Thursday, May 22, 2025
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Company NewsRetailSoutheastVirginia

Dollar Tree Explores Future of Family Dollar Business Segment, Including Possible Sale

by John Nelson

CHESAPEAKE, VA. — Dollar Tree Inc. (NASDAQ: DLTR) has announced a formal review of its Family Dollar business segment, including the possibility of selling, spinning off or other disposition methods of the brand. In March, Dollar Tree announced the closure of 1,000 stores nationally, approximately 970 of which were underperforming Family Dollar Stores. Additionally, Dollar Tree has recently acquired up to 170 former 99 Cents Only stores. “Dollar Tree has been on a multi-year journey to help the company fully achieve its potential,” says Rick Dreiling, chairman and CEO of Dollar Tree Inc. “Our goal is to position both the Dollar Tree and Family Dollar banners to progress further and faster, and to determine whether the exclusive attention of a dedicated team will benefit both, while creating value for Dollar Tree shareholders and other stakeholders.” Family Dollar’s same-store net sales increased 0.1 percent year-over-year in fiscal first-quarter 2024, which ended May 4. (The data does not include the previously mentioned stores that Dollar Tree closed during the first quarter.) By comparison, Dollar Tree’s same-store net sales increased 1.7 percent in the same time period. Dollar Tree has retained J.P. Morgan Securities LLC as its financial advisor and Davis Polk & Wardwell …

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DevelopmentFloridaLeasing ActivityMixed-UseRetailSoutheast

Target to Open 150,000 SF Store at Lake Nona West in Orlando

by John Nelson

ORLANDO, FLA. — Target plans to open a 150,000-square-foot store at Lake Nona West, marking the first anchor tenant at the 405,000-square-foot open-air shopping center project in Orlando’s Lake Nona district. Tavistock Development is Lake Nona West’s developer and landlord. Situated on 54 acres near the Brightline Station and Orlando International Airport, the development is scheduled for completion in fall 2025. Tavistock is currently in advanced discussions with a variety of tenants, aiming to feature a mix of national brands alongside local shops, restaurants and service operators.

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AcquisitionsMichiganMidwestRetail

Marcus & Millichap Arranges $8.9M Sale of Retail Strip Center in Auburn Hills, Michigan

by Kristin Harlow

AUBURN HILLS, MICH. — Marcus & Millichap has arranged the $8.9 million sale of Shops at the Crossing, a 48,364-square-foot retail strip center in Auburn Hills. Built in 2002 and located at 4131 Baldwin Road, the property features a mix of local, regional and national tenants. Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a private company based in Michigan. The team also procured the buyer, a West Coast-based private fund. The brokerage firm’s Steve Chaben assisted in closing the transaction as the Michigan broker of record.

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DevelopmentNorth CarolinaRetailSoutheastTop Stories

Carolina Panthers Propose $1.3B in Renovations to Bank of America Stadium

by Kristin Harlow

CHARLOTTE, N.C. — The NFL’s Carolina Panthers have unveiled plans for a renovation of its Bank of America Stadium in Charlotte totaling $1.3 billion.   Highlights of the renovation include a park-like setting and exterior video boards for watch parties at the stadium’s entrance. Once inside, fans would experience a new sound system, scoreboard and video boards. Plans call for social areas with skyline views, improved concessions with regional offerings and an expanded team store. Additional improvements include new seats installed throughout the bowl; improved accessibility throughout the facility; stadium safety and security enhancements; a reimagined South Lawn Pavilion area; upgraded restrooms; enhancements to the stadium exterior; and modernization of the building systems. The renovation would be an ongoing partnership between the City of Charlotte and Tepper Sports & Entertainment (TSE), which owns and operates the Carolina Panthers, Bank of America Stadium and Major League Soccer’s Charlotte Football Club. Details of the proposed partnership include a fixed investment of $650 million from the City of Charlotte and a total investment of $688 million by TSE, including $117 million that was invested prior to June 2024. The city’s investment does not require any new or increased taxes, according to a release …

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AcquisitionsRetailSoutheastVirginia

Federal Realty Acquires 665,000 SF Virginia Gateway Shopping Center in Metro D.C. for $215M

by John Nelson

GAINESVILLE, VA. — Federal Realty Investment Trust has acquired Virginia Gateway, a 665,000-square-foot retail center situated on 110 acres in Gainesville, about 35 miles west of Washington, D.C.. The purchase price was $215 million, and the seller was not disclosed. Tenants at the property, which is organized into five sections and was 95 percent occupied at the time of sale, include Giant Food, HomeGoods, Ulta Beauty, Total Wine & More and Hobby Lobby. The campus includes a Super Target that was not included in the transaction.

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AcquisitionsNet LeaseRetailTexas

Boulder Group Arranges $3.7M Sale of Net-Leased Retail Building in Norman, Oklahoma

by Taylor Williams

NORMAN, OKLA. — The Boulder Group, a brokerage firm specializing in single-tenant, net-leased retail deals, has arranged the $3.7 million sale of a building at 3501 NW 36th Avenue in Norman, Okla. CVS occupies the building, which according to LoopNet Inc. was built in 2010 and totals 12,888 square feet. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a California-based 1031 exchange investor, in the transaction. The seller was undisclosed.

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AcquisitionsMichiganMidwestRetail

Gerdom Realty & Investment Brokers Sale of 12,000 SF Commercial Building in Suburban Detroit

by Kristin Harlow

DEARBORN HEIGHTS, MICH. — Gerdom Realty & Investment has brokered the sale of a 12,000-square-foot commercial building in the western Detroit suburb of Dearborn Heights. The sales price was undisclosed. The property is located on Van Born Road just east of Telegraph Road. Jack Melton and Michael Murphy of Gerdom represented the undisclosed seller. Ali Elkhalil of Own It Realty represented the buyer, which plans to convert the building into use for a towing company.

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4923-W-38th-Ave-Denver-CO
AcquisitionsColoradoRetailWestern

Pinnacle Real Estate Advisors Brokers Sale of 5,885 SF Retail Building in Denver

by Amy Works

DENVER — Pinnacle Real Estate Advisors has arranged the sale of a 5,885-square-foot retail building located at 4923 W. 38th Ave. in Denver. The asset traded for $1.5 million. Levi Saxen and Keith Lenz of the Sandberg Monette Team of Pinnacle Real Estate Advisors facilitated the transaction for the undisclosed buyer and seller.

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Leasing ActivityRetailSouth CarolinaSoutheast

Trader Joe’s to Open 14,000 SF Store at Sweetgrass Corner in Metro Charleston

by John Nelson

MOUNT PLEASANT, S.C. — Trader Joe’s has signed a lease to open a new store at Sweetgrass Corner, a 90,000-square-foot shopping center located in Mount Pleasant, roughly five miles outside downtown Charleston. The grocer will occupy 14,000 square feet at the property, which is owned by Baltimore-based Continental Realty Corp. (CRC). Trader Joe’s, which operates more than 570 stores throughout the country, will be situated within a portion of the space left vacant by the closure of BI-LO in 2019. The new lease brings the center’s occupancy to 82 percent. CRC acquired Sweetgrass Corner in spring 2022. An opening date for the store was not disclosed.

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Leasing ActivityRestaurantRetailTexas

Mack McDonald to Open 15,858 SF Restaurant in Uptown Houston

by Taylor Williams

HOUSTON — Restaurateur Mack McDonald will open a 15,858-square-foot restaurant in Uptown Houston. The restaurant will be located within 5POP, a 28-story, 566,773-square-foot office building, and will be operated under the Mack Allen’s upscale seafood brand. David Littwitz with Littwitz Investments represented the tenant in the lease negotiations. Crystal Allen with Transwestern represented the South Florida-based landlord, CP Group. The opening is slated for 2025.

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