Real Estate Roundup: December 2024 update

1/6/2025

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 news stories for December (starting with the most recent).

Inland Real Estate Group founder dies at 81 G. Joseph Cosenza — one of a group of Chicago schoolteachers whose investment club grew into one of the nation’s largest owners, acquirers, and managers of commercial real estate — passed away on Christmas Day at the age of 81.
Big Lots strikes deal to keep 200-400 stores open The close-out retailer, which filed for bankruptcy in September, said that it has agreed to a sale transaction with Gordon Brothers Retail Partners that enables the transfer of Big Lots assets — including stores, distribution centers and intellectual property — to other retailers and companies, including Variety Wholesalers, Inc.
Malls see Super Saturday traffic surge Traffic at malls rose by 11.3% on Dec. 21 compared to the previous Saturday, while store populations in downtown stores were lighter by 13.6% week-over-week, according to MRI Software.
Eden Prairie Center adds seven new tenants Eden Prairie Center, the 1.4 million sq. ft., two-level retail property in the southwest Twin Cities suburb of Eden Prairie, has expanded its mix of retailers, restaurants, and entertainment concepts with the addition of seven new tenants open now or coming soon in 2025.
ICSC recap: Overbuilt’s now underbuilt, and business is good At the recent ICSC show in New York City, several real estate operators and developers told Chain Store Age that commercial real estate space is going fast.
Party City going out of business Party City Holdco Inc. plans to commence a "wind down" of its retail and wholesale operations and will hold going out of business sales at its approximately 700 stores nationwide. The company filed for bankruptcy in January 2023.

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Sun Belt cities top best retail markets in 2024 According to data compiled by commercial real estate firm CoStar Group, Phoenix, Orlando and Las Vegas ranked as the top-three retail markets of the year.
Newmark hires top European consultant Luca de Ambrosis Ortigara, whose 35 years of retail real estate development experience has won him a reputation as a pioneer in luxury class development in Europe, will now be overseeing the global real estate services provider’s goal to widen its international luxury retail business worldwide.
Westchester’s Ridge Hill unveils new central gathering space Known as Town Square, the 25,000-sq.-ft. plaza will function as the Yonkers property’s main entertainment hub, playing host to more than 100 annual events and serving as a community hangout.
Poag to invest $1.3 million in Michigan center Poag Development will put more than $1.3 million into property improvements at RiverTown Crossings, a 1,267,272-sq.-ft. shopping center in Grandville, Mich., a suburb of Grand Rapids, the state’s second-largest city. It acquired the center in September 2024.
Round1 signs lease for first NYC location Newmark Retail announced that it has secured an 80,300-sq.-ft. lease for Round1 Bowling & Arcade at The Shops at Skyview in Queens, marking the first New York City location for the subsidiary of the Japan-based amusement chain Round1.
Lincoln Market signs lease for new Manhattan store Local grocer Lincoln Market has signed a 20-year-term lease for a 35,809-sq.-ft. store at River Place Apartments. The store is slated to open late 2025, and will be the grocer’s ninth location.
Easton Town Center announces new tenants to close 25th year Easton Town Center, the 1,300-acre mixed-use retail destination in Columbus, has announced new retailers and restaurants to its mix of more than 250 fashion, dining, and entertainment offerings.
Mall of America logs 500,000 visitors on Black Friday weekend From Wednesday, Nov. 27 through Sunday, Dec. 1, more than half-a-million shoppers from across the country arrived in Bloomington, Minn. to kick off their holiday season at the nation’s largest retail complex.