Real Estate Roundup: May 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 May (starting with the most recent).
- ICSC Las Vegas recap The hot topic looming over ICSC Las Vegas 2025 was incoming tariffs on imported goods. However, neither developers nor retailers seemed overly steamed about it at the show.
- Miami Worldcenter makes debut A massive mixed-use real estate project has opened its doors in Florida’s hottest market. Real estate investment and development firm CIM Group has announced the grand opening of Miami Worldcenter, a 27-acre, 10 block mixed-use development in the city’s downtown. The approximately $6 billion project features a mix of residential, retail, commercial, and hospitality uses.
- Hudson's Bay selling leases to mall owner Canada’s oldest retailer, which filed the Canadian equivalent of bankruptcy in March, has entered into an agreement to sell up to 28 leases to Ruby Liu Commercial Investment Corp., an affiliate of real estate investment company Central Walk. The agreement will require court approval.
- CVS buys 64 Rite Aid stores The U.S. Bankruptcy Court of New Jersey has given the green light to CVS Pharmacy bids on the prescription files of 625 Rite Aid pharmacies across 15 states in areas that CVS serves, as well 64 physical Rite Aid stores in Idaho, Oregon and Washington. The court also approved the sale of certain Rite Aid prescription files to Walgreens, Kroger and others.
Advertisement - article continues below
Advertisement
- Easton Town Center bolsters apparel roster with new tenants Easton Town Center in Columbus, Ohio has announced that eight new fashion tenants have arrived or will be opening soon. Vuori, Todd Snyder, Allen Edmonds and Madewell are among the new retailers.
- Placer.ai: Grocery visits rise in Q1 During the first quarter of 2025, grocery visits were up by 13.4% compared to the first quarter of 2019, while average visits per location increased 8.4%. However, compared to the start of 2019, dwell time has gradually decreased, hitting 23.6 minutes per store trip in Q1 2025.
- Aldi acquires three former Big Lots stores The fast-growing grocer has purchased three storefronts formerly occupied by the discount retailer. The future Aldi stores are located in Denham Springs, La. (a suburb of Baton Rouge), Taylor, Mich. (a suburb of Detroit) and Nacogdoches, Texas (Eastern Texas).
- Legacy West sells for $785 million Legacy West, the largest mixed-use center in the Dallas-Fort Worth market, has been acquired for $785 million. Kite Realty and GIC acquired the 1.15 million-sq.-ft. center from Invesco Real Estate, which claims the sale to be the highest price paid for a mixed-use property in the region.
- TJX set to open all five brands at Texas center Big V Property Group has signed Marshalls and Sierra Trading to The Rim Shopping Center in San Antonio. When both stores open later this year, The Rim will be just the second center in the United States to house all of TJX’s brands.
- Old Navy signs lease for two-story NYC flagship The apparel retailer, a division of Gap Inc., has signed a long-term retail lease with JEMB Realty at Herald Towers in New York City’s Herald Square commercial area. Old Navy will relocate from its existing space at 150 West 34th Street to develop the brand’s next generation flagship in the heart of Herald Square, at the intersection of 34th and Avenue of the Americas.
- Ala Moana Center adds new tenants Hawaii’s largest open-air shopping center is welcoming a host of new entertainment, dining and retail tenants. Ala Moana Center in Honolulu has welcomed Dave & Buster’s, Fumi’s Kahuku Shrimp, Gangnam Cha, Ganni, and Great Big Game Show to the center. Coming soon are Balsam Hills Studio and Hawaii’s first Rothy’s.
