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 …
Texas
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.
Apollo Global Management Enters into Agreement to Take Michaels Private in $5 Billion Transaction
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 …
Disney Investment Group Arranges Sale of 124,289-Square-Foot Towne North Shopping Center in Irving, Texas
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.
Gulf Coast Commercial Unveils Plans for 38,000-Square-Foot Retail Redevelopment Project in Houston
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.