CHERRY HILL, N.J. — Five new tenants have signed leases totaling approximately 30,000 square feet at Cherry Hill Mall, a 1.4 million-square-foot shopping center in Southern New Jersey. Alo Yoga, Kendra Scott and Signature Workspace are scheduled to open at the property this year. Dry Goods and Rowan have also signed leases at the center, with the latter scheduled to open next spring. Pennsylvania Real Estate Investment Trust (PREIT) owns and manages the property.
OSWEGO, ILL. — First National Realty Partners (FNRP) has acquired Townes Crossing, a 105,731-square-foot shopping center in the western Chicago suburb of Oswego. The purchase price was undisclosed. A 65,000-square-foot Jewel-Osco grocery store anchors the property and has been a tenant for over 30 years. Additional tenants include Phenix Salon Suites, Oswego Dental, The UPS Store and Subway. Evan Halkias of Cushman & Wakefield represented the undisclosed seller.
ELMHURST, ILL. — Cicero Construction Group has completed the build-out of a third HOTWORX fitness studio in metro Chicago. The newest studio is located at 100 N. Addison Ave. in Elmhurst. Previously, Cicero renovated spaces in Chicago’s River North neighborhood and in Naperville. Cicero’s scope of work at the Elmhurst facility included installing mechanicals, drywall, paint, flooring and the building of bathrooms and a lobby. The team also installed infrared saunas and an expansive list of exercise systems. Like the River North and Naperville locations, the Elmhurst studio is open and staffed 24 hours a day, seven days a week. It offers members a variety of virtual-instructed 30-minute Isometric (ISO) and 15-minute High Intensity Interval Training (HIIT) workouts inside infrared saunas. Semi-private sessions include Yoga, Pilates, ISO, Barre, Core, Buns, Cycle and Thunder Row.
SAN DIEGO — Simon has announced plans for the development of a new mixed-use project at its Fashion Valley shopping center in San Diego. Upon completion, the redevelopment project will add 100,000 square feet of new retail space to the center, as well as new restaurants and an 850-unit, AMLI-branded apartment community. Construction is scheduled to begin in late 2025, with completion anticipated in late 2026. Fashion Valley recently underwent a multimillion-dollar capital improvement program and added brands Dior, Bottega Veneta, David Yurman and Dolce & Gabbana. New tenants Celine, Christian Louboutin and Fendi have also signed leases at the property.
FORT LAUDERDALE, FLA. — A joint venture between BH Group, PEBB Enterprises and Related Group is set to begin the mixed-use redevelopment of The Quay shopping center in the Harbordale neighborhood of Fort Lauderdale. The joint venture recently acquired the 73,000-square-foot center for $48.5 million. Located at 1515 SE 17th St., the property currently features restaurants, retail space, a marina and a two-story office building. Redevelopment plans for the seven-acre site include the addition of up to 361 residential units and 12,000 square feet of retail and restaurant space. The existing property will also undergo improvements that align with the new development. Amerant Bank provided financing for the acquisition of the property. The transaction closed on May 22. A timeline for the project was not announced, but additional details are expected to be released over the coming months. This development marks the third joint venture between BH Group, PEBB Enterprises and Related Group. The companies are also partnering on a major mixed-use redevelopment at 6600 North Military Trail, formerly an Office Depot headquarters, in Boca Raton. Miami-based BH Group is a development firm focused on luxury projects across South Florida. The company has experience in acquisition, construction, design, capital structuring and asset management. …
— By Geoffrey West, Senior Vice President, Investment Property Sales and Acquisitions, MDL Group/CORFAC International — The Las Vegas retail market remains a tale of two cities with the tourism-driven Resort Corridor and surrounding MSA comprising two very different markets. In the past, the stories of the “cities” were somewhat divergent with robust development, premium rents, and top-tier restaurant, bar, entertainment and retail tenants dominating in the Resort Corridor. In contrast, the primarily suburban MSA experienced decreasing rental growth rates, metered new development and fewer exciting new tenants. However, looking at the past and current years, as well as into 2025, it appears the party isn’t just on the Las Vegas Strip anymore. Due in part to a statistical undersupply, the suburban Las Vegas retail market is poised to experience increasing rental growth rates over the next 12 to 18 months. The lack of new supply is expected to put continued upward pressure on retail leasing rates and downward pressure on vacancy rates, which are expected to be nearing record 2007 levels. Economic Summary The Las Vegas market saw the completion of more than $8 billion in development in 2023. Among these are the $3.9 billion, 3,644-room Fontainebleau Las Vegas, …
KILL DEVIL HILLS, N.C. — Wawa Inc. has opened its first gas station and convenience store in the state of North Carolina. Located in the Outer Banks town of Kill Devil Hills, the store is the first of nine Wawa locations slated to open in the Tarheel state before the end of summer and 10 by year’s end. By the end of 2024, Wawa will have stores open in Kill Devil Hills, Rocky Mount, Elizabeth City, Greenville and two stores a piece in Wilson and Goldsboro. In 2025, Wawa expects to open up to 11 stores in additional counties including Robeson, Pitt, Cumberland, Onslow, Johnston, Nash, Pender, Brunswick and New Hanover. Over the next eight to 10 years, the metro Philadelphia-based company plans to build and open six to eight stores per year in North Carolina, reaching a total of 90 stores. To build each location, Wawa will invest more than $7 million per store and employ, on average, 140 contractors and local partners during the construction process. Wawa Inc., a privately held company, began in 1803. Today, Wawa stores are located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida, Washington, D.C., and now North Carolina — with nearly 1,000 …
TOLLESON, ARIZ. — Phoenix-based Haydon has broken ground on a Vanguard Truck Centers dealership in Tolleson, just west of Phoenix. The project team includes Impact Development Management as the real estate development management firm and Fitzgerald Associates as architect. Situated on 12 acres, the 60,000-square-foot facility will feature 26 service bays in an air-conditioned shop, a 24,000-square-foot parts warehouse, and a state-of-the-art showroom and office area with electric charging capabilities. The facility will also feature Volvo and Mack new truck sales, premium used truck sales, finance and insurance, Vanguard Truck Leasing and comprehensive parts and service offerings.
STOCKTON, CALIF. — Marcus & Millichap has brokered the $1.1 million sale of a retail building in Stockton, located in California’s Central Valley. Located at 3750 West Lane, the property features 14,000 square feet of retail space. Dominic Mazzoni and Edward Nelson of Marcus & Millichap represented the Idaho-based individual/personal trust seller, while Chris Sill of Lee & Associates procured the buyer, a private investor, in the deal.
COLUMBUS, OHIO — Lucky’s Market has opened a new 21,000-square-foot grocery store at Thurber Village in Columbus. The store opening marks the completion of the commercial component of the Thurber Village redevelopment project, which began construction in October 2022. The initial stages of the project involved the demolition of existing buildings and the construction of a new CVS store. The new Lucky’s Market will feature an extensive range of fresh produce, specialty foods and wellness products as well as a variety of grab-and-go options. CASTO is the project developer.