San Bruno, California: New owner Alexandria will convert The Shops at Tanforan into a modern office and research complex for tech and life sciences tenants. The company acquired the property for some $300 million through three major transactions: $105.25 million in September for the site of the JCPenney, $128 million in November for the Sears building and $95.2 million this week for the main mall.

San Francisco: Nearly two years after buying the empty mall at 945 Market St. for $198 million, Ikea real estate arm Ingka Centres has started renovating the 250,000-squre-foot building into a 70,000-square-foot complex anchored by an Ikea store and several other tenants. “We are currently in the process of making significant improvements to the building, to create a welcoming and comfortable environment for visitors and the local community,” the company said. In recent weeks, the company secured building permits for $6.6 million in improvements. It originally planned to open the complex last September, but the pandemic delayed work.

Indianapolis: Plans are underway to breathe new life into two downtown retail properties. The new owners of the Circle Centre Mall have hired architects to draw up renderings. Meanwhile, Sojos Capital will spend $200 million to redevelop the nearby Lafayette Square Mall into a mixed-use complex featuring a hotel.

New Orleans: Lauricella Land Co., Brian Gibbs Development and Cypress closed on a deal to invest in the historic Market Street Power Plant and surrounding acreage. The team also recently won a bid to develop nearby vacant land that sits between the New Orleans Ernest N. Morial Convention Center and the power plant. The team plans to connect the lots as part of the new River District. The plant was constructed in 1902 and consists of seven buildings with over 160,000 square feet of developable floor space, plus additional land. The developers plan to transform it into entertainment, retail, hotel and office. SRS Real Estate Partners and L+A Retail will lead leasing strategy.

Boston: A 43,500-square-foot speculative retail and office development is underway on the last available land on the Back Bay’s iconic Newbury Street. The five-story, ground-up development will house 16,000 square feet of retail and 27,500 square feet of office. It will break ground this month, and delivery is anticipated in the second quarter of 2023. L3 Capital, represented by JLL, tool a three-year, $56 million loan from Bank of New England and Needham Bank.