Springfield, Va. — Rappaport has been selected to provide property management services for Principal Asset Management’s West Springfield Shopping Center, an 86,000-square-foot grocery-anchored center located in Springfield, approximately 14 miles southwest of Washington, D.C. Rappaport already oversees leasing at the property, and also previously managed a redevelopment project at the center, which featured the relocation and ground-up construction of an Inova/GoHealth facility and consolidation of the new grocery anchor, Aldi. Additional tenants at West Springfield Shopping Center include Panera Bread, Chipotle Mexican Grill, Subway, Magic Cleaners, The UPS Store, Papa John’s …
Sarasota, Fla. — Jamestown has been selected to provide leasing for Sarasota Square, a redevelopment of the former Sarasota Square mall, which will be transformed into an open-air lifestyle center. Chicago-based Torburn Partners received approval for the redevelopment plan in April 2024, and demolition of the indoor mall began in February 2025. The first retail building is currently under construction. Previously confirmed tenants at the project include Whole Foods Market, Homesense, CAVA, Chipotle Mexican Grill, Joe & The Juice and Charles Schwab.
Honolulu — A joint venture formed by locally based MW Group Ltd. and funds affiliated with Blackstone Real Estate and DivcoWest has entered into a definite merger agreement with Alexander & Baldwin Inc., a Honolulu-based owner-operator of shopping centers and other commercial real estate properties. The deal is valued at $2.3 billion, inclusive of outstanding debt, and would take Alexander & Baldwin private. The joint venture plans to acquire all outstanding shares of Alexander & Baldwin for $21.20 per share in an all-cash transaction. The company’s stock price closed last week …
Fort Wayne, Ind. — PB Development has been selected to serve as the master developer for North River District, a planned 29-acre mixed-use development in Fort Wayne. The site is anticipated to include a 160,000-square-foot sports and recreation facility, dubbed North River Fieldhouse, that will accommodate activities including basketball, soccer, volleyball, wrestling, cheerleading, pickleball, baseball and flag football. Affordable and market-rate housing options are also expected to be constructed at the property.
Columbus, Ohio — Home furnishings retailer American Signature Inc. (ASI) has filed for Chapter 11 relief in the United States Bankruptcy Court for the District of Delaware. Based in Columbus, Ohio, American Signature was founded in 1948 and is the parent company to Value City Furniture and American Signature Furniture, which have more than 120 stores open across 17 states. ASI expects to enter into a stalking horse asset purchase agreement under which, subject to court approval, ASI Purchaser LLC will acquire substantially all of the company’s assets and assume certain …
Dublin, Ohio — Dublin, Ohio-based fast food giant Wendy’s is planning to close hundreds of its U.S. stores next year as part of a broader effort to revive its home market. According to Wendy’s interim CEO Ken Cook during the company’s quarterly earnings call, Wendy’s is expected to close a “mid-single-digit percentage” of its 6,011 U.S. restaurants, which could approximate to about 300 stores. In its latest fiscal quarter, Wendy’s global sales were down 2.6 percent and sales at U.S. locations fell 4.7 percent. As reported by several media publications, such …
Fort Mill, S.C. — Shoe Carnival Inc.’s board of directors has unanimously voted to change the company’s corporate name to Shoe Station Group, subject to approval by shareholders at the company’s annual meeting in June 2026. The company expects more than 90 percent of its stores to operate as Shoe Station by the end of fiscal 2028, with the remaining locations being evaluated for re-naming, outlet repositioning or closure. The company has completed 100 store re-banners during fiscal 2025 and is on track for 51 percent of its portfolio to operate …
Spartanburg, S.C. and New York — Spartanburg, South Carolina-based Denny’s Corp., owner and operator of Denny’s Inc. and Keke’s Inc., has entered into a definitive agreement to be acquired by a group consisting of TriArtisan Capital Advisors LLC, Treville Capital Group and Yadav Enterprises Inc., in an all-cash transaction for $620 million. Upon completion of the transaction, Denny’s will become a privately held company and will no longer be listed on the Nasdaq. The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions. Under the terms …
Salisbury, N.C. — Food Lion is investing $484 million to enhance the customer shopping experience with 153 remodeled stores. The stores were unveiled on Nov. 5 throughout the greater Charlotte, North Carolina, market. Founded in Salisbury, North Carolina, in 1957, Food Lion operates more than 1,100 stores throughout 10 Southeastern and Mid-Atlantic states. The omnichannel grocery retailer also prioritizes fighting food insecurity, donating nearly 13 million pounds of food across the Charlotte region to area food banks since 2024.
Irvine, Calif. — Philip Voorhees will join BISON Partners, a real estate operating company focused on retail properties, following his departure from CBRE at the end of the year after a 25-year tenure. Voorhees currently serves as vice chairman in CBRE’s Retail Capital Markets division, where his retail investment teams have completed more than 1,080 transactions totaling over $15 billion in value. Launched in 2022 by Brad Rable and Wil Smith, BISON Partners was established as a strategic venture to acquire and reposition retail shopping centers. The firm recently expanded its …
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