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Megaprojects Take Shape: $1B Outside DFW, Plus Bally’s in Vegas
More Than $1B in Property Trades Across the U.S.
Walmart Adds to Real Estate Portfolio With Third 2025 Deal
Alternative Investment Firm Derby Lane Debuts With Up to $1.8B in Investor Capital
Simon Names Stanley Shashoua President of International Real Estate
Brixmor CEO Jim Taylor Takes Medical Leave
Megaprojects Take Shape: $1B Outside DFW, Plus Bally’s in Vegas
A developer got the green light for a more than $1 billion master-planned project in suburban Dallas-Fort Worth. Meanwhile, Bally’s plans to build a 3.5 million-square-foot mixed-use development in Las Vegas with around 500,000 square feet of retail, dining and entertainment space.
DFW Suburb Green-Lights $1B Tallgrass Project
In the Dallas-Fort Worth suburb of Burleson, Texas, a real estate developer plans a mammoth mixed-use project. The Burleson City Council recently approved a development agreement for Tallgrass, a more than $1 billion master-planned development that Groundwork Development Partners will build on 621 acres.
Tallgrass, a mixed-use development valued at over $1 billion, is coming to Burleson, Texas, a Dallas-Fort Worth suburb. Image above and at top courtesy of the city of Burleson, Texas
At buildout, Tallgrass would feature about 4,000 apartments and single-family homes, along with 1 million square feet of retail, food-and-beverage and office space. City of Burleson development services director Tony McIlwain told C+CT the site is outside the current city limits, so the city will need to annex the land.
MORE FROM C+CT: Mixed-Use Megaprojects: Turning Locations Into Destinations
Bally’s Delivers Details on 3.5M-SF Vegas Resort Complex
Bally’s has detailed its plans to build the 3.5 million-square-foot Bally’s Las Vegas hotel-casino project in four phases at the former Tropicana site along the Strip. According to a news release from the gaming and entertainment company, retail, dining and entertainment space will top 500,000 square feet, though Clark County records cited by the Las Vegas Review-Journal indicate 476,000.
Bally’s plans to build a mixed-use hotel-casino project along the Las Vegas Strip that will offer around 500,000 square feet of retail, dining and entertainment space. Image courtesy of Marnell
The project also includes 1.7 million square feet of hotel space with 3,000 guest rooms; 822,000 square feet of parking garages; a 216,000-square-foot, 2,500-seat theater; 100,000 square feet of casino space; and 50,000 square feet of pools. Pending permit approvals, construction will begin in the first half of 2026, and completion is set for 2029.
The project will sit next to a ballpark being built for the MLB’s Athletics franchise. The team was based in Oakland, California, but temporarily has moved to Sacramento, awaiting completion of the $2 billion Vegas venue. The new stadium is scheduled to open in 2028, according to the Las Vegas Review-Journal.
More Than $1B in Property Trades Across the U.S.
Elsewhere in the big-deals department, DLC is going west in partnership with DRA Advisors, Site Centers sold five properties, Federal bought one property and a new joint venture bought its first retail center.
DLC and DRA-Managed Fund Buy $625M West Coast Retail Portfolio
Open-air center owner and operator DLC teamed up with a fund managed by investment advisory firm DRA Advisors to buy a $625 million portfolio of 10 grocery-anchored retail centers in California and Washington. The deal marks DLC’s entry into the West Coast market. The company plans to open a regional office that will oversee the portfolio and pursue deals on the West Coast and in the Mountain West.
The Aldi-anchored Magnolia Tyler Center in Riverside, California, is among the 10 shopping centers purchased by a joint venture between DLC and a DRA Advisors-managed fund. Photo courtesy of DLC
Site Centers Offloads 5 Properties for $415M
Retail REIT Site Centers has struck deals to sell five properties for a total $414.8 million.
The largest — a more than 1.1 million-square-foot, grocery-anchored power center near Princeton, New Jersey — is under contract to be sold for $137.6 million, Site Centers reported in a filing with the U.S. Securities and Exchange Commission. The buyer is B33 Nassau Park Pavilion III. According to Site Centers’ website, Nassau Park Pavilion is fully leased to tenants like Burlington, Dick’s Sporting Goods, The Home Depot, HomeGoods, Homesense, Michaels, Target, T.J.Maxx and Wegmans.
Site Centers also sold Florida’s 629,326-square-foot Winter Garden Village to DWS for $165 million. New Jersey’s Edgewater Towne Center, at 76,525 square feet plus 64 apartments, sold for $53.5 million. A joint venture between Cohen & Steers Income Opportunities REIT and Sterling Organization acquired the 158,628-square-foot Deer Valley Towne Center in Phoenix for $33.7 million. And Sandy Plains Village in Roswell, Georgia, sold to Hendon Properties for $25 million.
Federal Realty Acquires Annapolis Town Center for $187M
Federal Realty bought the 480,000-square-foot retail and office portion of the mixed-use Annapolis Town Center in Anne Arundel County, Maryland, for $187 million. The seller was PGIM Real Estate, according to the Baltimore Business Journal.
Federal Realty is the new owner of Annapolis Town Center in Anne Arundel County, Maryland. Photo courtesy of Federal Realty
The retail center is 89% leased, Federal Realty senior vice president of regional leasing Stuart Biel told the Baltimore Business Journal. Whole Foods Market anchors the center, and Target is a shadow anchor. Other tenants include Anthropologie, Life Time, RH, Sephora and Williams Sonoma.
The deal comes three months after Federal Realty paid $289 million for Leawood, Kansas’ Town Center Plaza and Town Center Crossing open-air centers, which total 550,000 square feet.
New Joint Venture Makes First Buy: San Antonio’s Northwoods Shopping Center
A new joint venture formed by MCB Real Estate, Epic Real Estate Partners and Centerbridge Partners has closed on its first acquisition: Northwoods Shopping Center, a 439,569-square-foot lifestyle center in San Antonio. MCB said it’s the largest deal for a grocery-anchored shopping center in San Antonio since 2021. H-E-B is the anchor. Other tenants include Barnes & Noble, Homesense, Marshalls, Nordstrom Rack, Old Navy and Ulta Beauty.
Walmart Adds to Real Estate Portfolio With Third 2025 Deal
Walmart has done it again, completing its third retail real estate acquisition of 2025. The retailer bought the 165,409-square-foot Walmart Center in Norwalk, Connecticut, for $44.5 million. A 118,630-square-foot Walmart anchors the center. Other tenants include Ulta Beauty, Panera Bread, Qdoba and Aspen Dental. Royal Properties represented the seller, and Treeline Real Estate represented Walmart.
The deal follows Walmart’s acquisition of two other retail properties this year, both near Pittsburgh: a $39.6 million deal in May for Bethel Park Shopping Center and a $34 million deal in February for Monroeville Mall. Walmart operates a store at the Bethel Park property but not at the Monroeville one. It plans to raze Monroeville Mall and replace it with a mixed-use development that would include Walmart and Sam’s Club stores.
Alternative Investment Firm Derby Lane Debuts With Up to $1.8B in Investor Capital
Alternative investment manager Derby Lane Partners has launched with up to $1.8 billion in capital committed by several major investors. It will provide capital for mixed-use, hotel, multifamily, office and industrial, a spokesperson said. Initially, it will focus on commercial real estate credit in North America.
Adam Piekarski is founder, chief investment officer and CEO of Derby Lane Partners. Photo courtesy of Derby Lane Partners
Investors in Derby Lane include BTG Pactual, Fortress Investment Group, Koch Real Estate Investments, Liberty Mutual Investments, Silver Creek and Stable. Adam Piekarski, former co-head of real estate credit at merchant bank BDT & MSD Partners, is founder, chief investment officer and CEO of Derby Lane.
Simon Names Stanley Shashoua President of International Real Estate
Stanley Shashoua has been promoted to president of international real estate at Simon. He will oversee 26 outlets; a stake in Klépierre, which owns and manages 70 shopping centers in Europe; and McArthurGlen Investments, which owns, manages and develops designer-focused outlets in Europe and Canada.
Stanley Shashoua Photo courtesy of Simon
Shashoua is a supervisory board member at Klépierre. According to his LinkedIn profile, his roles at Simon have included head of special investments, chief investment officer and senior vice president of international development. He also is former interim CEO of JCPenney and Sparc Group, which merged in January to form Catalyst Brands. Simon owns a stake in Catalyst, whose brands include Aéropostale, Brooks Brothers and Eddie Bauer.
Brixmor CEO Jim Taylor Takes Medical Leave
Brixmor CEO Jim Taylor has taken temporary medical leave, effective Thursday. President and COO Brian Finnegan will serve as interim CEO. Brixmor chair Sheryl Crosland said: “The company extends our best wishes to Jim and we have full confidence that Brian and the rest of the seasoned management team will continue to successfully execute on the company’s business plan.”