Tuesday, July 15, 2025
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DevelopmentLeasing ActivityMontanaRetailWestern

Grossman Development Signs Eight New Tenants to Join $100M Gallatin Valley Mall Redevelopment Project in Bozeman, Montana

by Amy Works

BOZEMAN, MONT. — Grossman Development Group has signed eight new tenants to join Gallatin Valley Mall, a 315,000-square-foot regional shopping center undergoing redevelopment in Bozeman. New retailers at the $100 million multi-phase project, which will be called Gallatin Crossing, include Arhaus, lululemon, Pandora, Sephora, Anthropologie, Free People, Lovesac and Madewell. The mixed-use project’s 45,000-square-foot Medical Pavilion, which houses Intermountain Health, Ortho Montana and Gallatin Valley Surgery Center, opened in August 2024, while High Street, an outdoor retail experience, is set to open in summer 2025. Other tenants at the property include Macy’s, Barnes & Noble, Gallatin Valley Cinemas and Whole Foods Market. Additionally, interior upgrades to the existing shopping center include new lighting, carpet and refreshed common areas. Gallatin Mall Group, in partnership with Grossman Development Group, Boston Realty Advisors and The Broadway Co., is leading the project.

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DevelopmentIllinoisMidwestRetail

Chicago Blackhawks Reveal Expansion Plans, Renderings for Fifth Third Arena

by Kristin Harlow

CHICAGO — The NHL’s Chicago Blackhawks have revealed renderings for the forthcoming expansion of Fifth Third Arena. Originally opened in 2017, the facility has been undergoing renovations since May 2024. When complete in January 2026, the venue will boast more than 250,000 square feet of community hockey space and training facilities. The Blackhawks estimate that Fifth Third Arena will welcome more than 1.5 million guests per year and impact economic growth on Chicago’s West Side, solidifying the arena as a destination for youth and amateur hockey alongside new offerings for Blackhawks fans. The arena will connect to the United Center campus’ forthcoming 1901 Project. The facility remains the official training home to the Blackhawks and will also become the permanent home of Chicago Steel, the region’s United States Hockey League that was acquired by Wirtz Corp. in 2023. The expansion will transform Fifth Third Arena from a hockey facility into a versatile venue that can host events of all sizes and year-round programming. Championship Arena, one of the two new rinks, will offer stadium-style seating and hospitality areas for 2,000 spectators. As the future new home of the Chicago Steel, the arena will feature a center scoreboard, video ribbon boards …

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AcquisitionsMichiganMidwestRetail

Friedman Brokers $3.9M Sale of Former First Independence Bank Building in Detroit

by Kristin Harlow

DETROIT — Friedman Real Estate has brokered the $3.9 million sale of the former First Independence Bank building located at 100 Michigan Ave. in Detroit. The retail building totals 20,756 square feet. Andrew Bower, Steve Eisenshtadt and Peter Jankowski of Friedman represented the seller. Buyer and seller information was not released.

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Mountain-View-Village-Riverton-Utah
Market ReportsNortheastNortheast Market ReportsRetail

Tech-Driven Experiences Reposition Northeast Malls for Next Generation of Shoppers

by Taylor Williams

By Wick Zimmerman, CEO of Outside the Lines Inc. In the Northeast’s evolving commercial real estate landscape, mall owners and operators are navigating now-familiar headwinds: changing consumer behaviors, declining legacy retail brands and the sustained presence of e-commerce . Yet amid these pressures, a reinvention is underway. Malls are shedding their images as static retail venues and transforming into immersive, tech-enabled destinations — and it’s not traditional retail driving the charge. It’s Gen Z, a digitally native, experience-driven cohort that’s redefining what mall real estate can and should be. This shift presents both a challenge and an opportunity for regional retail stakeholders. The challenge? Retrofitting aging assets to meet evolving demands. The opportunity? Creating diversified, high-traffic destinations that outperform their square footages in terms of both revenue and relevance. From Shopping Centers to Engagement Anchors Once emblematic of suburban retail, malls across the Northeast — from Long Island to greater Boston — are increasingly being reimagined as hybridized spaces that combine shopping, entertainment and community programming. In densely populated, high-barrier markets, where new development is constrained, adaptive reuse initiatives are driving the charge. Class B and C malls, in particular, are being repositioned with new anchors — not department stores, but …

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CivicDevelopmentOfficeRetailTexas

City of Sugar Land Approves $12.5M for Renovation, Modernization of Downtown Commercial Center

by Taylor Williams

SUGAR LAND, TEXAS — The City of Sugar Land, located southwest of Houston, has approved $12.5 million in funding for the renovation and modernization of the city’s downtown commercial center, known as Sugar Land Town Square. Under the terms of the funding agreement, Building B will receive upgrades to its communal office and amenity spaces, as well as its landscaping and streetscaping. In addition, Building H will see renovations to its entryway, lobby and signage, along with updates to the garden area and new furniture, fixtures and equipment. Sugar Land Town Square, which spans 32.8 acres and opened in 2003, is currently 73 percent leased across its office, retail and restaurant components.

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AcquisitionsRetailTexas

SRS Real Estate Brokers Sale of 10,238 SF Retail Strip Center in Midlothian, Texas

by Taylor Williams

MIDLOTHIAN, TEXAS — SRS Real Estate Partners has brokered the sale of Shops on Main, a 10,238-square-foot retail strip center located in the southern Dallas suburb of Midlothian. The center was built on 1.7 acres in 2023 and was fully leased at the time of sale to tenants such as Boba Tea and Coco Nail Bar. Michael Kaplan, Matthew Mousavi and Patrick Luther of SRS represented the seller, a Texas-based family office, in the transaction. The buyer was a Dallas-based 1031 exchange investor. Both parties requested anonymity.

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AcquisitionsMississippiRetailSoutheast

CrownPoint Partners Brokers $3.6M Sale of Kroger-Leased Store in Laurel, Mississippi

by John Nelson

LAUREL, MISS. — CrownPoint Partners has brokered the $3.6 million sale of a 44,046-square-foot retail property in Laurel leased to Kroger, which has operated at that location for more than 40 years. The acquisition also includes a Kroger Fuel Center. The store is located on a 4.2-acre parcel at 2340 Highway 15 N, about 31 miles north of Hattiesburg, Miss. Julius Swolsky and Shannon Bona of CrownPoint Partners represented the buyer, a subsidiary of Cincinnati-based Essential Growth Properties, in the transaction. Marcus & Millichap represented the seller, San Francisco-based Pacific Bay Investments Inc. Niko Buntich of Trinity Capital Corp. originated acquisition financing for the buyer.

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AcquisitionsNew JerseyNortheastRetail

Cushman & Wakefield Brokers $5.7M Sale of Six Vacant Bank Branches in Northern New Jersey

by Taylor Williams

NEW JERSEY — Cushman & Wakefield has brokered the $5.7 million sale of six vacant bank branches in Northern New Jersey. The properties — located in Hillsborough, Franklin, Morganville, Elmwood Park, Montclair and Bayonne — offer a range of features and opportunities for repurposing or redevelopment. Andrew Schwartz, Jordan Sobel, André Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the various regional and national banks that owned the properties in the transactions. The names of the various private buyers that acquired the assets were also not disclosed.

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Sprouts-Farmers-Headquarters-Phoenix-AZ
ArizonaDevelopmentMixed-UseOfficeRestaurantRetailWestern

Wespac Breaks Ground on Sprouts Farmers Market Headquarters in Phoenix

by Amy Works

PHOENIX — Wespac Construction has broken ground for the construction of Sprouts Farmers Market headquarters, a mixed-use campus in north Phoenix. Trammell Crow Co. is developing the project, which was designed by RSP Architects. Keyser and JLL are handling brokerage services for the project. Located within CityNorth near 56th Street and Loop 101, the 180,000-square-foot campus will feature a four-story, 144,500-square-foot Class A office building, a 25,000-square-foot flagship Sprouts grocery store, 11,000 square feet of high-end retail and restaurant space and a three-story parking garage. The campus will also offer modern amenities, including an onsite gym, yoga studio, top-floor deck, Press Coffee café, culinary kitchens, tasting rooms and a garden for chef-driven meals and community events. Sprouts will transition from its current 96,000-square-foot space to the new location by August 2026.

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Westport-Plaza-Square-Costa-Mesa-CA
AcquisitionsCaliforniaRetailWestern

CBRE Arranges $25.7M Sale of Shopping Center in Costa Mesa, California

by Amy Works

COSTA MESA, CALIF. — CBRE has arranged the $25.7 million sale of Westport Plaza & Square, a 39,334-square-foot shopping center located in Costa Mesa. Built in 1975 and renovated in 2002 and 2018, the center is situated on 13.7 acres. Tenants at the property — which was 97 percent leased at the time of sale — include Plums Café & Catering, Fleur De Lys, Crumbl Cookies, Common Thread, House of Yogurt, Massimo’s Pizza and LaserAway. Westport Plaza & Square has roughly 54 years remaining on its long-term ground lease. Jimmy Slusher, along with Megan Lanni and Shaya Northrup of CBRE’s NRP-West team, represented both the seller, Newport Beach-based Space Investment Partners, and the buyer, Asana Partners, in the transaction.

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