CINCINNATI — In its first-quarter results, The Kroger Co. (NYSE: KR) unveiled plans to close approximately 60 stores over the next 18 months. The closures represent about 5 percent of the Cincinnati-based grocer’s stores, and come after Kroger’s attempt to acquire Albertsons was blocked. Kroger says it is taking a $100 million impairment charge related to the store closings and is committed to reinvesting the savings back into the customer experience. As a result, Kroger says the closures will not impact full-year guidance. The retailer will offer roles in other stores to all associates currently employed at affected stores. Total company sales were $45.1 billion in the first quarter, compared with $45.3 billion the same period last year. Excluding fuel, Kroger specialty pharmacy and adjustment items, sales increased 3.7 percent compared with the same period last year. Kroger’s first quarter ended on May 24. The grocer maintains roughly 1,200 stores across 16 states. The company’s stock price opened at $72 per share Monday, June 23, up from $50.02 per share one year ago.
CHICAGO — Habitat has fully leased the apartments in the second phase of 43 Green, a mixed-income community in Chicago’s Bronzeville neighborhood. Located at 4309 S. Prairie Ave., immediately west of the Chicago Transit Authority’s (CTA) 43rd Street Green Line stop, 43 Green Phase II rises 10 stories and features 80 units, 44 of which are designated as affordable housing. Bordering the east side of the CTA station is Phase I of 43 Green, a 10-story, 99-unit building that includes 50 affordable housing units. Phase I opened in June 2023 and was fully leased by December of that year. Residences at Phase II are offered in studio, one- and two-bedroom floor plans ranging from 465 to 1,092 square feet. Amenities include two outdoor terraces, a fitness center, laundry facilities, flex work-from-home spaces, surface parking for 13 vehicles and 56 bicycle parking spots. The 80,000-square-foot building also features retail space. Representing an investment of more than $100 million across the project’s three phases, 43 Green is the first equitable transit-oriented development (ETOD) on Chicago’s South Side, according to Habitat. Prior to the city adopting its ETOD Policy Plan, nearly 90 percent of TOD projects between 2016 and 2019 were concentrated on …
SHELBYVILLE, IND. — Prudent Growth Partners LLC has purchased Rivergate Shopping Center in the Indianapolis suburb of Shelbyville for $4.4 million. Built in 1985 and renovated in 1995, the 45,314-square-foot property is currently home to 10 tenants with staggered lease expirations. The center has been well maintained, and no significant deferred maintenance needs exist, according to Prudent Growth.
NILES, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 42,224-square-foot industrial building in the Chicago suburb of Niles. Located at 7777 Merrimac Ave., the single-tenant property was fully leased at the time of sale. Constructed in 1964, the facility sits on 2.4 acres and features two docks and parking for more than 89 cars. Bill Lussow of Bespoke Commercial Real Estate represented the undisclosed seller. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.
ROLLA, MO. — Phelps Health has opened its new Emergency Medical Services (EMS) base in Rolla, a city in central Missouri in the heart of the Ozarks. McCarthy Building Cos. Inc. constructed the 17,500-square-foot building, which replaces an aging EMS station. Located on the main Phelps Health campus, the new base was partially funded by a $4 million American Rescue Plan Act grant from the State of Missouri. The site brings EMS teams closer to the emergency department while maintaining easy access to I-44. The building includes eight ambulance bays, a second helicopter landing pad, 16 bunk rooms for staff and crew, dedicated training rooms, amenities to support continuing education and extended shifts, and a tornado storm shelter.
KEENE, N.H. AND GRAND RAPIDS, MICH. — C&S Wholesale Grocers, a New Hampshire-based food supplier whose brands include Piggly Wiggly and Grand Union, has agreed to acquire Michigan-based SpartanNash (NASDAQ: SPTN), owner of brands such as Our Family and Full Circle Market, in a merger valued at nearly $1.8 billion. The figure represents a purchase price of $26.90 per share of SpartanNash common stock in cash and includes the assumption of SpartanNash’s existing debt. The price marks a 52.5 percent premium over the company’s closing price of $17.64 per share on June 20 and a premium of 42 percent over the company’s 30-day volume-weighted average stock price as of that date. The merger, which has been unanimously approved by both companies’ boards of directors, is expected to close before the end of the year. Upon closing, the new company will operate more than 200 corporate-run grocery stores and almost 60 complementary distribution centers throughout the country. The distribution centers will supply more than 10,000 independent retail locations. “For our customers, this transaction creates the necessary scale, efficiency and purchasing power needed to enable independent retailers to compete more effectively with larger big box chains,” says Tony Sarsam, president and CEO …
Over the past five years, the national office market has faced its fair share of challenges: hybrid work reshaping demand, a surge in sublease spaces and rents stagnating in many cities. But Miami’s office market? It’s been a standout performer, and it’s soaring, not just holding its ground. From the onset of the COVID-19 pandemic, Miami began to separate itself from other major metros. While cities across the country struggled to coax tenants back to the office, Miami became a hotspot for companies eager to expand. What began as an influx of interest from financial firms, law practices and tech companies quickly evolved into a significant shift. These weren’t temporary moves — these were long-term leases and major investments. Since 2020, Miami-Dade has absorbed nearly 3 million square feet of office space. Unlike other cities where growth has fluctuated, Miami’s demand has been steady. Even as leasing slowed down nationally in 2023, Miami managed to hold strong. By 2024, leasing activity picked up again, and the first quarter of 2025 saw impressive absorption numbers. A major factor in Miami’s success is its disciplined approach to office development. While other markets overbuilt, leading to high vacancy rates, Miami’s new supply has …
WEST COLUMBIA, S.C. — A joint venture between Fickling & Co., Novare Group and BCDC has delivered Langley Pointe, a 312-unit luxury apartment community located on Sunset Boulevard in West Columbia. Classic Plains served as the general contractor for the project, and SGN+A was the architect. Protective Life Insurance Co. provided construction financing. Situated less than one mile from Lexington Medical Center, Langley Pointe sits on 38 acres and offers one-, two- and three-bedroom floorplans ranging in size from 966 square feet to 1,438 square feet, according to Apartments.com. Rental rates for a one-bedroom apartment begin at $2,490. Amenities at the property include a gated entrance, clubhouse, coworking space, resort-style swimming pool with sunning ledges, electric vehicle charging stations, fitness center with yoga room, outdoor kitchen, entertainment area, pet spa and a fully equipped dog park.
MURFREESBORO, TENN. — Houston-based Hines has launched leasing for The Rowley, a 300-unit apartment complex located within the Clari Park mixed-use development in Murfreesboro. The development offers a mix of studios, one-, two- and three-bedroom residences ranging in size from 653 square feet to 1,359 square feet, according to Apartments.com. Rental rates for a studio apartment begin at $1,750. Amenities at The Rowley include a central village green lawn for social gatherings and events, resort-style swimming pool with cabanas, Zen garden with an outdoor yoga lawn and relaxation zones, as well as a dog park and spa. Additionally, the community includes indoor amenities such as a two-story clubroom, bar with a sports simulator room, entertainment lounges, private conference rooms, podcast room, coworking lounge and a fitness center, with 17 micro-office suites for residents who are hybrid or remote employees. Clari Park spans 78 acres and features a mix of retailers and restaurants like CAVA, Drake’s, Neighbors, Firebirds Wood Fired Grill, Main Event, In-N-Out Burger, Raising Cane’s and Whataburger, as well as a TownPlace Suites by Marriott hotel.
SUFFOLK, VA. — Los Angeles-based Industrial Realty Group (IRG) has completed a 227,500-square-foot warehouse and transload facility in Suffolk for RoadOne IntermodaLogistics, an intermodal and logistics user based in Massachusetts. Located near the Port of Virigina, the project features 99 dock doors, 17 acres of trailer space and more than 1,000 stalls for trailer parking. The site is also fully fenced, protected by video surveillance and equipped with electric forklifts and yard jockeys.