GDA acquires portion of Michigan power center
GDA Real Estate Services has purchased an 174,353-sq.-ft. portion of the Marketplace at Delta Township Lansing, Michigan, in a deal brokered by Mid-America Real Estate Corporation. The sale price was not disclosed.
Key tenants at the acquired property include Michael’s, Petsmart, Tractor Supply, and Ulta Beauty. It is shadow-anchored by Walmart and Lowes.
Ben Wineman and Carly Gallagher of Mid-America Real Estate Corporation, in cooperation with Daniel Stern of Mid-America-Michigan, acted on behalf of the seller, a public REIT.
Denver’s RiNo district to get six blocks bigger
Six blocks of manufacturing operations, auto body shops, art galleries in Denver are about to be redeveloped and outfitted with the fitting Renaissance-like name of Giambrocco.
The co-venture of Tributary Real Estate and Charles Street Partners is an extension of the wildly popular RiNo District and will include 500,000-sq.-ft. of office space, 350 market-rate and affordable apartments, art studios, and retail “strategically located in hot spots,” according to a press release.
New construction will comingle with 1940s-era buildings to preserve the area’s heritage, according to the developers.
“Giambrocco will be a place in and of itself, but which also contributes to the ongoing renaissance of RiNo from an unexplored part of Denver to the most dynamic and vibrant district in the city," said Rebecca Stone, managing principal of RiNo-based OZ Architecture, lead designers on the project.
Giambrocco will be bordered by 38th Street to the north, 35th Street to the south, Brighton Boulevard to the west, and the rail-line to the east.
Aldi accelerates store expansion as supermarket wars heat up
A German discount grocer has set its sights on becoming the third-largest American food retailer by store count, behind Walmart and Kroger.
Aldi said it plans to invest $3.4 billion to open 900 stores by the end of 2022, giving it 2,500 stores nationwide. The grocer currently operates approximately 1,600 stores in 35 U.S. states. Earlier this year, Aldi announced it would invest $1.6 billion in to remodel 1,300 of its stores by 2020.
Aldi's $5 billion investment come at a time of intense competition in the supermarket industry, particularly in the discount niche. On June 15, another German discount grocer, Lidl, will make its U.S. debut, opening the first of 20 stores it plans to open this summer in Virginia, North Carolina and South Carolina. Lidl expects to have up to 100 stores across the East Coast
In May, Lidl said it would price products up to 50% lower than rivals. Meanwhile, Walmart is also testing lower prices in select states as it look to win back its position as the low-price leader.
"We pioneered a grocery model built around value, convenience, quality and selection and now Aldi is one of America's favorite and fastest growing retailers," said Jason Hart, CEO. "We're growing at a time when other retailers are struggling. We are giving our customers what they want, which is more organic produce, antibiotic-free meats and fresh healthier options across the store, all at unmatched prices up to 50% lower than traditional grocery stores."
Aldi has been upgrading the look of its stores with a more modern design that includes open ceilings, wider aisles and more natural lighting. It also is adding more fresh foods, gluten-free options, sustainable seafood, specialty wines and cheeses, and organic items from its SimplyNature line.