Real Estate

Passco Companies acquires center for $15.8 million
Rancho Cucamonga, Calif. -- Passco Companies has acquired Day Creek Village located in in Rancho Cucamonga, California for $15.8 million.

Day Creek Village is a neighborhood shopping center in the second largest submarket in California’s Inland Empire market. The 25,002 sq. ft. center is 100% leased and is shadow-anchored by a Ralph’s grocery store, and currently has 14 tenants, including Starbucks, Wells Fargo, Super Cuts, Subway, and Orange Theory Fitness.
Hammond Aire Plaza in Baton Rouge, Louisiana sold
Baton Rouge -- JLL’s Capital Markets experts announced the firm has closed the sale of Hammond Aire Plaza located in Baton Rouge, Louisiana, on behalf of Kimco Realty. The asset was purchased by a joint venture partnership between DRA Advisors and Viking Partners.

Managing director Margaret Caldwell, VP Diane Roberts and associate Eric Spencer led the JLL team on the transaction.

Inland acquires grocery-anchored Marketplace at Tech Center

Newport News, Va. -- Inland Real Estate Income Trust announced the acquisition of the approximately 210,000-sq. ft. Marketplace at Tech Center, a newly constructed grocery-anchored power center, in Newport News, Virginia. Mark Cosenza, VP of Inland Real Estate Acquisitions facilitated the purchase of the property on behalf of Inland Income Trust.
Master plans to develop an enclosed mall halts; revised to high street retail development

Miami -- Taubman Centers announced that it has decided not to move forward with an enclosed regional mall that was slated to be part of the Miami Worldcenter mixed-use, urban development in Miami. Instead, Taubman, in conjunction with The Forbes Company and Miami Worldcenter’s master developer, Miami Worldcenter Associates, is now pursuing a high street retail plan that will better utilize the unique characteristics of the site and the market.
Sporting goods retailer continues to expand

Sportsman’s Warehouse is expanding its operations.

The company will open three new stores, with locations in Prescott, Arizona; Rock Springs, Wyoming; and Gillette, Wyoming. The stores, which will feature the retailer’s small format model, will open in the summer of 2016.

The Prescott store will be Sportsman’s Warehouse’s sixth store in Arizona, while the two Wyoming stores will bring the number of the chain’s locations in the state to four.
One to watch: Here comes the Corner Store

CST Brands is not a household name in the retail industry, but it is fast becoming one. The company has ambitious plans to grow through new store construction and acquisitions and just made several key executive moves to help make things happen.
Wheeler appoints new COO and CFO

Virginia Beach, Va. -- Wheeler Real Estate Investment Trust announced Wilkes Graham will join the company as its CFO, effective Jan. 19. Graham will oversee corporate finance, accounting, investor relations and capital and financing strategies for the Company and will report to CEO and chairman, Jon Wheeler. He will succeed Steven Belote, who will remain with the Company as its COO.
Food, food and more food

From food trucks to high-end restaurants and everything in between, dining has never been more essential to the shopping center experience.

“E-commerce has made it more important for retail centers to enhance the experience,” said Terry Montesi, CEO, Trademark Property Co. And food works great with retail.”
Dollar Tree to expand Pennsylvania footprint

Plymouth Meeting, Pa. -- Metro Commercial Real Estate announced it has negotiated 13 new store openings for Dollar Tree in Pennsylvania.

Dollar Tree a value-driven variety store operating at a one-dollar price point, with stores where Middle America lives and shops and incorporates the philosophy of bright stores, big signs, and a clean environment.
Donahue Schriber acquires its fifth property in 12 months

Alamo, Calif. -- Donahue Schriber Realty Group announced that it acquired Alamo Plaza located in Alamo, California from Investco Advisors late 2015.

The 195,147 sq. ft. shopping center is anchored by Safeway and features Rite-Aid, 24 Hour Fitness, Richards Arts and Crafts, Peet’s Coffee & Tea, Panera Bread, and more.
Irvine Company announces a major $150 million reinvestment

Irvine, Calif. -- Irvine Company announced a major $150 million reinvestment in Irvine Spectrum Center located in Irvine, California, in the heart of Irvine Spectrum, a mixed-use community that provides a balanced district of retail, office, and living space.
Vacant mall in Tennessee to be redeveloped for $200 million

Bellevue, Tenn. -- Crosland Southeast and Branch Properties have entered into a joint venture to acquire Bellevue Center Mall, an 87-acre property, located in Bellevue Tennessee. Crosland and Branch will collaborate to develop the retail component of the project and will rebrand the Bellevue Center Mall as One Bellevue Place. The projected costs for the redevelopment are approximately $200 million.