Dallas — Dallas-based Lincoln Property Co. has announced a strategic investment in retail real estate owner and operator Centennial. According to the companies, Lincoln has committed a “significant” amount of capital for the future acquisition and redevelopment of retail and mixed-use developments, which will be jointly owned by Lincoln and Centennial. Lincoln has also invested in Centennial’s operating platform. Centennial, which was founded in 1997 and is also based in Dallas, currently operates more than 23 million square feet of retail and mixed-use properties across 18 states. Whitney Livingston, president of …
Conroe, Texas — STRIVE has arranged the sale of Teas Crossing, a 57,612-square-foot shopping center located in Conroe, about 40 miles north of Houston. Built in 2008, the center was 70 percent leased at the time of sale to tenants including Verizon Wireless, Benihana, Firehouse Subs and Massage Envy. Jake Dutson and Adam Gottschalk of STRIVE represented the seller, Houston-based development and investment firm Read King Commercial, in the transaction. John Harry of John Harry Realty Advisors represented the buyer, an undisclosed, Houston-based 1031-exchange investor.
Frisco, Texas — Marcus & Millichap has brokered the sale of a five-tenant retail center located in Frisco. William Kim of Marcus & Millichap represented the buyer, JT Arlington, in the transaction. Duke Dennis of Marcus & Millichap arranged $2.8 million in acquisition financing on behalf of the buyer. Tenants at the property, which totals 9,291 square feet and was fully occupied at the time of sale, include Active Dental, Stonebrook Eyecare and Eyewear, ATI Physical Therapy, Momo’s Coffeehouse and Jamba Juice.
Houston — Great Big Game Show, a new interactive entertainment concept, will open within a 1,008-square-foot space at CITYCENTRE, a 47-acre mixed-use development in Houston. Developed by the creators of The Escape Game, the venue will offer visitors the opportunity to be contestants in a game show featuring challenges, questions and games. Scheduled to open this fall, the destination will be situated adjacent to an Escape Game facility. TriGate Capital is the landlord.
Miami — Miami-based Orion Real Estate Group has acquired a retail portfolio located in Florida, Texas and Illinois for $50 million. An undisclosed family office sold the portfolio, which totals 94,000 square feet across 12 properties. Tenants at the properties — which include 11 single-tenant properties and two two-tenant properties — include banks, a fitness center, pharmacy, urgent care facility and quick-service restaurant. Alex Sharrin, Jeff Cicurel, Eric Osika and Noel O’Donnell of JLL Capital Markets represented the seller in the transaction.
Houston — Investment and brokerage firm Shannon Waltchack has acquired The Vintage Center, a 29,483-square-foot unanchored retail center located in northwest Houston. Tenants at the property, which was fully leased at the time of sale, include First Community Credit Union, Vintage Smile Family Dentistry, Chicken Salad Chick, Memorial Hermann-GoHealth and Trademark Salon. John Indelli and Ryan West of JLL represented the undisclosed seller in the transaction.
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.