Irving, Tx. — Retail brokerage firm Disney Investment Group has arranged the sale of Towne North, a 124,289-square-foot shopping center in Irving. Ethnic grocer El Rancho Supermercado anchors the property, which was 97 percent leased at the time of sale. David Disney and Adam Crockett of Disney Investment Group represented the seller, an affiliate of Dallas-based Nayeb Group, which sold the property to an out-of-state private equity firm.
Houston — Gulf Coast Commercial Group has unveiled plans for The Common, a project that will redevelop a retail strip center in one of Houston’s Opportunity Zones into a 38,000-square-foot lifestyle hub. Houston-based Schooley Design is the architect of the project, which will feature multiple retail and restaurant concepts, as well as a central common area for events. Construction is scheduled to begin in March and to be complete in the fall.
Austin, Texas — Developer ARG Bull Creek Ltd. is underway on construction of The Grove at Shoal Creek, a 76-acre mixed-use project located at the intersection of 45th Street and Bull Creek Road in Austin. Master plans for the development call for 1,150 residential units in single-family and multifamily formats, 185,000 square feet of office space and 140,000 square feet of retail space. The developer is a joint venture between MileStone Community Builders, which is handling the residential portion of the project, and Castletop Capital, which is handling the mixed-use portion. …
Houston and Fort Worth, Texas — JLL has arranged a property swap between Weingarten Realty Investors and Fidelis, two Houston-based retail owners and developers. The properties included the Village Plaza at Bunker Hill in Houston, which is owned by an existing joint venture between WRI and Fidelis, and Overton Park Plaza in Fort Worth. Fidelis sold its ownership interest in the 491,686-square-foot Village Plaza at Bunker Hill to WRI and simultaneously purchased WRI’s 354,600-square-foot Overton Park Plaza. Grocers H-E-B and Sprouts Farmers Market respectively anchor the two shopping centers. Ryan West, Chris Gerard, Katherine …
Austin, Texas — Buffalo-based Reger Holdings will develop EastVillage, a 425-acre mixed-use project that will be located along the Parmer Lane tech corridor in northeast Austin. Both the Austin American-Statesman and Community Impact Newspaper put the value of the project at approximately $1 billion. Current plans call for approximately 800,000 square feet of office space, 300,000 square feet of retail and restaurant space, three hotels totaling 390 rooms, 2,000 multifamily units, an active adult community and a 150-acre nature preserve. The centerpiece of the development will be a 1.5-acre village green …
Plano, Texas — Triten Real Estate Partners has purchased Market Square Mall, a 300,000-square-foot former outlet mall that is situated on 26 acres in Plano. Daniel Eng and Calvin Wong of ENGVEST represented the seller, private investor Matthew Loh, in the transaction. Dan Zeltser of SHOP Cos. represented the buyer. The new ownership will redevelop the mall, which was built in the 1980s, into a mixed-use destination. Specific details of the redevelopment plan were not disclosed.
Houston — Apparel and accessories retailer Francesca’s has received approval from the U.S. Bankruptcy Court for the District of Delaware to enter into a sale agreement with TerraMar Capital and Tiger Capital Group. Under the new ownership, the Houston-based retailer will open about 275 stores, or roughly half its total count, for business and retain its current management team, according to The Wall Street Journal. Under the terms of the agreement, known as a stalking horse asset purchase agreement, the buyers have agreed to purchase substantially all of the Francesca’s assets for approximately $17 …
McAllen, Texas — Coldwell Banker Commercial has brokered the sale of Main Place Shopping Center, a 172,000-square-foot retail power center located in the Rio Grande Valley city of McAllen. Main Place Indoor Market anchors the property, which was built on 20 acres in 1988. Daniel Galvan and Julissa Trevino of Coldwell Banker represented the buyer, locally based firm Big Sky Real Estate Investments LLC, in the transaction. The center was 84 percent leased at the time of sale.
Waxahachie, Texas — ShowBiz Cinemas will open its new Bowling, Movies & More concept in Waxahachie on Dec. 18. The venue features 13 theater auditoriums, 14 bowling lanes, three party rooms and an arcade. The 66,000-square-foot location also sells cafe-style food and has a full bar with 20 beer taps. The Dallas-based operator opened the venue with COVID-19 protocols in place, such as all staff and patrons must wear a mask except for when eating or drinking within the auditorium, all staff members must wear gloves and receive a temperature check before …
Fate, Texas — Tyler, Texas-based owner-operator Brookshire Grocery Co. and the City of Fate, located northeast of Dallas, have broken ground on a 66,000-square-foot grocery store for Brookshire’s FRESH concept. The public-private partnership expects to complete the project in late 2021 and to bring about 200 new jobs to the community. The store will be Brookshire’s second under the FRESH brand, with the first opening in Tyler in 2011. The concept in Tyler includes authentic Japanese ramen and Vietnamese pho counters, a taco bar, coffee bar, patio dining and onsite …
