McKinney, Texas — STRIVE has arranged the sale of Virginia Commons, a 13,878-square-foot retail strip center located in the Dallas suburb of McKinney. The property is situated on Virginia Parkway just west of U.S. Route 75. Hudson Lambert of STRIVE represented the seller, a North Texas investor, and cooperated with an outside broker to source the buyer, a local Dallas-area investor.
Portland, Texas — Houston-based McLeod Sears is underway on the redevelopment of an 83,000-square-foot former Kmart store in the Gulf Coast city of Portland. Construction will soon begin on pad sites for two tenants — Chick-fil-A and Autozone — that have committed to the new center, which is located near the Port of Corpus Christi. Z Construction is the general contractor for the project.
Grand Prairie, Texas — Phoenix-based grocer Sprouts Farmers Market will open a 25,000-square-foot store in Grand Prairie, located roughly midway between Dallas and Fort Worth, in the second half of the year. The opening is part of a larger rollout of 20 stores nationwide that feature the grocer’s new format, which is slightly smaller than its existing prototype. Sprouts currently operates 362 stores across 23 states and is also planning to open a new store in Irving.
Austin, Texas — Newmark has arranged the $3.4 million sale of a property net leased to Outback Steakhouse in Austin. Matt Berres and Samer Khalil of Newmark represented the undisclosed institutional seller in cooperation with Newmark’s Lispah Hogan. The buyer of the 6,176-square-foot property was a private 1031 exchange buyer.
Carlsbad, Calif. and Dallas, Texas — Carlsbad, Calif.-based equipment and apparel manufacturer Callaway Golf Co. (NYSE: ELY) has completed its merger with Topgolf Entertainment Group. Under the terms of the merger agreement, Callaway issued approximately 90 million shares of its common stock to the shareholders of Topgolf (excluding Callaway, which previously held approximately 14 percent of Topgolf’s outstanding shares). Callaway shareholders now own approximately 51.3 percent of the outstanding shares of the newly combined entity, and former Topgolf shareholders (excluding Callaway) own approximately 48.7 percent. Both firms have strong real …
Frisco, Texas — AOS Panther Creek has broken ground on Shops at Creekside, a 20,130-square-foot retail project located at 13030 Preston Road in Frisco. Cross Architects is designing the project, and Talley Riggins Construction Group is the general contractor. Inroads Realty is leasing the center and has secured commitments from Sweetwaters Coffee & Tea, Domino’s Pizza and a general dentistry practice. Construction of Phase I, which centers on the 13,250-square-foot main building, is underway. Construction of Phase II, which will feature a 6,880-square-foot building that could become a build-to-suit, is …
Austin, Texas — Alamo Drafthouse Cinema has filed for Chapter 11 bankruptcy protection and entered into an asset purchase agreement with its group of senior lenders that is led by California-based Altamont Capital Partners and Fortress Investment Group. The agreement involves the sale of “substantially all” of the company’s assets, though it remains unclear how many of its 41 theaters Alamo Drafthouse plans to close. As part of its filing, Alamo Drafthouse has asked the U.S. Bankruptcy Court for the District of Delaware to approve a 75-day timeline for restructuring …
San Antonio — Houston-based developer Midway and private equity firm GrayStreet Partners have unveiled plans for Lone Star District, a mixed-use project in San Antonio that will be a redevelopment of the former Lone Star Brewery site. The site borders the San Antonio River and is located roughly 1.5 miles from the downtown area. Plans for Phase I of the 32-acre development call for 250 multifamily units, 100,000 square feet of office space office and 50,000 square feet of retail, restaurant and entertainment space. Project partners include master-plan architects Lake|Flato …
Brenham, Texas — Baker Katz has broken ground on Brenham Crossing, a 50-acre retail development located at the southwest and southeast corners of Highway 290 and Chappell Hill Road in Brenham. Five retailers are set to open within the 163,518-square-foot first phase of development, including Hobby Lobby, Marshalls, Five Below, Burke’s and PetSmart. Jeff Stein of Dallas-based CBRE Group Inc. secured financing for the development, which is scheduled to open next year.
Irving, Tx. — Affiliates of Apollo Global Management Inc. (NYSE: APO) have entered into an agreement to buy arts and crafts retailer Michaels (NASDAQ: MIK) and take the company private in a deal that is valued at approximately $5 billion. Under the terms of the agreement, Apollo will tender an offer to acquire all outstanding shares of Michaels common stock for $22 per share in cash. The purchase price represents a 47 percent premium over the Irving-based arts and crafts retailer’s closing stock price on Feb. 26, the last trading …