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5 Big Deals: 2 Major Refis, 2 Notable Trades and 1 Big Fundraise 
2 More Canada Updates: Gucci at Yorkdale and Williams-Sonoma Brands in Ottawa 
These 4 Retailers Are Chasing 1,000+ New Locations 
2 C-Store Updates: A $261M Sale-Leaseback and TXB’s Push Past 100 Stores
FAO Schwarz and Spirit Step Up Temporary Retail
Mesa, Arizona, Approves $3B Mixed-Use Project With 400K SF of Retail, Dining and Fitness

Brookfield’s GGP Arranges $800M Refinancing for 2.4M-SF Oakbrook Center

Affiliates of Brookfield Properties’ GGP are set to close next month on an $800 million cash-out refinancing of the Oakbrook Center superregional mall in Oak Brook, Illinois. The commercial mortgage-backed security loan will pay off a previous $700 million CMBS loan tied to the 2.4 million-square-foot mall, Bisnow reported. The five-year, interest-only loan comes with an assumed rate of 5.9%. The remaining $100 million from the loan will go toward early payoff penalties, closing costs and a return of equity to the sponsors, according to Bisnow. Brookfield acquired the suburban Chicago mall in 2018 through its $9.25 billion acquisition of GGP. Brookfield’s retail business revived the GGP brand in January.

At Bisnow’s Chicago Sports, Entertainment, and Retail Summit in May, GGP CEO Kevin McCrain said the mall serves as a model for how the business invests in retail properties nationwide. Oakbrook Center generates sales of “well over” $1,500 per square foot, he said. Sales at the mall in the 12-month period ending in May exceeded $1.2 billion, according to a presale report from S&P Global. “In our view, it’s the best center in the country. … We keep investing into it over and over again because everybody wants to be there,” said McCrain. Citing data from Placer.ai, the S&P Global report said Oakbrook Center welcomed about 14.5 million visitors over the past year, ranking it among the country’s most-visited malls.

FROM THE C+CT ARCHIVE: Oakbrook Center’s 2010s Redvelopment

Kimco Joint Venture Refinances 1.3M-SF Portfolio for $154M

A joint venture formed by Kimco Realty and an institutional investor secured $154.1 million to refinance a six-property, 1.3 million-square-foot retail portfolio that spans three states:

• Morena Plaza in San Diego
• Rancho San Diego in El Cajon, California
• Vail Ranch Plaza in Temecula, California
• Redhawk Towne Center in Temecula, California
• North Decatur Station in Georgia
• The Summit at Scottsdale in Arizona

Anchors in the portfolio, which has a 99% occupancy rate, include Costco, Safeway, Sprouts Farmers Market, Walmart and Whole Foods Market.

Pacific Retail JV Acquires Southern California’s 884K-SF Pacific View Mall

A joint venture between Pacific Retail Capital Partners and Conversant Capital bought Pacific View mall in Ventura, California. Citing Yardi Matrix data, the Yardi-owned Commercial Property Executive reported the seller was Macerich. Target, Macy’s and JCPenney anchor the 884,000-square-foot enclosed mall. Other retailers among the 130 tenants include Sephora, Ross, Victoria’s Secret, Trader Joe’s and 24 Hour Fitness. The mall opened in 1964 and last was renovated in 2017.

CTO Will Revitalize 768K-SF Zona Rosa After $63.3M Acquisition

CTO Realty Growth plans to reposition the 768,000-square-foot Zona Rosa mixed-use center in Kansas City, Missouri, after buying it for $63.3 million. Monarchs Sub LLC was the seller, according to The Kansas City Star. Dick’s, Barnes & Noble, Old Navy, Burlington and DSW anchor Zona Rosa, which is 67% leased. CTO said revitalization will be a long-term, multiphase undertaking. The 64-acre property includes 10 acres of entitled land and about 100,000 square feet of underused space that could be monetized. CTO owns and operates open-air centers primarily in the Southeast and Southwest.

Primaris Raises 230M Canadian Dollars for $1B Acquisition Pipeline

Primaris just raised over 230 million Canadian dollars in equity to fuel a pipeline of potential acquisitions valued at more than 1 billion Canadian dollars. Primaris raised the money by selling nearly 12.9 million shares to a syndicate of underwriters. CEO Alex Avery said the equity raise positions the Toronto-based retail REIT “to capitalize on attractive acquisition opportunities while maintaining our disciplined approach to capital allocation and leverage management.” Primaris’ portfolio of 25 shopping centers, valued at roughly 5.2 billion Canadian dollars, spans 14.6 million square feet.

The sale of equity isn’t Primaris’ only vehicle for generating cash. In a July earnings call, CFO Julian Schonfeldt said Primaris had identified a potential pipeline of 275 million to 375 million Canadian dollars’ worth of excess or underused land that it plans to monetize. About 10% of the 1,200-plus acres in the REIT’s portfolio could be carved out, rezoned and sold to developers, Schonfeldt told Retail Insider in June.

And in an unusual example of backfilling, Williams-Sonoma Inc. will open stores for three brands inside a former Nordstrom in Ottawa, Ontario. Williams Sonoma, Pottery Barn and West Elm will debut next spring at the Cadillac Fairview-owned CF Rideau Centre, according to Retail Insider. The trio will occupy 157,000 square feet that Nordstrom vacated in 2023 when it exited Canada.

AutoZone Expects as Many as 830 New Stores in the Next 2 Fiscal Years

After opening a record-setting 374 stores in fiscal year 2026, AutoZone forecasts about 400 in fiscal year 2027 and another 430 in fiscal year 2028. In the 2026 fiscal year, which ended on Aug. 29, AutoZone opened 236 stores in the U.S., 118 in Mexico and 20 in Brazil. The bulk of new stores will be in the U.S., where it operated 6,863 stores as of Aug. 29. This summer, AutoZone celebrated the opening of its 8,000th store, a location in Murfreesboro, Tennessee. “Store number 8,000 is not the finish line,” president and CEO Phil Daniele declared.

Water Wings Pursues 100- to 150-Location Footprint Through Franchising

Water Wings Swim School is making waves. The brand recently opened its first franchised location as it pursues a goal of operating 100 to 150 locations over the next three to five years. Water Wings launched its franchise program in May 2025, and the Cypress, Texas, school is one of six franchised locations opening this year. Water Wings said it will open another 25 to 30 schools in 2027, contributing to the targeted 100- to 150-school footprint. Expansion markets include Arizona, Florida, Georgia, Mississippi, New Jersey and New York. Water Wings, owned by Unleashed Brands, currently operates 18 locations across California, Idaho, Nevada and Texas.

Chili’s Returns to Growth Mode With 20 to 30 New Restaurants Planned Per Year

Bolstered by meaty same-store sales growth, the Chili’s restaurant chain is heating up expansion plans. During parent company Brinker International’s recent 2026 Investor Day, Brinker president and CEO Kevin Hochman said Chili’s is targeting 20 to 30 new restaurants per year over the next few years, Restaurant Dive reported. “We have identified over 300 trade areas where we think we can build new Chili’s,” Hochman said. Target markets include California, the Carolinas, Florida, Georgia, Ohio, Texas, Virginia, Washington state and Washington, D.C. The number of company-owned Chili’s in the U.S. declined from 1,131 in fiscal year 2022 to 1,110 in fiscal year 2026, which ended on June 26. That’s despite Chili’s having recorded five consecutive years of same-store sales growth.

Donatos Pizza Targets 100+ Texas Locations, With DFW and Houston in Focus

Donatos Pizza is expanding in the Dallas-Fort Worth and Houston markets as it targets more than 100 locations in Texas. Donatos hasn’t set a timeline, saying only that the expansion will happen “over time.” Donatos and its franchise partners operate more than 177 stores, plus more than 250 nontraditional locations nationwide, including select Red Robin restaurants. Vice president of development and franchising Jeff Baldwin said Texas “continues to be an incredibly important market” for the chain.

Getty Realty Picks Up 41 Refuel C-Stores in $260.9M Sale-Leaseback

Net lease REIT Getty Realty acquired 41 convenience stores in a $260.9 million sale-leaseback with c-store operator Refuel Operating Co. The 41 properties, averaging nearly 5,000 square feet, are in Mississippi, North Carolina, South Carolina and Texas. The leases carry initial terms of 20 years with renewal options and rent increases every five years. Refuel is now Getty’s third-largest tenant based on annualized base rent. As of Sept. 22, Getty’s portfolio contained nearly 1,270 freestanding properties in the U.S. Refuel has about 250 stores in five states under the Refuel and Double Quick banners.

TXB’s Expansion Plan Would Nearly Double Its C-Store Footprint

FAO Schwarz and Spirit Step Up Temporary Retail

FAO Schwarz recently added an Amazon pop-up at its flagship location in Manhattan, while Spirit Christmas will take over dozens of Spirit Halloween stores this fall.

FAO Schwarz Opens Amazon Pop-Up at NYC Flagship

In a holiday-season omnichannel pairing, toy retailer FAO Schwarz just added an Amazon pop-up at its flagship in Manhattan’s Rockefeller Center. At the pop-up, shoppers can browse merchandise from Amazon’s 2026 Top 100+ Toys List. FAO Schwarz said windows at the store now feature Amazon displays, “creating a holiday spectacle for New Yorkers, visitors and families from around the world.” The pop-up coincides with the launch of FAO Schwarz’s first-ever Amazon.com shop.

44 Spirit Halloween Stores Will Become Spirit Christmas Locations

Every year, roughly 1,500 temporary Spirit Halloween stores appear across the country to sell costumes and other Halloween merchandise. It’s something of a fall tradition. But you may not be aware of a post-Halloween purpose for dozens of the locations. This year, 44 pop-ups leased for the Halloween season are expected to become Spirit Christmas locations, up from about 30 last year, CoStar News reported. Spirit Christmas, a Spirit Halloween spinoff, sells holiday decor, gifts and other seasonal items. Spirit Christmas piloted 10 locations in 2024, according to CoStar. Each store ranges from 5,000 to 50,000 square feet.