CMBS Activity Underscores Surge in Grocery-Anchored Activity
Investment in grocery-anchored retail centers shows no signs of cooling off. In the fourth quarter of 2024, $604.8 million in commercial mortgage-backed securities was issued for grocery-anchored centers, compared with $122 million in the first quarter of 2023, according to TreppInsights. Trepp chose those quarters for comparison in order to frame the two-year period coming out of COVID. “This recovery signals improved lender appetite for necessity-driven retail, though issuance is increasingly concentrated in higher-credit tenancy. Nationally anchored centers are more likely to secure favorable debt terms, while properties backed by local or regional grocers face tougher scrutiny,” TreppInsights noted.
The Fresh Market anchors Florida’s 235,096-square-foot CityPlace Doral, which just sold for $87.5 million. Photo courtesy of JLL
Despite that potential scrutiny, grocery-anchored deals continue to flourish. For example, Continental Realty Corp. just paid PGIM Real Estate $87.5 million for CityPlace Doral, a 235,096-square-foot, grocery-anchored retail center in the Miami suburb of Doral. Tenants include The Fresh Market, CMX CineBistro, Anatomy fitness and restaurants Novecento, Cooper’s Hawk Winery & Restaurant, Carrot Express and Tap 42 Craft Kitchen & Bar. A residential property at the 17.7-acre site wasn’t included in the deal.
And in Newark, New Jersey, Medipower just purchased the 110,551-square-foot, grocery-anchored Springfield Avenue Marketplace for $37.5 million from an affiliate of Goldman Sachs. Tenants include ShopRite, McDonald’s, Popeye’s and Taco Bell.
USA Today Readers Rank the Best U.S. Shopping Centers
The Shops at La Cantera Photo credit: Brookfield Properties
San Antonio’s Shops at La Cantera reigns as the country’s best shopping center, according to USA Today’s new 10Best Readers’ Choice Awards for 2025. Brookfield Properties, which manages La Cantera, describes it as a “crown jewel” in its Iconic Collection of 11 luxury retail centers. “Shaded walkways and a strong dining scene, from quick bites to upscale spots, make this a go-to luxury shopping destination for locals and visitors alike,” USA Today wrote. The Shops at La Cantera, which opened in 2005, is a 1.3 million-square-foot, open-air regional mall in northwest San Antonio. Tenants include Apple, The Cheesecake Factory, Gucci, Kendra Scott, Louis Vuitton, Neiman Marcus, Nordstrom, Macy’s, Perry’s Steakhouse & Grille, Sur La Table, Tiffany & Co. and Warby Parker.
A panel of experts nominated shopping centers for the list, the 10Best editors whittled the list down and then the public voted on the remaining nominees to arrive at the top 10:
1. The Shops at La Cantera, San Antonio
2. Peddler’s Village, Lahaska, Pennsylvania
3. Ala Moana Center, Honolulu
4. Oakbrook Center, Oak Brook, Illinois
5. Mizner Park, Boca Raton, Florida
6. Bridge Street Town Centre, Huntsville, Alabama
7. St. Armands Circle, Sarasota, Florida
8. Scottsdale Quarter, Scottsdale, Arizona
9. Easton Town Center, Columbus, Ohio
10. Kierland Commons, Scottsdale, Arizona
Florida’s Aventura Mall, meanwhile, grabbed the top spot on the USA Today 10Best Readers’ Choice Awards list of the country’s best malls, Massachusetts’ Wrentham Village Premium Outlets took first place in the outlet mall category and JCPenney landed at No. 1 among department stores.
SVN Chicago Property Management Buys Edgemark’s Property Management Division
Creston Park Mall in Janesville, Wisconsin, is among the properties in Edgemark Asset Management’s portfolio. Photo credit: SVN Chicago Property Management
SVN Chicago Property Management has scooped up the property management division of Edgemark Asset Management. With Edgemark’s nearly three dozen assets exceeding 2 million square feet of retail in Georgia, Illinois, New York and Wisconsin, the deal expands SVN PM’s portfolio to 140 properties under management totaling more than 5 million square feet. “Edgemark Asset Management’s products, services, intellectual capital and exceptional back-end support empower us to help all our clients make optimal real estate decisions, and we will continue to build on that foundation,” SVN PM principal and CFO Kirk Bennett said.
Brookfield Asset Management’s Real Estate Business Gets New CEO
Lowell Baron has been promoted to CEO of Brookfield Asset Management’s $320 billion real estate arm, PERE reported on Wednesday. He succeeds Brian Kingston, who moved into the role of executive chair of the real estate group after 10 years as its CEO. Kingston joined Brookfield Asset Management in 2001. Baron, who had been the real estate group’s president and chief investment officer since 2015, retains his CIO duties.
Managing partners Ben Brown and Brad Hyler were promoted to co-presidents of the real estate group. Brown continues to lead the Americas sector, and Hyler maintains his duties as head of the European sector.
Ankur Gupta, who directs Brookfield Asset Management’s Asia-Pacific real estate strategies, assumed the role of global deputy CIO while also keeping his current regional job.
By John Egan
Contributor, Commerce + Communities Today