Macerich Buys Crabtree Valley Mall in North Carolina for $290 Million
Photo courtesy of Macerich
Macerich has purchased a 1.3 million-square-foot Class A mall in Raleigh, North Carolina, for $290 million. The seller of Crabtree Valley Mall was CVM Holdings, which had owned the mall since 2002, according to WRAL. The new landlord is earmarking about $60 million from now through 2028 for redevelopment and stepped-up leasing. Macerich president and CEO Jackson Hsieh said the mall “checks all the boxes for pursuing opportunistic external growth” due to factors like strong traffic and sales and dominance in a high-growth market. “Macerich’s proven leasing, management and redevelopment capabilities will reinvigorate leasing momentum at Crabtree, create a more inviting and refreshed ambience and reinforce Crabtree’s longstanding reputation within the community,” said Hsieh. According to Macerich, the mall generates $429 million in annual sales and attracts more than 8.7 million visitors per year. Its 200-plus tenants include Apple, Banana Republic, Belk, Macy’s, P.F. Chang’s and The Cheesecake Factory.
A Trio of Oklahoma City Lifestyle Retail Centers Trades for $212 Million
The Triangle at Classen Curve Photo courtesy of Bain Capital Real Estate and 11North Partners
Bain Capital and 11North Partners have acquired three open-air lifestyle shopping centers in Oklahoma City’s Nichols Hill for $212 million. The two buyers formed a joint venture in spring 2024 to acquire and manage open-air centers in the U.S. and Canada. The three properties — Nichols Hills Plaza, Classen Curve and The Triangle at Classen Curve — total almost 40 acres, and their occupancy rates top 97%. “The properties are recognized as the go-to choice for national retailers seeking to enter the market and are among the most frequented neighborhood centers in the state,” according to a joint press release from Bain and 11North. Whole Foods and Trader Joe’s anchor the properties. Other tenants include Lululemon, Warby Parker, West Elm, Anthropologie, Sephora and Kendra Scott.
Independent Grocers Consolidate: C&S Will Buy SpartanNash for $1.8 Billion
Photo courtesy of SpartanNash
C&S Wholesale Grocers will acquire independent grocer/wholesaler SpartanNash for $26.90 per share in cash. The deal represents a total consideration of $1.8 billion, a giant example of a broader industry trend: the consolidation of independent grocers as a strategy to survive and compete. “This transaction creates the necessary scale, efficiency and purchasing power needed to enable independent retailers to compete more effectively with larger big-box chains,” said SpartanNash president and CEO Tony Sarsam. The grocers also trumpeted the combined companies’ ability to serve pharmacy deserts.
For context, check out recent C+CT stories about independent operators navigating a changing market:
Know Your Tenants: What Indy Grocers Are Facing These Days
As Chain Drugstores Close, What About Independent Pharmacies?
Additionally, Grocery Dive mapped out the impact of the merger, which is expected to close late this year.
C&S supplies more than 7,500 independent supermarkets, chain stores, military bases and other outlets. SpartanNash also operates a wholesale business serving similar client types, and it runs 200 grocery stores under banners like Family Fare, Martin’s Super Markets and D&W Fresh Market, plus pharmacies and gas stations with convenience stores. It acquired 49-store regional grocer Fresh Encounter in the fall.
RCG Completes $1.8 Billion Purchase of 99-Property Retail Portfolio
RCG Ventures, the retail real estate investment arm of Argonne Capital Group, has wrapped up its $1.8 billion purchase of a 99-property portfolio from Global Net Lease. The deal was announced in February. The portfolio comprises over 14 million square feet across 28 states and brings RCG’s portfolio to more than 130 retail properties in the U.S. Globe Net Lease said the sale enables it to move forward as “a pure-play net lease owner and operator.”
5 Retail-Industrial Hybrid Projects Show a Trend That’s Gaining Momentum
The 1.6 million-square-foot Phase 1 of Goodyear AirPark in Phoenix features warehouses and pickleball courts. The full project also will include a 63-acre retail center called Estrella Gateway. Photo courtesy of Lincoln Property Co.
As part of an emerging commercial real estate trend, a project in Arizona is marrying two property types that traditionally haven’t been wed — retail and industrial. Goodyear AirPark Phase 1, a six-building project in the Phoenix area encompassing 1.6 million square feet, is one example of the burgeoning retail-and-industrial trend. The new industrial park, developed by Lincoln Property Co. and Harvard Investments, already features warehouse space and pickleball courts. But at full buildout, the project also will include a 63-acre retail center, Estrella Gateway, the Phoenix Business Journal reported. The first retail tenant is expected to be a QuikTrip travel center. Other prospects include drive-thru restaurants, coffeehouses and auto shops, Lincoln Property executive vice president John Orsak told the Phoenix Business Journal.
Other recent examples of retail-industrial combos:
• M2G Ventures will begin redevelopment next month of the 14-building, 739,233-square-foot Inwood Design Center in Dallas into two components: the 630,000-square-foot Inwood Design District with showrooms and light industrial and the 109,233-square-foot Ace on Inwood with retail, primarily home furnishings; services; wellness; and restaurants. The redo will deliver this year.
Inwood Design District in Dallas Rendering courtesy of M2G Ventures
• Foothill Partners has started the second phase of The Oddie District in Nevada’s Reno-Sparks metro. The 175,000-square-foot redevelopment of a 209,000-square-foot Lowe’s store will be mostly complete by early 2026. The first phase, home of The Generator nonprofit maker space, opened in 2022. The developer describes The Oddie District as “a place where the maker economy, advanced engineering, humanoid robotics, workforce development, entrepreneurial growth, fitness and a vibrant array of food, beverage and entertainment options co-exist.” Belay Investment Group provided capital for the redevelopment.
Nevada’s Oddie District, a redevelopment of a former Lowe’s store, houses maker space, and fitness, food-and-beverage and entertainment uses are on the way. Rendering courtesy of Foothill Partners
• A $75 million transformation of Texas’ former Outlets at Hillsboro will feature roughly 200,000 square feet of retail and restaurant space alongside 230,000 square feet of industrial space, the Dallas Business Journal reported. Demolition at the 43-acre site, which sits between Dallas-Fort Worth and Waco, is underway.
• A $35 million overhaul proposed for the 434,408-square-foot Washington Crown Center mall in Washington, Pennsylvania, southwest of Pittsburgh, would mix retail and light industrial space, according to the Observer-Reporter.
MORE FROM C+CT: How Retail and Industrial Work Together
Malls Add Luxury Wings To Attract High-End Retailers and Shoppers
Southdale Center’s new luxury wing Photo courtesy of Simon
Luxury wings have flown into several U.S. malls, and in mid-June, Simon’s Southdale Center in Edina, Minnesota, debuted its own, outfitted with marble floors, high ceilings and skylights, according to Twin Cities Business. Tenants of the luxury wing at the nearly 70-year-old mall include Burberry, Gucci, Louis Vuitton, Max Mara and Tiffany & Co.
“Luxury brands, despite the changing tides, are the true retail trendsetters, and have the ability to pivot as needed to meet changing consumer demands,” Placer.ai noted in a February report.
At Triple Five Group’s American Dream retail and entertainment complex in East Rutherford, New Jersey, luxury retailers like Gucci, Hermès and Tiffany occupy a luxury wing called The Avenue. And Columbus, Ohio’s Easton Town Center — owned by a partnership of L Brands, The Georgetown Co. and Steiner + Associates — has opened a Fashion District featuring luxury and contemporary retailers.
MORE FROM C+CT: Reinvention at Easton Town Center
Qdoba’s Expansion Targets 1,600 Global Locations by 2032
Photo courtesy of Qdoba
Mexican fast-casual restaurant chain Qboda just opened its 800th location, in South Florida. Now, it’s got its sights set on 1,600 locations in the U.S. and other countries by 2032. In the U.S., Qdoba’s expansion targets include Alabama, Arizona, California, Georgia, Louisiana, New Mexico, Tennessee, Texas and Utah. In announcing the growth plan, Qdoba CEO John Cywinski called his company “the best-kept secret in the restaurant industry and one of the fastest-growing brands in America.” He continued: “With 2025 included, we’ve averaged double-digit system sales growth over the past five years.” Currently, Qdoba operates restaurants in the U.S., Canada, Japan and South Korea.
Retailers Adapt Store Formats in Response to Hybrid Work and Consumer Shifts
The rise of hybrid work, the growing preference for wellness goods and services and the consolidation of shopping trips are shaking up the landscape for retail real estate professionals. This shift includes a rethinking of store configurations, CBRE asserted based on a survey it conducted of more than 50 attendees at this year’s ICSC LAS VEGAS. “Responding to … new consumer behaviors, retailers are actively rightsizing and reformatting their stores,” CBRE noted. “With fewer shopping trips and more targeted purchases, large urban flagships are giving way to smaller, more efficient suburban locations. These changes ripple into real estate decisions, requiring landlords to accommodate a broader mix of formats, from hybrid concepts to micro-locations with high visibility.”
—Additional reporting by C+CT editor-in-chief Amanda Metcalf
By John Egan
Contributor, Commerce + Communities Today