Real Estate Roundup: April update
Welcome to Real Estate Roundup, Chain Store Age’s new monthly series highlighting the top news in the commercial real estate industry.
Here are some of the biggest real estate news stories from April (starting with the most recent).
- Burlington on lease-buying spree – to assume 45 Joann leases The off-price retailer won the lease assignments of 45 Joann store locations, according to a court filing. Burlington will take over the leases of the bankrupt retailer, which are for stores across the country, in May and June.
- First Look: Stylish food hall to open in former Lord & Taylor NYC flagship Located at 424 Fifth Avenue in Amazon’s “Hank” building, Shaver Hall will span approximately 35,000 sq. ft. and house 11 food stalls, a wine and cheese bar, a steakhouse, and a “modern” bodega. (Amazon opened offices on the site in 2023 after it undertook an extensive, years-long renovation of the building, which it acquired in 2020.)
- Redevelopment planned for former Saks Fifth Avenue space at The Esplanade Real estate development and investment company O’Connor Capital Partners of New York has announced redevelopment plans for the now-closed Saks Fifth Avenue anchor space at the upscale shopping center The Esplanade in Palm Beach, Fla. The company is set to transform the 50,000-sq.-ft., two-level space into a “premier luxury destination” featuring high-end retail, office space, and lifestyle offerings.
- Hudson's Bay to liquidate all remaining stores, sets closing date Canada’s oldest company will liquidate its remaining six Hudson’s Bay stores and one Saks Fifth Avenue location. Hudson’s Bay said it is making the move because it believes that a “viable bid for the current six-store model is unlikely.” The stores will join the 73 other Hudson’s Bay, 13 Saks Off 5th stores, and two Saks Fifth Avenue locations already undergoing liquidation sales.
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- Gordon Brothers acquires U.K.-based valuation, auction firm The retail investment firm has announced the acquisition of SIA Group, an asset valuation, advisory, and trading firm in the U.K. Gordon Brothers says the deal will bolster both firms’ capabilities in the U.K. and Europe, and together they will provide asset-focused solutions to asset-based lenders, banks, financial sponsors, restructuring and turnaround professionals, and corporate and public bodies.
- Chipotle to make Mexico debut in 2026 The fast-casual chain has signed a development agreement to open restaurants in Mexico. In partnership with Alsea, S.A.B. de C.V. (Alsea), a leading restaurant operator in Latin America and Europe, Chipotle will open its first location in Mexico by early 2026 and begin exploring "additional expansion markets in the region."
- Former JLL exec to join Centennial The retail real estate owner and operator has announced that Greg Maloney will join the company as chief strategy officer to facilitate its “next phase of growth.” Maloney previously served as president and CEO of JLL's retail division from 2002 to 2023, where he oversaw all aspects of the firm’s Americas Retail business, providing management, leasing, marketing, development, tenant representation, and strategic consulting services to clients.
- Placer.ai: Raising Cane's, Dave's Hot Chicken top QSR, fast-casual sectors in Q1 On a quarterly basis, visits to QSR chains declined by 1.6% in the first quarter of 2025. However, select chains saw year-over-year growth, most notably Raising Cane’s Chicken Fingers (+12.3%), which saw a double-digit increase compared to the first quarter of 2024. Dave’s Hot Chicken saw store visits surge by 59.3% year-over-year in the first quarter, while average visits per location increased 11.6%.
- Kohl's real estate head CBRE's retail group Scott Schnuckel, who joined Kohl’s as a financial planning analyst in 2006 and rose to head the chain’s real estate operation, has been named managing director at global retail services CBRE company. He will support Laura Barr, CBRE’s director of Americas Retail, in executing her growth plan for the unit.
- Ikea expanding in Texas with three smaller-format locations The Swedish home furnishings giant is building a smaller-format, or “city store,” at The Shops at Park Lane, in midtown Dallas. In addition to the Dallas location, Ikea has two other smaller-format stores in the works in Texas, including a 35,000-sq.-ft. outpost that will open this spring at San Mar Plaza in San Marcos, and one in Rockwell, which is scheduled to open in December. Opening later in 2025, the two-level, 63,000-sq.-ft. store is intended as a place where customers can be inspired and learn about home furnishings.
- Yesway expands store footprint in Q1 The Texas-based convenience chain opened four new Allsup's locations in the first quarter of 2025, including three in New Mexico (Belen, Las Cruces, Chaparral) and one in Oklahoma (Ardmore). The four openings mark the 81st new store or major rebuild Yesway has completed over the past three and a half years.
- JLL introduces "The Mixx" JLL’s new mixed-use property management team, The Mixx, has been charged to maximize the value and potential of projects that blend retail, residential, and office space in a single project. The Mixx’s service menu includes property management, marketing, placemaking strategy, and leasing advisory.
- Santa Monica Place to recharge under new property manager Trigild announced that it has retained Prism Places, a SoCal distressed assets expert, to take over the management of the Frank Gehry-designed Santa Monica Place mall that was transformed into an open-air center with a $265 million renovation in 2010. It defaulted on its $300 million loan last year.
