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Retail

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CaliforniaCompany NewsDevelopmentRetailWestern

Macy’s, TMG Partners Form Joint Venture for Potential Redevelopment of Flagship Store in San Francisco

by Amy Works

SAN FRANCISCO — Macy’s and TMG Partners have formed a joint venture to explore the potential redevelopment of the retailer’s flagship store on Union Square in San Francisco’s retail district. TMG will help Macy’s conduct a “strategic assessment” of the property to explore the viability of renovations and enhancements that will “align with the needs of today’s office workers, residents, visitors, retail and local businesses.” The Union Square location will remain open indefinitely. Further updates on plans and next steps for the Union Square site will be shared in the coming months. In February 2024, Macy’s originally announced plans to close Union Square as part of a larger sell-off of store properties nationwide; however, the company said its store would not close until it found a buyer for the 700,000-square-foot property, as disclosed by several media sources. The Union Square flagship store has been in operation since 1929 and is one of the retailer’s largest and oldest locations.

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AcquisitionsRetailUtahWestern

Bershon Realty Co. Sells Two Multi-Tenant Retail Properties in Provo, Utah

by Amy Works

PROVO, UTAH — Bershon Realty Co. LP has sold Bulldog Plaza, a 13,620-square-foot retail center located near Brigham Young University (BYU) in Provo. Anchored by CVS Pharmacy, Bulldog Plaza comprises two retail pad buildings, which are both fully leased. The five-tenant, 10,025-square-foot pad building includes Noodles & Co., Firehouse Subs, Coco Tea, Teriyaki Bowl and The Taco Spot. Meanwhile, the three-tenant, 3,595-square-foot building is occupied by Papa John’s, The Paleta Bar and Crazy D’s Hot Chicken. Bill Asher, Jeremy McChesney, Jeff Lefko and Ed Hanley of Hanley Investment Group Real Estate Advisors represented the seller, Los Angeles-based Bershon Realty Co. LP, in the off-market transaction. Brendan Lee of Newmark Mountain West represented the buyer, a private 1031 exchange investor from the Salt Lake City metro area. The sales price was not disclosed.

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CaliforniaCompany NewsRetailWestern

Philip Voorhees to Join BISON Partners After 25-Year Career at CBRE

by Amy Works

IRVINE, CALIF. — Philip Voorhees will join BISON Partners, a real estate operating company focused on retail properties, following his departure from CBRE at the end of the year after a 25-year tenure. Voorhees currently serves as vice chairman in CBRE’s Retail Capital Markets division, where his retail investment teams have completed more than 1,080 transactions totaling over $15 billion in value. Launched in 2022 by Brad Rable and Wil Smith, BISON Partners was established as a strategic venture to acquire and reposition retail shopping centers. The firm recently expanded its footprint with properties in California, Arizona and Nevada. Voorhees’ expertise in acquisitions and capital markets will support BISON’s continued mission to grow a portfolio of value-add retail properties across the western United States.

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AcquisitionsIllinoisMidwestRetail

Greenstone Partners Brokers $2.7M Sale of Retail Property in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Greenstone Partners has brokered the $2.7 million sale of a three-tenant retail property located at 1044-1048 W. Fulton Market in Chicago’s Fulton Market district. Danny Spitz of Greenstone represented the seller. The asset sold to an East Coast-based private partnership. The retail condominium property features a weighted average lease term of eight years. The sales price was 96 percent of the list price.

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AcquisitionsRetailSoutheastTennessee

GBT Realty Acquires Brentwood Corners Shopping Center in Metro Nashville for $10.4M

by John Nelson

BRENTWOOD, TENN. — GBT Realty has purchased Brentwood Corners, a 22,268-square-foot shopping center located at 214 Ward Circle in Brentwood, a southern suburb of Nashville. The locally based buyer purchased the property from an undisclosed seller for $10.4 million. Situated within the Maryland Farms master-planned community, Brentwood Corners was fully leased at the time of sale to tenants including Serrato’s Steakhouse, Jefferson’s Restaurant, Iron Tribe Fitness, WOW Orthodontics and 100 Pizza, which recently opened. The property was recently renovated with a newly paved parking lot, painted facades, new roof, updated landscaping and new LED lighting.

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District of ColumbiaHealthcareHospitalityIndustrialLoansMultifamilyOfficeRetailSoutheast

MBA: Commercial, Multifamily Loan Originations Increased 36 Percent in Third Quarter from 2024

by John Nelson

WASHINGTON, D.C. — The volume for commercial and multifamily mortgage loan originations closed in the third quarter of 2025 was 36 percent higher compared to a year earlier, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations report. The third-quarter production also represents an 18 percent increase from the previous quarter. The MBA reports that loan originations have now risen for five consecutive quarters on both a quarterly and annual basis. Among property types, there was an 181 percent year-over-year increase in the dollar volume of loans for office properties, 100 percent increase for retail properties, 66 percent increase for hotels, 27 percent increase for multifamily properties and a 5 percent increase for industrial properties. Originations for healthcare properties decreased 43 percent compared to the third quarter of 2024. “While some sectors, such as healthcare and industrial, saw slower activity, overall volumes reflected improving sentiment as property values stabilized and loans reaching maturity were refinanced,” says Reggie Booker, MBA’s associate vice president of commercial/multifamily research. Among capital sources, there was a 52 percent year-over-year increase in loans by depositories lenders (i.e. banks), 40 percent increase in loans by government sponsored enterprises (Fannie Mae and Freddie Mac) …

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LoansRetailTexas

Southern Realty Trust Provides $15M in Financing for Houston Retail Property

by Taylor Williams

HOUSTON — Southern Realty Trust, an affiliate of Tannenbaum Capital Group (TCG), has provided $15 million in financing for a retail property in Houston. The property is a seven-story, fully leased complex that is located at the intersection of Houston’s Galleria and River Oaks neighborhoods and is home to Park House Houston, Ciel Restaurant and Fountain Life Longevity Center. The loan is part of a larger $45 million financing package, and the remaining proceeds were provided by another TCG lending affiliate. The borrower is a partnership between local developer John Scott and hospitality developer WoodHouse.

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Leasing ActivityRetailTexas

Dick’s House of Sport Opens 100,000 SF Store at Live Oak Town Center in Metro San Antonio

by Taylor Williams

LIVE OAK, TEXAS — Dick’s Sporting Goods has opened a 100,000-square-foot store under its “House of Sport” brand at Live Oak Town Center, a mixed-use development located on the northeastern outskirts of San Antonio. The store, which along with a 300,000-square-foot IKEA and a 79,681-square-foot Floor & Décor will anchor the property, features a climbing wall, outdoor field, golf bays and a multi-sport cage. David Nicolson and Michael Schoenbrun of Weitzman internally represented the landlord in the lease negotiations.

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Leasing ActivityRestaurantRetailTexas

Baker Katz Negotiates Seven Retail Leases in Houston Area for Einstein Bros. Bagels

by Taylor Williams

HOUSTON — Locally based brokerage firm Baker Katz has negotiated seven new retail leases for Einstein Bros. Bagels in the greater Houston area. The spaces are located within the Tanglewood and Garden Oaks neighborhoods in Houston proper, as well as in the suburbs of Katy, Conroe, Humble, Tomball and League City. The average deal size is 2,000 square feet. Landlord representatives in the various lease negotiations included CBRE, Excel Commercial, NewQuest, Fidelis, Blue Ox Group and SVN | J. Beard Real Estate.

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LoansNew JerseyNortheastRetail

First Bank Provides Construction Financing for Retail Expansion Project in Belleville, New Jersey

by Taylor Williams

BELLEVILLE, N.J. — First Bank has provided an undisclosed amount of construction financing for a retail expansion project that will be located in the Northern New Jersey community of Belleville. The site spans 18.7 acres at 11 Franklin Ave. The first building opened in October 2022 and is fully leased to Starbucks. The second building will house three restaurant tenants, one of which will be Chipotle Mexican Grill. Michael Klein, Jon Mikula, Ryan Carroll and Kevin Badger of JLL arranged the floating-rate debt on behalf of the borrower, a partnership between two New Jersey-based developers, Tulfra Real Estate and The Hampshire Cos.

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