Lexington, Ky. — Lincoln Property Co. (LPC) and The Webb Cos. have purchased an 18-acre site in downtown Lexington. The partnership plans to develop a mixed-use project at the location. Upon completion, the development will feature residential, retail, hospitality and office space.
Columbus, Ohio — Alterra Real Estate Advisors has acquired a mixed-use building in Columbus for $3.1 million. Constructed in 1986, the building comprises three stories and 62,000 square feet of retail and office space. Auto Owners Life Insurance Co., which is a tenant at the building, was a seller. Other tenants include BHM CPA Group, J Gilberts, Salon Lofts, Auto Owners Insurance, Fishbeck, Stringfield Industries, Valmer Land Title, NeuroRehab, Advanced Billing, Manifest IT, Firouzian Dentistry and Subway. Retail space at the property was fully leased at the time of sale. …
Gaithersburg, Md. — WRS Real Estate Investments has successfully rezoned a 100-acre site in Gaithersburg that houses Lakeforest Mall. The Gaithersburg City Council approved the rezoning of the site for mixed-use as well as a sketch plan of the future development. WRS purchased the core of the 1.1 million-square-foot regional mall in 2019. In 2022, the developer purchased the mall’s remaining department stores: J.C. Penney, Lord & Taylor, Sears and Macy’s. Upon completion, the mixed-use village will comprise up to 1.25 million square feet of retail, restaurant, dining, hospitality and …
Johns Creek, Ga. — Toro Development Co. (TDC) has announced leases with 11 tenants at Medley, a mixed-use project currently underway in Johns Creek, roughly 30 miles northeast of Atlanta. Upon completion, the development will include 200,000 square feet of retail, restaurant and entertainment space, as well as 900 residential units and 110,000 square feet of office space. Tenants will include Little Rey, CRÚ Food & Wine Bar, AYA Medical Spa, Fadó Irish Pub, BODY20, Lily Sushi Bar, Lucciano’s Gelato, Sugarcoat Beauty, Summit Coffee, Knuckies Hoagies and Cookie Fix.
Decatur, Ga. — Edens plans to transform North DeKalb Mall, an enclosed regional shopping mall in the Atlanta suburb of Decatur, into a 2.5 million-square-foot mixed-use development called Lulah Hills. Edens acquired the 622,297-square-foot mall in 2021 and rezoned the 73-acre site in 2022 to allow for mixed-use development. Upon completion, Lulah Hills will comprise 320,000 square feet of retail and restaurant space, 1,700 multifamily units, 100 townhomes and a 150-room hotel. North DeKalb Mall opened in 1965 and served as the first fully enclosed mall in metro Atlanta. Demolition …
Bridgewater, N.J. — Pacific Retail Capital Partners (PRCP) has acquired Bridgewater Commons, a 1.2 million-square-foot mall located in Bridgewater, roughly 40 miles outside New York City, for an undisclosed price. The Village at Bridgewater Commons, an adjacent 94,000-square-foot open-air shopping center, was included in the acquisition. Tenants at the mall include Bloomingdale’s, Macy’s, Apple, J. Crew, lululemon, Athletica, Williams-Sonoma, The Cheesecake Factory, AMC Dine-In Theatres, LOFT, Maggiano’s Little Italy, Shake Shack and Starbucks Coffee. PRCP has assumed the property’s existing loan and secured an extension, with plans to transform the …
Austin, Texas — Four new tenants have signed leases at Centro, a mixed-use development spanning two blocks in Austin. Pure Barre, Brooklyn Dumpling Shop, Birds Barbershop and Full Ride Cycling will occupy spaces within 15,000 square feet of ground-floor retail space at the property. Jeremy Smitheal, Win Smith and Bennett Holcomb of Riverside Resources represented the landlord in the leasing negotiations.
San Diego — Jimbo’s Naturally has signed a 25,000-square-foot lease at The Row at Civita, Sudberry Properties’ 20-acre mixed-use development located in San Diego. The grocery store will be an anchor at the property, which is situated within the 230-acre master-planned community of Civita. Construction on the building is scheduled to begin in early 2025, with the opening planned for the second half of 2026. This will mark the fifth Jimbo’s store within San Diego County.
Corpus Christi, Texas — Developer Ashlar Development LLC and owner Diamond Beach Holdings LLC have broken ground on Whitecap NPI, an $800 million master-planned community on North Padre Island in Corpus Christi. The 240-acre development will serve as the first and only coastal luxury residential and resort destination on the island, according to the development team. Upon full build-out, Whitecap NPI will feature over 600 residential options, including single-family homes, villas, condos and cross-generational housing. The homes, many with canal access for boating and water sports, will be situated in …
Margaret Caldwell, managing director and senior vice president at Northmarq in Atlanta, thinks this is a great time to be a retail owner. The only problem? Sellers do too. “The biggest challenge is the small supply of retail in this market,” she says. “Sellers are very hesitant to sell, even though the ones who are selling are experiencing great results and achieving their pricing.” Caldwell notes that in the Southeast there has been a slight change in pricing of around 50 basis points over the past year or so. However, …
