— By Sam Meredith of Colliers — After a slow and uncertain start to 2025, the retail market in Reno and Sparks is finally finding its stride. The first half of the year saw many tenants hit pause on leasing decisions as economic jitters made retailers cautious. By the third quarter, however, the mood had shifted. Leasing activity picked up noticeably, and tenants are now back in the market, actively looking for space. That momentum is expected to carry through the fourth quarter and into 2026, with healthy absorption on the horizon. This turnaround is backed by solid market indicators. Net absorption turned positive in the second quarter, while asking rents rose quarter over quarter. Vacancies nudged upward due to big-box closures, including three Big Lots and a Joann store early in the year, but the overall retail vacancy still sits at a manageable 5.4 percent. In fact, several submarkets, including North Valleys, Northwest Reno, South Reno and Southwest Reno, are reporting vacancy rates below 2 percent, showing strong demand in key areas. Retailers are clearly taking notice. Trader Joe’s, which once considered Northern Nevada a one-store market, has now opened two additional locations in Spanish Springs and South Reno. …
SHARPSBURG, GA. — Hanley Investment Group Real Estate Advisors has brokered the $26.9 million sale of Fischer Marketplace, a newly constructed, 70,134-square-foot shopping center in Sharpsburg, approximately 38 miles southwest of Atlanta. The property was fully leased at the time of sale to tenants including Publix, Jersey Mike’s, Dave’s Hot Chicken, Nothing Bundt Cakes and Great Clips. The sale also features three outparcels leased to Gusto!, Heartland Dental and Andy’s Frozen Custard. Publix occupies approximately 69 percent of the property on a long-term lease. Kevin Fryman and Ed Hanley of Hanley Investment Group, in association with ParaSell Inc., represented the 1031 exchange buyer, an unnamed private investor based in Southern California. Hunter Steffien, Tyler Strauss, Scott DeYoung and Jeff Conover of Faris Lee Investments, as well as Bryan Belk and John Tennant of Franklin Street’s Atlanta office, represented the sellers, ForCAST Real Estate Development LLC and Fayetteville, Ga.-based Brent Holdings, in the off-market transaction.
KINGSPORT, TENN. — Marcus & Millichap has arranged the sale of Shoppes at East Stone, a 23,876-square-foot retail center located at 2637 E. Stone Drive in Kingsport, a city near the Tennessee-Virginia border. Built in 2011, Shoppes at East Stone was 95 percent leased at the time of sale to tenants including Jersey Mike’s Subs, Stanton Optical, East Coast Wings + Grill, Lendmark Financial Services, Lumber Liquidators and Polish Nail Bar. Target shadow-anchors the center. Michael Early of Marcus & Millichap represented the seller, a Maryland-based family office, in the transaction. Jody McKibben was Marcus & Millichap’s broker of record in Tennessee. The sales price and buyer were not disclosed.
FORT WORTH, TEXAS — Partners Capital, the investment platform of Partners Real Estate, has completed a partial renovation of Westcliff Shopping Center, a 134,750-square-foot grocery-anchored center in Fort Worth. The project revitalized a 22,000-square-foot portion of the retail center’s facade, restoring its original character while introducing modern updates. Originally built in 1955 on 10 acres, Westcliff Shopping Center is home to tenants such as Albertsons, Ace Hardware, HOTWORX, Dollar General and Café Bella.
OTTAWA, ILL. — Marcus & Millichap has brokered the $4.4 million sale of a 10-suite, two-building retail center in Ottawa. Aldi shadow-anchors the property, which is home to Dollar Tree, Sherwin-Williams, Athletico Physical Therapy, Hibbett Sports and World Finance Corp. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private Chicagoland investment group. Sharko and Weisenbeck, along with the brokerage’s Phoebe Klein, represented the buyer, a private 1031 exchange investor based in New York. The sale closed at 99.4 percent of the list price, achieving the highest price per square foot for a shopping center in Ottawa in the past five years, according to Mendoza. The property also included a half-acre parcel of developable land suited for a single-tenant drive-thru.
NASHVILLE, TENN. — Simon Property Group (NYSE: SPG) plans to develop Sagefield, a 100-acre mixed-use destination that will be located on the south side of Nashville. The construction timeline for the project was not released. Situated in the hills of Williamson County, the planned project will feature lifestyle shops, restaurants and service retail spaces, as well as a landmark hotel by Author & Edit Hospitality, a hotel brand helmed by restaurateur and hotelier Sam Fox of Fox Restaurant Concepts. “This exciting new development will set a new standard for quiet luxury in metro Nashville and beyond,” says Eric Sadi, co-president of Simon’s North American real estate division. Simon is collaborating on Sagefield with Adventurous Journeys Capital Partners (AJ Capital), a Nashville-based firm that specializes in mixed-use and adaptive reuse development. Simon and AJ Capital are currently collaborating on Nashville Premium Outlets, a 325,000-square-foot outlet mall that will break ground next year in Thompson’s Station, Tenn. Plans for Sagefield also call for first-to-market boutique retailers, household-name operators, farm-to-table restaurants and cafés, an organic market, entertainment venues and health and wellness concepts. The development’s planned hotel will offer signature restaurants, a high-end spa, sports and a social members club. Simon says that …
CHANTILLY, VA. — IKEA U.S. has announced plans to open a nearly 110,000-square-foot store in Chantilly, making it the Swedish retailer’s third location in Virginia. Set to open in spring 2026, the new store will be located at 4320 Chantilly Shopping Center Drive, about 28 miles west of Washington, D.C. IKEA says that the store will feature its popular fully furnished room settings and display more than 7,700 products, with more than 4,400 products available for immediate takeaway, including home furnishing accessories and approximately 500 smaller furniture items. The store will also offer free in-store pick-up for online orders, as well as its famous in-store restaurant and a central planning area where shoppers can get design consultation from an IKEA staff member. In addition to the Chantilly store, the retailer recently announced a new 93,000-square-foot IKEA store coming to Webster, Texas, as well as its second store coming to Manhattan.
HURST, TEXAS — Entertainment concept Vellix Adventure has opened a 20,000-square-foot trampoline park in Hurst, located northeast of Fort Worth. The space is located within Mayfair Village shopping center and includes a ropes course and virtual reality games. Michael Williams of JLL represented Vellix Adventure in the lease negotiations. Ashley Selers of Phillips Edison & Co. represented the landlord on an internal basis.
PARSIPPANY, N.J. — Marcus & Millichap has brokered the $18.5 million sale of a 45,315-square-foot shopping center located in the Northern New Jersey community of Parsippany. Built in 1970 and renovated in 2012, Baldwin Shopping Center was fully leased at the time of sale to tenants such as Walgreens, Concentra, Enterprise Rent-A-Car and State Farm Insurance. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of a 22,960-square-foot flex building located at 5251 E. Speedway Blvd. in Tucson. WAA 5251 E Speedway Blvd LLC purchased the asset from Inspired Adventures Investments for $3.5 million. Natalie Furrier and Greg Furrier of Cushman & Wakefield | PICOR Retail Specialists team represented the seller, while Robert Glaser and Paul Hooker of Cushman & Wakefield | PICOR Industrial Specialists team represented the buyer in the deal.