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TPG-Led Investors Acquire ECHO Realty in $2B Grocery-Anchored Retail Acquisition
Open-Air, Grocery-Anchored and Service Retail Assets Draw Another $970M+ in Deals
7 Retailers and Restaurants Plot New Stores, Remodels and Market Entries
Large Retail and Mixed-Use Projects Are on Tap in California, Florida and Oklahoma
DuWest Realty and DBA Commercial Real Estate Merge
Former ICSC Chair Rob Ward and Houston Broker David Littwitz Have Passed Away
TPG-Led Investors Acquire ECHO Realty in $2B Grocery-Anchored Retail Acquisition
ECHO Realty and its 230 shopping centers across the Midwest and Southeast have sold for $2 billion. TPG Real Estate led the investor group that acquired the owner of neighborhood and regional centers, and additional crossborder investment came from Canada’s PSP Investments, Canada’s La Caisse and Norway’s Norges Bank Investment Management. Grocery and c-store tenants across the portfolio include Giant Eagle, Publix, Harris Teeter, Safeway, Acme, Whole Foods Market and Alimentation Couche-Tard’s GetGo. The investors will work with Echo management team to scale within existing markets and enter new markets and to grow its leasing and property management capabilities. Echo also operates a boutique retail brokerage.
The 78,399-square-foot Meridian in Pittsburgh is among the 230 necessity retail centers owned by ECHO Realty, which has just sold for $2 billion. The property includes a 35,997-square-foot Market District grocery store, as well as Barnes & Noble, Sephora, Shake Shack, Cava and more retail. Greystar owns Ophelia, the property’s 231 apartments. Photo above and at top courtesy of La Caisse
Open-Air, Grocery-Anchored and Service Retail Assets Draw Another $970M+ in Deals
A Bain Capital-11North Partners joint venture acquired five open-air centers across four states for $300 million. 11North separately bought a Carlsbad, California, lifestyle center for $91.3 million. AmCap purchased eight grocery-anchored properties for more than $170 million. Tanger paid $60 million for a 300,000-square-foot lifestyle center in Toledo, Ohio. Principal Financial Group bought a retail center in Raleigh, North Carolina, for $80.6 million. And FCPT agreed to acquire 102 veterinary clinics for $268 million.
Bain-11North JV Buys 5 Open-Air Centers for $300M
A joint venture between Bain Capital and 11North Partners bought five open-air retail centers in California, Florida, Texas and Virginia for roughly $300 million. Tenants at the five centers, totaling about 757,000 square feet, include Costco, Equinox, Harris Teeter, Trader Joe’s and Walmart. At the time of the acquisition, the portfolio’s in-place occupancy rate exceeded 93%. Bain Capital and 11North launched the joint venture in 2024 to invest in open-air retail centers. In tandem with a Bain Capital real estate fund, the JV can tap into more than $2 billion in investable equity, including $1.6 billion in recently raised capital. Since its debut, the JV has spent nearly $1 billion on property acquisitions.
A Harris Teeter grocery store anchors Barcroft Plaza in Falls Church, Virginia, one of five open-air centers Bain Capital and 11North Partners have just acquired. Photo courtesy of Bain Capital and 11North Partners
In a separate deal, 11North purchased The Beacon — a 122,167-square-foot lifestyle center in Carlsbad, California — from Asana Partners for $91.3 million. Tenants include Arhaus, Jeni’s Ice Creams, Lofty Coffee, Shake Shack and Sweetgreen.
11North Partners bought The Beacon, a lifestyle retail center in Carlsbad, California, from Asana Partners. Photo courtesy of JLL
AmCap Acquires 8 Grocery-Anchored Centers for $170M+
Private equity firm AmCap purchased eight grocery-anchored shopping centers from Loja Group for more than $170 million, Commercial Property Executive reported, citing Yardi Matrix data. According to CPE, which Yardi owns, seven of the centers sold for $170.8 million and a sale price for the eighth property wasn’t available. The portfolio spans 770,940 leasable square feet in seven states. Grocery tenants include La Plaza Market, Natural Grocers, Sprouts Farmers Market, Trader Joe’s, Whole Foods and WinCo Foods.
AmCap has acquired eight grocery-anchored properties, including the nearly 138,000-square-foot Reno Public Market in Nevada. Photo courtesy of Frame Architecture
Tanger Acquires 300K-SF Ohio Lifestyle Center for $60M
Tanger added a 300,000-square-foot open-air lifestyle center to its portfolio. It paid about $60 million for The Town Center at Levis Commons in Toledo, Ohio, which is part of a 400-acre mixed-use development. Tanger is known as an outlet center owner, but this property marks its fourth full-price, open-air center. Its third also is in Ohio, in a suburb of Cleveland. Levis Commons tenants include Anthropologie, Athleta, Cinemark, Lululemon, Sephora, Shake Shack and Starbucks. At the time of the deal, Levis Commons had a 97% occupancy rate.
Sephora is among the tenants at The Town Center at Levis Commons, which Tanger has just acquired. Photo courtesy of Business Wire/Tanger
Principal Financial Group Buys 383K-SF Raleigh Retail Center for $80.6M
Principal Financial Group bought Capital Marketplace in Raleigh, North Carolina, from Finmarc Management for $80.6 million, Chain Store Age reported. Tenants at the 383,000-square-foot center, which boasts a 97.5% occupancy rate, include BJ’s, Bob’s Discount Furniture, Burlington, Dollar Tree and LA Fitness.
Dollar Tree is among the tenants at Capital Marketplace. Photo courtesy of CBRE
Retail REIT Agrees to $268M, 31-State Veterinary Clinic Portfolio Deal
FCPT, a retail and restaurant REIT, has agreed to buy a 31-state portfolio of 102 Mission Pet Health veterinary clinics from a Shore Capital Real Estate Partners fund for as much as $268 million. The deal is expected to close in the third quarter of this year. As of last month, Mission Pet Health operated more than 930 locations in the U.S.
7 Retailers and Restaurants Plot New Stores, Remodels and Market Entries
The Kroger Co. plans 70 to 80 new stores in 2027. Canadian direct-to-consumer furniture brands Article and Cozey are opening their first U.S. stores. Dunkin’ is entering Canada, while franchisees of competitor and Canada mainstay Tim Hortons invest $400 million in new and remodeled stores. Primark opened its largest U.S. store, with 12 more U.S. locations in the pipeline. And Dick’s is spending $400 million to reinvigorate Foot Locker.
Kroger Plans 70 to 80 New Stores Next Year
Grocery goliath Kroger Co. is ramping up store openings as it plans price cuts to compete with value-focused competitors. New CEO Greg Foran told Bloomberg the company is eyeing 70 to 80 new stores in 2027, which would be double the number of new stores on tap this year. He sees growth opportunities in the Northeast and in places with strong population growth, including Texas, the Carolinas and parts of Florida. Kroger Co. operates nearly 2,800 stores under two dozen banners, such as Fred Meyer, Fry’s, King Soopers, Kroger and Ralphs.
DTC Canadian Furniture Brands Article and Cozey Test U.S. Brick-and-Mortar Expansion
Two Canadian direct-to-consumer furniture brands are opening their first stores in the U.S. This fall, Article plans to open in San Francisco and near Seattle in Bellevue, Washington. Each store will span 7,500 to 8,200 square feet, and more U.S. locations are in the works. “We see physical retail as an extension of the business we built online and are approaching expansion with discipline,” Article co-founder and CEO Aamir Baig said. Article opened its first physical store two years ago — in Vancouver, British Columbia — and plans to operate as many as five North American stores by early 2027.
Article will open its first two U.S. locations this year. Photo courtesy of CNW Group/Article
And Cozey has leased space in Manhattan’s Flatiron District for its first permanent U.S. store, CoStar reported. It will occupy 10,146 square feet across two levels at 160 Fifth Ave. Cozey entered the U.S. in 2024 with a New York City pop-up. The retailer operates four stores in Canada and plans to open more permanent locations in the U.S. and Canada, according to CoStar.
Canada-based Cozey recently opened this store in Calgary, Alberta. Photo courtesy of PR Newswire/Cozey
Dunkin’ Enters Canada, While Tim Hortons Invests $400M
Coffee and doughnut chain Dunkin’ is breaking into the Canadian market with hundreds of stores. Under a licensing deal with Inspire Brands International, restaurant operator Foodtastic holds exclusive rights to develop Dunkin’ corporate and franchised locations. Foodtastic didn’t give a precise number of Dunkin’ stores that will open in Canada, but the first is expected in late 2026 or early 2027. Dunkin’ has more than 14,200 restaurants in nearly 40 markets.
Hundreds of Dunkin’ stores are coming to Canada, with the first set to open late this year or early next year. Photo courtesy of Inspire Brands International
A Dunkin’ rival is cooking up its own growth plans. Franchisees of Canadian coffee and fast-food chain Tim Hortons are pumping $400 million into 400 store renovations and 80 new stores across the Great White North. More than 40% of the renovations and store openings will be in Ontario. Tim Hortons operates about 4,000 locations in Canada and more than 2,000 in the U.S. and other countries.
Tim Hortons plans to spend $400 million on 400 store renovations and 80 new locations. Photo courtesy of CNW Group/Tim Hortons
Primark Opens Largest U.S. Store Yet in NYC and Plans 12 More
Value retailer Primark recently opened its 40th U.S. location — and largest to date — in New York City’s Herald Square. In an interview with Retail Brew, Primark U.S. president Kevin Tulip said the chain is continuing its aggressive U.S. expansion, with 12 additional stores planned, including Minnesota’s Mall of America and Maryland’s Mall at Prince George’s.
Primark recently opened its 40th U.S. store in New York City. Photo courtesy of Primark
Dick’s Invests $400M in Foot Locker Refresh
Nine months after its roughly $2.5 billion purchase of Foot Locker, Dick’s is spending $400 million in the current fiscal year to reinvigorate its newly acquired footwear and apparel brand. Much of the money is earmarked for Foot Locker’s Fast Break initiative to adjust inventory and presentation and close underperforming stores. In fiscal year 2026’s first quarter, which ended on May 2, Dick’s completed Fast Break remodels at roughly 100 Foot Locker, Kids Foot Locker and Champs Sports stores. By back-to-school season, Dick’s expects to have rolled out Fast Break refreshes at 250 stores. Among the updates are “more focused” shoe collections, scaled-up apparel offerings and enhanced “storytelling,” Dick’s executive chair Ed Stack said. Fast Break stores delivered double-digit same-store sales in the first quarter, he said.
Large Retail and Mixed-Use Projects Move Ahead in California, Florida and Oklahoma
From coast to coast, three big projects are making news: a potential open-air mall on Disneyland’s Toy Story parking lot in Southern California; a 700-acre, 3 million-square-foot, mixed-use project in Central Florida anchored by a hospital; and a $1.1 billion arena-anchored entertainment district in Oklahoma.
Disneyland Parking Lot Could Become Open-Air Retail District
Preliminary plans call for an open-air mall to be built on the more than 4,600-space Toy Story parking lot at Disneyland in Anaheim, California, according to the Orange County Register. Citing a post from Theme Park Wizard on social media platform X, The Orange County Register said Disneyland recently filed confidential building permits for the mall, which would be part of the $1.9 billion DisneylandForward project. DisneylandForward is a city-approved development plan for Disney properties around the entertainment giant’s Anaheim theme parks. Details about the mall are scant; The Orange County Register said it would be a “true counterpart” to Walt Disney World’s Disney Springs shopping, dining and entertainment district in Central Florida.
700-Acre, Hospital-Anchored Mixed-Use Project Advances in Florida
A hospital-anchored mixed-use project is coming to The Villages, a Central Florida master-planned community with a large population of retirees. The 700-acre Legacy Place, spearheaded by Benderson Development and The Villages, will be home to an 80-bed AdventHealth hospital situated on 25 acres. At full buildout, the development will comprise 3 million square feet, including stores, restaurants and service providers. Construction of the hospital is expected to start in 2027, with a projected opening in 2030. Other first-phase components of Legacy Place are set to open next year.
An 80-bed hospital will anchor the 700-acre Legacy Place. Rendering courtesy of AdventHealth
$1.1B, Arena-Anchored Entertainment District Breaks Ground in Oklahoma
Rainier Development Co. broke ground on a 269-acre, $1.1 billion mixed-use development in Norman, Oklahoma. An 8,000-seat arena for The University of Oklahoma will anchor the Rock Creek Entertainment District. Other components will include 140,000 square feet of retail, dining and entertainment; 180,000 square feet of office; more than 750 residential units; and a 150-room hotel.
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The 269-acre Rock Creek Entertainment District mixed-use development will include 140,000 square feet of retail, dining and entertainment. Rendering courtesy of Rainier Development
DuWest Realty and DBA Commercial Real Estate Merge
Real estate firms DuWest Realty and DBA Commercial Real Estate recently merged to form DuWest. The Texas-focused firm leases more than 500 properties totaling more than 10 million square feet and manages nearly 3.5 million square feet of retail.
Former ICSC Chair Rob Ward and Houston Broker David Littwitz Have Passed Away
Former ICSC chair Rob Ward has passed away at age 85. Ward spent more than 40 years in the real estate industry. He joined Westcor in 1974 and served as its CEO from 1994 to 2002. Earlier in his career, Ward spent a decade at Coldwell Banker in the San Francisco Bay Area and Phoenix.
And Houston retail real estate broker David Littwitz passed away on May 22, at the age of 67. He was president of Littwitz Investments, which specializes in tenant representation for restaurants and bars. He was an ICSC member for more than 30 years.
—Additional reporting by C+CT editor-in-chief Amanda Metcalf
By John Egan
Contributor, Commerce + Communities Today