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NEWS ROUNDUP
ACQUISITION: Rio Capital Investments and Triangle Capital Group buy 353K SF The Legacy in San Antonio’s Stone Oak for $74.2M. Rio Capital Investments, in partnership with Triangle Capital Group, acquired The Legacy, a 353,000 SF mixed-use lifestyle center in San Antonio, for $74.2 million. Major occupants include Main Event Entertainment, Best Buy, Spec’s, Paul Mitchell and Buffalo Wild Wings. The property also includes ground-floor retail, second-floor office space and five pad sites. Santikos Real Estate Services was the seller. JLL’s Barry Brown, Whitney Snell and Shea Petrick represented Santikos in the sale. CBRE’s John Fenoglio and Brock Hudson arranged acquisition financing for the buyer partnership.
ACQUISITION: Macerich buys Annapolis Mall for $272M. Macerich has acquired Annapolis Mall in Annapolis, Maryland, from a joint venture of Centennial, Kildare Partners and Atlas Hill Real Estate for $260 million, plus an adjacent 13.1 acre vacant Sears parcel for $12 million, bringing the total transaction value to $272 million. The mall totals approximately 1.5 million SF, excluding the Macy's and vacant JCPenney anchor properties from Macerich's acquisition. Macerich plans to invest approximately $40 million in additional leasing capital as it continues the property's repositioning, with 353,000 SF of signed-not-open leases expected to commence in 2026 and 2027. CEO Jackson Hsieh said the acquisition fits Macerich's strategy of pursuing high-quality assets in strong trade areas with limited competition and significant opportunities for NOI growth.
ACQUISITION: 11North Partners buys Orlando-Area Retail Center for $59.5M. 11North Partners acquired West Town Corners, a 284,497 SF grocery-anchored retail center in Altamonte Springs, Florida, for $59.5 million. Washington Prime Group was the seller, and JLL’s Danny Finkle and Jorge Portela represented the seller. Anchors include Winn-Dixie, PetSmart, TJ Maxx and American Signature Furniture. 11North also secured a $37.4 million acquisition loan from Bank of America. The acquisition follows Bain Capital and 11North’s $1.6 billion capital raise in December 2025 to invest in open-air retail centers across the U.S. and Canada. The platform has access to more than $2 billion of investable equity when combined with Bain Capital Real Estate Fund III. 11North is led by Founder and Managing Partner Brian Harper, a former RPT Realty executive whose company was acquired by Kimco Realty in 2024.
FINANCING: Medipower’s Lewandowski Commons in Lyndhurst lands financing from Protective Life. Medipower Group secured acquisition financing from Protective Life for Lewandowski Commons, a 77,743 SF grocery-anchored retail center in Lyndhurst, New Jersey. JLL Capital Markets arranged the financing. JLL announced $71.3 million of combined acquisition financing across two separate transactions, covering Lewandowski Commons and a six-property grocery-anchored portfolio in the Southeast, with Nationwide providing the financing for the latter. Lewandowski Commons is anchored by Stop & Shop and was part of Medipower’s $115 million acquisition of a seven-property grocery-anchored portfolio across New Jersey, Georgia, Virginia and South Carolina in April. JLL’s Debt Advisory team included Jim Cadranell, Jon Mikula, Gregg Shapiro, Hunter Goldberg, Kelsey Bawcombe, Streeter Simmons and Caleb Henry.
ACQUISITION: Colliers Brokers $35M Sale of Five-Property Mixed-Use Portfolio on Florida’s Space Coast. Colliers brokered the sale of the Florida Space Coast Investment Portfolio, a five-property portfolio totaling approximately 294,570 SF of office, industrial, retail and medical office space in Melbourne, Florida, for a combined $35.075 million. The portfolio comprises Melbourne Corporate Center, Hibiscus Professional Center, Imperial Plaza, Centre at Suntree and Rivercrest Professional Center. PMD Capital Management, led by Max Ducharme, acquired Melbourne Corporate Center and Hibiscus Professional Center, while affiliates of Southeast Petro, led by Summit Shah and Mike Shah, acquired Imperial Plaza, Centre at Suntree and Rivercrest Professional Center. Colliers’ Joe Rossi and Scott Brenner represented the seller in all five transactions. Scott Loveridge of Relentless Real Estate represented Southeast Petro, while PMD Capital Management represented itself.
DEVELOPMENT: Alamance Crossing reopens on May 30th after yearlong renovation under Lamar Companies. Alamance Crossing, a 423,909 SF GLA open-air lifestyle center in Burlington, North Carolina, will hold its grand reopening on May 30th following a yearlong renovation under Lamar Companies, which operates the property in partnership with Real Capital Solutions. Lamar and Real Capital Solutions acquired the center for $38.5 million, with the transaction closing on March 31, 2025. The center has undergone a multimillion-dollar renovation, including upgrades to facades and common areas and new leasing activity.
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