Friday, June 27, 2025
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Retail

DevelopmentKentuckyMixed-UseRetailSoutheast

RD Property Group to Break Ground on 122,000 SF Kroger Marketplace at Newton Springs in Lexington, Kentucky

by John Nelson

LEXINGTON, KY. — RD Property Group is underway on the development of a 34-acre mixed-use development located in Lexington. The City of Lexington recently certified plans for the construction of a 122,000-square-foot Kroger Marketplace at the project, dubbed Newton Springs. Plans for the store include a drive-thru pharmacy, adjoining wine and spirits shop and 476 parking spaces. The development also features a recently opened Everhome Suites hotel, as well as two four-story buildings, a restaurant space and three additional buildings. Tenants at the property include Estepp’s Shell, Jimmy Johns, Hot Head Burritos, The UPS Store, Tire Discounters and Starbucks Coffee.

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DevelopmentGeorgiaMixed-UseOfficeRetailSoutheast

Jamestown Completes 115,000 SF Mass Timber Mixed-Use Building at Ponce City Market in Atlanta

by John Nelson

ATLANTA — Atlanta-based Jamestown has completed 619 Ponce, a 115,000-square-foot mass timber building located on the corner of Ponce de Leon Ave. and Glen Iris Drive within the Ponce City Market campus in Atlanta. Pottery Barn has opened within an 18,000-square-foot retail space on the ground floor, and business tech firm Sage has leased 57,000 square feet of office space within the building for its North America headquarters. Amenities at the property — which will target net-zero carbon operations, LEEDv4 Core & Shell certification and Fitwel certification — include onsite daycare and medical facilities, as well as direct access to the Atlanta BeltLine. The design-build team for the project included Handel Architects, JE Dunn and StructureCraft. Marking the first Georgia-grown mass timber building, the property features outdoor space on every level, natural wood columns and ceilings and floor-to-ceiling windows with operable panels. Jamestown owns and manages more than 100,000 acres of timberlands across Georgia, Alabama, South Carolina, New York, Pennsylvania and Indiana. 

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AcquisitionsGeorgiaRetailSoutheast

Marcus & Millichap Brokers $8.4M Sale of Retail Center in Metro Atlanta

by John Nelson

JOHNS CREEK, GA. — Marcus & Millichap has brokered the $8.4 million sale of Jones Bridge Triangle, a retail center located in Johns Creek, roughly 30 miles northeast of Atlanta. The unanchored property, which totals 33,133 square feet, was fully leased to 15 tenants at the time of sale. Eric Abbott and Zach Taylor of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.

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AcquisitionsLee & AssociatesNew YorkNortheastRetail

Lee & Associates Brokers $3.2M Sale of Retail Building in Mamaroneck, New York

by Taylor Williams

MAMARONECK, N.Y. — Lee & Associates has brokered the $3.2 million sale of a 2,800-square-foot retail building in Mamaroneck, located north of New York City in Westchester County. The building sits on a half-acre site at 1444 E. Boston Post Road and was previously occupied by People’s United Bank. Peter Braus, Ben Tapper and Cory Gahr of Lee & Associates represented the seller, BFT Holdings LLC, in the transaction, and procured the buyer, an entity doing business as Integrity 1444 BPR LLC.

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AcquisitionsNew JerseyNortheastRetail

Kislak Negotiates Sale of 6,400 SF Retail Property in Rahway, New Jersey

by Taylor Williams

RAHWAY, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the sale of a 6,400-square-foot retail property in the Northern New Jersey community of Rahway. The single-story building was constructed in 1950 and was fully leased to three tenants at the time of sale. Daniel Lanni of Kislak represented the seller, LMN Financial Group, in the transaction and procured an undisclosed private investment group as the buyer.

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Leasing ActivityMichiganMidwestRetail

Burlington to Open at Oakland Square Shopping Center in Troy, Michigan

by Kristin Harlow

TROY, MICH. — Burlington Stores Inc. has signed a lease to open a new store at Oakland Square in Troy. Continental Realty Corp. (CRC) owns the 220,000-square-foot shopping center. Burlington joins HomeGoods, Five Below, Kohl’s and Ulta as anchor tenants at the center, which is now 83 percent leased. Rachel Lee of CRC and Daniel Stern, Jared Gell, Eric Unatin and Eric Birnholtz of Mid-America Real Estate represented the landlord. Bradley Gershman of Gershman Partners and Andrew Luckoff of Landmark Commercial Real Estate Services represented the tenant. Burlington currently operates eight stores in the northwest Detroit area, including Bloomfield Township, Rochester Hills, Southfield and Sterling Heights. Baltimore-based CRC acquired Oakland Square together with the adjacent Oakland Plaza in 2021. Built in 1986 with additional construction completed in 1997, Oakland Square consists of three buildings.

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Market ReportsMarylandMixed-UseRetailSoutheastSoutheast Market Reports

Adaptive Reuse Projects, Value-Oriented Concepts Star in Baltimore’s Retail Story

by John Nelson

Mirroring sentiments expressed at the year-end ICSC conference in New York City, with the national vacancy rate hovering around 5 percent and new concepts anxious to take a foothold in the area, there continues to be tremendous optimism for the retail sector in the greater Baltimore metropolitan region.  Although ground-up development projects remain rare locally, several high-profile adaptive projects are in the works that are placing smiles on brokers’ faces because they have something to lease. Value-oriented retailers, together with quick-service restaurant (QSR) concepts, are showing the most activity.  Adaptive reuse The redevelopment of the iconic Harborplace festival marketplace (more on that later) is grabbing all the headlines in Charm City, but the adaptive reuse of Baltimore’s Penn Station — the epitome of a transit-oriented development and the renovation of a historic industrial building at Riverside in South Baltimore — are happening now.  Beatty Development Group and Cross Street Partners are partnering with Amtrak to transform the train station originally developed in 1911 into a mixed-use project combining 1 million square feet of commercial office, retail and residential space. Destination retail and restaurants are a central core of the program. Urban Pastoral and The Wilhide Family are transforming the 135-year-old …

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Leasing ActivityLouisianaRetailSoutheast

Three Abercrombie & Fitch Co. Concepts to Open at Lakeside Shopping Center in Metro New Orleans

by John Nelson

METAIRIE, LA. — Three new tenants, all divisions of Abercrombie & Fitch Co., will open at Lakeside Shopping Center, a 1.2 million-square-foot retail center located in Metairie, roughly eight miles outside of downtown New Orleans. Abercrombie & Fitch, abercrombie kids and Hollister Co. are scheduled to open at the property this summer. The stores will feature updated prototype formats for the respective brands. Abercrombie & Fitch Co. operates more than 750 stores under these banners throughout North America, Europe, Asia and the Middle East.

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IllinoisLeasing ActivityMidwestRetail

Whole Foods Market to Expand Store at River Forest Town Center in Suburban Chicago

by Kristin Harlow

RIVER FOREST, ILL. — Whole Foods Market is expanding its existing 30,101-square-foot store at River Forest Town Center in the Chicago suburb of River Forest. The grocer will take over the adjacent 7,100-square-foot space formerly home to Rally House. The tenant also plans to complete a full remodel of its store and has signed a new 25-year lease. Dick Spinell of Mid-America Asset Management and Scott Stefanik of Midwest Commercial Realty negotiated the lease.

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AcquisitionsGeorgiaNew YorkNortheastRestaurantRetailSoutheastTop Stories

Blackstone Agrees to Acquire Tropical Smoothie Cafe for Nearly $2B

by Kristin Harlow

ATLANTA AND NEW YORK CITY — Private equity giant Blackstone has entered into a definitive merger agreement to acquire Tropical Smoothie Cafe, a franchiser of fast-casual restaurants, from Levine Leichtman Capital Partners. The deal values the Atlanta-based smoothie chain at around $2 billion, including debt, according to The Wall Street Journal. Tropical Smoothie Cafe began as a single location in Destin, Fla., in 1997. The chain has grown to more than 1,400 locations in 44 states today. The company opened more than 175 locations in 2023, 70 percent of which were opened by existing franchisees. In addition to smoothies, the company sells menu items like sandwiches, salads and bowls. In the first quarter of this year, Tropical Smoothie Cafe completed 64 franchise agreements and opened 39 new stores. Its newest airport location opened at Hartsfield-Jackson Atlanta International Airport. The launch of new menu items such as Tropic Bowls helped drive overall sales, which were above the industry average in the first quarter, according to the company. “Tropical Smoothie Cafe has had an impressive growth trajectory, consistently building on its loyal customer base as it has scaled nationwide,” says Peter Wallace, a senior managing director in Blackstone’s private equity business. “Blackstone …

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