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Company newsNew YorkNews

Whole Foods Market Opens First Small-Format Store in New York City

by Hayden Spiess

New York City — Whole Foods Market has opened the first of its new small-format stores in New York City. Situated within the Upper East Side, the Whole Foods Market Daily Shop comprises 9,101 square feet. In addition to produce, meat, seafood and other groceries, the store features a Juice & Java venue, prepared foods and single-serve hot bowls and meals. Two additional small-format stores are scheduled to open within the city as well, in the East Village StuyTown development and Hell’s Kitchen.  

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CaliforniaCompany newsNews

Daiso to Open Two New Stores in California

by Hayden Spiess

Cucamonga and Gilroy, Calif. — Japanese retail chain Daiso has announced that it will open two new stores in California this month. Located in Cucamonga and Gilroy, the stores total 15,343 and 10,004 square feet, respectively. Daiso — which offers products including Japanese inspired home décor, stationery and food — first entered the U.S. market in 2005. 

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Price-Chopper-Plaza-Binghamton
Grocery-anchoredInvestment salesNew YorkNews

IPA Negotiates $14 Million Sale of Upstate New York Shopping Center

by Katie Sloan

Binghamton, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $14 million sale of Price Chopper Plaza, a 127,000-square-foot shopping center located in the upstate New York community of Binghamton. Regional grocer Price Chopper has been the anchor tenant at the center, which was 97 percent leased at the time of sale, since 1987. Other tenants include Planet Fitness, Big Lots and Dollar Tree. Jim Koury of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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Metrocenter-Mall-Redevelopment
ArizonaDevelopmentMixed-useNews

Development Team Begins Demolition Process for $850 Million Metrocenter Mall Redevelopment in Phoenix

by Hayden Spiess

Phoenix — Developers Concord Wilshire Capital and TLG Investment Partners have begun the abatement and demolition of the Metrocenter Mall in Phoenix, beginning the $850 million redevelopment of the property into a mixed-use community. The Metrocenter Mall opened its doors in 1973 and closed in 2020. The two-story, 140,000-square-foot mall is situated on 312 acres on the city’s northwest side. Plans for the redevelopment include more than 2,600 apartment units, as well as 100,000 square feet of retail space. The demolition process has commenced with the destruction of the former Dillard’s …

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City-Center-Springdale_Springdale-Ohio
DevelopmentMixed-useNewsOhio

AV Cincinnati Acquisition LLC to Redevelop 76-Acre Tri-County Mall Site

by Hayden Spiess

Springdale, Ohio — An entity doing business as AV Cincinnati Acquisition LLC has announced plans for the redevelopment of the 76-acre former Tri-County Mall site in Springdale, approximately 20 miles outside Cincinnati. The entity, which acquired the property in July, will act as the master developer of the project, dubbed City Center Springdale. Upon completion, the development will feature 600,000 square feet of retail, entertainment and restaurant space; 750,000 square feet of office space; 2,600 multifamily residential units; 200,000 square feet of fitness facilities; and 400 rooms of hospitality space. 

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DevelopmentGeorgiaInvestment salesNews

Gwinnett County Acquires 23-Acre Macy’s Site at Gwinnett Place Mall in Metro Atlanta

by Hayden Spiess

Duluth, Ga. — Gwinnett County’s Urban Redevelopment Agency has acquired Macy’s department and furniture stores totaling 293,059 square feet at Gwinnett Place Mall, a beleaguered regional shopping mall in the northeast Atlanta suburb of Duluth. With this 23-acre acquisition, the county — which initially purchased a 39-acre portion of the Gwinnett Place Mall site in 2021 — will own a total 76 acres at the site. Gwinnett County’s Urban Redevelopment Agency purchased the two Macy’s stores in a $16.5 million sale-leaseback transaction, and Macy’s will continue to operate at the property …

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FinanceNewsOhio

BWE Secures $31.8 Million Refinancing for Shopping Center in Fairlawn, Ohio

by Hayden Spiess

Fairlawn, Ohio — BWE has secured a $31.8 million loan for the refinancing of Market Square at Montrose, a shopping center located in Fairlawn, roughly 10 miles outside Akron. Home Depot anchors the property, which totals 506,870 square feet and was 88 percent leased at the time of sale. Other tenants at the center include Dick’s Sporting Goods, Staples, Cost Plus World Market, Steak ‘n Shake and Golf Galaxy. Tesla also recently signed a lease at the property. Brian Bruening of BWE arranged the floating-rate loan on behalf of the borrower. 

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Orchard-Corners_Shenandoah-Iowa
Grocery-anchoredInvestment salesIowaNews

Cleeman Realty Group Arranges Sale of 50,000-Square-Foot Shopping Center in Iowa

by Hayden Spiess

Shenandoah, Iowa — Cleeman Realty Group has arranged the sale of Orchard Corners, a 50,000-square-foot shopping center located in Shenandoah. Hy-Vee anchors the property, which was 87 percent occupied at the time of sale. Other tenants at the center include Scooter’s Coffee and McDonald’s. Jeremy Scheer of Cleeman represented both the buyer and seller in the transaction. 

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Georgia-Pacific-Rendering
DevelopmentGeorgiaMixed-useNews

Georgia-Pacific Announces Plans for Mixed-Use Redevelopment at 51-Story Downtown Atlanta Campus

by Hayden Spiess

Atlanta — Paper products manufacturing and marketing giant Georgia-Pacific has announced plans to redevelop the company’s 51-story world headquarters building and the surrounding city block in downtown Atlanta. Upon completion, the development will feature more than 400 apartment units on the tower’s top floors; 125,000 square feet of retail, restaurant and entertainment space; 600,000 square feet of Class A office space anchored by Georgia-Pacific and its parent company, Koch Inc.; 35,000 square feet for a large, central plaza; more than 2,100 parking spaces; and MARTA and Atlanta Streetcar transportation access.  “The …

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Arbutus-Shopping-Center_Arbutus-Md
Grocery-anchoredInvestment salesMarylandNews

KLNB Brokers $16.7 Million Sale of Shopping Center in Metro Baltimore

by Hayden Spiess

Arbutus, Md. — KLNB has brokered the $16.7 million sale of Arbutus Shopping Center in Arbutus, roughly 10 miles outside Baltimore. Weis Markets anchors the property, which totals 87,939 square feet and was 95 percent occupied at the time of sale. Other tenants at the center include Walgreens, Advance Auto Parts, Dollar Tree and Truist Bank. Meir Duke of Duke Arbutus acquired Arbutus Shopping Center from AmCap Inc., which acquired the property in 1981.  Chris Burnham and Vito Lupo of KLNB represented the seller in the transaction, and MFI Realty represented the …

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