Georgia and Alabama — Secure Properties has acquired a 12-property portfolio of Burger King-occupied restaurants across Georgia and Alabama for $20 million. The properties are leased to four tenants — including three franchisees and Burger King Corp., which operates four of the properties. Each of the properties is occupied on a long-term, triple-net-lease basis.
Miami — The Miami-Dade County Commission has granted final approval for Little River District, a $3 billion mixed-use development in Miami’s Little River and Little Haiti neighborhoods. SG Holdings, a joint venture between Swerdlow Group, SJM Partners and Alben Duffie, is the developer. Spanning 63 acres, the project is expected to include more than 5,700 affordable and workforce housing units alongside big box retail stores, small businesses, a major grocery operator, green public space and transit infrastructure with the addition of a new train station. Construction is expected to begin in …
Peabody, Mass. — Simon Property Group has completed the redevelopment of Northshore Mall located in Peabody, roughly 15 miles northeast of Boston. The shopping center is now home to 140 specialty retailers, dining options and entertainment experiences. New tenants that have either recently been announced or have already opened include a 116,000-square-foot Life Time Fitness, as well as Arhaus and L.L. Bean. Interactive gaming experience Immersive Gamebox, Golf Lounge 18 and Gametime Lanes & Entertainment — which offers bowling and other games in addition to food and drink — are …
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Webinar: Retail Bankruptcy & Restructuring — Lessons from 2024 & What’s Ahead
The March 14 Shopping Center Business webinar “Retail Bankruptcy & Restructuring — Lessons from 2024 & What’s Ahead” covered the state of a retail industry that is both “frenetic and cautious,” in the words of Dana Telsey of Telsey Advisory Group. Tune in to the six-minute mark of the on-demand webinar for Dana’s impressive summary of the latest news in retail. Panelists covered key insights into the evolving retail landscape, including the trends for bankruptcies and liquidations in 2024 and whether those trajectories are likely to continue into 2025. Economic …
West Covina, Calif. — Philippines-based fast food chain Jollibee has launched its first franchising program in the U.S. The quick-service restaurant chain is the flagship brand of Jollibee Foods Corp. (JFC), also known as the Jollibee Group. Jollibee opened its first North American location in 1998 in Daly City, California, and now currently operates 76 stores across 14 states in the U.S., with 28 additional stores in Canada. The current expansion goal is projected for 350 stores in the coming years, with franchise-owned stores making up the majority of its footprint. …
Chicago — Retail closures are at a cyclical high, totaling a whopping 9,900 business shutdowns in 2024, according to JLL’s fourth-quarter 2024 retail report entitled “United States Retail Market Dynamics.” For the first time in several years, store closures outpaced store openings in a calendar year. Fabric and crafts retailer JOANN, who filed for Chapter 11 bankruptcy protection twice within a year, is shuttering all 800 stores, while major department store chain Macy’s will close 150 stores over the next three years, with 66 closures anticipated in 2025 alone. The highest number …
Berkeley, Calif. — The Levin Johnston Group of Marcus & Millichap has brokered the sale of a 12,419-square-foot retail property located at 2310 Telegraph Ave. in Berkeley. Restaurant chain Raising Cane’s purchased the property for $12.7 million. The property is currently tenanted by Walgreens, but Raising Cane’s plans a future location for the property.
Westlake, Ohio — Stark Enterprises has leased space to 11 tenants at Crocker Park, the locally-based developer’s mixed-use property in Westlake. A mix of retail and restaurant concepts — Color Me Mine; Garage; Océanne; State & Liberty; Ten Seconds Yunnan Rice Noodle; Tradehome Shoes; and Vera Bradley — have already opened or will be opening in March. Existing retail and office tenants including Arhaus, Palmer Holland and Lucky Shoes have expanded their locations or moved into larger spaces within the development. CPL Architecture, Engineering & Planning has also leased office …
Atlanta — Atlanta-based cheeseburger concept Smalls Sliders has signed a franchise agreement with operating group Indy Craves to open 15 new units, dubbed “Cans,” in Indiana. This marks the first multi-unit franchise deal in the state for the brand. Potential locations include Lafayette, Indianapolis, Kokomo, Fishers, Noblesville, Carmel, Muncie, Pendleton, Avon, Plainfield, Greenwood, Terre Haute, Bloomington and Columbus. The first of the 15 restaurants is scheduled to open in the next 12 months, according to a company representative. Smalls Sliders opened its first Can in 2019 and currently has more …
Arcadia, Calif. — DAUM Commercial Real Estate Services has arranged the sale of a 5,000-square-foot restaurant space in Arcadia, roughly 13 miles northeast of downtown Los Angeles. Dream1212 LLC, the owner of Mama Lu’s Dumpling House, acquired the property from an undisclosed seller for $4 million. The Arcadia property serves as Mama Lu’s sixth location. This acquisition is part of an expansion of the Chinese restaurant chain, with openings in Beverly Hills and Las Vegas planned for early 2025. Rudy Lara, Nathan Lara and Nick Peukpiboon of DAUM represented the …
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