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JBG Smith Announces Cancellation of 9 Million-Square-Foot Potomac Yard Entertainment District in Metro D.C.

by Hayden Spiess

Alexandria, Va. — JBG Smith has announced the cancellation of Potomac Yards, an entertainment district project that would have comprised 9 million square feet within the National Landing neighborhood in Alexandria, roughly eight miles south of Washington, D.C. A partnership between the developer and Monumental Sports & Entertainment (MSE) first proposed the development — which would have been anchored by a new arena for the NHL’s Washington Capitals and NBA’s Washington Wizards — in December of last year. Completion of the project, including a global corporate headquarters for MSE, a media …

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NewsWashington DC

NRF Projects Retail Sales Will Reach $5.2 Trillion in 2024

by Hayden Spiess

Washington, D.C. — The National Retail Federation (NRF) has projected that retail sales will reach between $5.2 trillion and $5.3 trillion this year, which would mark an increase of 2.5 to 3.5 percent. The projection was announced today during the organization’s “State of Retail and the Consumer” webinar. The calculation excludes transactions at automobile dealers, gas stations and restaurants, focusing on core retail. Non-store and online sales are included in the figure and expected to account for roughly $1.5 trillion of spending. “The resiliency of consumers continues to power the American …

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Company newsNewsWashington DC

FTC Sues to Block $24.6 Billion Kroger-Albertsons Merger, Citing Anticompetitive Worries

by Hayden Spiess

Washington, D.C. — The Federal Trade Commission (FTC), a U.S. government entity that enforces consumer protection laws, has sued to block Kroger Co.’s (NYSE: KR) proposed $24.6 billion acquisition of Alberstons Cos. (NYSE: ACI). Announced in late 2022, the deal would mark the largest supermarket merger in U.S. history. Kroger’s current portfolio includes thousands of stores across 36 states, including stores that operate under the regional banners Fred Meyer, Fry’s, Harris Teeter, King Soopers and Quality Food Centers (QFC), in addition to its Kroger flagship. Albertsons likewise operates thousands of …

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LeasingNewsWashington DC

Primark to Open 30,000-Square-Foot Store in Metro Washington, D.C.

by Hayden Spiess

Hyattsville, Md. — Primark, a global apparel retailer, plans to open a 30,000-square-foot store at Mall at Prince George’s, a regional shopping mall located in Hyattsville, roughly six miles outside Washington, D.C. The store is scheduled to open at the property, which is owned by PREIT, in 2025 in a space formerly occupied by JCPenney. Primark recently announced plans to grow its regional footprint from 24 to 60 locations. Other tenants at the mall include Target, Planet Fitness, H&M, DSW, Old Navy, Victoria’s Secret and Miller’s Ale House.

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Avison Young Acquires Madison Marquette Retail Platform, 6.1 Million-Square-Foot Portfolio

by Hayden Spiess

Toronto, Canada and Washington, D.C. — Avison Young has entered into an agreement to acquire Madison Marquette’s retail platform for an undisclosed price. The acquisition will include the Washington, D.C.-based firm’s retail property management, marketing and leasing services throughout the U.S.; and a portfolio comprising more than 6.1 million square feet of properties managed and leased by Madison Marquette. Madison Marquette teams will integrate with those of Toronto, Canada-based Avison Young in Los Angeles, New Jersey, Philadelphia, Indiana, Arkansas, Maryland, Virginia, Atlanta and Florida, and the acquisition expands Avison Young’s presence …

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NewsWashington DC

Holiday Retail Sales Will Meet Expectations, Says NRF

by Hayden Spiess

Washington, D.C. — Retail spending in November aligned with expectations and portends a strong holiday season, reports the National Retail Federation (NRF). Citing information for November provided by the U.S. Census Bureau, the NRF says that core retail sales — excluding automobile dealers, gasoline stations and restaurants — were up 3.3 percent year-over-year on a three-month moving average. According to the bureau, overall retail sales in November were up 4.1 percent year-over-year. The NRF predicts that holiday retail sales, which fall between Nov. 1 and Dec. 31, will meet the federation’s …

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DevelopmentEntertainmentLeasingMixed-useNewsWashington DC

State of Play to Open 8,546-Square-Foot Flight Club Venue in Washington, D.C. 

by Hayden Spiess

Washington, D.C. — Eatertainment operator State of Play has announced plans to open an 8,546-square-foot Flight Club darts venue in Washington, D.C. Scheduled to open summer 2024 and marking the 13th location for the brand, Flight Club D.C. will be situated within 655 New York, a 756,000-square-foot mixed-use development. Other tenants at 655 New York, which features 79,000 square feet of retail space, include Rumi’s Kitchen, Capital Burger, Pearl’s Bagels, Kinship, Metier and Compass Coffee. 

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Company newsInvestment salesNewsWashington DC

NRF Acquires Reverse Logistics Association 

by Hayden Spiess

Washington, D.C. — The National Retail Federation (NRF) has acquired the Reverse Logistics Association (RLA), a global trade association for the returns and reverse industry. “Retailers understand the importance of sustainability practices and the environmental, economic, social and consumer benefits that accompany them,” says Matthew Shay, president and chief executive officer of the NRF. “RLA’s reverse logistics expertise will help our members to ‘close the loop’ and accelerate the emergence of the circular economy,” he adds. The circular economy constitutes the efforts to reuse or recycle useful products, materials and resources. 

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Company newsGeorgiaNewsWashington DC

The Shopping Center Group Acquires Rosenthal Properties

by Hayden Spiess

Atlanta —The Shopping Center Group (TSCG) has acquired Rosenthal Properties. Founded in 1999, Rosenthal Properties includes 65 people overseeing more than 100 commercial properties and manages more than 7 million square feet of retail space. “We’ve grown our company strategically through a combination of organic growth and acquisition of market leading firms in territories that complement our existing strengths…and we’re thrilled to have the Rosenthal team join us.” TSCG now operates more than 21 regional offices with more than 300 associates. 

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Grocery-anchoredInvestment salesNewsWashington DC

Finmarc Management Sells Largo Town Center in Metro D.C. for $70 Million 

by Hayden Spiess

Upper Marlboro, Md. — Finmarc Management Inc. has sold Largo Town Center, a 280,000-square-foot retail center in the Upper Marlboro suburb of Washington, D.C., for $70 million. The investment firm purchased the shopping center in 2019 when it was 80 percent occupied. John Donnelly of John C. Donnelly Inc. and Arthur Benjamin and Alex Alperstein of AdvisoRE LLC represented the buyer, an investment group led by Bethesda-based KPI Commercial LLC, in the transaction. Joseph Hoffman of Kelley Drye Warren provided legal services to Finmarc. Tenants at the property include Marshalls, Shoppers …

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