BURLINGTON, MASS. — Bob’s Discount Furniture has opened a 43,000-square-foot store and showroom at 3 Abbott Park in Burlington, a northwestern suburb of Boston. The space will house furniture with smart technology features, as well as with multipurpose functionalities and furniture that promotes wellness. Based in Manchester, Conn., Bob’s operates about 170 stores across 24 states.
By Taylor Williams If the whole mall redevelopment thing doesn’t work out, you can always become a marriage counselor. Perhaps some additional training and education would be needed for such a career transition to actually take place. But mall and shopping center owners who undertake high-risk redevelopments undoubtedly have firsthand appreciation of the importance of providing clear and courteous communication to the many different groups they deal with, from municipal leaders to longstanding tenants to onsite contract workers. That’s not to say that poor communication will necessarily kill a mall redevelopment. The inability to secure zoning overlay districts, civic partnerships for infrastructural improvements or feasibly priced construction loans in 2024 — these are variables over which mall owners have limited control and can actually sink these projects in their infancy. And those factors only come into play once the development team has done its due diligence and determined what uses and levels of density the project will feature. “After you’ve considered the macro-level needs of the market and the asset itself, you enter a phase that we call ‘the minefield map,’” says Steve Plenge, CEO of Pacific Retail Capital Partners. “Reciprocal easement agreements [that regulate design or tenancy issues] by …
HOUSTON — Simon Property Group will renovate Houston’s Galleria Mall, a 2.4 million-square-foot shopping, dining and entertainment destination. The owner-operator will upgrade various interior and exterior entrances to feature sleek entryways, contemporary LED lighting and ceiling enhancements. The revitalization also includes 155,000 square feet of modern new flooring throughout the property. Renovations will begin this summer and are expected to be complete by early 2025. Simon has invested several hundred million dollars in the Galleria Mall over the course of its ownership, with the last redevelopment taking place in 2017.
NASHVILLE, TENN. — A partnership between Hines and Cresset Partners has begun construction on the redevelopment of 429 Houston, a 30,000-square-foot industrial and mixed-use property in Nashville’s Wedgewood-Houston neighborhood. The partnership will transform the property, which Hines purchased in December 2019, into a retail destination with shops and restaurants. The redevelopment will include adding a large, wraparound outdoor patio, expanding the property’s square footage, installing new parking and building systems, executing site infrastructure and improving the property’s landscaping and hardscaping. Additionally, the partners have signed two new tenants — Bodega Taqueria y Tequila and Aba — that will open by mid-2025. Existing tenant Jackalope Brewing Co. will stay in its current 16,200-square-foot space at 429 Houston and remain open throughout the redevelopment.
MCCOMB, MISS. — Marcus & Millichap has brokered the $2.6 million sale of Delaware West Shopping Center, a retail center located in McComb, about 80 miles south of Jackson. Harps Foods anchors the property, which totals 54,450 square feet and was leased to eight tenants at the time of sale. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller, a Tennessee-based developer, in the transaction. Mickey Davis, the firm’s broker of record, assisted in closing the sale. “The level of competition for this offering illustrated how difficult it is to find such a solid return on a grocery-anchored center,” says Taylor.
CHERRY HILL, N.J. — Five new tenants have signed leases totaling approximately 30,000 square feet at Cherry Hill Mall, a 1.4 million-square-foot shopping center in Southern New Jersey. Alo Yoga, Kendra Scott and Signature Workspace are scheduled to open at the property this year. Dry Goods and Rowan have also signed leases at the center, with the latter scheduled to open next spring. Pennsylvania Real Estate Investment Trust (PREIT) owns and manages the property.
OSWEGO, ILL. — First National Realty Partners (FNRP) has acquired Townes Crossing, a 105,731-square-foot shopping center in the western Chicago suburb of Oswego. The purchase price was undisclosed. A 65,000-square-foot Jewel-Osco grocery store anchors the property and has been a tenant for over 30 years. Additional tenants include Phenix Salon Suites, Oswego Dental, The UPS Store and Subway. Evan Halkias of Cushman & Wakefield represented the undisclosed seller.
ELMHURST, ILL. — Cicero Construction Group has completed the build-out of a third HOTWORX fitness studio in metro Chicago. The newest studio is located at 100 N. Addison Ave. in Elmhurst. Previously, Cicero renovated spaces in Chicago’s River North neighborhood and in Naperville. Cicero’s scope of work at the Elmhurst facility included installing mechanicals, drywall, paint, flooring and the building of bathrooms and a lobby. The team also installed infrared saunas and an expansive list of exercise systems. Like the River North and Naperville locations, the Elmhurst studio is open and staffed 24 hours a day, seven days a week. It offers members a variety of virtual-instructed 30-minute Isometric (ISO) and 15-minute High Intensity Interval Training (HIIT) workouts inside infrared saunas. Semi-private sessions include Yoga, Pilates, ISO, Barre, Core, Buns, Cycle and Thunder Row.
SAN DIEGO — Simon has announced plans for the development of a new mixed-use project at its Fashion Valley shopping center in San Diego. Upon completion, the redevelopment project will add 100,000 square feet of new retail space to the center, as well as new restaurants and an 850-unit, AMLI-branded apartment community. Construction is scheduled to begin in late 2025, with completion anticipated in late 2026. Fashion Valley recently underwent a multimillion-dollar capital improvement program and added brands Dior, Bottega Veneta, David Yurman and Dolce & Gabbana. New tenants Celine, Christian Louboutin and Fendi have also signed leases at the property.
FORT LAUDERDALE, FLA. — A joint venture between BH Group, PEBB Enterprises and Related Group is set to begin the mixed-use redevelopment of The Quay shopping center in the Harbordale neighborhood of Fort Lauderdale. The joint venture recently acquired the 73,000-square-foot center for $48.5 million. Located at 1515 SE 17th St., the property currently features restaurants, retail space, a marina and a two-story office building. Redevelopment plans for the seven-acre site include the addition of up to 361 residential units and 12,000 square feet of retail and restaurant space. The existing property will also undergo improvements that align with the new development. Amerant Bank provided financing for the acquisition of the property. The transaction closed on May 22. A timeline for the project was not announced, but additional details are expected to be released over the coming months. This development marks the third joint venture between BH Group, PEBB Enterprises and Related Group. The companies are also partnering on a major mixed-use redevelopment at 6600 North Military Trail, formerly an Office Depot headquarters, in Boca Raton. Miami-based BH Group is a development firm focused on luxury projects across South Florida. The company has experience in acquisition, construction, design, capital structuring and asset management. …