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Company newsMinnesotaNews

Target Announces Plans to Open 300 Stores, Enhance 2,000 Locations

by Hayden Spiess

Minneapolis — Retail giant Target Corp. (NYSE: TGT) has announced plans to open 300 stores and enhance the majority of its 2,000-store portfolio.  The news comes on the heels of the company’s fourth-quarter 2023 earnings reports, which saw comparable sales and traffic trends improving for the second consecutive quarter. Target also plans to invest in its supply-chain operations in hopes of bolstering its next-day delivery options through the use of artificial intelligence for improved inventory efficiency. Enhancements to the Minneapolis-based company’s existing portfolio are set to include remodels adding Ulta Beauty …

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ArizonaDevelopmentInvestment salesNews

Peak Development Partners, Hungry Investments Acquire 5.5-Acre Development Site in Metro Phoenix

by Hayden Spiess

Chandler, Ariz. — Peak Development Partners and Hungry Investments have acquired a 5.5-acre parcel of land in Chandler, roughly 20 miles outside Phoenix. The joint venture acquired the property from NGAI Family Trust for an undisclosed price, with plans to develop multiple retail pads at the site. Construction is scheduled to begin in the fourth quarter of this year, with the opening planned for the first quarter of 2025. Brian Gast of Velocity Retail Group will manage leasing at the property. Phil Bramsen of SanTan Commercial Advisors represented Peak Development Partners …

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LeasingNewsWashington

MINISO Signs 3,572-Square-Foot Lease at Vancouver Mall in Washington

by Hayden Spiess

Vancouver, Wash. — Retailer MINISO has signed a 3,572-square-foot lease at Vancouver Mall in Vancouver, roughly 10 miles outside Portland. Scheduled to open in early spring, the store will be located adjacent to Forever 21. Established in 2013, the brand is known for toys and plushies, beauty products, home goods, fragrances and electronics. 

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Gwinnett-Place-Mall_Duluth
DevelopmentGeorgiaMixed-useNews

Gwinnett County Partners with CBRE for Gwinnett Place Mall Redevelopment in Metro Atlanta

by Hayden Spiess

Duluth, Ga. — Gwinnett County has partnered with CBRE to redevelop Gwinnett Place Mall, a beleaguered regional mall in metro Atlanta. The county purchased 39 acres at the mall, including a shuttered Belk-Parisian department store, food court and inline retail space, in 2020 for $23 million. Other stakeholders in the nearly 1.3 million-square-foot mall include Northwood Ravin, which purchased the former Sears in 2018, and department store owner-operators Macy’s, Mega Mart and Beauty Master. Originally opened in 1984, Gwinnett Place Mall has served as filming locations for movies and TV series. …

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Office-Depot_Miami-Springs-Fla
FloridaInvestment salesNet leaseNews

Marcus & Millichap Brokers $9.2 Million Sale of Single-Tenant Property in Miami Springs, Florida

by Hayden Spiess

Miami Springs, Fla. — Marcus & Millichap has brokered the $9.2 million sale of single-tenant retail property located in Miami Springs. Office Depot occupies the building on a triple-net-lease basis. Scott Sandelin of Marcus & Millichap represented the undisclosed seller, which acquired the property in 2012, in the transaction. Jorge Ruiz of Platinum Properties represented the undisclosed buyer.

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Investment salesNewsNorth Carolina

Yale Realty Services Corp. Acquires 294,617-Square-Foot Shopping Center in Concord, North Carolina for $49.2 Million 

by Hayden Spiess

Concord, N.C. — An affiliate of Yale Realty Services Corp., in partnership with an international family office, has acquired Afton Ridge, a 294,617-square-foot shopping center located in Concord, roughly 25 miles northeast of Charlotte. Robert Altman of Altman Warwick Inc. and Bat Barber of Medalist Capital arranged the $49.2 million acquisition on behalf of the buyer. Mike Burkard and Steve Shields of CBRE represented the undisclosed seller in the transaction. MetLife financed the acquisition with a $29.6 million mortgage.  A Super-Target anchors the property, which was 97 percent occupied at the …

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ArkansasCompany newsNewsRestaurantsTexas

Slim Chickens Signs Three-Restaurant Franchise Deal in Texas

by Hayden Spiess

Fayetteville, Ark. — Fast-casual brand Slim Chickens has signed a franchise deal for three new restaurants in Texas. Joel Garza of TX-SC Ventures LLC will own and operate the units, which will be located in Brazos and Polk County. Garza previously signed a multi-unit franchise deal with the Fayetteville, Arkansas-based brand in 2020, opening stores in the greater Houston area. The locations of the new restaurants will include College Station and Livingston. Slim Chickens’ current portfolio includes more than 255 stores throughout the U.S., with more than 1,200 in development. 

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Central Crossing
Grocery-anchoredInvestment salesNewsVirginia

Legacy Brokers $10.9 Million Sale of Retail Center in Richmond, Virginia

by Hayden Spiess

Richmond, Va. — Legacy Realty Group Advisors has brokered the $10.9 million sale of Central Crossing, a retail center located in Richmond. Food Lion anchors the property, which totals 70,178 square feet. Jacob Baruch of Legacy represented both the buyer and seller in the transaction. 

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GeorgiaInvestment salesNews

FrostPoint Capital Acquires 46,767-Square-Foot Shopping Center in Metro Atlanta

by Hayden Spiess

Kennesaw, Ga. — FrostPoint Capital has acquired The Shops at Shiloh Crossing, a 40,767-square-foot shopping center located in Kennesaw, roughly 30 miles outside of Atlanta. Conor Sweeney of Foundry Commercial represented both the buyer and seller in the $6.9 million transaction. FrostPoint plans to implement a complete renovation of the property. 

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