— By Tanner Olson of Legend Commercial — Downtown Salt Lake City has undergone a meaningful transformation over the past decade. The growth of ground-floor mixed-use retail, a rapidly expanding bar and restaurant scene, and the arrival of nationally recognized brands such as STK Steakhouse, the Capital Grille, Uchi and concepts affiliated with Fox Restaurant Concepts reflect a maturing urban core. At the same time, local operators such as Aker, Matteo, Urban Hill and many others have elevated the city’s culinary identity, with homegrown concepts adding depth and authenticity to the market. It was only 15 years ago that Salt Lake largely functioned as a commuter-based retail environment. Consumers prioritized surface parking and drive-thru convenience. Downtown activity outside of peak weekend hours was limited, while urban living lacked the density and vibrancy needed to support consistent retail demand. That dynamic has shifted. Today, tens of thousands of multifamily units have been delivered in and around the CBD, accompanied by hundreds of thousands of square feet of ground-floor retail. Just two to three years ago, downtown contained roughly 200,000 square feet of available mixed-use retail space, fragmented across 60 to 70 small-format spaces. Filling that space required not just tenants, but …
HOUSTON — PAGEWOOD has purchased a 14,000-square-foot office and retail building at 1440 Brittmoore Road in West Houston with plans to undertake a redevelopment. The local owner-operator plans to occupy 6,000 square feet within the building for its new headquarters and to tenant the remainder of the space with food-and-beverage and/or fitness concepts. The project, which will be known as The Outpost at Brittmoore, is expected to be complete in the fourth quarter.
BALTIMORE AND HILLARD, OHIO — Continental Realty Corp. has purchased a 14-property shopping center portfolio spread across seven states in the Southeast and Midwest. The Baltimore-based firm purchased the more than 2 million-square-foot portfolio from Hillard-based US Properties Group Inc. for an undisclosed price. Chris Decoufle and Kevin Hurley of CBRE represented the seller in the off-market transaction. The acquisition grows Continental Realty’s holdings to nearly $5 billion in assets under management and expands its geographic footprint to 16 states, including its entry into Ohio. The portfolio was 93 percent leased at the time of sale to more than 230 tenants, including anchors such as Kroger and Academy Sports + Outdoors. The assets in the portfolio include:
YONKERS, N.Y. — Marx Realty is underway on construction of a 58,000-square-foot retail expansion project in Yonkers, located just north of New York City. The project will add two new buildings totaling 14,000 and 44,000 square feet to Cross County Center, a 1.2 million-square-foot development that first opened in 1954. The project also includes construction of a 4-acre park. A tentative completion date was not announced.
JOLIET, ILL. — Dick’s House of Sport is slated to open at Rock Run Collection, a mixed-use development in Joliet. The City of Joliet approved a strategic investment to support the retailer’s addition to the property. Dick’s House of Sport is an interactive, experience-driven concept designed to engage athletes, families and the broader community. The store offers a climbing wall, multiple golf bays and multi-sport cages that can be used for baseball, softball and soccer. Rock Run Collection, developed by Cullinan Properties, is a 300-acre mixed-use project located at the intersection of I-55 and I-80.
ROCHESTER HILLS, MICH. — The Boulder Group has arranged the $3.8 million sale of a single-tenant retail property net leased to Walgreens in Rochester Hills. Located at 2985 Crooks Road, the 14,820-square-foot building was constructed in 2005. Randy Blankstein, Jimmy Goodman and John Feeney of Boulder Group represented the seller, an East Coast-based investor. The buyer was a West Coast-based investor. The Walgreens lease expires on July 31, 2035. The tenant has operated at the location since 2005.
ANNAPOLIS, MD. — Centennial, along with investment partners Kildare Partners and Atlas Hill Real Estate, has sold Annapolis Mall. Macerich (NYSE: MAC) acquired the 1.6 million-square-foot retail center for $260 million. The Santa Monica, Calif.-based REIT also purchased an adjacent, vacant parcel that was formerly occupied by Sears for an additional $12 million. Centennial acquired Annapolis Mall, which is located roughly 30 miles east of Washington, D.C., in September 2024. Unibail-Rodamco-Westfield (URW) previously owned the property and reported the 2024 sales price as $160 million. Originally opened in 1980, the mall comprises approximately 200 shops and restaurants. During Centennial’s ownership, more than 500,000 square feet of new leases and lease renewals were executed. New tenants at the property include Dick’s House of Sport, UNIQLO, Offline by Aerie, Tesla, Swarovski, Jack & Jones, Abercrombie & Fitch and Dave & Buster’s. Existing tenants Talbots and lululemon also expanded their footprint at the mall following Centennial’s acquisition. According to Macerich, 353,000 square feet of signed-not-open (SNO) leases are expected to commence throughout the remainder of 2026 and 2027. Macerich funded the acquisition with cash on hand and $150 million from its revolving line of credit. The acquisition excluded a space occupied by anchor store Macy’s, which …
ALLEN, TEXAS — A partnership between two investment firms, New York-based Town Lane and Dallas-based Gillon Property Group, has acquired Watters Creek Village, a 460,000-square-foot retail and office property located in the northeastern Dallas suburb of Allen. Built on 46 acres in 2008, Watters Creek Village consists of 360,000 square feet of retail space that is anchored by a Market Street grocery store and 100,000 square feet of boutique office space. Other retail tenants include Anthropologie, Barnes & Noble, Lululemon, Mi Cocina, Pure Barre, Sephora and Warby Parker. A fund backed by Ares Real Estate financed the acquisition. The seller and sales price were not disclosed. The new ownership plans to make capital improvements to the property.
QUEEN CREEK, ARIZ. — Phoenix Commercial Advisors has facilitated the off-market sale of Pecan Plaza Shops, an entertainment and fitness shadow-anchored multi-tenant retail center in Queen Creek. The property sold for $13.5 million, or $656.83 per square foot. Built in 2022, the 20,325-square-foot asset was fully leased at the time of sale. The asset is located at the northwest corner of Ellsworth and Riggs roads. John Schweikert and Chad Tiedeman of Phoenix Commercial Advisors represented the undisclosed seller. The name of the buyer was not released. The sale of Pecan Plaza Shops marks the final piece of the center sold as part of the seller’s breakup strategy, which was executed in full by Phoenix Commercial Advisors.
CLEVELAND — The Haslam Sports Group, alongside a joint venture of AECOM Hunt and Turner Construction Co. and architect HKS, have broken ground on the new Huntington Bank Field, the future home of the Cleveland Browns starting in the 2029 season. The enclosed stadium and surrounding district marks northeast Ohio’s largest economic development project to date, according to the Browns. In addition to Browns games, the stadium can host events throughout the year such as NCAA Final Fours, international soccer matches and concerts for up to 75,000 people. Lincoln Property Co. will develop the mixed-use entertainment district. According to the Browns, the stadium’s revolutionary seating bowl design will bring fans closer to the field than any other NFL stadium. The transparent roof will be enhanced by a first-of-its-kind roofing system. AECOM Hunt and Turner are partnering with local contractors, including DiGeronimo Cos., Independence Excavating and Independence Construction. The project is scheduled to open in 2029 along with Phase I of the mixed-use development.
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