Friday, May 9, 2025
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DevelopmentFloridaLeasing ActivityRestaurantRetailSoutheast

Kitson & Partners Adds 20 New Tenants at Shops at Yellow Pine Shopping Center in Southwest Florida

by John Nelson

PUNTA GORDA, FLA. — Kitson & Partners has signed 20 new leases to its tenant lineup at The Shops at Yellow Pine, a 120,000-square-foot shopping center located within the master-planned community of Babcock Ranch in Punta Gorda. Situated north of Crescent B Commons, a Publix-anchored shopping center, The Shops at Yellow Pine comprises three multi-tenant buildings and two standalone outparcels along Cypress Parkway. Five Guys, Marshalls, Ace Hardware, Five Below and Hope Chiropractic are already open at the center, while Panera Bread, Jersey Mike’s Subs and Verizon Wireless are expected to open in June. Several more tenants will follow later in the year, including Carvel; Papa Johns; Yummy Thai and Chinese; HomeGoods; Ulta Beauty; Aesthetics Lounge & Spa; Fountain Pools; Tipsy Nail Salon; Seymour Orthodontics; Tampa General Hospital (TGH) urgent care and medical services; and seafood and steak restaurant Oar & Iron Raw Bar & Grill, which will occupy its own building overlooking Sunset Lake. Additionally, outdoor seating areas will be available for use throughout the development, which is slated to open this summer.

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AcquisitionsRetailSouth CarolinaSoutheast

NAI Charleston Arranges Sale of 57,659 SF Shopping Center in Myrtle Beach, South Carolina

by John Nelson

MYRTLE BEACH, S.C. — NAI Charleston has arranged the sale of a 57,659-square-foot shopping center located at 201-233 International Drive in Myrtle Beach. Built in 2014, the center sits on 6.4 acres, according to LoopNet. Lowes Foods anchors the center, which is leased to a mix of local and national tenants. Thomas Boulware and Michael Branch of NAI Charleston represented the buyer in the transaction. Drew Parks of Coldwell Banker Commercial represented the seller. Both parties requested anonymity and the sales price was not released.

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AlabamaDevelopmentRestaurantRetailSoutheast

Partnership Begins Redevelopment of Old Cloverdale Village Retail Center in Montgomery, Alabama

by John Nelson

MONTGOMERY, ALA. — A partnership between Birmingham, Ala.-based The FiveStone Group, Bayer Ventures and New York City-based D&A Cos. is underway on the redevelopment of Old Cloverdale Village, an 11,000-square-foot retail property located in Montgomery’s Old Cloverdale District. The project team comprises CCR Architecture & Interiors, Pilgreen and Bostick Engineering Inc. and Prier Construction. The partnership also includes Fresh Hospitality and Charles Morgan. The historic Old Cloverdale Village is home to various locally owned restaurants, pubs, specialty shops and art galleries, as well as an independent arts cinema and a volunteer community theater. Southern restaurant concept Big Bad Breakfast is the first confirmed tenant at the property. Three additional suites are still available for lease. Along with the building’s restoration, the City of Montgomery and the project’s development team are collaborating on an improvement plan for existing infrastructure surrounding the property, including updated exterior lighting, landscaping and the addition of sidewalks. The redevelopment project is scheduled to be fully complete in the fourth quarter.

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The Switchyard
ArizonaDevelopmentMixed-UseMultifamilyRestaurantRetailTop StoriesWestern

Creation, Horizon Break Ground on $120M Mixed-Use Project Near Phoenix

by Channing Hamilton

QUEEN CREEK, ARIZ. — Creation, in partnership with Horizon Real Estate Ltd., has broken ground on The Switchyard, a $120 million mixed-use project in Queen Creek, about 40 miles southeast of Phoenix. The 10-acre project will feature 54,000 square feet of restaurant, retail and office space, as well as a 215-unit apartment community. The development’s restaurant lineup will feature Postino, a restaurant and wine café; Snooze, an A.M. Eatery, a breakfast and brunch restaurant founded in Denver; and Shake Shack, a modern burger chain. Creation states that lease negotiations are currently underway for most of the remaining spaces.  The Switchyard will open in phases, with the first phase slated to deliver in mid-2026. Dallas-based GFF Design is the project’s architect, and LGE Design Build will lead the construction. “The Switchyard represents Queen Creek’s first true walkable, mixed-use development, marking a milestone in the town’s continued growth and evolution,” remarked David Sellers, co-founder of Creation. “With construction now underway, we’re eager to see this place come to life, seamlessly blending retail, dining, office spaces, apartments and a vibrant outdoor environment.” As part of the groundbreaking event for The Switchyard, the development team donated $25,000 to Ryan House, a nonprofit organization that …

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AcquisitionsIllinoisMidwestRetail

Encore Enterprises, AmCap Management Buy 276,333 SF Shopping Center in Arlington Heights, Illinois

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — Encore Enterprises Inc. and AmCap Management Holdings LLC, a wholly owned subsidiary of AmCap Management LLC, have purchased a 276,333-square-foot shopping center in the Chicago suburb of Arlington Heights. Named Northpoint Center, the grocery-anchored property is located at the intersection of West Rand and Arlington Heights roads. Tenants include Jewel-Osco, Ross Dress for Less, Marshalls, Chase Bank, Five Below and PopShelf. The seller and sales price were undisclosed.

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AcquisitionsIllinoisMidwestRetail

Capital Healthcare Properties, HSG Medical Acquire 21,070 SF Retail Property in Metro Chicago

by Kristin Harlow

LOMBARD, ILL. — A partnership between Capital Healthcare Properties and HSG Medical has acquired a 21,070-square-foot retail property in the Chicago suburb of Lombard for an undisclosed price. Immediately upon the acquisition, the partnership executed a long-term lease with Duly Health and Care that brings the freestanding property from 33 percent leased to fully occupied. Duly Health and Care is a Chicagoland healthcare provider with more than 1,200 primary care and specialty providers across 50-plus specialties with 150 locations. Located at 2830 S. Highland Ave., the building features additional tenants such as Potbelly and SimonMed Imaging. The buyers plan to make upgrades, including a new parking lot, new roof, enhanced front sidewalks, exterior tuckpointing and landscaping. The property was sold by a special servicer who was represented by Frontline Real Estate Partners. The asset was put under the control of a special servicing agent after the previous owner defaulted on its loan.

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Leasing ActivityMichiganMidwestRestaurantRetail

Soul Food Restaurant Signs 7,198 SF Lease at Eureka Plaza in Southgate, Michigan

by Kristin Harlow

SOUTHGATE, MICH. — A soul food restaurant has leased 7,198 square feet of retail space at Eureka Plaza in Southgate, a southwest suburb of Detroit. The lease brings the shopping center to full occupancy. There is still proposed outlot availability at the property, with up to 2,500 square feet with drive-thru capability. Michael Murphy of Gerdom Realty & Investment represented the undisclosed landlord.

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Leasing ActivityNew YorkNortheastRetail

Whole Foods to Open 10,000 SF Store in Manhattan’s East Village on May 14

by Taylor Williams

NEW YORK CITY — Whole Foods Market will open a 10,000-square-foot store in Manhattan’s East Village on Wednesday, May 14. The small-format store will be located within the StuyTown development at 409 E. 14th St. At the opening, Whole Foods will present Harlem-based supplier Uncle Waithley’s with a low-interest loan to help grow its operations and support expansion to more Whole Foods Market stores.

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Company NewsNortheastPennsylvaniaRetail

Rite Aid Files for Chapter 11 Bankruptcy, Explores Acquisition Opportunities

by Taylor Williams

CAMP HILL, PA. — Rite Aid has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey and is exploring opportunities to be acquired by outside entities. The announcement marks the second time in 24 months that the Pennsylvania-based convenience and drugstore chain has filed for voluntary Chapter 11 bankruptcy protection. The previous filing in October 2023 preceded the closure of hundreds of stores across the country. The company did not explicitly say in this filing how many of its stores would be immediately impacted, only noting that it would “divest or monetize any assets that are not sold through the court-supervised process.” To facilitate a potential sale, Rite Aid has secured commitments from some of its existing lenders to access approximately $1.9 billion in new financing, which will be used to fund existing operations prior to and during a court-supervised sales process. According to USA Today, Rite Aid operated about 1,200 stores across 15 states at the time of the latest filing.

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Shaver-Hall-Manhattan
DevelopmentNew YorkNortheastRestaurantRetail

The Food Hall Co. Unveils Plans for 35,000 SF Shaver Hall in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — The Food Hall Co., a Dallas-based operator, has unveiled plans for Shaver Hall, a 35,000-square-foot culinary destination that will be located within the historic former Lord & Taylor building at 424 Fifth Ave. in Midtown Manhattan. Designed by ZGF Architects and ICRAVE, Shaver Hall will feature 11 curated food stalls, including an Omakase concept, a wine and cheese bar, a steakhouse and a modern bodega. Shaver Hall is scheduled to open before the end of the year.

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