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District 121
DevelopmentNewsTexas

Craig International Unveils Plans for $250 Million District 121 Mixed-Use Project in McKinney, Texas

by Julia Sanders

McKinney, Texas — Developer Craig International has unveiled plans for District 121, a $250 million mixed-use project that will be located on 17.5 acres next to the Craig Ranch master-planned community in McKinney. Phase I of the project consists of a 200,000-square-foot office building by Kaizen Development that is currently under construction, as well as 40,000 square feet of retail and restaurant space, an 800-space parking garage and green space known as The Commons. District 121 will eventually include 520,000 square feet of office space and a hotel. SHOP Cos. …

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Investment salesNewsTexas

Big V Property Group Acquires 1-Million-Square-Foot RIM Shopping Center in San Antonio

by Julia Sanders

San Antonio — Big V Property Group has acquired The RIM Shopping Center, a 1 million-square-foot retail and restaurant destination in San Antonio. Big V acquired the property, which is part of a larger mixed-use development, in partnership with New York-based Kimco Realty and San Diego-based Equity Street Capital. The seller and sales price were not disclosed. Big V will also manage the property.

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PopStroke
LeasingNewsTexas

PopStroke Entertainment to Open Golf Venue at Katy Grand in Houston

by Julia Sanders

Houston — PopStroke Entertainment Group, a Florida-based golf concept, will open a new venue at Katy Grand, a Cinemark-anchored retail power center in Houston that is owned by NewQuest Properties. The venue will feature two 18-hole mini-golf courses conceived by TGR Design, an architecture firm backed by golf legend Tiger Woods. The concept includes a full-service restaurant and bar, ice cream parlor, outdoor games and a playground. Heather Nguyen and Rebecca Le internally represented NewQuest in the lease negotiations. PopStroke currently has two facilities in Port Saint Lucie and Fort …

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Burger King
Investment salesNewsTexas

Hanley Investment Group Arranges Sale of Burger King Property in Houston

by Julia Sanders

Houston, Texas — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant Burger King with a double-drive-thru in Houston. Brad Dessy and Matt Burnett of Hanley Investment Group, in conjunction with ParaSell Inc., represented the seller, a private investor based in Spring, Texas. Jeff Lefko of Hanley Investment Group represented the buyer, a private investor based in New Hampshire. The property was completely rebuilt in 2015 to convert an existing building into Burger King’s latest double-drive-thru prototype. The 3,000-square-foot building is situated on 1.02 acres at …

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Investment salesNewsTexas

CBRE Capital Markets Arranges $32 Million Financing for Town Center Colleyville in Metro Dallas

by Julia Sanders

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.

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FinanceInvestment salesNewsTexas

NorthMarq Arranges $3.8 Million Acquisition Loan for Louetta Creek Plaza in Metro Houston

by Julia Sanders

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.

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Village Plaza
Company newsNew YorkNewsTexas

Retail REIT Kimco Realty to Acquire Weingarten Realty Investors for $3.9 Billion

by Julia Sanders

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 …

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McKinney Marketplace
Investment salesNewsTexas

Tabani Group Acquires 118,967-Square-Foot McKinney Marketplace in Metro Dallas

by Julia Sanders

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.

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Floor and Decor
Investment salesLeasingNewsTexas

BV Capital, Archway Acquire 79,684-Square-Foot Property Leased to Floor & Décor in Houston

by Julia Sanders

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.

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DevelopmentNewsTexas

Gulf Coast Commercial to Develop 60-Acre Mixed-Use Project in Metro Houston

by Julia Sanders

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 …

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