LITTLE ELM, TEXAS — Kroger has purchased 14 acres at the corner of U.S. Highway 380 and FM 2931 in Little Elm, located north of Fort Worth, with plans to open a new store. The deal follows last year’s announcement of developer Weber & Co. buying 22 acres at the same intersection for a 225,000-square-foot, Target anchored retail center that will be known as Bates Towne Crossing. Edward Bogel, Ryan Turner and David Davidson Jr. of Davidson Bogel Real Estate represented Kroger in the land acquisition. Stewart Flowers internally represented the locally based seller, Dollar-Flowers Realty Partners. A timeline for opening was not disclosed.
SOUTHBRIDGE, MASS. — Regional brokerage firm Chozick Realty has arranged the $11.1 million sale of Southbridge Fair, a 113,500-square-foot shopping center located along the Massachusetts-Connecticut border. Big Y World Class Market anchors the center, which was originally built on 13 acres in 1972 and renovated in 1996. The center was fully leased at the time of sale, and other tenants include Advance Auto Parts, Aubuchon Hardware, McDonald’s, Family Dollar and Great Clips. Tom Boyle of Chozick Realty represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
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Lee & Associates Report: Final Quarter 2024 Net Absorption Trends in Industrial, Office Likely Temporary; Multifamily, Retail Net Absorption Trajectories Stickier
Lee & Associates’ 2024 Q4 North America Market Report looks back at the tenant demand, absorption rates and vacancy trends for industrial, office, retail and multifamily sectors nationwide to extrapolate what might be on the horizon for 2025 and beyond. While net absorption in industrial and retail is down from the same period in 2023, the reasons — too much supply in the pipeline versus too little — are opposite for each sector. Similar mirroring due to reverse factors can be seen in the net positive absorption last quarter in office and multifamily. Net industrial absorption was down 45 percent in the last quarter of 2024, compared to the same quarter in 2023. However, vacancy rates are likely to decline this year due to a lower volume of construction starts completing in 2025. New in-office policies among prominent companies contributed to the office market’s second consecutive quarter of positive absorption, but overall, office vacancy numbers are expected to continue rising until 2026. Low vacancy and factors challenging development meant very few options for retail tenants seeking new, high-quality space. Retail tenants in the food and beverage arena have been taking advantage of increased national spending on food outside the home …
NEW BRAUNFELS, TEXAS — Discount wholesale retailer Costco will open a new store in New Braunfels, a northeastern suburb of San Antonio, according to reports from multiple local news sources, including Community Impact Newspaper and My San Antonio. According to the former publication, the store will span about 158,000 square feet and will be located within Mayfair, an 1,800-acre master-planned development by Southstar. The latter publication reports that construction of the store carries a $33.8 million price tag and is expected to be complete in March 2026.
ADDISON, TEXAS — JLL has brokered the sale of Quorum II Plaza, a 77,319-square-foot shopping center in the northern Dallas metro of Addison. Built on 5.7 acres in 1981, the center is home to tenants such as Verizon Wireless, Salata, Tasty Tails, Sellinger’s Powergolf, Tiff’s Treats and Jimmy John’s. Adam Howells, Barry Brown, Chris Gerard and Erin Lazarus of JLL represented the seller, Los Angeles-based Westwood Financial Corp., in the transaction. Last Mile Investments purchased the center for an undisclosed price.
MANSFIELD, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of Owen Plaza, an 11,944-square-foot retail property in Mansfield, about 20 miles southwest of Dallas. The multi-tenant property was fully leased at the time of sale. Parker Tims and Jennifer Pierson of STRIVE represented the seller, an undisclosed local investor, in the transaction. The buyer was also not disclosed.
NAGS HEAD, N.C. — The Keith Corp. has acquired Outlets Nags Head, an 82,161-square-foot outlet mall located in North Carolina’s Outer Banks Region. The Charlotte-based investment and development firm has tapped Ignite Retail Partners to lead marketing and leasing efforts for the property. Singerman Real Estate sold the outlet mall for an undisclosed price. Tenants at Outlets Nags Head include Aerie, Eddie Bauer, Michael Kors, Talbots and Vera Bradley, as well as a collection of local retailers like Salt Coast Outfitters, Outer Banks Olive Oil and BROS.
ROSEMONT, ILL. — Peak Construction Corp. is underway on EXP, a 25,170-square-foot entertainment development in the Chicago suburb of Rosemont. The venue will feature a rotating program of virtual, augmented and mixed reality immersive entertainment experiences with producer partner PHI Studio. Located in the city’s Pearl District, the project is slated for completion in the third quarter. The project team includes Gravity Architecture & Design LLC, Christopher B. Burke Engineering and Mackie Consultants.
CHARLOTTE, N.C. — Westwood Financial has acquired Eastway Square, a 130,156-square-foot, grocery-anchored shopping center located at the intersection of Eastway Drive and Central Avenue in Charlotte. The Los Angeles-based investor purchased the center for an undisclosed price. The seller was also not disclosed. Berkeley Capital Advisors brokered the sale. The property’s tenant roster includes Food Lion, Ross Dress for Less, America’s Best, Papa Johns Pizza, Subway, Wingstop, Rainbow, Dental Works, Hibbett Sports and Showmars. Eastway Square joins Westwood Financial’s existing portfolio of grocery-anchored shopping centers in Charlotte including Prosperity Village Square, Steele Creek Crossing, Steelecroft Shopping Center and The Arbors at Mallard Creek.
ABINGDON, VA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a newly built retail property in Abingdon, a city in southwest Virginia near the Tennessee border. Firestone occupies the 6,262-square-foot retail property on a 15-year triple-net lease. A developer based in Ohio sold the property to an out-of-state 1031 buyer for an undisclosed price. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group represented the seller in the transaction. Located on a 1.5-acre site at 127 Cook St., the Firestone property serves as an outparcel to a Food City grocery store off I-81. The Taylor-McMinn Retail Group is marketing two other retail properties in the Southeast leased to Firestone, a retail automobile maintenance concept owned by Nashville-based tire manufacturing giant Bridgestone Americas Inc. “We continue to see increased demand and aggressive pricing for Bridgestone assets due to the strong credit, limited supply and growing buyer pool,” says McMinn. “Bridgestone assets continue to command aggressive pricing due to the long-term, triple-net leases backed by investment-grade credit.”