AUSTIN, TEXAS — Charlotte-based investment and development firm Asana Partners has acquired The Arboretum, a roughly 197,105-square-foot shopping center in the Great Hills neighborhood of Austin, with plans to renovate the property. Tenants include Amy’s Ice Creams, Ballard Designs, Chico’s, Lovesac, Pottery Barn, Cava, Teapioca Lounge, Soma and Hanara Sushi & Grill. Asana plans to reconfigure commons areas to support live music and pop-up retail, establish new patios for outdoor dining and replace storefront signage. Sitework for the renovation will begin this summer. Completion is slated for early 2027.
NASHVILLE, TENN. — Manova Partners, an international independent real estate firm headquartered in Munich, has sold Nashville West Shopping Center, a 323,927-square-foot, super-regional shopping center in Nashville near Vanderbilt University. Chris Decoufle, Kevin Hurley, Matt Karempelis of CBRE marketed the property on behalf of the seller. The buyer and sales price were not disclosed. Situated at the intersection of I-40 and Charlotte Pike, Nashville West was built in phases from 2007 to 2008 and comprises six single-story buildings across 31 acres. Tenants at the center, which was 98 percent leased at the time of sale, include Dick’s Sporting Goods, Best Buy, Ross Dress for Less, Marshalls, Cost Plus World Market, Old Navy, DSW and Books-A-Million. Costco, Target and Publix shadow-anchor the center.
CUMMING, GA. — JLL has signed four new tenants to leases at The Collection at Forsyth, a 565,000-square-foot mixed-use lifestyle center located in Cumming, a north Atlanta suburb. Sherri Wilson of JLL handles leasing efforts on behalf of the owner, CTO Realty Growth (CTO). Civil engineer firm Kimley-Horn will open a 16,500-square-foot office at the property, while real estate brokerage firm Berkshire Hathaway HomeServices Georgia Properties will operate a 4,002-square-foot space. Warby Parker will debut a 1,200-square-foot storefront, and The Cheesecake Factory will open a smaller-format restaurant (roughly 6,500 square feet) that will backfill a former Wild Wings Café. Other recent additions to The Collection at Forsyth include Sephora, Kilwins, BODYROK, The PICKLR, J. Crew Factory, Pandora, Build-A-Bear Workshop, Rocket Fizz Soda Pop and Candy Shop, Giggle Town, Dermani Medspa, Bahama Buck’s, True Rest Float Spa, Le Macaron, Spavia, F45 Training, Woof Gang Bakery and Master Jewelers. The Collection at Forsyth is 95 percent leased, with all remaining tenants expected to open this year.
If there is one defining characteristic of the Raleigh-Durham retail market today, it is scarcity. Exceptionally low vacancy — especially in high-quality, well-located centers — has become the norm rather than the exception, fundamentally reshaping leasing dynamics, rent growth and development strategy across the region. As of third-quarter 2025, overall retail vacancy in Raleigh-Durham stood at approximately 2.4 percent, marking four consecutive years below the 3 percent threshold. Even more telling, spaces under 10,000 square feet posted vacancy closer to 1.8 percent, underscoring just how competitive conditions have become for local and regional tenants. This imbalance between demand and supply has placed landlords in a position of sustained leverage, particularly in grocery-anchored centers, strong neighborhood and lifestyle shopping centers or mixed-use environments. Low vacancy matters because it drives outcomes. Lease-ups are happening faster, concessions are increasingly rare in top trade areas and rents continue to trend upward. For tenants, especially those seeking smaller footprints, waiting to engage often means missing opportunities altogether. For owners, the market rewards proactive asset management and disciplined tenant selection. A clear example of this dynamic is Olde Raleigh Village, a grocery-anchored community shopping center that is currently 100 percent leased. With no vacancy to contend …
VICTORVILLE, CALIF. — NewMark Merrill Cos., in partnership with World Premier Investments and R.Y. Properties, has received entitlements to develop Desert Sky Plaza II, a 30-acre shopping center at the southeast corner of Roy Rogers Drive and Amargosa Road in Victorville. NewMark Merrill is slated to break ground on the project in the second quarter of 2026 with the opening planned for fall 2027. Designed by Architects Orange and Kimley-Horn, Desert Sky Plaza II will be the second phase of the existing Desert Sky Plaza, which is anchored by The Home Depot. The new phase, anchored by Target and Burlington, will offer 297,363 square feet of retail space. Desert Sky Plaza is roughly 70 percent pre-committed but still has availability for tenants ranging from 1,500 square feet to 25,000 square feet. Greg Giacopuzzi and Darren Bovard of NewMark Merrill are overseeing leasing at the center.
Marcus & Millichap Brokers Sale of 33,055 SF Mixed-Use Property in San Diego’s La Jolla Neighborhood
SAN DIEGO — Marcus & Millichap has arranged the sale of Prospect Square at La Jolla Village, a mixed-use property located in San Diego’s La Jolla submarket. 1025 Prospect LLC sold the asset to 1025 Associates LLC & Wedge 3.0 LLC for $10.3 million. Nick Totah of Marcus & Millichap represented the seller, while Ross Sanchez of Marcus & Millichap represented the buyers in the deal. Located at 1025 Prospect St., Prospect Square at La Jolla Village features 33,055 square feet of ground-floor and second-floor retail and restaurant space, third-floor office space and a three-story subterranean parking garage. Current tenants include Cody’s Restaurant, Beeside Balcony, The Agency, Arjang Fine Art, Blueprint Equity and Patient Partner. Originally built in 1984, the property was renovated in 2022 and 2024.
LEESBURG, FLA. — SRS Real Estate Partners has negotiated the $3.5 million ground lease sale of a restaurant property located at 9925 US-441 in Leesburg, about 45 miles northwest of Orlando. Chick-fil-A occupies the 4,935-square-foot building, which was built in 2024, on a corporate-guaranteed, absolute triple-net ground lease with 13 years remaining on the initial term. Patrick Nutt and William Wamble of SRS represented the seller, a national investor and developer, in the transaction. The 1031 exchange buyer was a Brooklyn, N.Y.-based private investor. Both parties requested anonymity.
HOFFMAN ESTATES, ILL. — SVN Chicago Commercial has brokered the $9 million sale of Barrington Square Town Center, a 101,769-square-foot shopping center situated on 11 acres in Hoffman Estates. The transaction marks the first time the property has traded hands since 1979. Wayne Caplan and Al Lindeman of SVN Chicago represented the Dutch-based ownership group, Depa Holding Co., along with its U.S. partner, Caruso Development Corp. Harris Ali of Sky High Real Estate represented the buyer, a local investment group. The center on West Higgins Road is adjacent to a 7.2-acre site slated to be developed as Grand Reserve of Hoffman Estates, a 330-unit luxury apartment development. The property is nearly fully leased and traded at a cap rate of 9 percent.
COLUMBUS, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged $12.7 million in acquisition financing for Columbus EZ Travel Center, a gas station and convenience store in East Texas. Ron Balys of MMCC originated the 10-year loan, which carries a 6.5 percent interest rate, 30-year amortization schedule and a 65 percent loan-to-value ratio. The borrower and direct lender were not disclosed.
OCEAN CITY, MD. — The McClellan Team at SVN | Miller Commercial Real Estate has negotiated the sale of 21 acres of land underlying Outlets Ocean City, a 200,000-square-foot outlet mall in Ocean City. The outlet mall is subject to a long-term ground lease with leasehold improvements by the new ownership. The Elliott Family sold the land to the undisclosed buyer. The new ownership group has tapped the McClellan Team and Ryan Finnegan of SVN | Miller to lease Outlets Ocean City, which has six units available for lease. According to the property’s online directory, the outlet mall’s tenant roster includes American Eagle, Carter’s, Crocs, HomeGoods, J. Crew Factory, Mione’s Pizza, Old Navy Outlet, Outback Steakhouse, Rack Room Shoes, Skechers, Sunglass Hut and Under Armour, among other brands.