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Major Retail Property Deals: 2 MSF Los Angeles Mall, Times Square Condo and More 
Investors Expand Into New States With Retail Center Acquisitions 
Retailer Moves: Birkenstock Expands, Bojangles Returns to NYC and Claire’s Secures Buyer for Some Assets 
Net Lease Updates: CVS Portfolio Trades, REIT Slows Acquisitions 
MCB Real Estate Taps Daniel Taub as Head of Retail 
Longtime Detroit Retail Broker Jim Bieri Has Died 

Major Retail Property Deals: 2 MSF Los Angeles Mall, Times Square Condo and More 

Anchors at the nearly 150-acre property, which opened in 1953, include Best Buy, Costco, Macy’s and Target. The JV said the mall attracts more than 22 million visitors a year, according to a Macerich-produced fact sheet provided by Pacific Retail Capital Partners. The mall generates annual sales of more than $1 billion, according to the buyer.

Times Square Retail Property Sells for $29M Amid Repositioning Plans  

A prime piece of retail space near Manhattan’s Times Square has sold for $29 million. Forum at Times Square LLC is the new owner of 245,419 square feet of retail in The New York Times Building. Current tenants of the space, which fills the first four floors and two lower levels of the 52-story tower, include Bowlero Times Square on 44th Street and Los Tacos No. 1 and Ra Sushi on 43rd Street.

The seller, a lending group, had obtained the property’s title through a foreclosure lawsuit against Kushner Cos. 

With an occupancy rate of about 34.5%, “there is immense potential for the new ownership group to add value to the property,” Forum at Times Square said. The LLC plans to undertake a “comprehensive repositioning and redevelopment of the space,” which sits across the street from the proposed Caesars Palace Times Square hotel and casino. Baybridge Real Estate Capital managing partner Jay Miller and a colleague advised the buyer. Miller said: “Forum at Times Square LLC intends to curate an optimal tenant mix with complementary entertainment, retail and restaurant concepts.”

Glendale, California, Acquires Former Joann Site for $24M Park Project 

The city of Glendale, California, closed its $24 million acquisition of a 2.4-acre local site formerly occupied by Joann, which has been closing stores in the wake of a January declaration of bankruptcy. The city plans to build a park and recreation center there. 

“The city outpaced competing bids from supermarket chains, medical users and other prospective buyers by offering a fast close, competitive pricing that included closing costs, and a public-benefit vision for the site,” said Sheila Alimadadian, a senior director of investments in Marcus & Millichap’s Orange County office who represented the seller and procured the buyer. According to Marcus & Millichap, the 33,818-square-foot building there rose in 1966 and was renovated in 2014. It had been occupied by Joann for 11 years and previously was an Albertsons with a Sav-On Pharmacy. 

The city expects to select a consultant and begin gathering input from the community later this year and to receive a conceptual design for review by late 2026.

Cleveland’s Ridge Park Square, Anchored by Two Grocers, Changes Hands

RCG Ventures bought the 386,754-square-foot, 95% leased Ridge Park Square in Cleveland’s Brooklyn neighborhood from Zeisler Morgan Properties. The property is anchored by not one but two grocers: Marc’s and Grocery Outlet. Other tenants include T.J.Maxx, Ross Dress for Less, Dollar Tree, Five Below, AMC Theatres, Michaels and Ashley furniture. JLL Capital Markets represented the seller.

Investors Expand Into New States With Retail Center Acquisitions 

KPR Centers bought its first Minnesota property, the 451,700-square-foot, 99% leased, grocery-anchored Shoppes at Knollwood in the Minneapolis suburb of St. Louis Park. Tenants include DSW, HomeGoods, Nordstrom Rack, Old Navy, Total Wine & More, T.J.Maxx and Ulta Beauty. 

DLC entered Louisiana via its acquisition, with DRA Advisors, of Towne Center at Cedar Lodge in Baton Rouge. Numerous media outlets peg the sale price at $81 million. Whole Foods anchors the 316,031-square-foot, 93% leased property. Other national tenants include Barnes & Noble, Nike, Gap and Ulta Beauty. “Immediate upside potential includes lease-up of existing vacancies, mark-to-market renewals, credit enhancement opportunities and potential backfills,” according to a DLC press release. A planned 286-unit multifamily project will add to the property’s 3.3 million annual visitors, the company added.

Wisconsin’s Galway Cos. entered Colorado by acquiring The Promenade Shops at Centerra, a 493,000-square-foot open-air lifestyle center in Loveland. The Loveland Reporter-Herald reports that the price was $55 million. The buyer is “committed to reimagining, remerchandising and elevating the property to deliver an unmatched experience for both retailers and the community alike,” according to a Galway press release.

Founded in Florida in 2021, Second Horizon Capital has acquired its first in-state property with the purchase of Orange Park Mall near Jacksonville. The 950,000-square-foot center — built in 1975 and previously owned by WPG, according to the Jacksonville Daily Record — is 95% occupied. Tenants include Belk, JCPenney, Dick’s Sporting Goods, Dillard’s, AMC Theatres, Old Navy, Foot Locker, Victoria’s Secret and Buffalo Wild Wings. According to a release, Second Horizon plans immediate upgrades to common areas, community resources, safety operations and infrastructure.

Retailer Moves: Birkenstock Expands, Bojangles Returns to NYC and Claire’s Secures Buyer for Some Assets 

Speaking on an earnings call, executives said Birkenstock is accelerating the pace of store openings to capitalize on interest from brick-and-mortar shoppers. “We continue to see the shift to in-person shopping, which amplifies our brand. We are a touch-and-feel product, especially for consumers who are new to the brand,” said CEO Oliver Reichert.

Bojangles Serving Up 55 New Restaurants in NYC Metro and New Jersey 

The Bojangles chain is bringing its Southern-style chicken, biscuits and tea to the New York City metro area and New Jersey with 55 franchised eateries. A new franchise agreement with restaurant owner and operator Habib Hashimi will result in 20 locations in the New York City metro over the next 10 years. Construction on the first location is underway in Brooklyn’s East Flatbush. 

Bojangles had restaurants in the NYC market for a brief time in the 1980s. Bojangles CEO Jose Armario called the chain’s return to the NYC area “a monumental moment.” 

Under a separate agreement, an unidentified franchisee will develop 35 locations throughout New Jersey.

Claire’s Bankruptcy Update: Ames Watson Buys IP and As Many as 950 Stores  

Just two weeks after filing for Chapter 11 bankruptcy, tween and teen retail favorite Claire’s has agreed to sell part of its North American business to private holding company Ames Watson. The sale price was $140 million, according to Retail Dive. As a result of the deal, Claire’s has paused going-out-of-business sales at some stores, but liquidation sales will continue at others.

Under the proposed deal, Ames Watson will acquire Claire’s intellectual property and between 795 and 950 North American stores, Retail Dive reported. Ames Watson co-founder and partner Lawrence Berger said his company’s pending purchase represents “the next chapter for this iconic brand.” He added that Ames Watson is committed to “preserving a significant retail footprint” of Claire’s stores in North America. Brands in the Ames Watson portfolio include Champion, Fanatics and Lids. The company posts annual revenue of more than $2 billion. 

In court documents filed this month in the U.S. and Canada, Claire’s had said it planned to close 700 stores in North America, including Icing-branded stores and store-within-store locations at Walmart. At the time, Claire’s had 1,500 stores in North America.

Net Lease Updates: CVS Portfolio Trades, REIT Slows Acquisitions 

While Dragos Capital has stepped up its net lease acquisition activity, FrontView REIT is pumping the brakes in the area. During the net lease property owner’s second-quarter earnings call, president and CEO Stephen Preston indicated the REIT is focusing on being more of a seller than a buyer. 

It has raised its targeted dispositions for the 2025 fiscal year to a range of $60 million to $75 million, up from a range of $20 million to $40 million. At the same time, it has lowered its targeted acquisitions to a range of $110 million to $130 million, down from a range of $125 million to $145 million. “While we continue to maintain an active pipeline on both fronts, this shift reflects a deliberate capital recycling strategy, observing liquidity, managing leverage and enhancing portfolio quality,” said CFO Pierre Revol. 

In the second quarter, FrontView sold nine properties for nearly $22.7 million and bought five for nearly $17.8 million. As of the end of that quarter, FrontView’s net lease portfolio comprised 319 properties. Tenants include quick-service and casual dining restaurants, financial institutions, convenience stores, discount retailers, drugstores and home improvement retailers.

MCB Real Estate Taps Daniel Taub as Head of Retail 

MCB’s portfolio of more than $3 billion in assets under management totals about 17 million square feet, and its $4 billion development pipeline contains projects totaling nearly 6 million square feet. Retail represents about 40% of MCB’s real estate holdings. Aside from retail, asset types in the MCB portfolio include mixed-use, multifamily, office, healthcare and industrial.

Longtime Detroit Retail Broker Jim Bieri Has Died

He founded Bieri Co. in 1976 to serve retail landlords and tenants, and in October 2010, he and Jim Stokas joined to form the Detroit-based Stokas Bieri Real Estate. In a statement on LinkedIn, the company noted that Bieri, wbo held Certified Leasing Specialist and Certified Retail Real Estate Professional designations from ICSC, secured the first 50 J.Crew stores in the U.S.

He graduated from Western Michigan University in 1970. “When he was accepted into Detroit College of Law, Jim and his wife Jeanne relocated to Detroit, a city he came to adore,” his company’s Linkedin statement said. “He embraced not only the city but also its vibrant culture and sports.” 

Bieri  is survived by Jeanne, his wife of more than 50 years; his son, Alex, who joined Stokas Bieri in 2004; and grandchildren Benjamin and Grace. “He loved working with me and doing deals,” Alex Bieri told Crain’s Detroit Business. The story continued to share Alex Bieri’s memories of working with his father: “At conferences like ICSC, for example, Jim Bieri was ‘right in his element,’ scheduling ’65 to 70 meetings in a row and getting 50 deals done.’”

—Additional reporting by C+CT editor-in-chief Amanda Metcalf