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DevelopmentEntertainmentNewsTexas

El Paso City Council Approves $80 Million Concert Venue, Partners With Operator

by Hayden Spiess

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 …

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Garrett-Colburn-SRS
Company newsNewsTexas

SRS Appoints Garrett Colburn President

by Hayden Spiess

Dallas — SRS Real Estate Partners has appointed Garrett Colburn president of the firm. Colburn will work with CEO Chris Maguire to “generate growth across all platforms, including retail, capital markets and industrial.” Colburn, who has 15 years of experience in retail brokerage, first joined SRS in 2012. He currently serves as managing principal and co-market leader of the company’s five California offices and a member of the board of directors — positions he will continue to hold. Additionally, he will serve on the Dallas-based company’s executive committee. 

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Neiman-Marcus-Tampa
Company newsInvestment salesNew YorkNewsTexas

Saks Fifth Avenue Parent Company Agrees to Acquire Neiman Marcus for $2.6 Billion

by Hayden Spiess

New York City and Dallas — HBC, the New York City-based parent company of Saks Fifth Avenue, has agreed to acquire Dallas-based Neiman Marcus Group. The merger between the two luxury fashion retailers is valued at $2.6 billion. An estimated closing date was not released. Following the acquisition, HBC will establish Saks Global, an entity that will combine the intellectual property and real estate assets of the two companies. Brands that are already owned by HBC or Neiman Marcus, including Saks OFF 5th, Bergdorf Goodman and Last Call Outlet, will continue …

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Live Oak Town Center
LeasingMixed-useNewsTexas

DICK’S House of Sport to Open 100,000-Square-Foot Store at Live Oak Town Center in Metro San Antonio

by Hayden Spiess

Live Oak, Texas — DICK’S House of Sport has signed a 100,000-square-foot lease at Live Oak Town Center, a mixed-use development in Live Oak, roughly 20 miles northeast of San Antonio. The store will feature sportswear and equipment, as well as interactive experiences including a climbing wall, outdoor field, golf bays and a multi-sport cage. David Nicolson and Michael Schoenbrun of Weitzman arranged the lease. Weitzman is developing Live Oak Town Center, which is anchored by IKEA, in phases. Upon completion, the property will comprise more than 800,000 square feet of …

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EntertainmentLeasingNewsTexas

The Picklr Opens 28,016-Square-Foot Venue at Eldorado Plaza in McKinney, Texas

by Hayden Spiess

McKinney, Texas — The Picklr has opened a 28,016-square-foot venue in the northern Dallas suburb of McKinney. Situated within Eldorado Plaza, the facility will feature nine full-size pickleball courts and one warm-up court. Whitestone REIT owns the property, which is anchored by Trader Joes. Other tenants at the center include Starbucks Coffee, Hollywood Feed and Christina’s Mexican Restaurant.

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Rio Norte
Investment salesNewsTexas

Kobalt, Stonefield, Espada Real Estate Acquire 222,291-Square-Foot Shopping Center in Laredo, Texas

by Hayden Spiess

Laredo, Texas — Kobalt Investment Co. has partnered with Stonefield Investment Advisors and Espada Real Estate to acquire Rio Norte Shopping Center in Laredo. Ross Dress for Less anchors the 222,291-square-foot property. Other tenants at the center include Michaels, Petco, Dollar Tree, Shoe Carnival, Five Below, dd’s DISCOUNTS and Spec’s. Adam Howells and Matthew Barge of JLL Capital Markets brokered the transaction on behalf of the seller. 

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Netflix-House
EntertainmentLeasingNewsTexas

Netflix to Open Entertainment Venue at 1.9 Million-Square-Foot Shopping Center in Dallas

by Hayden Spiess

Dallas — Netflix will open an entertainment venue within an anchor space at Galleria Dallas, a 1.9. million-square-foot shopping center in Dallas. Dubbed Netflix House, the establishment will feature immersive experiences, retail and food-and-beverage offerings. Construction is currently underway on two floors of the property to house the venue, which is scheduled to open in fall 2025. According to a statement on the Netflix company website, an additional Netflix House will open in King of Prussia, Pennsylvania, with both venues encompassing more than 100,000 square feet. MetLife Investment Management owns Galleria …

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LeasingNewsTexas

Five Retailers, Restaurants Open at Post Oak Plaza in Houston

by Hayden Spiess

Houston — Five new retailers and restaurants have opened at Post Oak Plaza, a 503,000-square-foot shopping center in Houston. Luxury mattress retailer Saatva and appliance provider Bosch/Thermador/Gaggenau have opened a 4,000-square-foot store and 14,777-square-foot showroom, respectively. Additionally, restaurants Local Foods (3,016 square feet), Tacodeli (2,883 square feet) and Rakkan Ramen (1,856 square feet) are now open. Levcor is the owner and landlord. 

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Alamo-Drafthouse
CaliforniaCompany newsEntertainmentInvestment salesNewsTexas

Sony Pictures Entertainment Acquires Theater Chain Alamo Drafthouse Cinema

by Hayden Spiess

Culver City, Calif. and Austin, Texas — Sony Pictures Entertainment has acquired theater chain Alamo Drafthouse Cinema from Altamont Capital Partners, Fortress Investment Group and founder Tim League for an undisclosed price.  Alamo Drafthouse was founded in 1997 in Austin, and has grown from a single mom-and-pop location to 35 cinemas across 25 metropolitan areas. The company is the seventh-largest theater chain in North America and was one of the pioneers of the in-theater elevated food and drink concept.  Alamo Drafthouse will maintain its headquarters in Austin and will continue to …

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Investment salesNewsTexas

Marcus & Millichap Brokers Sale of 5,677-Square-Foot Single-Tenant Property in Houston Suburb

by Hayden Spiess

Spring, Texas — Marcus & Millichap has brokered the sale of a 5,677-square-foot single-tenant retail property located in the northern Houston suburb of Spring. IHOP occupies the building, with 15 years remaining on the lease. John Paine of Marcus & Millichap represented the seller, Greenleaf Property Management, in the transaction. Paine also procured the buyer, a California-based 1031 exchange investor.

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