Retail

Simon Plans to Develop 325,000 SF Premium Outlets in Metro Nashville

by Kristin Harlow January 29, 2025

THOMPSON’S STATION, TENN. — Mall owner Simon Property Group (NYSE: SPG) has entered into an agreement to purchase a development site in metro Nashville with plans to build a luxury shopping and lifestyle destination known as Nashville Premium Outlets. The 325,000-square-foot project will be situated at the intersection of I-65 and I-840 in the southern suburb of Thompson’s Station. “This project represents a significant investment in our town and has the potential to enhance local amenities, create jobs and strengthen our economy,” says Thompson’s Station Mayor Brian Stover. Simon is collaborating with Nashville-based Adventurous Journeys Capital Partners (AJ Capital), a company known for its work in hospitality and real estate development. Construction is expected to begin in 2026, but a timeline for completion was not provided. Preliminary plans call for 75 retailers, restaurants and a hotel, with the potential to add residential options and big box retailers. “We are excited to bring another premier shopping and lifestyle destination to Nashville, one of our country’s most dynamic and fastest growing markets,” says Gary Duncan, Simon’s president of Premium Outlets and The Mills brands. Nashville Premium Outlets will join Simon’s existing properties in the metro area, including Opry Mills and The Mall …

January 29, 2025

Acquisitions District of Columbia Mixed-Use Multifamily Restaurant Retail Southeast Virginia

Jamestown Unloads Stake in Georgetown Renaissance Portfolio in DC to Acadia Realty Trust

by John Nelson January 28, 2025

WASHINGTON, D.C. AND ALEXANDRIA, VA. — Atlanta-based Jamestown has sold its stake in The Georgetown Renaissance Portfolio, a collection of 22 boutique retail and residential buildings in Washington, D.C.’s Georgetown neighborhood and a lone property in nearby Alexandria, Va. New York-based Acadia Realty Trust, already a minor owner of the portfolio, purchased Jamestown’s stake for an undisclosed price. Eastdil Secured represented Jamestown in the transaction. Jamestown originally acquired its interest in The Georgetown Renaissance Portfolio in 2011. The firm had previously sold off a portion of its interest to EastBanc, which used acquisition funds from Acadia Realty Trust, back in 2016. The portfolio is now home to several retail and design brands such as B&B Italia, Poliform, Molteni, Lululemon, Patagonia and Design Within Reach.

January 28, 2025

Acquisitions Florida Retail Southeast

Sagard Real Estate Sells 335,995 SF Shopping Center in Altamonte Springs, Florida

by John Nelson January 28, 2025

ALTAMONTE SPRINGS, FLA. — Denver-based Sagard Real Estate (formerly EverWest Real Estate Investors) has sold Marketplace at Altamonte, a 335,995-square-foot shopping center located in Altamonte, roughly 16 miles outside Orlando. According to the Orlando Business Journal, an entity associated with Centro Property Management LLC purchased the property for $28.9 million from Sagard’s core equity fund. The center was 55 percent occupied at the time of sale to tenants including Burlington, Ross Dress for Less and Total Wine & More. Sagard originally acquired the center in 2005.

January 28, 2025

Acquisitions Arizona Retail Western

Cavender’s Western Clothing Store Buys 14,875 SF Retail Property in Tucson, Arizona

by Amy Works January 28, 2025

TUCSON, ARIZ. — Cavender’s, a Texas-based Western clothing store, has acquired a former Walgreen’s building at Oracle Wetmore Shopping Center in Tucson from Tucson Arizona Partners for $3.7 million. Located at 4220 N. Oracle Road, the 14,875-square-foot store will be the first Cavender’s location in the Tucson market. Aaron LaPrise of Cushman & Wakefield | PICOR represented the seller, while Neil Board and Noah Anastassatos of Western Retail Advisors represented the buyer in the deal.

January 28, 2025

Market Reports Retail Texas Texas Market Reports

San Antonio Retail Market Maintains High Occupancy Streak

by Taylor Williams January 28, 2025

By William McDonough, vice president, Weitzman San Antonio’s retail market is reporting record-high occupancy as it continues its longest-ever streak of balanced supply and demand. With a new high of 95.2 percent, the Alamo City retail market has now posted healthy occupancy rates of 90 percent or higher for 14 years straight. The occupancy rate is based on Weitzman’s review of a total San Antonio retail inventory of approximately 49 million square feet of retail space in multi-tenant shopping centers with 25,000 square feet or more. Occupancy remains high due to stable tenant retention and strong demand for well-located vacancies. For example, shortly after Conn’s announced in mid-2024 that it planned to close its area stores, discount apparel retailer Burlington announced its plans to backfill three of the nine stores slated for closure. The market is also reporting an increase in new construction, but the deliveries overall have actually increased occupancy due to the fact that they are primarily for anchor stores and largely preleased shop space. Last year, the market did see new vacancies created due to the chain-wide failures of Conn’s, Big Lots, American Freight Furniture and 99 Cents Only. But in a tight market like San Antonio’s, …

January 28, 2025

Market Reports Nevada Restaurant Retail Western Western Market Reports

For Las Vegas Retail Investment, The House Always Wins

by John Nelson January 28, 2025

— By Roy Fritz, First Vice President, CBRE Retail Investment Properties – West — Las Vegas’s retail investment market continues to hit the jackpot, mirroring the lucky winners that visit the city every week. The Valley remains a magnet for growth, attracting new investors who would never have considered Las Vegas in the past. High-profile recent additions like the state-of-the-art, 70,000-seat Allegiant Stadium, Formula 1 Las Vegas Grand Prix race, MSG Sphere and the Fontainebleau luxury resort and casino have retailers and investors drawn to the city’s bright lights as they seek out that next big win. Major League Baseball is also making its mark in Las Vegas with the Oakland Athletics’ planned move to the city. The new stadium, set to open in 2028, will feature a 33,000-seat capacity and state-of-the-art amenities. It will also further cement Las Vegas as a premier sports and entertainment destination. This growth is supported by strong underlying fundamentals and economic diversification. The sentiment across the Valley’s business landscape is that the area has clearly transitioned from a tertiary market, which was highly dependent on Southern California capital just a few years ago, to a solid secondary market. This transformation has attracted investments from all …

January 28, 2025

Leasing Activity New Jersey Northeast Retail

Ace Pickleball Club to Open 26,000 SF Venue in North Brunswick, New Jersey

by Taylor Williams January 27, 2025

NORTH BRUNSWICK, N.J. — Ace Pickleball Club will open a 26,000-square-foot venue in North Brunswick, located roughly midway between Trenton and Newark. The space is located within the 288,000-square-foot Brunswick Shopping Center. Fred Younkin of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Marta Villa of CBRE represented the tenant. An opening date has not yet been announced.

January 27, 2025

Arkansas Development Mixed-Use Office Restaurant Retail Southeast

Walmart Debuts 350-Acre Corporate Headquarters Campus in Bentonville, Arkansas

by John Nelson January 27, 2025

BENTONVILLE, ARK. — Walmart has debuted its new 350-acre home office campus in Bentonville that features 12 office buildings. The campus also includes the 8th & Plate food hall that will be occupied by Bentonville Bicycle Co., Flyway Brewing, Gearhead Outfitters, The Gents Place, Hatch Early Mood Food, Jamba Juice, Riserva Bar + Tapas, Swig, Walmart Pharmacy, Wright’s BBQ and Yokozuna Sushi. The campus also offers Little Squiggles onsite childcare and Onyx Coffee Lab, as well as seven miles of walking and biking paths, more than 1,000 bike parking spots, rentable bikes, 300 electric vehicle charging stations and Walton Family Whole Health & Fitness.

January 27, 2025

Acquisitions Alabama Retail Southeast

SRS Brokers $7.7M Sale of Retail Property in Dothan, Alabama Leased to Home Depot

by John Nelson January 27, 2025

DOTHAN, ALA. — SRS Real Estate Partners has brokered the $7.7 million ground lease sale of a retail property located on 10.4 acres at 3489 Ross Clark Circle in Dothan. The Home Depot occupies the 128,517-square-foot retail store, which was delivered in 2004 adjacent to Northside Mall. Patrick Luther and Matthew Mousavi of SRS represented the seller, a Texas-based partnership, in the transaction. The buyer was a private investment firm based on the East Coast. Both parties requested anonymity.

January 27, 2025

Acquisitions California Retail Western

JLL Negotiates Sale of 185,051 SF Former Department Store in San Diego

by Amy Works January 27, 2025

SAN DIEGO — JLL Capital Markets has negotiated the sale of a 9.3-acre redevelopment site consisting of a 185,051-square-foot former department store in San Diego. A joint venture between Jofa Capital and BLT Enterprises acquired the asset from a private seller for an undisclosed price. Located at 1555 Camino De La Reina, the redevelopment site is adjacent to the Mission Valley Mall. Daniel Tyner, Gleb Lvovich and Geoff Tranchina of JLL Capital Markets Investment and Sales Advisory team represented the seller in the deal.

January 27, 2025

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