Real Estate Roundup: February 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 February (starting with the most recent).
- Saks to close Dallas flagship Saks Global, which finalized its acquisition of Neiman Marcus Group for a total enterprise value of $2.7 billion in December 2024, is reiterating its intention to close the Neiman Marcus Dallas flagship on Monday, March 31, 2025.
- Mall of America details spring break events North America’s largest shopping and entertainment complex is launching several interactive events for children and families to enjoy during March and April while students are on spring break.
- Ohio' Crocker Park adds seven new retail tenants The Westlake, Ohio shopping center is adding a host of new tenants this year, including Color Me Mine, Océanne, Vera Bradley, and more.
- Pickleball franchise plots global expansion The Picklr, which currently has 31 indoor pickleball clubs in seven states, has hired JLL as its master broker to expand across the country as pickleball continues to grow in popularity.
- Simon, Shopify, Leaf partner for brick-and-mortar expansion The nation’s largest developer and operator of shopping centers is teaming up with e-commerce platform Shopify and physical retail platform Leap to offer “comprehensive solutions” for e-commerce brands to speed up their go-to-market strategy and open brick-and-mortar locations across the Simon portfolio.
- Placer.ai: Wholesale clubs see visits rise to start 2025 Wholesale clubs and superstores saw notable traffic increases during the month of January. Data from Placer.ai revealed that Costco Wholesale Club (7.7%), BJ’s Wholesale Club (7.4%) and Sam’s Club (4.7%) all saw visits rise to start the new year.
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- Cordish selected for St. Louis hotel site redevelopment Downtown St. Louis-based nonprofit Gateway Arch Park Foundation has announced that it has selected The Cordish Companies to redevelop the Millennium Hotel property, located next to the iconic St. Louis Gateway Arch. The nearly $670 million preliminary plan will integrate 1.3 million sq. ft. of residential, office, commercial, cultural, and public spaces to create a “vibrant, multifunctional destination.”
- Standalone SoCal Chipotle sells for $5.9 million Hanley Investment Group Real Estate Advisors, which specializes in retail property sales, announced that the firm facilitated the acquisition of a newly-constructed, single-tenant property occupied by a Chipotle Mexican Grill in Torrance, Calif. for a private investor at a sale price of $5.89 million.
- Nearly 50 tenants signed for upcoming Trademark center in Houston Trademark says that it is seeing continued retail interest in its Dunham Pointe development, a forthcoming retail and restaurant district in the fast-growing Houston suburb of Cypress, Texas, with 48 tenants having submitted letters of intent.
- Spinoso tapped for Grand Central Station retail leasing New York City’s Metropolitan Transportation Authority (MTA) has contracted Spinoso REG to provide retail property management, lease administration, property accounting, tenant coordination, construction management, specialty leasing, and public relations and promotional activities for both Grand Central Terminal and Grand Central Madison.
- Tanger acquires mixed-use center in Cleveland The owner and operator of outlet and open-air retail shopping centers has acquired Pinecrest, a 640,000-sq.-ft. open-air, grocery-anchored, mixed-use center in Orange, Ohio, a suburb of Cleveland. Pinecrest is Tanger’s third full-price, market-dominant shopping center.
- Simon to upgrade Smith Haven Mall with new tenants, renovations The real estate investment trust has announced a multi-million dollar project at Smith Haven Mall in Lake Grove, N.Y. on Long Island. The major redevelopment will begin this summer and is expected to be completed in 2026.
- Liberated Brands closing 122-store fleet The sports, outdoor and lifestyle apparel company — which operates brands that include Volcom, Billabong, Quiksilver, Roxy and more — has filed for Chapter 11 bankruptcy, blaming fast-fashion rivals and other economic factors for its financial downfall. Gordon Brothers has begun closing sales at all 122 stores.
- Hilco to market 121 JCPenney-leased properties Hilco JCP, LLC, an affiliate of Hilco Real Estate, LLC and manager of Copper Property CTL Pass Through Trust, have recently announced that the trust is selling 121 net-leased JCPenney properties located across 35 states, representing more than 16 million sq. ft. The majority of the portfolio's properties are strategically located in major metropolitan areas surrounding such cities as Austin, Miami, Houston, Los Angeles, and New York.
- Plano’s Shops at Willow Bend gets OK for a mixed-use redevelopment The Shops at Willow Bend in Plano, Texas — anchored by Lord & Taylor and Neiman Marcus — will soon be transformed into The Bend, a mixed-use, walkable destination with single-family residences and streetscapes lined with retail, dining, office, and hospitality space.
