The Woodlands, Texas — Conn’s HomePlus, a Texas-based home furnishing retailer, has filed for Chapter 11 bankruptcy and will close at least 70 stores nationwide, according to reports from multiple media outlets including CNN and USA Today. The latter publication reports that Conn’s filed for bankruptcy protection this past Tuesday in the U.S. Bankruptcy Court for the Southern District of Texas amid slumping revenue reports. The impacted stores are located throughout 13 states, according to CNN. Both news organizations report that the state with the highest concentration of closures is Florida (18), followed by Texas …
Austin, Texas — JLL Capital Markets has secured acquisition financing for South Bend Center, a mixed-use property located in Austin. Built in 1984, the property totals 43,811 square feet across three buildings, with retail, flex warehouse, restaurant and medical office space. CW Sheehan and Peyton Ackerman of JLL arranged the financing on behalf of the borrower, Duncan Park Capital.
The Woodlands, Texas — Howard Hughes Holdings has begun the renovation of Grogan’s Mill Village Center, a 90,000-square-foot retail property located north of Houston in The Woodlands. Renovation plans include the addition of a new public gathering hub with a library that will feature multimedia rooms and a theater-style classroom, as well as a community center and 32,000 square feet of modern retail space. Current and future tenants at the property, which was originally built in 1974, include Brother’s Pizza, Ome Calli Café, Safeway Driving, The UPS Store, Woodforest National Bank, …
The Colony, Texas — TOCA Football and Major League Soccer (MLS) have announced a partnership, with plans to open the first TOCA Social venue in the U.S. in The Colony, a city roughly 30 miles outside Dallas. Situated within the Grandscape mixed-use development, TOCA Social Dallas will feature soccer-based immersive entertainment, as well as food-and-beverage options. The venue is scheduled to open next summer, and TOCA plans to expand with additional TOCA Social venues in other U.S. cities.
Denton, Texas — Hillwood, a Perot company, has unveiled plans for Landmark by Hillwood, a 3,200-acre mixed-use project in the northern Dallas suburb of Denton. The project team includes Hillwood subsidiaries Hillwood Communities and Hillwood Properties. The plans call for 900 acres of commercial space comprising 5 million square feet of retail, hospitality and entertainment space, approximately 6,000 single-family homes and more than 3,000 multifamily units. The site, which is situated at I-35W and Robson Ranch Road, was previously known as Hunter Ranch. The parcel is one of the original land …
Austin, Texas and Orlando, Fla. — Darden Restaurants (NYSE: DRI) has agreed to acquire Chuy’s Holdings (NASDAQ: CHUY) for $605 million in an all-cash transaction. The Tex-Mex restaurant chain — which owns and operates 101 full-service restaurants across 15 states — will join Darden’s existing restaurant portfolio, which includes Olive Garden, LongHorn Steakhouse and Ruth’s Chris Steak House, among others. Under terms of the merger agreement, Orlando-based Darden will acquire all outstanding shares of Chuy’s at $37.50 per share. The purchase price represents a 40 percent premium to the Austin-based company’s …
Richardson, Texas — JLL Capital Markets has arranged the sale of Richardson Heights, a 201,433-square-foot shopping center located in Richardson, roughly 15 miles outside Dallas. Constructed in the 1950s, the property was 79 percent leased at the time of sale. Tenants at the center include Alamo Draft House, T.J. Maxx and Half Priced Books. Adam Howells, Chris Gerard, Ben Esterer and Keenan Ryan of JLL represented the seller, Silver Star Properties REIT, in the transaction. JAH Realty acquired the property for an undisclosed price.
Fort Worth, Texas — Marcus & Millichap has brokered the sale of Victory Shops at Heritage Trace IV, an 11,492-square-foot retail center located in Fort Worth. Tenants at the property, which was fully leased at the time of sale, include Just Love Coffee Café, RevFit, Flossophy Dental Studio and Big Chicken. All of the tenants at the center are on triple-net leases. Chris Gainey and Philip Levy of Marcus & Millichap represented the seller in the transaction. The property is situated across from a master-planned mixed-use project that will comprise retail, …
El Paso, Texas — The El Paso City Council has approved a proposal to develop an $80 million concert venue and has formed a public-private partnership with the operator, hospitality firm Venu (formerly known as Notes Live). The project will span 17 acres of city-owned land and will anchor the Cohen Entertainment District on the city’s northeast side. Dubbed Sunset Amphitheater, the venue will feature a seating capacity of 12,500. The City of El Paso is providing $30.6 million in performance-based incentives under the terms of the partnership deal. Construction is …