ALBUQUERQUE, N.M. — Faris Lee Investments has brokered the sale of Pavilions San Mateo, a retail center in Albuquerque. The asset traded for $24.8 million. Current tenants include Walmart Neighborhood Market, Old Navy, Dollar Tree and Orange Theory Fitness. Don MacLellan, Jeff Conover and Scott DeYoung of Faris Lee represented the undisclosed buyer. The name of the seller was not released.
SAN FRANCISCO — Japanese electronics and video game company Nintendo will open its second store in the United States — and its fifth overall location in the world — in San Francisco in May. Situated in Union Square at 331 Powell Street, Nintendo San Francisco will total 11,000 square feet and offer game systems and games, as well as a shopping experience that will include Nintendo’s characters and worlds. Exclusive products such as accessories, apparel, home goods and souvenirs will be available at the location. The grand opening will be held on Thursday, May 15. Nintendo currently operates one store in New York City and three in Japan.
TINLEY PARK, ILL. — Marcus & Millichap has brokered the $5.8 million sale of an 11-suite retail center in the Chicago suburb of Tinley Park. The property is situated on 3.5 acres at 7301 183rd St. Key tenants include Buffalo Wild Wings, which recently signed a seven-year lease extension and invested $600,000 in renovations, and Pop’s Italian Beef, which has operated at the location for 16 years. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a family partnership, and procured the buyer, a California-based private investor. Dean Giannakopoulos of Marcus & Millichap Capital Corp. arranged $4.1 million through a Midwest regional credit union on behalf of the buyer.
LENEXA, KAN. — Sierra, a retailer of off-price merchandise operated by the TJX Cos., has opened across the street from Oak Park Mall at Orchard Corners Shopping Center in Lenexa. A grand opening took place Saturday, March 15. Rick Weiser of Block & Co. Inc. Realtors led the build-out of Sierra’s 19,000-square-foot space in partnership with Harmon Construction and CT Architects. The project started with a 37,000-square-foot, former SteinMart property that was split into two to welcome Sierra and Petco. Modifications included a new rooftop, mechanical systems, electrical and gas service, and a new façade. The location marks Sierra’s second in the region. Petco’s space is currently in the drawing stage and is slated for completion in December. David Block of Block & Co. negotiated both the Petco and Sierra lease transactions on behalf of ownership.
EVANSTON, ILL. — Maverick Commercial Mortgage Inc. has arranged a $3.3 million SBA loan for a restaurant property occupied by Soul & Smoke in Evanston. A regional SBA lender provided the loan, which is fully amortized over 25 years and features a variable interest rate. Loan proceeds will be utilized to complete construction, refinance in-place debt and provide working capital for the business. The transaction marks Maverick’s first time closing with the borrower and lender. Barbecue restaurant Soul & Smoke has expanded to multiple locations, including a spot at Soldier Field, as well as two food trucks and a retail line.
LOS ANGELES — Forever 21 has filed for Chapter 11 bankruptcy and will begin the process of closing all its U.S. stores. According to Reuters, the U.S. store count is about 350. The Los Angeles-based apparel retailer filed over the weekend in the U.S. Bankruptcy Court for the District of Delaware. Forever 21 has entered into a plan support agreement with its lenders to begin the voluntary closure process while continuing to look for sales opportunities of existing U.S. assets. Forever 21 was founded in 1984 and had a footprint of more than 800 stores worldwide at the height of its operation. The company also filed for Chapter 11 bankruptcy protection in 2019, which led to the company closing 350 stores across the United States and other countries. International stores are not impacted by the 2025 filing. As a relative staple within American mall tenancy, Forever 21 faced new challenges in its post-2019 bankruptcy filing stemming from the COVID-19 pandemic and elevated competition from e-commerce brands and platforms. According to CNBC, the company has been hit especially hard by competition from Chinese platforms Shein and Temu. The company’s ownership structure underwent a series of changes between 2021 and 2023, and …
Baltimore’s retail market is alive and well and has experienced something of a boom in retail activity, driven in large part by the thriving retail hubs in the city and in the surrounding suburbs. Demand for space continues to be robust and prospective tenants and investors alike are excited to be part of the Baltimore market. But the reasons why are more nuanced than simply piggybacking off the overall growth that brick-and-mortar retail is seeing across the country. Baltimore is a bargain One of the causes is the terrific value that Charm City offers when comparing prices to the major metropolises of Washington, D.C., to the south and Philadelphia to the north. The Baltimore MSA offers attractive demographics and strong retail fundamentals, making it a prime target for local, regional and national investors. A great example is the sale by KLNB’s Retail Capital Markets team of Arbutus Shopping Center in fall 2024, a 88,000-square-foot, grocery-anchored center that attracted significant demand due to its Baltimore County location, sub-$20 million price point and the broader market’s interest in grocery-anchored retail assets. Due to these robust conditions and factors, among other reasons, owners are hesitant to sell — despite the substantial interest …
ST. PETERSBURG, FLA. — Tampa Bay Rays owner Stuart Sternberg has announced that the Major League Baseball team will not move forward with the proposed $1.3 billion stadium in St. Petersburg, which was part of the $6.5 billion redevelopment of the Historic Gas Plant property. Sternberg cited hurricane damages and financing delays in the decision behind exiting the project. Concepts for construction of the new 30,000-seat stadium — which would anchor the broader redevelopment project — were released more than a year ago. Under the previously approved agreement, local governments of St. Petersburg would cover roughly half the cost of the $1.3 billion stadium, while the Rays had a March 31, 2025, deadline to gain public financing for the project, including proof that they could meet their $700 million obligation, according to national media outlets. The Rays were anticipated to play three more seasons at Tropicana Field, but damages from Hurricane Milton in October 2024 rendered Tropicana Field unplayable for the 2025 season. The Rays will now use the New York Yankees’ spring training site in Tampa as their home field this season, while the City of St. Petersburg is advancing on plans to restore Tropicana Field in time for the 2026 …
LONGWOOD, FLA.— Winter Park, Fla.-based CrossMarc Services LLC has signed five new tenants to Springs Plaza, a 64,753-square-foot shopping center located roughly 15 miles north of Orlando in Longwood. Among the new tenants are Foxtail Coffee (1,179 square feet), Children’s Art Classes (2,350 square feet), Level Up Pilates (2,365 square feet), 5th Nail Lounge (2,649 square feet) and Turning Point Dance Studio (2,351 square feet). Flavia Kanyago internally represented CrossMarc, as well as Baltimore-based joint venture partner MCB Real Estate, in the lease negotiations. Other tenants at the center — which is now 95 percent leased — include Tijuana Flats, First Watch, Jersey Mike’s Subs, Hurricane Grill & Wings and Woof Gang Bakery & Grooming and a 58,000-square-foot Publix that shadow-anchors the property.
MAGNOLIA, TEXAS — Locally based developer XAG Group has broken ground on RASHA at Audubon, a 326-unit multifamily project in Magnolia, a northwestern suburb of Houston. The 20-acre site is located within the 3,000-acre Audubon master-planned development, and the garden-style property will consist of five three-story buildings and two four-story buildings. Information on floor plans was not disclosed, but units will be furnished with stainless steel appliances, quartz countertops, walk-in closets and private balconies. Amenities will include a pool, fitness center, clubroom, lounge, outdoor grilling and dining stations and a dog park. XAG Group will also develop 30,000 square feet of retail space as part of the project, partners on which include The Gonzalez Group, Anchor Construction, Investwell Architects and Identity Architecture. Hall Structured Finance provided the loan for construction of the project, the retail component of which is slated for a fourth-quarter completion. The apartments are expected be complete in late 2026.