Dallas — Smoothie King has opened 13 new stores across eight different states thus far in 2025. Seven of the new store openings are located in Smoothie King’s home state of Texas. The company has also secured 20 new store commitments, with approximately 60 percent of the signings obtained with existing franchises. The new agreement will span 15 different markets across 12 states, including multi-unit deals in Long Island, New York and Phoenix.
Nashville, Tenn. — JLL Capital Markets has arranged the $50 million sale of Edgehill Village, a 58,468-square-foot mixed-use property located in Nashville’s Music Row district. Originally built in 1920 and 1934 and renovated in 2016, the property is leased to a mix of retail, restaurant and office tenants including Van Leeuwen Ice Cream, Barcelona, Consider the Wldflwrs, Warby Parker, NoBaked Cookie Dough, Ralph Lauren and Vow’d. Brad Buchanan and Jim Hamilton of JLL’s Investment Sales and Advisory team represented the seller, Asana Partners, in the transaction.
Glendale, Ariz. — Diversified Partners has broken ground on Shops at the Cardinal, a 25,000-square-foot shopping center located in Glendale, approximately nine miles northwest of Phoenix. Situated near State Farm Stadium, the $20 million project will span nine acres and feature a mix of retail and restaurant concepts, as well as multiple drive-thru options and outdoor seating. Confirmed tenants at the property — which is nearing full lease-up — include Swig; Señor Taco; Nautical Bowls; Starbucks Coffee; Bonchon; Pacific Dental Services; La Botana; Jeremiah’s Italian Ice; a Mexican sushi concept; a nail …
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 …
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.
