Wednesday, April 30, 2025
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AcquisitionsNew YorkNortheastRetailSoutheastTop StoriesVirginia

Dollar Tree to Sell Family Dollar Business to Private Equity Firms for $1B

by Kristin Harlow

CHESAPEAKE, VA. AND NEW YORK CITY — Dollar Tree Inc. (NASDAQ: DLTR) has agreed to sell the Family Dollar business segment to Brigade Capital Management LP and Macellum Capital Management LLC for $1 billion. The sales price represents a fraction of the $8.5 billion that Dollar Tree paid for the discount brand in 2015. Family Dollar will remain headquartered in Chesapeake. Family Dollar, which caters to low-income customers with its roughly 8,000 U.S. stores, has struggled in recent years. In March 2024, Dollar Tree unveiled plans to close approximately 970 underperforming Family Dollar stores. After a review of potential alternatives for the Family Dollar business segment, the Dollar Tree leadership team and board of directors determined that a sale of Family Dollar to Brigade and Macellum best unlocks value for Dollar Tree shareholders and positions Family Dollar for future success. “This is a major milestone in our multi-year transformation journey to help us fully achieve our potential,” says Mike Creedon, CEO of Dollar Tree. “We will continue to grow and optimize our Dollar Tree business to maximize value for Dollar Tree associates, customers and shareholders with an enhanced focus on compelling initiatives, including our expanded assortment, significant planned new store …

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Leasing ActivityRetailTexas

Dollar Tree to Open 14,600 SF Store in Plano

by Taylor Williams

PLANO, TEXAS — Dollar Tree will open a 14,600-square-foot store within a freestanding building at 5920 W. Park Blvd. in Plano. According to LoopNet Inc., to building was constructed in 2011 and was previously home to CVS. Kevin Butkus and Corbin Tanenbaum of Weitzman represented the undisclosed landlord in the lease negotiations. Dollar Tree was self-represented. The opening is slated for later this year.

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AcquisitionsMarylandRetailSoutheast

First Washington Realty Acquires Whole Foods-Anchored Shopping Center Near DC

by John Nelson

RIVERDALE PARK, MD. — First Washington Realty has acquired a 163,000-square-foot shopping center in the Washington, D.C. suburb of Riverdale Park. The retail property, which is situated within the mixed-use district of The Station at Riverdale Park near the University of Maryland, is anchored by Whole Foods Market. Additional tenants at the shopping center include Burton’s Grill, Starbucks Coffee, Gold’s Gym, Jersey Mike’s Subs, Denizens Brewing Co. and District Taco. Amrit Chase negotiated the transaction on behalf of First Washington Realty on an internal basis. The seller and sales price were not disclosed.

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AcquisitionsNortheastPennsylvaniaRetail

Empire Realty Investments Sells 109,057 SF Shopping Center in Bensalem, Pennsylvania

by Taylor Williams

BENSALEM, PA. — Locally based firm Empire Realty Investments has sold the 109,057-square-foot Bensalem Shopping Center on the northeastern outskirts of Philadelphia. The center was built on 8.8 acres in 1972 and was fully leased at the time of sale. Indian grocer Patel Brothers anchors the center, and other tenants include Dollar General, Advance Auto Parts and Unlimited PCS. Jim Galbally and Patrick Higgins of JLL represented Empire Realty Investments in the transaction. The buyer and sales price were not disclosed, but the deal traded at a cap rate of 6.41 percent.

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AcquisitionsCaliforniaOfficeRetailWestern

NorthStar Homes Acquires Canon Street Marina Center in San Diego for $8.2M

by Amy Works

SAN DIEGO — NorthStar Homes has purchased Canon Street Marina Center, a retail and office center in San Diego’s Point Loma Village submarket, from Canon Street Properties for $8.2 million. The transaction includes two adjacent properties located at 2810-2832 Cañon St. and and 1101-1111 Scott St. At the time of sale, the property was fully leased to nine tenants. Kyle Clark of Intersection CRE represented the seller, while Joe Virgilio of Strom Commercial represented the buyer in the deal.

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AcquisitionsCaliforniaRetailWestern

Marcus & Millichap Negotiates Sale of Atlantic & Slauson Shopping Center in Maywood, California

by Amy Works

MAYWOOD, CALIF. — Marcus & Millichap has arranged the sale of Atlantic & Slauson Shopping Center in Maywood. A private seller sold the asset to a private investor for undisclosed price. The 17,610-square-foot Atlantic & Slauson Shopping Center is located at 5900 Atlantic Blvd. Ron Duong of Marcus & Millichap represented the seller and buyer in the deal.

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AcquisitionsMidwestOhioRetail

American Commercial Realty Buys Seven Retail Centers in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — American Commercial Realty (ACR) has purchased seven retail centers in Columbus totaling approximately 215,000 square feet. There are five centers on and near the “Main Street” corridor east of downtown and two properties along the Dublin-Granville corridor in the city’s northeast side. The assets include Village Centre, Beechcroft Centre, Main Hamilton Center, 5156 E Main St Centre, Wyandotte Centre and McNaughten Center. ACR also unveiled that Marx Bagels, a kosher bagel bakery from Cincinnati with roots in the Columbus market, will be taking over the space at McNaughten Center long occupied by Block’s Bagels. Palm Beach Gardens, Fla.-based ACR owns and operates more than 2.5 million square feet of commercial properties in addition to a multifamily portfolio. The portfolio marks the company’s first Columbus acquisition.

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AcquisitionsFloridaRetailSoutheast

Prudent Growth Partners Buys Retail Center in Gainesville, Florida for $5.2M

by John Nelson

GAINESVILLE, FLA. — Prudent Growth Partners LLC, a private equity firm based in Chapel Hill, N.C., has purchased SouthGate Centre, a 24,025-square-foot retail center in Gainesville. The undisclosed seller sold the property for approximately $5.2 million. Built in 1989 within 1.5 miles from the University of Florida, SouthGate Centre was leased to 13 lifestyle and service retailers at the time of sale.

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Conference CoverageMarket ReportsRetailTexasTexas Market Reports

InterFace Panel: Retail, Restaurant Operators Targeting Austin MSA Must Temper Expectations

by Taylor Williams

By Taylor Williams AUSTIN, TEXAS — On the surface, Austin has everything that expanding retail and restaurant operators could possibly want: youth, density, culture, high-paying jobs. Yet when these users begin scouting and diving into the state capital’s retail real estate market, they often find that entering or expanding there is much easier said than done. Skyrocketing home prices, increased vehicular congestion and limited infrastructure outside the urban core are just the most visible ways in which Austin has been somewhat victimized by its own torrid growth over the past 10 to 15 years. And each of those variables factors into retail site selection and contributes to the challenges of adding new retail and restaurant space to the market. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Simply put, if there are no rooftops, roads, parking spaces and utilities, there can be no new retail development. Such is the story in some of Austin’s more remote suburbs, though few doubt that those preliminary requirements for retail growth will eventually be delivered. But there is also the issue of raw …

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CaliforniaMarket ReportsRestaurantRetailWesternWestern Market Reports

Orange County’s Retail Investment Sales Market Is in the Black

by John Nelson

— By John Read of CBRE Retail Investment Properties-West — The expression “in the black” signifies financial health, a positive outlook, investment opportunities and growth. It’s a phrase that’s resonating strongly with investors, as Orange County’s thriving retail fundamentals spur robust demand for investment properties. Despite ongoing capital market volatility and fluctuating interest rates, Orange County remains a prime target for retail property investors. The county’s strong retail property fundamentals is driven by its diverse, affluent and highly educated population. The average household income in Orange County exceeds $157,000, with more than 46 percent of residents holding a bachelor’s degree or higher. It also boasts a low unemployment rate of 3.8 percent. Retail property fundamentals concluded the fourth quarter of 2024 with a county-wide availability rate of 3.8 percent, down from the previous quarter. This reduction was fueled by sustained demand, limited inventory, minimal future supply, 547,000 square feet of positive net absorption and an average asking rent of $2.57 per square foot, a $0.13 increase from the prior year. These positive trends, combined with limited new retail property construction (only 190,000 square feet of supply, representing 0.1 percent of existing inventory and the lowest share among the nation’s 40 …

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