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Retailer Bankruptcy Update: Party City to Close All Stores, The Container Store Files for Chapter 11

by Hayden Spiess

Woodcliff Lake, N.J. and Coppell, Texas — In a one-two punch of holiday retail bankruptcy announcements, Party City has issued a formal statement declaring that it will close all its U.S. stores within the coming months, and The Container Store has formally filed for Chapter 11 bankruptcy protection. CNN first reported on Friday, Dec. 20, that Party City, which filed for Chapter 11 bankruptcy protection in January 2023to restructure its debt, will now be liquidating. The New Jersey-based entertainment accessories retailer, which does business as Party City Holdco Inc., said over the weekend that …

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ArizonaFinanceFloridaIllinoisNewsOhioOregon

Pine Tree Receives $247 Million Loan for Shopping Center Portfolio

by Hayden Spiess

Oak Brook, III. —  Pine Tree has received a $247 million loan from New York Life Real Estate Investors for portfolio of six shopping centers located in Florida, Arizona, Oregon and Ohio. Pine Tree acquired the properties earlier this year in partnership with an undisclosed state pension fund for $495 million. The centers include The Fountains in Plantation, Florida (430,000 square feet); Arrowhead Crossing in Phoenix (362,000 square feet); Easton Market (501,000 square feet) and Polaris Towne Center (459,000 square feet) in Columbus, Ohio; Kenwood Square in Cincinnati (424,000 square feet); and Tanasbourne Town Center in Hillsboro, Oregon (300,000 square feet). Tenants at the centers, which were 95 percent leased at the time of financing, include Nordstrom Rack, Ulta Beauty, Target, Dick’s Sporting …

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FloridaInvestment salesNews

Colliers Brokers Sale of 125,538-Square-Foot Shopping Center Near Orlando

by Hayden Spiess

Casselberry, Fla. — Colliers has brokered the sale of Casselberry Exchange, a 125,538-square-foot shopping center located in the Orlando suburb of Casselberry. Funds managed by affiliates of Apollo sold the property to RD Management. According to the Orlando Business Journal, the sales price was $13 million. Tenants at the center, which is situated on 15.7 acres, include Starbucks Coffee, Einstein Bros. Bagels, Fresenius Kidney Care, Amscot and Little Caesars Pizza. The property also features three vacant spaces totaling 83,497-square-feet, as well as a gas station outparcel formerly occupied by 7-Eleven. Brad Peterson …

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FloridaInvestment salesNews

IPA Arranges $30 Million Sale of Shopping Center Near Tampa, Florida

by Hayden Spiess

Wesley Chapel, Fla. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $30 million sale of Village Market at Wesley Chapel, a 98,547-square-foot shopping center located in Wesley Chapel, a suburb of Tampa. The property — which comprises five freestanding, net-leased buildings — was fully occupied at the time of sale. Kirk Olsen and Drew Kristol represented the seller, Wesley Chapel SC Co. Ltd., and procured the buyer, an affiliate of JBL Asset Management, in the transaction. A 30,537-square-foot Crunch Fitness anchors the center, which was …

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LeasingNew HampshireNews

Nordstrom Rack to Open 30,000-Square-Foot Store in Nashua, New Hampshire

by Hayden Spiess

Nashua, N.H. —Fashion retailer Nordstrom Inc. has announced plans to open a new, 30,000-square-foot Nordstrom Rack store in Nashua, New Hampshire. Scheduled to open in spring 2025, the store will be situated within Royal Ridge Center. Other tenants at the property include Marshalls, Sierra Trading Post, HomeGoods, PetSmart and The Paper Store. Wilder leases and manages the center. 

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Investment salesNewsOhio

IPA Brokers $76 Million Sale of Shopping Center Portfolio in Central Ohio

by Hayden Spiess

Dublin and Reynoldsburg, Ohio — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $76 million sale of a shopping center portfolio located in central Ohio. The portfolio includes Tuttle Crossing in Dublin and Taylor Square in Reynoldsburg. Walmart anchors both properties. Other tenants at Tuttle Crossing, which totals 226,718 square feet, include Best Buy, Morris Home Furniture, Ross Dress for Less, Golf Galaxy and Cost Plus. Taylor Square totals 395,074 square feet and was 99 percent leased at the time of sale. Tenants at the property …

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FloridaGrocery-anchoredInvestment salesNews

CTO Realty Growth Acquires Retail Center in Metro Tampa for $16.8 Million

by Hayden Spiess

Dunedin, Fla. — CTO Realty Growth Inc. has acquired Granada Plaza, a 74,000-square-foot retail center located in the Tampa suburb of Dunedin. Publix anchors the property, which was 95 percent leased at the time of sale. An undisclosed seller sold the property for $16.8 million. According to LoopNet Inc., Granada Plaza was developed in 1983.

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ArkansasGrocery-anchoredInvestment salesNews

Edgemark Purchases Whole Foods-Anchored Shopping Center in Fayetteville, Arkansas

by Hayden Spiess

Fayetteville, Ark. — Edgemark Communities has purchased College Marketplace, a 64,226-square-foot shopping center located in Fayetteville. Whole Foods Market anchors the center, which was built on a seven-acre site in 2015 near the University of Arkansas campus. Other tenants at the property include Chipotle Mexican Grill, Great Clips, Cava and Alumni Hall. 

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DevelopmentFloridaNews

Westlake Palms to Develop 10,400-Square-Foot Retail Center in Southeast Florida 

by Hayden Spiess

Westlake, Fla. — An entity doing business as Westlake Palms, led by Don Hearing, has announced plans to develop a 10,400-square-foot retail center in Westlake in southeast Florida. Upon completion, the property, dubbed Westlake Palms, will comprise a multi-tenant building with seven tenant suites ranging from 1,305 square feet to 1,648 square feet in size. Situated within the Westlake master-planned community, the development will also feature 48 parking spaces, two electric vehicle charging spaces and bike storage. The project is fully pre-leased to tenants including an optometrist, dentist, orthodontist and café. …

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Grocery-anchoredInvestment salesNewsNorth Carolina

FNRP Acquires 88,647-Square-Foot Shopping Center in North Carolina

by Hayden Spiess

Reidsville, N.C. — First National Realty Partners (FNRP) has acquired Freeway Crossing, an 88,647-square-foot shopping center located in Reidsville. A 39,708-square-foot Lowes Foods anchors the property. Other tenants at the center include Dollar Tree, Hibbett Sports, CATO, Workout Anytime and Papa Johns. Addison Montague of Berkley Capital Advisors represented the undisclosed seller in the transaction. This marks FNRP’s third acquisition in North Carolina. 

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