Dallas — New Market Properties LLC, a subsidiary of Atlanta-based Preferred Apartment Communities (PAC) has acquired Midway Market, an 85,599-square-foot shopping center in Dallas. Kroger anchors the center, which is located at the corner of Frankford and Midway roads on the city’s north side. The seller was not disclosed. Approximately 145,000 people with an average household income in excess of $98,000 live within a three-mile radius of the center.
When I talk to out-of-staters about Texas, they often think I mean “Dallas” when discussing the Metroplex as a whole. That’s when I explain how important the Fort Worth market is to our thriving and healthy Dallas-Fort Worth (DFW) retail scene. Weitzman, which operates offices in Texas’ major markets, has handled development, leasing and management in the Fort Worth market since our founding 30 years ago. Today, the Fort Worth area is home to some of the state’s most robust residential, commercial and cultural growth. In terms of retail, our …
Mesquite, Texas — Locally based developer Brosco Group has broken ground on Corner Stone Plaza, a 21,000-square-foot retail project in the eastern Dallas suburb of Mesquite. Weitzman, which is handling leasing of the center, is targeting a mix of restaurant, beauty, fitness and service tenants, as well as healthcare practices. Completion is slated for mid-2020.
Fate, Texas — Brookshire Grocery Co., a Tyler, Texas-based chain that operates about 180 grocery stores in Texas, Louisiana and Arkansas, will open a FRESH by Brookshire store in Fate, located about 30 miles northeast of Dallas. The store will span a minimum of 55,000 square feet and will be located at the corner of Interstate 30 and Memorial Parkway. Construction is scheduled to begin by the end of the year, and the store is slated to open in late 2021.
San Antonio — EVO Entertainment, an entertainment retail concept that combines bowling, movies, games, food and beverages, will open an 80,000-square-foot venue at Escala in San Antonio. The center will feature 10 movie screens, 12 bowling lanes, a restaurant and bar, arcade and virtual reality games, a ropes course and private event space. Metro Dallas-based N3 Real Estate is the developer of Escala, a shopping center located at the intersection of State Highway 151 and Military Drive on the city’s northwest side. The venue will be the seventh for EVO, …
Beaumont, Texas — Houston-based retail brokerage and investment firm Baker Katz has acquired North Park Plaza, a 139,926-square-foot shopping center in Beaumont. The property is situated on 14.3 acres across from Parkdale Mall, which is being redeveloped by Tennessee-based CBL Properties. Target anchors the center, which also houses tenants such as Kirkland’s, Spec’s Wine & Spirits, Skechers, Mattress Firm and Longhorn Steakhouse. Ryan West of JLL represented the seller, Weingarten Realty Investors, a Houston-based REIT, in the transaction.
San Antonio and Amarillo, Texas — A partnership between Mason Asset Management, Namdar Realty Group and CH Capital Group has acquired South Park Mall in San Antonio and Westgate Mall in Amarillo. South Park Mall spans 663,978 square feet across 48.5 acres. The mall was originally built in 1968 and has been renovated several times, most recently in 2018. The asset was 95 percent leased at the time of sale to tenants including anchors JC Penney, Dick’s Sporting Goods, Beall’s, Old Navy, Ulta Beauty and The Vitamin Shoppe. Westgate Mall …
Houston — NorthMarq has arranged a $28.5 million loan for the refinancing of Champions Forest Plaza, an 187,000-square-foot retail center in Houston. Originally built in the 1960s, the property was 92 percent leased at the time of the loan closing to tenants such as The Container Store, Gap, Ann Taylor, Starbucks and Jos. A. Bank. Matthew Franke, Ray Driver and Michael Borden of NorthMarq arranged the 15-year, fixed-rate loan with a 25-year amortization schedule through OneAmerica, an Indianapolis-based life insurance company. The borrower was Smithco, a locally based developer.
Waco, Texas — Dallas-based sports entertainment company Topgolf has signed a lease at Cottonwood Creek Market, a 285,000-square-foot entertainment destination in Waco that is scheduled to open this winter. Topgolf joins Cinemark, which will open a 14-screen theater, as the second of three entertainment anchors at Cottonwood Creek Market. Houston-based developer NewQuest Properties commenced site work on the project last summer and is in talks with a bowling and dining concept to potentially serve as the third anchor. Steve Greenberg of The Retail Connection represented Topgolf in the lease negotiations. …
Fort Worth, Texas — Home furnishing retailer Pier 1 Imports has filed for Chapter 11 bankruptcy in federal court in Richmond, Virginia, according to a report from The Wall Street Journal. The filing comes about six weeks after the Fort Worth-based retailer announced that it would close some 450 stores, about half of its total store count. The company is also closing two distribution centers. Pier 1 has entered into a plan support agreement with its term loan lenders, which include Bank of America and Wells Fargo, and is pursuing a sale …