Texas

CAVA Group to Acquire Plano-Based Zoës Kitchen for $300M

by Taylor Williams August 21, 2018

PLANO, TEXAS — CAVA Group Inc., a privately held restaurant group specializing in Mediterranean cuisine, will acquire Zoës Kitchen for approximately $300 million. The Plano-based fast casual chain has about 260 restaurant locations throughout the country. Under the terms of the agreement, shareholders of Zoës Kitchen will receive $12.75 in cash for each share of common stock, a premium of approximately 33 percent over the closing share price on August 16, 2018 (the stock price opened at $13.30 per share on Tuesday, August 21). The transaction is expected to close during the fourth quarter.

August 21, 2018

Jefferson-Mercer-Phase-II-Farmers-Branch-Texas

Development Multifamily Texas

JPI to Add 416 Units for Phase II of Multifamily Property in Metro Dallas

by Taylor Williams August 21, 2018

FARMERS BRANCH, TEXAS — Irving-based multifamily developer JPI has secured construction financing for Phase II of Jefferson Mercer Crossing, a project that will add 416 units to the property, which is located in the northern Dallas metro of Farmers Branch. Current amenities at the property include a pool with a swim-up bar, fitness center with a yoga studio, a dog park and access to a 30-acre lake and walking trails. Comerica Bank provided the financing for the project, the first units of which are expected to be available for occupancy by the first quarter of 2020.

August 21, 2018

Acquisitions Office Texas

CBRE Negotiates Sale of Pier 1 Headquarters Building in Fort Worth

by Taylor Williams August 21, 2018

FORT WORTH, TEXAS — CBRE has negotiated the sale of the Pier 1 Imports Building, a 20-story, 409,977-square-foot office property in Fort Worth that has served as the headquarters for the home furnishings and décor retailer since 2008. The building includes a fitness center and yoga studio, as well as a full-service cafeteria. Gary Carr, Evan Stone, John Alvarado, Eric Mackey, Robert Hill and Jared Chua of CBRE represented the seller, Houston-based Hines, which acquired the property in 2014, in the transaction. California-based Hertz Investment Group purchased the asset for an undisclosed price.

August 21, 2018

Acquisitions Multifamily Texas

Frontline Holdings Acquires 334-Unit Apartment Community in Metro Dallas

by Taylor Williams August 21, 2018

LEWISVILLE, TEXAS — California-based Frontline Holdings has acquired Westview Apartments, a 334-unit multifamily community located in the northern Dallas suburb of Lewisville, from investment management firm InterCapital. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, spa, tennis courts and onsite laundry facilities. Voya Financial provided the loan, which was arranged by Mark Brandenburg of JLL.

August 21, 2018

Civic Development Texas

Austin City Council Approves Plan for $200M Soccer Stadium

by Taylor Williams August 20, 2018

AUSTIN, TEXAS — The Austin City Council has approved a plan from Precourt Sports Ventures LLC (PSV), which owns the Columbus Crew Soccer Club, to build a new soccer stadium in the state capital. The proposed site is a 24-acre tract of city-owned land located at 10414 McKalla Place, which is close to The Domain, a mixed-use destination on the city’s north side. According to The Austin American-Statesman, the stadium project is valued at approximately $200 million. PSV hopes to have the stadium completed for the 2021 season, though the company is currently locked in a lawsuit with the office of the Ohio attorney general, which is suing to give local investors a chance to buy the team.

August 20, 2018

Development Multifamily Student Housing Texas

Balfour Beatty, Wynne/Jackson Deliver 1,500-Bed Student Housing Project in Dallas

by Taylor Williams August 20, 2018

DALLAS — A joint venture between Balfour Beatty Campus Solutions and Wynne/Jackson has completed the second and final phase of Northside, a 1,500-bed student housing community located near the University of Texas at Dallas. The first phase was completed in 2016 and delivered 600 beds with shared amenities, a parking garage and a variety of restaurants and pubs. The second phase offers 900 beds in studio, one-, two- and three-bedroom floor plans. Shared amenities include a second resort-style swimming pool, a volleyball court, an indoor/outdoor fitness center, individual study rooms, a sky lounge and 7,000 square feet of additional retail space.

August 20, 2018

Industrial Leasing Activity Texas

Conn’s HomePlus Signs 656,658 SF Lease for Houston Distribution Center

by Taylor Williams August 20, 2018

HOUSTON — Home furnishings and appliances retailer Conn’s HomePlus has signed a 656,658-square-foot lease to be the sole occupant of Central Green Distribution Center in north Houston. Liberty Property Trust is the owner of the center, which is situated on 36 acres near George Bush Intercontinental Airport. Building features include 36-foot clear heights, 133 dock doors and a 500-foot building depth. Rob Stillwell and Chris Malherbe of NKF Capital Markets represented Conn’s in the lease negotiations. Conn’s is based in The Woodlands, a master-planned community located north of Houston.

August 20, 2018

Development Industrial Self-Storage Texas

TJO to Develop 1,090-Unit Self-Storage Property in Austin

by Taylor Williams August 20, 2018

AUSTIN, TEXAS — The Jenkins Organization (TJO), a Houston-based developer and manager of self-storage properties, has purchased land in southeast Austin for the development of a 1,090-unit facility. Branded Bergstrom Storage, the Class A property will total 238,000 square feet and provide climate-controlled space, as well as storage space for boats and RVs. The facility, which will be located near the airport, is currently slated to open in November 2019.

August 20, 2018

Jupiter-Miller-Business-Park-Garland-Texas

Industrial Leasing Activity Texas

Window Manufacturer to Open 329,000 SF Industrial Facility in Metro Dallas

by Taylor Williams August 20, 2018

GARLAND, TEXAS — Quest USA Inc., an affiliate of Canadian window producer Quest Window Systems, will open a 329,000-square-foot manufacturing and distribution facility in Garland, a northeastern suburb of Dallas. The facility will be located within Jupiter Miller Business Park, an 800,000-square-foot project at the site of the former Raytheon campus. The move is expected to create more than 320 new jobs. The date by which the facility is expected to be operational was not disclosed.

August 20, 2018

Acquisitions Office Texas

Highland Capital Management Acquires 42-Story Office Building in Dallas

by Taylor Williams August 17, 2018

DALLAS — Highland Capital Management, a Dallas-based alternative investment manager, has acquired Cityplace Tower, a 42-story, 1.3 million-square-foot office building located in the Uptown area of Dallas. The seller was Parmenter Realty Partners. Completed in 1988, the transit-oriented property features 51,000 square feet of meeting space, a fitness center with a spa and proximity to more than 65 retail and dining establishments. Highland plans to upgrade the property’s common areas and introduce new retail space. Creighton Stark, Chris Boyd and Jihane Boury of Colliers International brokered the sale. Avison Young will handle leasing of the property following the change in ownership.

August 17, 2018

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