Real Estate Roundup: May update
May 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).
•American Dream details 39-day 'Fan Fest' in preparation for World Cup The massive retail and entertainment complex in East Rutherford, N.J., has announced the lineup of programming for Dream Fan Fest, a 39-day celebration surrounding the World Cup, featuring viewing parties, live entertainment, celebrity and costume character appearances, brand activations, youth soccer clinics, giveaways and more.
•Tanger purchases Ohio lifestyle center for $60 million The owner and operator of outlet and open-air centers has purchased The Town Center at Levis Commons, a 300,000-sq.-ft. open-air lifestyle center located in a mixed-use district in the Toledo, Ohio submarket of Perrysburg. The property is 97% occupied, with tenants including Anthropologie, Sephora, Lululemon, Shake Shack, Starbucks, Athleta and Cinemark.
•DLC’s billion-dollar expansion spree touches down in Nebraska The Elmsford, N.Y.-based open-air center owner-operator recently closed on its purchase of the Shadow Lake Towne Center in Papillon, Neb., 10 miles south of downtown Omaha. The property spans 640,328 square feet and is 90% leased to leading national tenants such as JCPenney, Dick’s Sporting Goods, Burlington, TJ Maxx, HomeGoods and more.
•Trader Joe’s opening 25 new stores — here are the locations The popular California-based grocer has added nine more stores to its lineup of locations marked as “opening soon” on its website. Trader Joe’s expansion comes as it continues to win over shoppers. According to a report by Placer.ai, overall visits were up 9.6% at Trader Joe’s during the fourth quarter of 2025 versus 3.2% in the broader grocery category.
•Colliers: Strip center retail pricing increased 5% year over year According to the recent report “Capital Markets Stabilizing Amid Persistent Uncertainty” from Colliers, the cap rate at the end of the first quarter of 2026 was 7.1% for malls and 6.5% for strip centers. While sale price movement was flat year over year for malls, strip center prices increased by 5% compared to the first quarter of 2025.
•Study: Family Dollar closed ‘at least’ 350 stores in past 10 months — here’s where The discounter, whose sale by Dollar Tree to Brigade Capital Management and Macellum Capital was completed in July 2025, has closed “at least” 350 stores from July 7, 2025, to May 12, 2026, representing a 4.69% reduction in the size of the chain, according to an analysis by Local Falcon. Texas saw the most closures in raw numbers, with 35 locations now marked permanently.
•Survey: AI trust lags for decision making among CRE execs According to the recent CRE Industry Pulse Check report from First American Data & Analytics and DealGround, two-thirds (66%) of executives use AI weekly or daily, but only 5% trust it enough to inform commercial real estate deal decisions. More than half (53%) of respondents say they use AI for support only and exclude it from final decision-making, while another 17% say they use it only with heavy verification.
•Centennial founder Steven Levin retires Steve Levin, longtime CEO of Dallas-based real estate firm Centennial, is stepping down after nearly 30 years. Taking over Levin’s CEO office will be the company’s current president Paul Kurzawa, a 20-plus-year veteran of the commercial real estate and entertainment industries.
•DTC furniture brand Cozey to open first permanent U.S. store in Manhattan The direct-to-consumer brand will occupy 5,372 square feet on the ground floor and 4,774 square feet on the lower level in a nine-story mixed-use building in Manhattan’s Flatiron District on Fifth Avenue. Founded in 2020, Cozey designs and sells “modern, modular” home furnishings, including sofas, beds, dining room furniture and more.
•Black Rock Coffee Bar names development chief; eyes 1,000 locations by 2035 The chain has named Jon Vingo as its new chief development officer. In the role, he will oversee Black Rock Coffee Bar’s restaurant development strategy, including real estate and site selection, prototype design and construction. The company operates more than 190 locations spanning seven states from the Pacific Northwest to Texas.
•Continental Realty Corporation acquires 14-property portfolio The Maryland-based real estate firm has completed an off-market acquisition of a 14-property retail portfolio spanning seven states and encompassing more than 2 million square feet of retail space from US Properties Group. With this acquisition, CRC has expanded its national shopping center portfolio to over 10.5 million square feet and increased its AUM (assets under management) to nearly $5 billion.
•Macerich acquires super-regional Annapolis Mall The firm has purchased Annapolis Mall, in addition to a 13.1-acre vacant Sears parcel adjacent to the enclosed mall, for $272 million. Serving shoppers in the Baltimore and Washington D.C. metros, Annapolis Mall spans approximately 1.5 million square feet, with tenants that include Macy’s, AMC Theatres, Zara, Apple, The Cheesecake Factory, Urban Outfitters, Foot Locker, Hollister, American Eagle, Lululemon, Crate & Barrel and Maggiano’s.
