Phoenix — Five new tenants are joining Christown Spectrum, a retail center in Phoenix. Naughty Tacos has opened a 1,540-square-foot restaurant at the property. KTK Chiropractic will lease 3,337 square feet at the center beginning this summer. Burlington is scheduled to open a location at the property in 2024. Hobby Lobby and Five Below will also open next year, occupying 60,000 and 10,000 square feet, respectively.
Kailua, Hawaii — Watumull Properties Corp. has purchased Niumalu Marketplace, a 205,000-square-foot retail center located in Kailua on O’ahu, for $66 million. Safeway anchors the property, which is situated on 20 acres. Wendell Brooks and Kimo Greenwell of JLL will handle leasing at the center, and Big Island Colliers’ Hawaii office will provide property management services.
Montclair, Calif. — Longpoint has acquired Cardenas Marketplace, a shopping center located in Montclair, roughly 30 miles east of Los Angeles, for $22.7 million. Built in 2020 and anchored by Cardenas Market, the property was 91 percent occupied at the time of sale. Other tenants at the center include AT&T and Wendy’s. Alan Krueger, Vanessa Haddad and Masih Waliyar of CBRE represented Longpoint in the transaction.
Lake Orion and Macomb Township, Mich. — Meijer has opened two stores featuring a new, condensed layout in the Detroit suburbs of Lake Orion and Macomb Township. The stores, which comprise between 75,000 and 90,000 square feet each, include produce, in-store meat cutters, a bakery with cake decorators, full-service deli, in-store and drive-thru pharmacy, health and beauty products, card and party supplies, a floral section and baby, pet and household items. The stores also offer the same checkout methods and shopping technology available at other Meijer locations.
San Antonio, Texas — Nordstrom Rack and Chick-fil-A have signed leases at Northwoods Shopping Center, a 443,148-square-foot retail center located in San Antonio. Nordstrom Rack will open a 34,966-square-foot store in September. Chick-fil-A is constructing a 4,995-square-foot building at the property, a timeline for which was not announced. Other tenants at the center include H-E-B, Barnes & Noble, Marshall’s, Ulta Beauty, Old Navy, Chuy’s, Fish City Grill, La Madeleine French Bakery & Café, Red Robin and Regal Cinemas. CIM Group is the landlord.
Aliso Viejo, Calif. — Eureka! has opened a 4,504-square-foot restaurant at The Commons at Aliso Viejo, a retail center in Aliso Viejo. Justin McMahon of JLL represented both the landlord, Buie Communities, and Eureka! in the lease negotiations.
Brokers and developers say the region, where retail is outperforming expectations, offers a warm embrace and opportunity for residents and retailers alike. Skies aren’t the only thing that are sunny in North Florida as the region’s retail market is exceeding expectations and defying macroeconomic headwinds. Michael McNaughton, chief operating officer at Sleiman — a shopping center owner and developer based in Jacksonville — says that the region’s outlook is “extremely bright” heading into the new year. Though not without their challenges, recent months have seen strong property-level performance of retail …
New York City — Foot Locker will close more than 400 underperforming stores as part of its “Lace Up” plan, announced during the company’s 2023 Investor Day call. According to Tony Aversa, senior vice president of global store development, the move is part of a strategy to manage portfolio risk by way of strategic closures. The company currently operates 2,700 locations, which will be reduced to approximately 2,400 by 2026, a number which also reflects the planned addition of stores in new formats. Despite the closures, Foot Locker intends to …
Niles, Ohio — Bass Pro Shops will open a 63,000-square-foot Bass Pro Shops Outpost store in Niles, marking the seventh location in the state for the brand. Scheduled to open at Howland Commons within the Eastwood Mall complex in the second half of this year, the store will feature a custom design with localized nature imagery. Cafaro Co. is the landlord at the property.
Fontana, Calif. — Hanley Investment Group Real Estate Advisors has brokered the $2.3 million sale of a single-tenant retail property located in Fontana. Dutch Bros Coffee occupies the newly constructed 871-square-foot property, which is situated within Highland Village Shopping Center, on a triple-net-lease basis. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley represented the seller, Adler Realty Investments, in the transaction. Jeremy McChesney of Hanley represented the buyer, a private investor.