HIALEAH, FLA. — Codina Partners has acquired the former Sears site at Westland Mall in Hialeah for an undisclosed price. The 15-acre parcel has been vacant since February 2020. The locally based buyer, following the closure of the sale, formed a joint venture with Westland Mall owner, Centennial, to redevelop the site and add a mixed-use concept with a residential component. Centennial acquired Westland Mall from Starwood Capital in 2021. The shopping center consists of more than 300,000 square feet of retail space that is anchored by Macy’s, JC Penney and the former Sears site. The construction timeline of the mixed-use redevelopment was not disclosed.
By Taylor Williams North Texas is attracting new and existing entertainment concepts at a frenetic pace as operators of these facilities seek to position themselves squarely in pathways of major growth and capitalize on any remaining pent-up demand from the pandemic. According to a 2022 report from the North Central Texas Council of Governments, the region’s population surpassed 8 million last year. In addition, more than 20 cities in North Texas — the area that includes and surrounds the Dallas-Fort Worth (DFW) metroplex — saw their populations swell by 10 percent or more on a year-over-year basis between mid-2021 and mid-2022. This growth inevitably encompasses key demographics that entertainment operators covet, including families with children and young working professionals. High-paying jobs continue to flow into DFW in the form of corporate relocations and consolidations. Developer KDC recently began construction on Wells Fargo’s 850,000-square-foot regional campus in Irving. New pieces of the PGA of America’s headquarters campus in Frisco are coming on line every quarter and sparking feverish development in surrounding neighborhoods. Global engineering consultant AECOM and construction machinery manufacturer Caterpillar are also in the process of relocating their headquarters from Los Angeles to Dallas, among others. Checking the two boxes …
COLUMBUS, OHIO — In a sale-leaseback transaction, Alterra Real Estate Advisors has acquired a 62,000-square-foot office and retail building in Columbus for $3.1 million. Constructed in 1986, the property is 85 percent occupied. The lobby and common areas were recently renovated, but Alterra plans to make additional improvements for energy efficiency such as LED lighting. The seller, Auto Owners Life Insurance Co., remains a tenant in the building. Some of the other tenants include BHM CPA Group, J Gilberts restaurant and Salon Lofts. Rob Sullivan of Kemba Financial Credit Union provided acquisition financing. Alterra will handle leasing and management of the building.
TWIN FALLS, IDAHO — Wood Investments Cos. has announced the addition of three new tenants to Canyon Park West, a 160,140-square-foot retail center in Twin Falls. Natural Grocers plans to open a 20,000-square-foot store at the property this fall. Additionally, Ashley HomeStore and Carter’s have signed leases totaling 18,000 and 4,084 square feet, respectively, and are now open at the center.
ST. AUGUSTINE, FLA. — Steinemann & Co. plans to develop a Bass Pro Shops Outdoor World store along World Commerce Parkway in St. Augustine, approximately 40 miles southeast of Jacksonville. Upon completion, the store will span 100,000 square feet and offer boating merchandise, in addition to hunting, fishing, camping, leisure and athletic gear and apparel. The store will also feature a large aquarium and water features stocked with native fish species, thousands of local antiques and artifacts, hundreds of trophy fish and wildlife mounts and murals depicting local scenes. The store will also offer fishing classes for kids. Set to open in 2024, the St. Augustine store will mark the 13th location for Bass Pro Shops in Florida and will employ about 115 associates.
ATLANTA — Pottery Barn plans to open a new store on the ground level of 619 Ponce, a new four-story, mass-timber office building under construction at Ponce City Market in Atlanta. Master developer Jamestown signed the retailer to a more than 18,000-square-foot lease at the building. 619 Ponce will be situated at the corner of Ponce de Leon Avenue and Glen Iris Drive and feature 87,000 square feet of office space and 27,000 square feet of retail space. The building is part of the next phase at Ponce City Market, which includes a 405-unit flexible-stay hotel and co-living building and Signal House, a 21-story active adult multifamily building. Pottery Barn is the latest retailer to join the roster at Ponce City Market, an adaptive reuse campus in Atlanta’s Old Fourth Ward district. The store is set to open in early 2024 and feature an outdoor patio and design studio.
CHARLOTTE, N.C. — Providence Group Capital (PGC) has acquired two parcels located at 2429 and 2511 South Tryon St. in Charlotte’s South End neighborhood. Totaling roughly 1.3 acres, the sites feature three existing buildings comprising more than 17,500 square feet. Tenants at the buildings include Euro Cars South End, A&T Auto Body Shop and Paws Whiskers & Wags. PGC has purchased 15 sites in the same section of South End over the past 18 months. Hayes Faulkenberry of Land Advisors represented PGC in the acquisition of 2429 South Tryon St., and Lauren Bremer of The Nichols Co. represented the seller in the sale of 2501 South Tryon St. Providence Group Management Services will manage both properties.
RALEIGH, N.C. — Colliers has arranged the $3.5 million sale of Lynwood Plaza, a retail strip center located at 4800 Grove Barton Road in Raleigh. Tenants at the 8,943-square-foot property include Little Caesars, Nail Image Salon, Board & Brush and Salt & Lime Cabo Grill. David Stowe of Colliers represented the seller in the transaction, and Rikky Goswami of Insight Property Group represented the buyer. Both parties requested anonymity.
INDIANAPOLIS — Indianapolis-based mall owner Simon has expanded its relationship with retailer Five Below, which will open at least seven different locations within Simon’s Premium Outlets. The new stores will begin opening this spring and summer in Albertville, Minn.; Pleasant Prairie, Wis.; Johnson Creek, Wis.; Gaffney, S.C.; Edinburgh, Ind.; Pismo Beach, Calif.; and Tannersville, Pa. Additionally, Five Below is opening at Great Mall, a Mills property in Milpitas, Calif., and Miller Hill Mall in Duluth, Minn. this year as well as undergoing a full remodel at Arundel Mills in Hanover, Md. Currently, Five Below operates 21 stores within the Simon portfolio.
SOUTHFIELD, MICH. — Costco has purchased 13.4 acres within the Northland City Center development in Southfield for an undisclosed price. Alan Stern and Rich Deptula of Friedman Real Estate represented the undisclosed seller. The retailer plans to build Michigan’s first Costco Business Center. The property will be different from Costco’s standard consumer retail warehouses in that products will be offered in greater quantities and won’t include the bakery and pharmacy that are in current Michigan locations. The project will total 160,000 square feet. Northland City Center is the redevelopment of the former Northland Mall and will include office, retail, medical and multifamily space. No construction timeline was provided.