In the News—Week of August 18, 2025
Deal of the Week
A Delaware-based ownership entity completed a $99.25 million refinance of a major industrial property in Middletown, Delaware. The asset, located along Merrimac Avenue, is home to an Amazon warehouse and fulfillment center. The transaction highlights the strength of the industrial and logistics sector, particularly in New Castle County, where demand for large-scale distribution facilities continues to grow. Thomas Title & Escrow worked in collaboration with the Stewart NCS office in Boston, including Kim Fogarty, Susan Bagough, and Leah Liggotti, to facilitate the successful closing. The transaction was facilitated by Director of National Title Services Eric Stewart. Senior Title Examiner Melissa Huerta and Commercial Title Officer Deana Colliver also played key roles in supporting the transaction and ensuring a seamless process.
National
New York mandate that new buildings must be all electric goes into effect Dec. 31
New York state’s mandate for all-electric new buildings goes into effect Dec. 31, CoStar reports. The law will initially apply to buildings seven stories or fewer (excluding commercial/industrial buildings over 100,000 square feet), with all new buildings including large commercial properties falling under the mandate by Dec. 31, 2028. Restaurants, hospitals, doctors’ offices, factories and agricultural buildings are exempt. This initiative targets the reduction of greenhouse gas emissions. The state says buildings account for approximately 32% of the state’s emissions. Existing buildings will not be affected by these regulations.
National
Uber seeks more office space as it looks to expand its workforce in Seattle area
Uber is planning a significant expansion in the Seattle-Bellevue area, seeking an additional 120,000 to 150,000 square feet of office space while maintaining its current downtown Seattle location, NWNews reports. The ride-hailing company is exploring options primarily in Bellevue’s Central Business District, including properties like City Center Plaza and potentially subleasing space from Meta in the Spring District. This expansion reflects Uber’s confidence in the Pacific Northwest as a tech hub and could create hundreds of new jobs in engineering and operations. The move comes as the company focuses on developing technologies like AI for better routing, self-driving cars and electric vehicle fleets.
National
A blank canvas: Vacant full city block available in downtown Fort Worth
A full city block vacant in downtown Fort Worth, Texas, is available for development, Commercial Cafe reports. The lot at Calhoun and Seventh streets is nearly 1-acre and offers significant potential near major projects transforming the area, including the Texas A&M Law Campus, Fort Worth Convention Center expansion and the Central Station/Trinity Metro. The property has no height restrictions. “This is a huge development opportunity in the heart of downtown,” says Breck Besserer, senior adviser at Citadel Partners, which is marketing the vacant block. Fort Worth’s population is expected to surpass 1 million for the first time this year, and its downtown is undergoing a considerable transformation.
National
Former Buick dealership in Cleveland suburb is being transformed into apartments, retail
Rocky River-based NewBrook Partners is developing a mixed-use project at the former Steve Barry Buick dealership in Lakewood, Ohio, Cleveland.com reports. The 2.7-acre development will include 124 apartments with one and two-bedroom units ranging from 665 to 1,100 square feet, along with retail space and 148 parking spots. Twenty percent of the units will be classified as affordable housing, addressing a key need in the community. Construction is underway with apartments available for rent by next summer.
Arizona
Applied Materials plans advanced manufacturing plant in Chandler
Applied Materials is investing more than $200 million to establish an advanced manufacturing facility in Chandler, AZ Big Media reports. The plant will produce semiconductor equipment components and could create approximately 200 jobs over five years. This investment builds upon the company’s existing U.S. manufacturing footprint, which includes facilities in Texas, Massachusetts and Montana, reinforcing its position as the largest U.S.-based semiconductor equipment manufacturer.
Arizona
Rents rise nationally and in Phoenix; fall in Scottsdale, Tucson, Gilbert, Mesa
Rents for single-family residences rose across the nation in the first six months of 2025 with Phoenix hitting a record high, AZ Big Media reports. Figures from Rentometer show Phoenix experienced a 2.7% rent year-over-year increase to a record average of $2,250, but Scottsdale saw a 5.9% decline to $3,500, its lowest since 2021. Nationally rents rose 1.7% to $2,135. Tucson ($1,895; –0.3%) Mesa ($2,245; –1.1%) and Gilbert: ($2,300; or –1.9%) saw decreases. Chandler ($2,395; +1.3%) and Glendale ($2,150; +0.2%) saw increases.
