161 units over 48,000 square feet.  The construction loan was provided by an Iowa-based bank, whose Phoenix operation boasts over $1 billion in assets. Tracy Glass of Insight Land & Investments brokered the property for the seller, an Arizona-based partnership. The $53 million transaction was closed by Vice President and Senior Commercial Escrow Officer Sheila Hunter. Learn more: https://lnkd.in/g25vvHxG #ThomasTitleandEscrow #CommercialRealEstate #DealOfTheWeek #Multifamily