Florida Investment Sales Strength, 2 More Grocery-Anchored Portfolio Buys, New-Store Growth and More

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Major Deals and New Data Highlight Florida’s Retail Investment Strength
Bed Bath & Beyond Will Acquire The Container Store in $150M Deal
Grocery Anchors Drive Nuveen and Medipower Portfolio Buys
Brick-and-Mortar Growth Continues Across Value, Department Store and Pharmacy Concepts
Lincoln and Centennial Launch Unified Platform for Retail and Mixed-Use Services

Major Deals and New Data Highlight Florida’s Retail Investment Strength

A joint venture acquired the 300,000-square-foot retail, restaurant and entertainment district at the massive Miami Worldcenter, while the purchases of two prime Worth Avenue retail properties underscore continued investor interest in luxury assets in places like Palm Beach. Meanwhile, new rankings from Marcus & Millichap emphasize Florida’s broader retail strength.

Joint Venture Acquires Miami Worldcenter’s 300K-SF Retail and Entertainment District

A joint venture has purchased the retail core within the $6 billion downtown Miami Worldcenter mixed-use development for $210 million. General partner Falcone Group leads the JV, whose other partners are affiliates of Davis, Jamestown, real estate investor and parking operator Andrew Mirmelli and Rok Acquisitions. The seller was Miami Worldcenter Associates, which comprises Falcone, managing partner Nitin Motwani and CIM Group, according to the South Florida Business Journal.

Falcone retains a majority stake and will lead operations in tandem with Mirmelli and Rok, while Davis and Jamestown will be limited partners. The district features 300,000 square feet of retail, restaurant and entertainment space, along with about 2,000 parking spaces and 100,000 square feet of public space. Tenants at the district, which boasts a 97% occupancy rate, include Lucky Strike bowling, Lululemon, Maple & Ash, the Museum of Ice Cream and Ray-Ban. The roughly 13 million-square-foot master-planned Miami Worldcenter spans 27 acres.

2 Worth Avenue Retail Assets Trade for $243M in Palm Beach

Two retail centers in one of the country’s glitziest shopping and dining areas have been sold for a combined total of $243 million. In the biggest of the two deals, the South Florida Business Journal reported that a joint venture between luxury real estate owner Reuben Brothers and investment firm Crown Onyx bought The Esplanade at 150 Worth in Palm Beach, Florida, from an affiliate of O’Connor for $200 million. The Esplanade takes up one large block in the four-block, upscale Worth Avenue district, according to the South Florida Business Journal. Tenants include luxury fashion brand Carolina Herrera, luxury watchmaker Hublot, Worth Avenue Yachts and Wynn Fine Art. In December, Commercial Observer reported that fashion label Silvia Tcherassi signed a 1,420-square-foot lease for space inside The Esplanade’s former Saks Fifth Avenue store, which closed in 2025.

And Acadia has purchased 225 Worth Ave. from JSB Capital Group for $43 million, Commercial Observer reported. Luxury retailers at the 10,000-square-foot property include Gucci, golf brand G/Fore and J.McLaughlin.

Florida Markets Rank High in Marcus & Millichap’s 2026 Retail Outlook

A new gauge from Marcus & Millichap suggests Florida offers the sunniest 2026 outlook in the U.S. for retail supply and demand. Of the 50 major markets listed in the 2026 National Retail Index in the company’s 2026 U.S. Retail Investment Forecast, five of the top 10 are in the Sunshine State:

1. Charlotte, North Carolina
2. Raleigh, North Carolina
3. Fort Lauderdale, Florida
4. Charleston, South Carolina
5. West Palm Beach, Florida
6. Tampa-St. Petersburg, Florida
7. Nashville, Tennessee
8. Miami-Dade, Florida
9. San Antonio, Texas
10. Orlando, Florida

Years of robust in-migration and household formation support demand for retail space in Florida, as well as the Carolinas, Texas and Tennessee, Marcus & Millichap said.

The commercial real estate services company ranks markets based on 12-month, forward-looking economic indicators and supply-and-demand variables like projected job growth, vacancy, construction, retail sales, rent and household formation. The index “is designed to show relative supply-and-demand market conditions and is not an order of investor preferences,” according to Marcus & Millichap.

Bed Bath & Beyond Will Acquire The Container Store in $150M Deal

Resurrected home goods brand Bed Bath & Beyond agreed on Thursday to buy home storage and organization retailer The Container Store in what The Wall Street Journal reported is a $150 million stock-and-debt deal. The Container Store, which exited Chapter 11 bankruptcy in January 2025, operates more than 100 U.S. locations encompassing over 2.2 million square feet. Once the deal closes, the stores, which average 21,000 square feet, will be jointly branded under The Container Store and Bed Bath & Beyond names.

The Container Store deal follows Bed Bath & Beyond’s acquisition of the trade name of home decor and furniture retailer Kirkland’s and the subsequent proposed acquisition of Kirkland’s parent company, The Brand House Collective. In 2023, Overstock.com purchased Bed Bath & Beyond and later began operating under the acquired company’s name. Overstock’s acquisition came after Bed Bath & Beyond filed for Chapter 11 bankruptcy and closed all its stores.

Grocery Anchors Drive Nuveen and Medipower Portfolio Buys

Nuveen and Medigroup have snapped up a combined 14 retail properties, with 13 of them anchored by grocery stores. The deals demonstrate the continued staying power of grocery-anchored retail.

Nuveen Buys 7-Property Retail Portfolio for $298M

Asset manager Nuveen has purchased a seven-property retail portfolio for $298 million, according to public records cited by Commercial Property Executive. Sterling Organization sold the properties on behalf of two of its funds, CPE reported, adding that the retail centers, totaling 956,865 square feet, are in several metro areas, including Los Angeles, San Diego, Dallas, Minneapolis and Fort Lauderdale, Florida. Six of the seven properties are anchored by grocers, including Aldi, Cub, Market Street and Sprouts Farmers Market.

Medipower Expands Footprint With Acquisition of 560K-SF Grocery-Anchored Portfolio

Retail real estate investment firm Medipower’s shopping spree continues. Medipower has purchased a 560,000-square-foot portfolio of seven grocery-anchored retailer centers in the Atlanta; Lyndhurst, New Jersey; Myrtle Beach, South Carolina; and Virginia Beach, Virginia, areas. Tenants in the portfolio, which is 99% occupied, include Kroger, Publix and Stop & Shop.

CFO Hila Erez Cohen said the deal brings Medipower’s 2026 acquisition total to 13 properties and that more shopping center acquisitions are in the pipeline. The company’s website lists 31 U.S. properties, mostly open-air centers, in its portfolio. Last September, Medipower agreed to buy a portfolio of 16 grocery-anchored shopping centers in Maryland and Pennsylvania for $276 million, CoStar reported. Cyprus-based Medipower was founded in 2001, according to PitchBook; its stock trades on Israel’s Tel Aviv Stock Exchange.

Brick-and-Mortar Growth Continues Across Value, Department Store and Pharmacy Concepts

Brick-and-mortar growth is on the agenda this week — from Dutch discount retailer Action’s planned U.S. debut to growth initiatives at Bloomingdale’s, CVS and Culver’s.

Dutch Discount Chain Targets 100 U.S. Stores by 2030

Action, which operates more than 3,300 stores in 14 countries, plans to open 100 U.S. locations by the end of 2030. The Dutch discount retailer said it will debut its first U.S. store by late 2027 or early 2028 in the Southeast. Action sells low-price items like household goods, personal care products, home decor, toys and clothing, but it doesn’t sell groceries. It posted net sales of nearly $18.5 billion in 2025.

Macy’s Inc. CEO Sees “Significant Room” for Bloomie’s and Bloomingdale’s Outlet Expansion

During Macy’s Inc.’s fourth-quarter earnings call, CEO Tony Spring said there’s “significant room” for expansion of the smaller-format Bloomie’s and the Bloomingdale’s Outlet concepts. The Bloomingdale’s division operates four Bloomie’s stores and 25 Bloomingdale’s Outlet locations, nearing the count of full-line Bloomingdale’s locations, which number 32. Bloomie’s and Bloomingdale’s Outlet stores operate in just 14 of the company’s 50 target markets, leaving 36 markets untapped. Driving the expansion talk: Same-store sales in the Bloomingdale’s division climbed 7.4% from fiscal year 2024 to fiscal year 2025, which ended on Jan. 31, compared with 0.6% for the Macy’s division of Macy’s Inc.

CVS Advances Small-Format Store Strategy With Pharmacy-Only Locations

CVS’s plan to join the small-format-store evolution came out just over a year ago, and on Monday in Chicago, CVS opened its second pharmacy-only, apothecary-style store after debuting the concept last year in Birmingham, Alabama. The Chicago location is one of nearly 20 mini pharmacies, averaging about 3,000 square feet, that CVS expects to open this year in places like Brooklyn, New York; Detroit; Houston; and Roxbury, Massachusetts.

In addition to prescription medication, the small-format stores sell a “curated assortment” of over-the-counter products like cold medication and pain relievers. The company also plans to open more than 40 other locations this year, including traditional drugstores, as well as pharmacies inside Target stores. The roughly 60 total openings set for this year come in the wake of CVS’s closure of more than 1,100 locations since 2022, Newsweek reported. As of Dec. 31, CVS operated about 9,000 locations.

MORE FROM C+CT: As Chain Drugstores Close, What About Independent Pharmacies?

Culver’s Accelerates Growth With 59-Restaurant Expansion

A quick-service restaurant chain known for its burgers and frozen custard has an appetite for growth. In its biggest expansion in more than a decade, Culver’s plans to open 59 locations this year, with Florida gaining 14 stores, the Milwaukee Business Journal reported, citing a franchise disclosure document filed with the state of Wisconsin. Franchisees own all of the chain’s stores, according to Milwaukee’s BizTimes. Culver’s closed out 2025 with 1,041 locations.

Lincoln and Centennial Launch Unified Platform for Retail and Mixed-Use Services

Two years after Lincoln Property Co. acquired retail and mixed-use property owner and operator Centennial, the two have launched a platform that connects the two brands. Centennial, Powered by Lincoln, as the platform is called, is a one-stop shop for retail and mixed-use real estate development, management, leasing and investing. Centennial will continue operating its more than 25 million-square-foot portfolio of retail and mixed-use properties while supporting third-party owners and pursuing investment opportunities alongside Lincoln. The Lincoln portfolio comprises retail, mixed-use and nine other property types.