Prince Frederick, Md. — MCB Real Estate and Generation Properties have broken ground on Armory Square, a 110,000-square-foot shopping center located in Prince Frederick, roughly 44 miles southeast of Washington, D.C. The site is situated on 12.5 acres that once housed Calvert Middle School. Tenants at the center will include Aldi, Michaels, Sneade’s Ace Home Center, Dash-In, First Watch, Jersey Mike’s, Hangry Joe’s, Always Ice Cream, Foster’s Grille and Quickway Hibachi.
New York City — J.P. Morgan Real Estate Income Trust (JPMREIT) has acquired a 95 percent interest in Shops at Grand Avenue, a 99,837-square-foot retail center located in Queens in New York City, from Acadia Realty Trust. Stop & Shop anchors the property, which was fully leased at the time of the acquisition. The purchase price was $48 million.
Charlotte, N.C. — Gantry has arranged a $2.1 million permanent loan for the refinancing of Shoppes at Toringdon, a retail property located in Charlotte. Three tenants occupy the property, which comprises 8,000 square feet situated on 1.6 acres. Tim Storey, Casey Kupferberg and Chad Metzger of Gantry secured the five-year, fixed-rate loan on behalf of the undisclosed borrower.
Cherry Hill, N.J. — Five new tenants have signed leases totaling 30,000 square feet at Cherry Hill Mall, a 1.4 million-square-foot shopping center located in Cherry Hill. Alo Yoga, Kendra Scott and Signature Workspace are scheduled to open at the property this year. Dry Goods and Rowan have also signed leases at the center, with the latter scheduled to open next spring. PREIT owns and manages the property.
Houston — Eco Thrift, a merchandiser of secondhand goods, has signed a 29,250-square-foot lease at Willowbrook Plaza in northwest Houston. AMC Theatres, Bed Bath & Beyond, buybuyBaby and World Market anchor the 392,542-square-foot power center. Austen Baldridge and Bob Conwell of NewQuest Properties represented the tenant in the lease negotiations. Radkey Jolink, Bruce Wallace and Cole Rainer of Jolink Wallace Commercial represented the landlord.
With challenges including high interest rates, construction prices and longer permitting timelines, the cost to own, build, remodel and lease restaurant space today has gone through the roof. Forward-thinking restaurant tenants and retail landlords, though, are finding creative ways to make things work. In today’s environment, it’s necessary to find imaginative solutions when neogitating lease terms and structures, in order make both tenants and landlords comfortable and willing to close transactions. Colliers’ retail brokerage team in Central Florida has recently observed several trends that illustrate this ingenuity. Annual increases in …
Geneva, Ill. — Lamar Cos., in partnership with Real Capital Solutions, has acquired Geneva Commons, a 440,370-square-foot shopping center in the Chicago suburb of Geneva. Dick’s Sporting Goods and Barnes & Noble anchor the property. Other tenants at the center include Sephora, Athleta, Lovesac, Williams Sonoma, Pottery Barn, Bath & Body Works, J. Crew Factory and First Watch. Lamar plans to implement capital improvements to the property.
Atlanta — Walmart will open a 75,000-square-foot Walmart Neighborhood Market store in the Vine City neighborhood of Atlanta. Previously, the brand operated a Supercenter store at the property, which closed in December 2022 due to fire damage. The new store will feature a full-service deli, money center, expanded bakery, online pickup and delivery service and a health service room. Scheduled to open on Wednesday, May 22, this marks Walmart’s first conversion of a Supercenter store to a Neighborhood Market store.
Sayreville, N.J. — Marcus & Millichap has brokered the $7.2 million sale of a 25,898-square-foot retail center located in Sayreville, about 40 miles south of Manhattan. QuickChek anchors the property, which was 97 percent leased at the time of sale to 14 tenants. Ala Cafiero and Brent Hyldahl of Marcus & Millichap represented the seller and procured the buyer in the transaction.
New York City — Michael Carroll and John Hayes have joined New York City-based RD Management LLC, a property owner and operator with a portfolio comprising more than 170 properties throughout the continental U.S. and Puerto Rico. RD has appointed Carroll and Hayes to the roles of co-chief executive officer and chief financial officer, respectively. Richard Birdoff, who has been with RD for more than 30 years, will serve as co-CEO and executive chairman moving forward. Carroll’s previous experience includes founding ShopOne Centers REIT in 2017 and serving as CEO of …
