MICHIGAN — Chick-fil-A has unveiled plans to open approximately 25 to 30 new locally owned and operated restaurants across Michigan by the end of 2028. The new restaurants will create over 2,500 jobs across the state. Chick-fil-A first opened in Michigan in 2015, and currently operates 28 locations in the state. In metro Detroit, Chick-fil-A plans to open in Chesterfield Township, Roseville, Taylor and Fort Gratiot this fall or winter. Additional growth includes a licensed location in the First National Building, and locally owned and operated restaurants in Detroit, Auburn Hills, Lincoln Park, Orion Township, Clinton Township, Canton and Ann Arbor. Two restaurants are slated to open in 2025 in Lansing/Jackson, as well as one restaurant in Saginaw and another in Benton Harbor. Chick-fil-A is the third largest quick-service restaurant company in the United States with more than 3,000 restaurants across the U.S., Canada and Puerto Rico.
SEATTLE — The special committee of the Board of Directors of Nordstrom (NYSE: JWN) has confirmed receipt of a proposal from Erik and Pete Nordstrom, members of the Nordstrom family, and El Puerto de Liverpool to acquire all of the outstanding shares of the Nordstrom, other than shares held by members of the Nordstrom family and Liverpool, for $23 per share in cash. If accepted, the deal would take the publicly traded company private. The proposal would be financed through a combination of rollover equity and cash commitment by members of the Nordstrom family and Liverpool and $250 million in new bank financing, with the existing indebtedness of the company to remain outstanding. There is no assurance that the company will pursue this transaction, and Nordstrom does not intend to disclose further developments regarding the proposal until further disclosure is determined to be appropriate or necessary. Morgan Stanley & Co. and Centerview Partners are acting as financial advisors to the special committee, and Sidley Austin LLP and Perkins Coie LLP are acting as legal counsel. Seattle-based Nordstrom’s stock price closed at $22.60 per share on Thursday, Sept. 5, up from $14.90 one year prior.
FONTANA, CALIF. — A joint venture between MCB Real Estate and a fund managed by DRA Advisors has purchased Falcon Ridge Town Center, a retail center at 15218-15320 Summit Ave. in Fontana, located in the Inland Empire region. An undisclosed party sold the asset for $65 million. Built in 2005 and renovated in 2023, Falcon Ridge offers 273,424 square feet of fully leased retail space. Current tenants include Ulta Beauty, Famous Footwear, Five Below, Michaels, Dollar Tree and Ross Dress for Less.
KINGSTON, N.Y. — CBRE has negotiated the $36.5 million sale of two retail buildings in Kingston, about 100 miles north of New York City. The buildings are located within Hudson Valley Plaza and are leased to Lowe’s and Sam’s Club, both of which have been tenants at the 673,000-square-foot shopping center since 1996. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, United Hampshire REIT US, in the transaction and procured an undisclosed institutional investment firm as the buyer.
NEWARK, N.J. — Newark-based PGIM Real Estate has sold a seven-property portfolio of grocery-anchored shopping centers in Florida. The buyer purchased the portfolio, which spans 608,314 square feet of retail space, for $223.9 million. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented PGIM in the disposition. The buyer was not disclosed, but Business Observer reports that Publix Super Markets bought the portfolio from PGIM. The assets in the portfolio include Crestwood Square in Royal Palm Beach; Davie Shopping Center and Regency Square in Davie; Gladiolus Gateway in Fort Myers; Town Center at Orange Lake and Village Shops at Bellalago in Kissimmee; and Woods Walk Plaza in Lake Worth.
MELBOURNE, FLA. — TSCG has brokered the $16.5 million sale of Causeway Shopping Center in Melbourne, a city on Florida’s Space Coast. Ross Dress for Less, Michaels and Bealls anchor the 111,816-square-foot property. Anthony Blanco of TSCG represented the seller, a joint venture between Forge Capital Partners and The Sembler Co., in the transaction. Darrell Deshaw of Western Retail Advisors represented the California-based buyer. Originally built in 1966 and renovated in 2008, Causeway Shopping Center was 85 percent leased at the time of sale.
OCEANSIDE, CALIF. — PRDO Retail Investors LP (A&C Properties, a private investment firm based in Phoenix, Ariz.) has completed the disposition of Plaza Rancho Del Oro, a neighborhood shopping center in Oceanside, to Lotfi and Flora Mehdian for $34.3 million. Located at 4120-4196 Oceanside Blvd., Plaza Rancho Del Oro features 65,054 square feet of retail, restaurant and service-retail space. Built in 1989, the property consists of eight buildings and more than 400 parking spaces. At the time of sale, the property was 92 percent occupied by a variety of tenants, including Starbucks Coffee, My Salon Suites, Upper Crust Pizza, Wells Fargo and Carl’s Jr. Currently, the property consists of 29 local and national retailers. Jimmy Slusher, Philip Voorhees, James Tyrrell, Megan Lanni, Reg Kobzi, Joel Wilson, Michael Peterson and Lane Robertson of CBRE’s National Retail Partners represented the seller in the deal.
EL CAJON, CALIF. — Marcus & Millichap has arranged the sale of a multi-tenant retail property in El Cajon, an eastern suburb of San Diego. Two Squared LLC sold the asset to an undisclosed buyer for $1.5 million. At the time of sale, the 2,870-square-foot property was fully leased to two tenants, Final Touch Nails, Hair & Spa and Subway. The asset is located along the North 2nd Street retail corridor. Nick Totah and Ross Sanchez of The Totah Group of Marcus & Millichap’s San Diego downtown office represented the seller in the deal.
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, …
HOUSTON — Edge Realty Partners has negotiated the sale of a 24,000-square-foot retail property located at 5757 Westheimer Road in West Houston. The property is located within the Uptown/Galleria submarket and is home to a mix of national and local tenants. Chace Henke and Micha van Marcke of Edge represented the buyer, Last Mile Investments, in the transaction. Jim Bayne of Investar Real Estate Services represented the undisclosed seller.