Real Estate

Across the United States, cities have been experiencing a development resurgence. Legions of Americans are departing suburbia and returning to urban environments, with millennials leading the migration. Young adults are abandoning the suburban subdivisions they grew up in for denser, more vibrant urban settings. Consequently, once-empty lots, city blocks, and otherwise underutilized properties are being replaced with multi-use buildings that can accommodate new residences, office space, and retail.  

Walgreens Boots Alliance and Rite Aid have entered into an agreement to sell 865 Rite Aid stores and certain assets related to store operations to Fred’s for $950 million.   The transaction is subject to Federal Trade Commission approval, the approval and completion of the pending acquisition of Rite Aid by Walgreens Boots Alliance, and other customary closing conditions.  

Amazon is continuing to build out its already expansive fulfillment network.    The online giant plans to open two new facilities in Aurora, Ill, generating more than 1,000 additional full-time jobs with benefits to the state. Amazon currently operates warehouses in Edwardsville, Joliet and three facilities in Romeoville. Another depot is currently under construction in Monee.  

Officials from the city of Troy, Michigan, made the rounds of the New York Deal Making show looking for a partner to help them erect a proposed $350 million town center.  

Hull Property Group plans to move slowly in remaking the Kingsport Town Center, delaying the recruitment of new tenants until it can re-establish the 40-year-old mall as a popular destination for shoppers.  

CBL announced it has closed on a sale of three Tier 3 malls to Hull Property Group for a price of $32.25 million. Changing hands are the Randolph Mall in Asheboro, North Carolina, and the Regency Mall in Racine, Wisconsin.    The identity of the third property was not disclosed.  

Mall of America is upping its entertainment quotient with a 40,000-sq.-ft. arcade imported from India.   Called Smaaash, and co-founded by an entrepreneur from India, the attraction includes a multilevel go-cart track, virtual reality and video games and a restaurant and bar, the Star Tribune reported.  

A dramatic spiral staircase highlighted by three chandeliers and a cascade of lights and crystals suspended from a 30-ft. ceiling welcomes shoppers at Shreve & Co. new flagship in San Francisco.   The two-level, 15,000-sq.-ft. store features a modern, luxurious design, with in-store boutiques, private viewing suites for personalized consultations and an entertainment room. It also houses an array of services, from a dedicated watchmaker to an estate jewelry appraiser and consultant.