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Big V and Equity Street Capital Create $1.2 Billion Fund for Retail Centers

Big V Property Group has teamed up with commercial real estate investment group Equity Street Capital to create a $1.2 billion retail property fund. The Big V Core Property Fund consolidates seven institutional-quality retail properties under one investment vehicle. In tandem with the fund’s launch, Big V secured a $765 million financing facility to support expansion initiatives and current operations. “We’ve spent two years planning our next phase of growth, and the launch of the Big V Core Property Fund … is the first step in a series of strategic moves designed to grow our platform and enhance long-term value for investors,” said Big V CEO Jeffrey Rosenberg.

A Boston-Area Mall Sells for $100M and a New Jersey Property Gets a Makeover

The new owner of a Boston-area mall is scrapping plans for its transformation into a life sciences and multifamily-focused project, while the owner of a New Jersey retail center is getting a makeover.

Watertown Mall Sale Keeps Property Fully Retail

A Massachusetts mall that had been slated for conversion into life sciences and multifamily uses has sold for $100 million and will remain a retail-only property, the Boston Business Journal reported. National Development bought the 260,867-square-foot Watertown Mall from Alexandria, which owns, operates and develops properties for life sciences tenants.

Alexandria purchased the mall from Watertown Mall Associates in 2021 for $130 million. Two years later, it proposed a 1.2 million-square-foot redevelopment of the bulk of the property, with a heavy concentration of life sciences and multifamily space alongside some retail space, according to Banker & Tradesman. Tenants at Watertown Mall include Best Buy, Target, Chase and Starbucks.

Bridgewater Commons Gets a Major Interior Refresh

After acquiring New Jersey’s Bridgewater Commons in 2023, Pacific Retail Capital Partners is modernizing the 1.2 million-square-foot mall. Having added 19 tenants in the past two years, the firm is now upgrading the food court, center court and other interior spaces.

Mixed-Use Megaprojects Multiply Nationwide

Across the country, developers are pouring billions into large-scale, mixed-use projects. Recent C+CT coverage includes:

• a $7 billion mixed-use development in Phoenix
• the 200-acre Legacy Park in Mesa Arizona
• a 3.5 million-square-foot hotel-casino development along the Las Vegas Strip
• a 785-acre development near Tampa, Florida
• a more than $1 billion development in suburban Dallas-Fort Worth
• the 2,500-acre Fields, including the 55-acre Fields West
• the multiphase Penn District in Manhattan
• the more than $3 billion East Bank in Nashville
• the $4 billion Fan Pier in Boston
• the 161-acre Suffolk Downs in Boston
• the $900 million Harborplace in Baltimore
• the 100-acre OCVibe in Anaheim, California

The wave of large mixed-use developments doesn’t stop there:

Construction is underway on a $10 billion complex in Beverly Hills, California, including a floating public park and as many as 45 retail and dining outlets.

Fortess, U.S. Immigration Fund, Cirrus Real Estate Partners and LCOR have resurrected a mixed-use development in Brooklyn, New York, at a cost of roughly $6 billion.

A $2 billion mixed-use project with more than 120,000 square feet of retail space is in the works in Miami.

A $2 billion master-planned community with 1.4 million square feet of retail space is taking shape in Miami-Dade County.

Meanwhile, a 277-acre project featuring millions of square feet of retail, residential, office and industrial space is being planned in Daytona Beach, Florida.

In Broward County, a more than $1 billion, 170-acre mixed-use community called Mainstreet will include about 80,000 square feet of grocery-anchored retail.

And a 12-story building comprising office and retail — the first phase of the $1.4 billion, 1.5 million-square-foot Hudson’s Detroit mixed-use development — has been completed.

An off-price retailer, a fast-fashion retailer, a taco chain and a coffee brand are among retailers expanding their U.S. footprints.

Ross Aims for 1,300 More Stores in Long-Term Growth Plan

Ross Stores, which operates the Ross Dress for Less and DD’s Discounts chains, has completed the 90-store expansion planned for fiscal year 2025, ending Jan. 31. But the off-price retailer isn’t done growing. Over time, Ross aims to reach at least 2,900 Ross Dress for Less stores and 700 DD’s Discounts locations across the U.S. As of August, the company operated 1,873 Ross Dress for Less stores and 360 DD’s locations — meaning it ultimately plans to expand its Ross footprint by about 55% and its DD’s footprint by nearly 95%.

Uniqlo Will Expand U.S. Presence With 11 New Stores in 2026

Japan-based fast-fashion retailer Uniqlo — whose competitors include H&M, Primark and Zara — plans to add 11 U.S. stores in 2026, Fast Company reported. Four will be in New York City — three in Manhattan and one in Brooklyn — two will open in Chicago; and one will open in each Boston; Washington, D.C.; Annapolis, Maryland; San Francisco; and the Seattle suburb of Issaquah.

Uniqlo is returning to San Francisco’s Union Square area after closing a store there four years ago, The San Francisco Standard reported. An Oct. 1 filing with the Texas Department of Licensing & Regulation showed Uniqlo also plans to open a new store in Austin. Uniqlo operates 78 stores in the U.S., according to Fast Company.

Torchy’s Tacos Fires Up Plans for 75 More U.S. Restaurants

Fast-casual restaurant chain Torchy’s Tacos is eyeing the addition of 75 locations by 2030, the Austin Business Journal reported. The company currently operates 125 U.S. locations, and the expansion would bring its total to 200. CEO Paul Macaluso, who took the helm earlier this year, is leading the growth strategy, according to the Austin Business Journal. Torchy’s is targeting spaces between 2,400 and 3,200 square feet — smaller than the 4,500-square-foot locations it favored five years ago.

7 Brew Franchisee Targets 200 New Drive-Thrus by 2030

A franchisee of 7 Brew plans to expand its footprint by at least 300%. 7 Crew has signed an agreement with the drive-thru coffee chain to open more than 200 stores over the next five years across Florida, New Mexico, Oklahoma and Texas. As of September, 7 Crew — the brand’s second-largest franchisee — operated 50 locations. Private equity firm Franchise Equity Partners recently purchased a majority stake in that company. Overall, 7 Brew’s network has grown from 14 locations in 2021 to more than 500 in 2025.

Five months after unveiling Platform for Growth, its business plan for 2025 through 2028, Unibail-Rodamco-Westfield has accelerated its CEO succession plan. Chief strategy and investment officer Vincent Rouget, who also is acting COO for Europe, will take over as chair and CEO on Jan. 1. He will succeed Jean-Marie Tritant, who established the succession plan in 2023. URW said the acceleration reflects the supervisory board’s “objective to secure long-term leadership continuity beyond 2028.”

The supervisory board had renewed Tritant’s contract as chair and CEO just 10 months ago. URW credited him with reshaping the company and steering it back to growth “while navigating an extremely challenging external environment,” referring to the pandemic. Regarding the decision to elevate Rouget, the company said: “Jean-Marie Tritant accepts the decision, is aligned on its timing and will lead the transition until the end of the year.”

Levin Management Names Nisha Patel as COO

Levin Management has hired Nisha Patel as COO. She will oversee operations across Levin’s 16 million-square-foot portfolio, made up primarily of grocery-anchored, open-air centers. Patel most recently was head of asset management and dispositions at Essential Properties Realty Trust, where she oversaw a $6 billion retail portfolio.