Arizona

Kenwood-Square-Cincinatti-Ohio

Northbrook, Ill. — Pine Tree, in partnership with a state pension fund, has purchased six open-air shopping centers from SITE Centers Corp. (NYSE: SITC) for $495 million.  The portfolio comprises 2.5 million square feet and feature properties in metros including Fort Lauderdale, Florida; Columbus, Ohio; Cincinnati; Phoenix; and Portland, Oregon. The properties included in the portfolio are: The portfolio’s retail anchors include Kroger, New Seasons Market, The Fresh Market, Target, Ulta Beauty, Nordstrom Rack, Dick’s Sporting Goods and 13 stores leased by TJX Cos. Pine Tree is a retail developer and …

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The-Switchyard

Queen Creek, Ariz. — Development firm Creation is set to break ground on The Switchyard, a $120 million mixed-use development located at the northeast corner of Ellsworth and Ocotillo roads in the Phoenix suburb of Queen Creek.  Plans for the 10-acre project include the development of 54,000 square feet of restaurant, retail, residential and office space. The retail portion of the development will include a 3,800-square-foot Postino wine café and an 11,900-square-food restaurant called The Porch, which will include an expansive outdoor patio.  Creation plans to break ground on the multi-phase …

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Tanger Outlets Deer Park in New York

Greensboro, N.C. — Tanger has announced an expansion of its partnership with Sephora, which will bring the beauty retailer to five additional Tanger properties this year. Averaging 5,000 square feet, the stores will be located in Charleston, South Carolina; Deer Park, New York; National Harbor, Maryland; Palm Beach, Florida; and Glendale, Arizona. Sephora is currently open at Bridge Street Town Centre in Huntsville, Alabama, which Tanger acquired in late 2023. 

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Chesapeake, Va. — Dollar Tree Inc. has acquired designation rights for 170 leasesof 99 Cents Only Stores, following the latter’s Chapter 11 bankruptcy filing. 99 Cents Only Stores filed for bankruptcy in April and is disposing of its assets — including inventory, owned real estate and store leases — as part of the process. Dollar Tree acquired the leases, as well as the North American intellectual property of 99 Cents and select onsite furniture, fixtures and equipment, in two separate transactions this month. “This was an attractive opportunity to secure leases …

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Casa-Grande-Mall_Casa-Grande-Ariz

Casa Grande, Ariz. — SRS Real Estate Partners has arranged the $7.7 million sale of the former Casa Grande Mall in Casa Grande, roughly 50 miles outside Phoenix. Totaling 221,328 square feet, the property was formerly anchored by Kmart, Big Lots and a movie theater. Brian Polachek of SRS represented the buyer, Hinkson Co. LLC, in the transaction. Hinkson Co. plans to redevelop the property. 

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Nordstrom-Rack

Queen Creek, Ariz. — Nordstrom Rack will open a 28,025-square-foot store at Queen Creek Marketplace, a retail center located in Queen Creek, approximately 40 miles southeast of Phoenix. Other tenants at the property, which totals 900,000 square feet, include Target, Kohls, Harkins Theatres, Trader Joe’s, Sephora, Handel’s Ice Cream, Reformed Pilates, Nothing Bundt Cakes and Little Flippers Swim School. Vestar is the developer, landlord and manager of Queen Creek Martketplace. 

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Vineyard-Towne-Center_Queens-Creek-Ariz

Queen Creek, Ariz. — Vestar has announced plans to break ground this month on Phase 2 of construction at Vineyard Towne Center in Queen Creek, roughly 40 miles outside Phoenix. Upon completion, Vineyard Towne Center will comprise 260,000 square feet. Tenants at Phase 2, which is fully leased and scheduled to open in fall 2025, include Target, McDonald’s, Verizon, Petco, Mattress Firm, My Dr. Now, Better Buzz Coffee, Zaxby’s, Ono Hawaiian BBQ and Mountain America Credit Union. Phase 1 of the project includes tenants Keep it Cut Hair Salon, Crown One …

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83-Marketplace-Peoria-AZ

Peoria, Ariz. —Western Retail Advisors has brokered the $11.1 million sale of 83 Marketplace, a newly built retail center located in Peoria, a suburb northwest of Phoenix. A franchisee of Hawaii-based Seven Brothers Burgers acquired the property. Developed by Scottsdale-based Cavan Cos., the center totals 19,800 square feet across three buildings. The buyer plans to open a Seven Brothers restaurant at the property. Other tenants at the center include Bourbon & Bones, The Stetson Social, F45 Training, Herbal Nail Bar, Salon Blissful and Heartland Dental. Brian Gausden and Jake McClaughry of …

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Scottsdale Commons

Scottsdale, Ariz. — CBRE has arranged the $22.2 million sale of Scottsdale Commons, a 69,482-square-foot shopping center located in Scottsdale, roughly 13 miles outside Phoenix. The property was 95 percent leased at the time of sale, to tenants including Black Rifle Coffee, Mountain View Pharmacy, Rosati’s Pizza, H&R Block, Rusty Nail Butcher, Green Corner Mediterranean, U.S. Egg and Habanero’s Restaurant. Joseph Compagno and Benjamin Farthing of CBRE represented the seller, Trojan Development Associates III in the transaction. Whitestone REIT, which was also represented by Compagno and Farthing, acquired the property. 

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