Northlake Mall opened in 1971, and like most malls from that era, few are still open at designed. Online shopping and COVID have forced most to reinvent themselves. And few have been hit as hard as Northlake. The Charlotte Business…
BRP Companies and The Prusik Group have updated their plans for the Mall West End property after it shuts down. With the mall set to officially close at the end of January, the development team has been working with legacy…
Wafra Inc. has completed the sale of Short Pump Station, a 91,369-square-foot shopping center in the suburbs of Richmond, Virginia, to Nuveen Real Estate. Wafra had owned the property, located at 11301 W Broad St, Glen Allen, since acquiring it from…
Urban Street Development and Berkadia secured $38.5 million in permanent and construction financing to fund the expansion of the Hotel Indigo Tallahassee – CollegeTown. The project at 826 Gaines Street, is near Florida State University. Urban Street recently bought an…
Toro Development Company (“TDC”) has started work on Medley, the $560 million, 43-acre mixed-use community in Johns Creek. Th company expects its grand opening to take place October 29, 2026. TDC secured financing for the project in November 2024. The…
Cap rates in the single-tenant net lease sector continued to rise in the fourth quarter of 2024 forthe 11th consecutive quarter of increases across all three sectors, The Boulder Group reported. Single-tenant cap rates increased to 6.52% (up two basis…
IPA Capital Markets (a division of Marcus & Millichap (NYSE: MMI)) and Green Harbor Capital secured $18 million in financing for the $32 million acquisition of a 31-story Class A office building located at 121 W. Trade Street in Charlotte. Bobby Werhane in the…
Fitch Ratings’ overall U.S. CMBS delinquency rate climbed 22 basis points to close 2024 at 2.98%, up from 2.76% in November and 2.31% a year ago. The increase was fueled by a surge in office delinquencies and reduced resolution volume. Five…
The Macy’s Inc. department store at WestShore Plaza in Tampa is closing. The department store said Thursday that it will close 66 stores across the U.S. Seven of those stores, including WestShore Plaza, are in Florida. A time frame for the store…
Kimco Realty purchased The Markets at Town Center, a 254,000-square-foot retail center in Jacksonville, Fla., for $108 million. Commercial Edge reports Big V Property Group sold the asset. The property most recently traded in 2021, when Hines Interests sold it…
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