The U.S. commercial real estate market saw a flurry of activity in September 2025, with major acquisitions, new development projects breaking ground, and key executive appointments signaling shifts across the industry. From large-scale retail center acquisitions in California and Kansas to the redevelopment of iconic urban spaces in Texas and Illinois, the month highlighted ongoing transformations in the retail and mixed-use property sectors.
This period also saw significant leasing activity, with major brands like Burlington and Academy Sports backfilling former Sears locations and property management firms like JLL expanding their portfolios. These developments reflect a dynamic market adapting to new economic conditions and consumer behaviors.
Key Takeaways
- Major Acquisitions: Tanger acquired Legends Outlets in Kansas City, while CenterCal Properties and DRA Advisors purchased Long Beach Towne Center in California.
- Retail Repurposing: Burlington and Academy Sports are set to occupy a former Sears store at Ohio Valley Mall, demonstrating a trend of backfilling large retail vacancies.
- Urban Development: A chef-driven food hall is planned for San Antonio's River Walk, and the large-scale Veridian mixed-use project broke ground in Schaumburg, Illinois.
- Executive Moves: JLL appointed Sam Schaefer as its new CEO of Property Management, and Cullinan Properties hired Maria Pope Toliopoulos as Chief Strategy Officer.
- Portfolio Management: JLL was selected to manage 10 retail centers in the Sunbelt, and RCS Real Estate Advisors finalized leases for over 800 Claire's stores.
Major Acquisitions and Redevelopment Projects
September was marked by several high-value property acquisitions that indicate investor confidence in specific retail formats and locations. These transactions are poised to bring significant changes to key shopping destinations in California and Kansas.
Long Beach Towne Center Acquired for Improvements
In a significant Southern California transaction, CenterCal Properties, a retail and mixed-use developer, partnered with private equity firm DRA Advisors to acquire the Long Beach Towne Center. This expansive 870,000-square-foot regional center is a major hub for the Long Beach community.
Located conveniently off Interstate 605, the center is anchored by major national retailers including Walmart, Lowe’s, and Sam’s Club. It also features a diverse mix of tenants such as a Regal Cinemas movie theatre and a Dave & Buster’s entertainment venue.
The new ownership has announced plans for substantial improvements to the property. While specific details of the redevelopment have not been released, the move is expected to modernize the center and enhance the consumer experience, ensuring its continued relevance in a competitive retail landscape.
About the New Owners
CenterCal Properties is known for creating community-focused retail and mixed-use destinations. DRA Advisors is a prominent real estate investment advisor with a substantial portfolio across the United States. Their collaboration suggests a strategic focus on value-add opportunities in established retail locations.
Tanger Expands into Kansas with Outlet Center Purchase
Tanger, a leading owner and operator of outlet and open-air shopping centers, has officially entered the Kansas market with the acquisition of Legends Outlets in Kansas City. The transaction, valued at $130 million, adds a significant 690,000-square-foot property to Tanger's growing portfolio.
This acquisition is part of Tanger's broader external growth strategy. Since 2022, the company has added seven open-air shopping centers to its portfolio, with Legends Outlets being the fourth outlet center among them. This strategic expansion underscores the continued appeal of the outlet retail model for both consumers and investors.
New Developments and Urban Revitalization
Across the country, developers are transforming existing structures and breaking ground on new projects designed to create vibrant, modern community spaces. These initiatives in San Antonio and suburban Chicago highlight a focus on experiential retail and mixed-use environments.
Chef-Driven Food Hall Coming to San Antonio River Walk
The city of San Antonio is set to repurpose its historic La Villita Assembly Hall into a premier food hall, a first for the iconic River Walk. The mid-century civic building, designed by renowned Texas architect O’Neil Ford, will be transformed by San Antonio-based Escalera Capital and Onset Hospitality.
The project aims to create a high-quality, chef-driven culinary destination that will attract both tourists and locals. JLL, which manages onsite leasing for the property, was instrumental in securing the new operator for this ambitious redevelopment. This project represents a significant step in modernizing the offerings along one of Texas's most famous attractions.
Veridian Mixed-Use Project Breaks Ground in Illinois
In Schaumburg, a northwestern suburb of Chicago, real estate firm UrbanStreet Group has commenced construction on the retail district of its Veridian master-planned community. The 30-acre development is designed as an "urban-inspired" destination for shopping, dining, and entertainment.
Phase One Details
The initial phase of the Veridian retail district will deliver 100,000 square feet of retail and restaurant space. A key anchor will be a 26,000-square-foot The Fresh Market grocery store, signaling a focus on premium and essential retail services for the new community.
The Veridian project is a large-scale effort to create a walkable, integrated community that blends residential, commercial, and recreational spaces. The start of its retail component is a critical milestone in bringing this vision to life.
Leasing Activity and Retail Repurposing
The retail sector continues to adapt, with landlords and management companies actively filling vacant spaces and restructuring lease agreements to ensure stability. Major moves in Ohio, New Jersey, and across North America show how brands are capitalizing on available real estate.
Academy Sports and Burlington to Fill Ohio Sears Space
The Ohio Valley Mall in St. Clairsville is revitalizing a large vacancy left by Sears. Academy Sports + Outdoors will occupy a 56,000-square-foot portion of the former department store, while Burlington will move into a 22,000-square-foot section.
This redevelopment at the Cafaro-owned property, situated off Interstate 70, is a prime example of how mall owners are successfully dividing large, single-tenant spaces to attract multiple, high-demand retailers. The move brings two popular brands to the mall, increasing foot traffic and diversifying its tenant mix.
New Jersey Shopping Center Fills 62,000 Square Feet
At the Blue Star Shopping Center in Watchung, New Jersey, operator Levin Management Corp. (LMC) has successfully leased over 62,000 square feet of space this quarter. The activity was spurred by ShopRite's decision to move into a larger 72,000-square-foot anchor space within the same center.
The prime space vacated by ShopRite will be partially filled by two major tenants:
- Marshalls, an existing tenant, will relocate to a larger 27,000-square-foot space.
- Burlington will join as a new tenant, occupying another portion of the former grocery store.
Additionally, new leases were signed with Nails Spa & Beyond (5,800 sq. ft.) and Taco Bell (2,900 sq. ft.), further enhancing the center's offerings.
RCS Finalizes Leases for Over 800 Claire's Stores
RCS Real Estate Advisors has played a crucial role in stabilizing the physical footprint of accessories retailer Claire's. Selected by parent company Ames Watson, RCS has secured and finalized lease agreements for more than 800 stores across the United States and Canada.
The company is working towards a target of 950 secured locations. This large-scale lease negotiation effort ensures the brand's continued presence in key markets, including California, New York, Florida, and Illinois, providing stability for one of retail's most recognizable names.
Corporate Appointments and Management Expansions
The industry also saw important leadership changes and portfolio expansions among top real estate service firms, reflecting strategic positioning for future growth.
JLL Appoints Sam Schaefer as Property Management CEO
Global real estate firm JLL has named Sam Schaefer as its new CEO of Property Management. Based in Boston, Schaefer will also join the firm’s Real Estate Management Services Board. He will report to Neil Murray, the Global CEO of Real Estate Management Services at JLL.
Schaefer transitions to JLL from Trammell Crow Company, a prominent real estate developer, where he served as a principal. His appointment brings extensive development and management experience to one of JLL's core service lines.
Cullinan Properties Hires Chief Strategy Officer
Cullinan Properties, the developer behind the 310-acre Rock Run Collection project in Joliet, Illinois, has appointed Maria Pope Toliopoulos as its Chief Strategy Officer. Toliopoulos is a veteran of the retail real estate industry, with a notable 10-year tenure at Retail Properties of America.
During her time there as Senior VP of Leasing, she managed a portfolio of over 250 properties and handled key national account relationships. Her strategic expertise will be vital as Cullinan Properties advances its large-scale development projects.
JLL to Manage 10 Sunbelt Retail Centers
In addition to its executive appointments, JLL has expanded its property management portfolio. The firm was selected to provide on-site management services for 10 open-air retail centers in Florida and South Carolina.
These properties, recently acquired by 11North Partners and Bain Capital Real Estate, span more than 1 million square feet of gross leasable area. The portfolio boasts a high occupancy rate exceeding 93%, making it a significant addition to JLL's management responsibilities in the thriving Sunbelt region.
Market Insights and Special Events
Rounding out the month's news, data from Placer.ai provided a snapshot of consumer behavior, while a unique event at the American Dream complex highlighted the growing intersection of retail and entertainment.
Mall Traffic Remained Flat in August
According to data from Placer.ai's Mall Index for August 2025, consumer traffic at malls was largely flat compared to the previous year. Visits to indoor malls saw a marginal increase of 0.08%, while open-air lifestyle centers experienced a slight decrease of 0.07%. Traffic at outlet malls was unchanged at 0.0%.
Despite the lack of year-over-year growth, the data showed a rebound in mall visits from June and July, suggesting that consumer activity picked up toward the end of the summer after a strong spring.
Soccer Legends Match at American Dream
The American Dream entertainment and shopping complex in East Rutherford, New Jersey, is set to host a special Legends Match soccer exhibition on October 30. The event will feature an impressive lineup of soccer icons, including Sergio Goycochea, Mario Kempes, Carlos Valderrama, and René Higuita. A special appearance will be made by Diego "Fernando" Maradona, son of the legendary Diego Maradona.
The event will be followed by player meet-and-greets on October 31, blending world-class sports entertainment with the retail experience to draw visitors to the destination.
