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AcquisitionsDevelopmentMarylandMixed-UseRetailSoutheastTop Stories

Centennial Acquires 1.6 MSF Annapolis Mall in Maryland from URW, Plans Mixed-Use Revamp

by John Nelson

ANNAPOLIS, MD. — Dallas-based Centennial, along with capital partners Sandeep Mathrani, Waterfall Asset Management and Lincoln Property Co. (LPC), has acquired Annapolis Mall, a 1.6 million-square-foot shopping mall in Annapolis. The mall sits roughly 30 miles east of Washington, D.C., in the Chesapeake Bay region. The property, which formerly operated as Westfield Annapolis, houses 200 shops and restaurants and is listed as the second-largest mall in the state, trailing only the 1.9 million-square-foot Arundel Mills mall in Hanover. Terms of the deal were not disclosed, but the seller and former operator, Paris-based mall giant Unibail-Rodamco-Westfield (URW), listed in its first-half 2024 earnings results that the company sold Annapolis Mall for $160 million. URW also reported it had received a nonrefundable deposit of $10 million as part of the disposition. According to Steven Levin, founder and CEO of Centennial, there are no other enclosed shopping centers located within a 25-minute drive of Annapolis Mall. “Long term, the property presents a unique opportunity to densify the site with complementary mixed uses that would benefit from retail as the integrated amenity,” says Levin. Annapolis Mall opened in 1980 and over the past few years has lost four anchor tenants — Lord & Taylor, Nordstrom, …

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CaliforniaDevelopmentMixed-UseTop StoriesWestern

Barings, Counterpointe Provide $315.5M Construction Financing for Habitat Mixed-Use Project in Los Angeles

by Kristin Harlow

LOS ANGELES — Barings has provided a $160 million construction loan alongside $155.5 million in C-PACE financing from a subsidiary of Counterpointe Sustainable Advisors for the development of Habitat, a “live-work-thrive” campus in Los Angeles. Lendlease is developing the project, which will include creative office space, luxury apartments, retail and an integrated park. Located at 3401 S. La Cienega Blvd. and offering immediate access to the LA Metro and Expo Bike Path, Habitat is situated where Culver City meets the heart of Los Angeles. Upon completion, which is slated for early 2026, the property will feature a six-story, 253,000-square-foot creative office building and a 12-story, 260-unit multifamily building. There will also be restaurant, retail and amenity space. Habitat will feature a unique terraced design along with walking paths, indoor-outdoor workspaces, integrated green spaces and private outdoor terraces.  Lendlease is targeting LEED Gold certification for the residential building and LEED Platinum for the commercial portion. The project is certified Net Zero Carbon in construction and operations. Plans call for solar panels, 64 dedicated electric vehicle parking spots, 222 secured bike parking spaces and onsite stormwater treatment and infiltration. The $160 million senior loan features a five-year term, and the $155.5 million …

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RiverTown-Crossings_Grandville-Mich
AcquisitionsMichiganMidwestRetailTop Stories

Poag Acquires 1.3 MSF RiverTown Crossings Shopping Mall in Grandville, Michigan

by Hayden Spiess

GRANDVILLE, MICH. — Memphis-based developer Poag Development Group has acquired RiverTown Crossings, a 1.3 million-square-foot enclosed shopping mall located in Grandville, a suburb southwest of Grand Rapids.  The two-story property featured 114 retailers at the time of sale, including Macy’s, Kohl’s, JCPenney, Celebration Cinemas and Dick’s Sporting Goods. The mall first opened in 1999. Although the seller was not disclosed, Brookfield Property Partners assumed ownership of the mall in 2018 as part of its $15 billion acquisition of giant shopping mall operator GGP Inc. The price was not disclosed. According to local news outlets including WGRD 97.9, a buyer — Jonathon Bryant —purchased a vacant former Younker’s space at the mall in 2022 for $2 million. In 2024, trampoline entertainment concept Soar N Bounce signed a 10-year lease to occupy a portion of the 75,000-square-foot space. Poag plans to “revitalize the mall through redevelopment” and will add new uses, as well as reposition “underutilized parking fields.” JLL will work with Poag to manage and lease the property. “This property has so much potential for redevelopment given its great location,” says Josh Poag, CEO of Poag Development Group. “We are energized about the opportunity to deploy our redevelopment expertise to reimagine the property.” …

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DevelopmentHospitalityMixed-UseMultifamilyNew JerseyNortheastTop Stories

Public-Private Partnership to Develop 80-Acre, $200M Mixed-Use Project Near Racetrack in Oceanport, New Jersey

by John Nelson

OCEANPORT, N.J. — JEMB Realty has begun the design and development process for an 80-acre mixed-use property situated adjacent to the Monmouth Park Racetrack in Oceanport, a borough roughly 42 miles south of Newark, N.J. JEMB Realty will develop the multi-phase project in partnership with the State of New Jersey and Darby Development LLC. Construction is slated to begin in the fourth quarter of 2025. Plans for the site include a 298-unit residential building, as well as a 200-room hotel and a sports community center to support local youth athletes. The development team is also exploring a variety of entertainment options such as music venues and experiential retail components. Monmouth Park Racetrack is a racetrack for thoroughbred horse racing. According to the property website, the original Monmouth Park was constructed in 1870. Three buildings have carried the name in the past 139 years. The current structure opened its doors in 1946. The racetrack is owned by the New Jersey Sports and Exposition Authority and is operated by Darby Development, which recently entered into an 85-year lease agreement for the facility. The project team plans to work with the New Jersey Thoroughbred Horsemen’s Association, the New Jersey Sports & Exposition Authority, the New …

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Hudson Yards West
DevelopmentMixed-UseNew YorkNortheastTop Stories

Related Cos., Oxford Properties Unveil Plans for Next Phase of $12B Hudson Yards Development in Manhattan

by Katie Sloan

NEW YORK CITY — A partnership between Related Cos. and Oxford Properties Group, alongside Wynn Resorts (NASDAQ: WYNN), has unveiled plans for the next phase of development at Hudson Yards, a $12 billion mixed-use project located on Manhattan’s west side.  The next phase of development, Hudson Yards West, will replace the undeveloped western rail yards at the site. The developers are currently seeking approval by city and state officials for the expansion. If approved, the project will include the addition of a hotel by Wynn Resorts dubbed Wynn New York City; Hudson Green, a 5.6-acre public park; 1,500 new housing units, including 324 units of affordable housing; and a new K-8 public school. Designed by Hollander Design and Sasaki, Hudson Green will feature a dog run, open lawns, gardens and playscapes. The park will include the addition of over 300 trees, 500 shrubs and flower beds. Wynn Design and Develop, Wynn Resorts’ in-house team of designers, architects and creatives, will lead the architecture and design of the hospitality component. All facets of Hudson Yards West are being designed as part of a master plan by Skidmore, Owings & Merrill. Wynn Resorts has also committed to creating The Wynn Neighborhood Improvement …

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DevelopmentLife SciencesTexasTop Stories

City of Plano Approves $4B Texas Research Quarter Life Sciences Project

by Kristin Harlow

PLANO, TEXAS — The Plano City Council has approved a development agreement to support the Texas Research Quarter (TRQ), a life sciences-focused innovation district. The first phase would involve redevelopment and new construction at the former Electronic Data Systems (EDS) headquarters, a 91-acre site that serves as the TRQ main campus. Plano is located approximately 20 miles north of Dallas. The development agreement provides reimbursement to incentivize investment and development within a newly created tax-increment reinvestment zone (TIRZ), which contains the TRQ properties and other parts of Plano’s Legacy neighborhood. Total project costs are estimated at $4 billion, according to the Dallas Business Journal. Future phases include additional redevelopment activity across the main campus, as well as the creation of an integrated multi-site district through development at adjacent and nearby properties. Dallas-based NexPoint, an alternative investment manager with a real estate arm, is spearheading the development. “The city council approval is just the first step in a comprehensive plan to develop the TRQ into a world-class hub for life sciences,” says Eric Danielson, managing director and head of real estate development at NexPoint. “We are committed to collaborating with the community to build a dynamic ecosystem that will drive innovation, …

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Go Store It Self Storage Nantucket
Company NewsIndustrialNorth CarolinaNortheastPennsylvaniaProperty TypeSelf-StorageSoutheastTop Stories

Go Store It, Snapbox Merge, Creating 10 MSF Self-Storage Giant

by Hayden Spiess

CHARLOTTE, N.C. AND PHILADELPHIA — Go Store It Self Storage and Snapbox Self Storage have merged. The combined company is now one of the largest private self-storage operators in the United States, according to a press release issued by the companies.  Operating under the Go Store It Self Storage brand name, the new entity will oversee a portfolio totaling more than 10 million square feet of storage space across 145 locations in 23 states. Executive leadership will include Ryan Hanks and Jake Ramage as chief executive officers (CEOs), with Matt Lang serving as president. The merger is designed to enhance operational efficiency as well as stimulate growth in the areas of acquisition, development and third-party management.  Founded in 2013 in Charlotte, N.C., Go Store It is a subsidiary of Madison Capital Group Holdings. Philadelphia-based Snapbox was also founded in 2013. Both companies are FrontRange Capital portfolio companies. FrontRange has invested roughly $100 million in Madison Capital and its affiliates, including Go Store It, and is making a co-general partner (co-GP) commitment to the new entity.  — Hayden Spiess

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ColoradoDevelopmentIndustrialTop StoriesWestern

Swire Coca-Cola to Build 570,000 SF Bottling Plant Near Denver International Airport Campus

by John Nelson

DENVER — Swire Coca-Cola USA, a prominent Coca-Cola bottler in the Western United States, has confirmed plans for a new bottling plant near Denver International Airport. According to the project’s website, Swire Coca-Cola plans to invest between $350 million and $500 million to construct the facility, which will be located at the airport’s Second Creek Campus. According to Denver Business Journal, the new facility will span 570,000 square feet. The project website estimates that Swire Coca-Cola will break ground in third-quarter 2025 and hold a grand opening in first-quarter 2027. Additionally, equipment is scheduled to be installed and commissioned in third-quarter 2026. Swire Coca-Cola plans to use the property to replace both an existing production center at 3825 York St. and a sales center at 2145 E. 40th Ave., which are located within a half-mile of each other and about 17 miles southwest of the airport. The new Swire Coca-Cola plant, which will be used for the bottling of both Coca-Cola plastic bottles and aluminum cans, will sit on 97 acres at the northeast corner of Tower Road and Pena Boulevard. The company plans to employ approximately 200 people at the new facility. Denver Business Journal reports that Denver City Council …

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80-Clarkson-NYC
DevelopmentLoansMultifamilyNew YorkTop Stories

Joint Venture Receives $985M Financing for 100-Unit Luxury Condo Towers in New York City 

by Hayden Spiess

NEW YORK CITY — A joint venture between Zeckendorf Development, Atlas Capital Group and The Baupost Group LLC has received $985 million in financing for the development of 80 Clarkson, a full-block condominium project along the Hudson River in Manhattan’s West Village neighborhood. The two towers of the development will rise 450 feet and total 100 ultra-luxury units. The first tower is scheduled for completion in 2026, with the second following in 2027. Newmark arranged the loan for the project on behalf of the developers. Jordan Roeschlaub, Chris Kramer and Jonathan Firestone of Newmark secured the financing from Cale Street Partners and Farallon Capital Management. The community will feature outdoor space, luxury finishes, an amenity package and ground-floor retail space. 80 Clarkson is located on the northernmost portion of the former St. John’s Terminal Building, which was originally built in 1934 as the terminus to the High Line Rail Road. The building spanned almost four city blocks, nearly 850 feet along the Hudson River.  In 2016, Atlas led a prior venture in a complex rezoning which allowed for significantly increased density on the site. After negotiating early terminations with the building’s office tenants, the venture sold the portion of the …

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Advance-Auto-Parts_Kinston
AcquisitionsCompany NewsDistrict of ColumbiaIndustrialNorth CarolinaRetailSoutheastTop Stories

Advance Auto Parts Agrees to Sell Worldpac Distribution Business to Carlyle for $1.5B

by Katie Sloan

RALEIGH, N.C. AND WASHINGTON, D.C. — Advance Auto Parts Inc. (NYSE: AAP) has agreed to sell Worldpac, the Raleigh-based company’s automotive parts wholesale distribution business, to funds managed by global investment firm Carlyle (NASDAQ: CG) for $1.5 billion in cash.  Advance Auto Parts operated 321 Worldpac locations primarily within the United States as of the end of the second quarter. These warehouses, 135 of which are branded Autopart International, are generally larger than the company’s retail locations, averaging approximately 26,000 square feet. Worldpac offers over 293,000 parts for domestic and import vehicles and primarily serves professional customers such as vehicle repair shops, with services including same-day delivery of automotive parts through a fleet of company-owned vehicles. Over the past 12 months, these locations generated approximately $2.1 billion in revenue and $100 million in earnings before interest, taxes, depreciation and amortization (EBITDA). Advance expects to close the transaction before the end of the year, with Advance expecting net proceeds of approximately $1.2 billion after taxes and transaction fees.  These proceeds will be used to strengthen the company’s balance sheet and invest in its core retail business, said Shane O’Kelly, president and CEO of Advance Auto Parts, during an earnings call earlier …

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