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Welcome to Real Estate Roundup, Chain Store Age's new monthly series highlighting top news in commercial real estate. Here are December's biggest stories.
G. Joseph Cosenza, founder of Inland Real Estate Group, passed away on Christmas Day at 81. His investment club grew into one of the nation's largest owners and managers of commercial real estate.
Big Lots has agreed to a sale transaction with Gordon Brothers Retail Partners, enabling the transfer of its assets, including stores and distribution centers, to other retailers. This deal will keep 200-400 Big Lots stores open.
Malls saw a surge in traffic on Super Saturday, rising by 11.3% compared to the previous week. Meanwhile, downtown store populations were lighter by 13.6%.
Eden Prairie Center has added seven new tenants, expanding its mix of retailers and restaurants. The ICSC show in New York City revealed that commercial real estate space is going fast.
Party City plans to close all 700 stores nationwide after filing for bankruptcy in January 2023.
The top retail markets of 2024 are Phoenix, Orlando, and Las Vegas, according to CoStar Group data. Newmark has hired Luca de Ambrosis Ortigara to lead its international luxury retail business.
Westchester's Ridge Hill has unveiled a new central gathering space called Town Square, hosting over 100 annual events. Poag Development will invest $1.3 million in property improvements at RiverTown Crossings shopping center in Michigan.
Round1 Bowling & Arcade has signed an 80,300-sq.-ft. lease for its first NYC location at The Shops at Skyview in Queens. Lincoln Market has signed a 20-year-term lease for a new Manhattan store at River Place Apartments.
Easton Town Center has announced new retailers and restaurants to celebrate its 25th year. Mall of America logged over 500,000 visitors on Black Friday weekend.
