Real Estate Roundup: March update
March had its fair share of retail real estate development news, tenant updates, property acquisitions and more.
Here are some of the biggest real estate news stories from the month (starting with the most recent).
•Live entertainment arrives at Pacific City center in SoCal This summer, Pacific City in Huntington Beach, Calif. will welcome a musical legend to its tenant roster — The Lighthouse, one of the legendary outposts of West Coast jazz beginning in the 1950s. Originally established in Hermosa Beach, its stage welcomed jazz legends the likes of Miles Davis, Ramsey Lewis, Chet Baker, and Mose Allison.
•Outlet pioneer Steven B. Tanger announces his retirement After 40 years of service in the company that was started by his father and grew into the nation’s leading brand of bargain-priced, outlet retail, Steven B. Tanger will step down as Tanger Inc.’s chair of the board in May. Tanger was named the board chair in January 2021 after serving as the company’s CEO for 11 years.
•Santa Ana's MainPlace to add residential community, dining district MainPlace Mall, a three-story mall in Santa Ana, Calif., will be transformed with the groundbreaking of The Carina, a new multi-family residential community that will bring 408 modern apartments to the property. Developed by Lowe, in partnership with MainPlace owner Affinius and owner/operator Centennial, the property will also add the MainPlace Culinary District, a 1.25-acre dining and gathering destination that will introduce locally curated, chef-driven Santa Ana culinary concepts.
•Report: Costco to open its first standalone gas stations — in these states Costco Wholesale Club will unveil its first standalone gas station in June. The membership warehouse giant will open the 17,000-sq.-ft. station in Mission Viejo, Calif., on the site of a former Bed Bath & Beyond store. The 40-pump station will be Costco’s first fuel station that is not co-located with one of its stores.
•Simon Property Group CEO David Simon dies at 64; son Eli takes reins David Simon, the president, CEO and chairman of Simon Property Group — the largest mall owner in the country — died on March 22 following a battle with cancer. He was 64. Simon Property's board has appointed Simon's son, Eli Simon, as the new CEO and president.
•West Virginia super-regional center to get a makeover Grand Central Mall in Vienna, W. Va., — the only enclosed mall within 35 miles of its region — has been scheduled for a multi-million-dollar renovation by the Cafaro Company, which purchased the property last October for $54 million. The entire project will be completed in time for the 2026 holiday season this November.
•A remade North Point Mall aims to lure the NHL back to Atlanta Jamestown and New York Life, owner-operators of North Point Mall, submitted a zoning application to the City of Alpharetta for a redevelopment of the mall into a walkable “sports-anchored entertainment district positioned to bring an NHL team to the greater Atlanta metro.” The central feature of the proposed project is a 20,000-seat NHL arena, along with additional entertainment and hospitality venues.
•Connecticut’s Trumbull Mall goes on the market Nine months after Namdar Realty Group defaulted on its $152 million mortgage on Trumbull Mall in Connecticut — located 15 miles north of Bridgeport — has been listed for sale by Newmark. For some years, the 1.1 million-sq.-ft. Trumbull Mall has lost key tenants that include Lord & Taylor, Seaquest Aquarium, Forever 21, and Ulta Beauty.
•American Dream to open Lionel Messi-themed experience ahead of World Cup The East Rutherford, N.J. megamall will soon open The Messi Experience in tribute to Argentinian soccer superstar Lionel Messi. The multi-room, nine-installation journey will give fans a unique opportunity to test their soccer skills in AI-powered and explore Messi’s legacy, which includes eight Ballon d’Or awards, a 2022 World Cup title and several records.
•CBL acquires enclosed Nebraska center for $43 million The firm has acquired Gateway Mall in Lincoln, Neb., for a purchase price of $43.5 million from Washington Prime Group. The enclosed mall serves a trade area of more than 1.3 million residents, and spans approximately 843,000 square feet. Sitting at 95% occupancy, Gateway Mall is anchored by a diverse lineup of national retailers, including Dillard’s, JCPenney, Dick’s Sporting Goods, Round 1, H&M, Ulta, Ross Dress for Less, Sierra, Tesla and Total Wine & More.
•America’s second Sphere set to rise at National Harbor in the D.C. Metro A smaller-scale construction of the Sphere entertainment venue in Las Vegas may soon be taking shape across the Potomac River from the nation’s capital. Sphere Entertainment Co., the State of Maryland, Prince George’s County, and Peterson Companies recently announced their intent to develop a new Sphere venue at National Harbor, a premier destination in the Washington, D.C. Metro.
