News Briefs

Bucksbaum Properties, LLC has acquired a new mixed-use center in Chicagoland.

The Chicago-based real estate owner and developer has acquired the River District property in downtown Naperville, a western suburb of the nation's third-largest city. Built in 1988, the center encompasses 2.74 acres and features nearly 59,000 sq.-ft. of tenants including Rosebud, Fat Rosie's Taco & Tequila Bar, Chipotle, and Five Guys, as well as 12,000 sq.-ft. of second floor office space.

"We could not be more excited about being a part of this great market through our acquisition of River District in Naperville and the opportunities it presents in enhancing our retail portfolio," said John Bucksbaum, founder of Bucksbaum Properties. "Our flexible capital, industry experience, and track record in development, property management, and leasing uniquely position us to capitalize on assets like River District and execute our strategy effectively in various markets across the United States.”

As of 2022, Naperville had a population of nearly 150,000. The median household income in the city was approximately $143,000 the same year. The company said the mixed-use center acquisition aligns with its interest in assets that “offer a long-term potential for higher and better use, presenting multiple paths to success with in-place cash flow.” 

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Founded in 2011, Bucksbaum Properties owns and operates multiple mixed-used properties, including three others in Chicago (Newcity, Gateway Plaza, and Addison & Clark).

Ten bills targeting retail theft and property-related offenses have been sent to Gov. Gavin Newsom for sign-off after being passed by the California Legislature. 

The bills cover a wide array of issues. The legislation is centered around  the California Retail Theft Reduction Act, which was introduced in February, according to a report by WWD. The law solidifies a new crime classification for possessing stolen merchandise worth over $950 with the intent to resell, with a prison sentence of up to three years, the report said. It also stipulates that the value of thefts from different retailers can be tallied up and prosecuted as grand theft — a felony charge.

The bill package, which operates under the header of “Californians Against Retail Theft,” also includes AB 1779, which allows California district attorneys to prosecute theft cases across multiple jurisdictions at once, the report said.

To read the full report, click here.

Nordstrom continues the expansion of its off-price division.

The department store retailer will open a Nordstrom Rack in Morrisville, N.C., in spring 2025. The 25,000-sq.-ft. store will be located at Park West Village, a shopping center that is owned and managed by Casto. Nordstrom currently operates two full-line stores and two Nordstrom Rack stores in North Carolina.

In addition to the Park West Village location, Nordstrom Rack has announced additional spring 2025 openings, including:

• Pine Ridge Square, Coral Springs, Fla.;

•Westchase Shopping Center, Houston;

•Fischer Marketplace, Apple Valley, Minn.;

•The Davis Collection, Davis, Calif.;

•Sycamore Commons, Matthews, N.C.;

•Randall Square, Geneva, Ill.; and

•Manalapan Commons, Manalapan Township, N.J.

Nordstrom plans to open 22 Rack stores in its current fiscal year, up from 19 last year. 

“Rack stores continue to be a growth engine for our company as they are our largest source of new customer acquisition, accounting for over 40%,” said CEO Erik Nordstrom on the earnings call In March. 

Ikea U.S. it hitting the road for its first-ever inaugural “Ready for College” bus tour. 

The home furnishings retailer will visit 30 college campuses across the country throughout the late summer and early fall, with three bus routes occurring simultaneously. Inside a customized, branded school bus, Ikea has created a walkable showroom featuring vignettes of “quintessential” campus living that are outfitted with Ikea products, ranging from storage items to a French press coffee maker to a duvet cover. 

At the mobile pop-up, students can win prizes through a Swedish fishing giveaway game, customize one of Ikea’s iconic Frakta storage bags and pick up a fresh plant for their space.  

In a different sort of pop-up, Ikea has opened a temporary space in New York City to showcase its new range of sleep products and solutions, which includes mattresses, comforters, temperature regulating bedding, air purifiers and more. Dubbed “The Ikea Sleepeasy,” the pop-up will be open Thursday, Aug. 15 through Sunday, Aug. 18. It is located in SoHo at 51 Crosby Street in downtown Manhattan.

The former location of an A.C. Moore  is set to be filled with an 18,000-sq.-ft. health care center to be operated by Atlantic Health and CentraState Healthcare at Manalapan Commons in southern New Jersey, which is owned and operated by New York-based Urban Edge.

The 207,604-sq.-ft. open-air center—anchored by Nordstrom Rack, Raymour & Flanigan, Best Buy, and Five Below—is located on Route 9 next to a Wegman’s-Target power center in the township of Manalapan. Average household income within a three-mile radius of the center is $148,000.

Atlantic Health also recently opened an urgent care clinic at Urban Edge’s Greenbrook Commons in the New Jersey town of Watchung.

 “Our partnership with this growing health care system demonstrates the power of adding essential services such as health care to our retail destinations,” said Justin Lustig, Urban Edge’s VP of leasing.

The multi-specialty care center in Manalapan will offer educational programs and support groups, as well as health screenings and fitness classes. No opening date has been released for the facility.

DoorDash is enhancing its DashPass membership benefits with the help of a major streaming service.

Starting Aug. 13, Max With Ads is now included with a DashPass Annual Plan membership in the United States at no additional cost, providing members with free access to Max’s host of movies and television shows.

The move gives consumers a $240 annual value for $96/year. For those seeking ad-free entertainment, DashPass Annual Plan members can upgrade to a Max Ad-Free subscription for a discounted rate of just $10.99/month (plus applicable taxes).

“Since launching DashPass six years ago, our goal has always been to deliver increasing value and savings to members,” said Prabir Adarkar, president and chief operating officer at DoorDash. “Streaming and delivery go hand in hand, and we’re thrilled to launch a coveted benefit for DashPass Annual Plan members.”

The partnership with Warner Bros. Discovery, the parent company of Max, marks the first benefit available for DashPass Annual Plan members that extends beyond the DoorDash platform, included at no additional cost to members. DoorDash says its DashPass program has saved members over $10 billion globally since its launch in 2018.

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“Max’s partnership with DoorDash provides an exciting, complementary pairing of services with a great value for consumers,” said Pato Spagnoletto, global chief marketing officer, direct to consumer, Warner Bros. Discovery. “We are thrilled to roll out this offering and introduce a world of exclusive and iconic stories to DashPass members.”

Founded in 2013, DoorDash offers deliveries in more than 25 countries.