Colleyville, Texas — CBRE Capital Markets has arranged $32 million in bridge financing for Town Center Colleyville, a 246,327-square-foot grocery-anchored shopping center located in the Dallas-Fort Worth suburb of Colleyville. Sterling Organization acquired the Market Street-anchored center in early 2020. Shaun Moothart, Dana Summers, Scott Lewis and Frank Piasta of CBRE Capital Markets originated and secured the financing on behalf of the owner through Rialto Capital. The loan will provide a three-year initial term, with two one-year extension options.
Spring, Texas — NorthMarq has arranged a $3.8 million acquisition loan for Louetta Creek Plaza, a 26,472-square-foot retail center in the northern Houston suburb of Spring. Tenants at the property include State Farm, Snowflake Donuts, Expro Nails, Leslie’s Pool Supplies and Pizza Zone. Travis Fite of NorthMarq arranged the fixed-rate loan through life company StanCorp on behalf of the undisclosed borrower. The seller was also not disclosed.
Jericho, N.Y. and Houston — Kimco Realty Corp. (NYSE: KIM) has announced plans to acquire fellow retail REIT Weingarten Realty Investors (NYSE: WRI) for roughly $3.9 billion. The combined company is expected to have a pro forma equity market capitalization of $12 billion and a pro forma total enterprise value of $20.5 billion. The merger will create a national operating portfolio of 559 open-air, grocery-anchored shopping centers — one of the darlings of commercial real estate during the COVID-19 pandemic — and mixed-use assets comprising 100 million square feet of …
McKinney, Texas — Tabani Group Inc. has acquired McKinney Marketplace, a 118,967-square-foot shopping center located in the Dallas suburb of McKinney. Built on 15.8 acres in 2000, McKinney Marketplace was 96 percent leased at the time of sale to tenants such as Kohl’s, Dollar Tree, Cato and Wendy’s. Chris Gerard, Adam Howells, Barry Brown, Ryan Shore, Greyson Fewin and Pauli Kerr of JLL represented the undisclosed institutional seller in the transaction.
Houston — A fund backed by BV Capital and Archway Properties has acquired a 79,684-square-foot showroom and warehouse in Houston that is triple-net leased to home improvement merchandiser Floor & Décor. The property is located within Park Air 59, Archway’s mixed-use development near George Bush Intercontinental Airport that was completed in late 2019.
Magnolia, Texas — Gulf Coast Commercial is finalizing plans for Magnolia Village, a 60-acre mixed-use project that will feature residential, office, retail and restaurant uses in Magnolia, located northwest of Houston. Magnolia Village will be located directly across Spur 149 from Stratus Properties’ proposed 120-acre Magnolia Place mixed-use development, where construction of a new H-E-B grocery store is scheduled to begin in June. Phase I of Magnolia Village will span 36 acres and include both retail and office elements, as well as 300 multifamily units. Completion of Phase I is …
Sugar Land, Texas — A Crunch Fitness franchisee will open a 30,240-square-foot gym at a former Michaels store at First Colony Commons, a 410,000-square-foot retail power center in the southwestern Houston suburb of Sugar Land. The opening is set for Oct. 1. Neal Thomson of Houston-based NewQuest Properties represented the tenant in the lease negotiations. Kristen Barker of Wulfe & Co. Inc. represented the Dallas-based landlord, an entity doing business as TPP 306 First Colony LLC. New York-based Crunch Fitness currently operates 360 gyms across 30 states and five countries.
Allen, Texas — JaRyCo has broken ground on The Farm at Allen, a 135-acre mixed-use project located at the southeast corner of the Sam Rayburn Tollway and Alma Drive in the northeastern Dallas suburb of Allen. The site was originally purchased by local resident Bob Johnson Sr. and his wife, Doris, in the 1960s and used for raising cattle and growing corn, wheat and hay. Plans for the project call for 1.6 million square feet of office space, 142,000 square feet of retail space, 60,000 square feet of restaurant space, …
Austin, Texas — Furniture and appliance retailer Conn’s HomePlus has signed a 40,000-square-foot retail lease at Capital Plaza, a shopping center located at the junction of IH-35 and Cameron Road in Austin. Matt Epple and Britt Morrison of Weitzman represented the undisclosed landlord in the lease negotiations. Sean Murphy of CLD Realty represented Conn’s HomePlus. Other tenants at the center include Target, Ross Dress for Less, Boot Barn, Foot Locker and Walgreens.
Dallas — Fort Worth-based based investment and development firm Crescent Real Estate LLC has re-acquired The Crescent, a 1.3 million-square-foot mixed-use property in Uptown Dallas. The property was originally built in 1986 and consists of a luxury hotel, three office towers and retail/restaurant space. According to The Dallas Morning News, the sales price was upwards of $700 million. The 11-acre property was part of Crescent Real Estate’s initial public offering in 1994. After a later sale, Crescent Real Estate re-acquired the asset in 2009 in partnership with Barclays. This latest …