HOUSTON — Tailored Brands Inc. (NYSE: TLRD), the recently formed parent company of the Men’s Wearhouse and Jos. A. Bank menswear brands, plans to close approximately 250 of its stores in fiscal year 2016, according to the company’s fourth-quarter earnings report released March 9. The store closures will include 80 to 90 Jos. A. Bank stores, all 58 of its outlet locations and 100 to 110 of its MW Tux stores. Houston-based Tailored Brands ended fiscal year 2015 on Jan. 31, 2016, with a $1 billion net loss. According to the earnings report, the generally accepted accounting principles (GAAP) operating loss includes a $1.15 billion “goodwill and intangible asset impairment charge,” which was related to Jos. A. Bank’s poor sales performance, as well as a store reorganization program that Tailored Brands initiated in the fourth quarter of fiscal 2015. Jos. A. Bank’s comparable sales in the fourth quarter decreased 31.9 percent from fourth-quarter 2014 due to a decline in average transactions per store. Men’s Wearhouse’s fourth-quarter comparable sales increased 4.3 percent in that same time period. “While our fourth-quarter and full-year results were consistent with our revised guidance, we remain very disappointed by the weak Jos. A. Bank results,” says …
WACO, TEXAS — ARA Newmark has arranged the sale of The Hype, a 200-unit student housing community located near Baylor University in Waco. Community amenities of the 430-bed property include a resort-style swimming pool and hot tub, cabanas, water and sand volleyball courts, an outdoor theater, gas grills, an outdoor fire pit, a 24-hour fitness center, an off leash dog park and a five-acre play scape with hammocks and an organic garden. Ryan Lang of ARA Newmark represented the undisclosed seller in the transaction.
DALLAS — Dallas-based ORIX USA Corp. has boosted its ownership stake in RED Capital Group LLC from 88 percent to 100 percent, making RED a wholly owned subsidiary of the company. ORIX originally invested in RED in 2010. RED’s executive management team will remain in place and continue to operate RED as an independent entity based in Columbus, Ohio. “Increasing ORIX’s investment in RED has been a strategic objective of mine for the last few years, as I have seen firsthand the strength of the RED team and its platform,” says Hideto Nishitani, chairman, president and CEO of ORIX USA. “This is an attractive investment opportunity and signals ORIX’s belief in the strength of the multifamily, seniors housing and affordable housing markets.” ORIX offers investment capital and asset management services to clients in the corporate, real estate, municipal and energy sectors, while holding $6 billion worth of assets and managing an additional $29 billion. RED Capital Group has provided over $72 billion of integrated debt and equity to the seniors housing and healthcare, multifamily, affordable housing and student housing industries.
HOUSTON — NAI Partners and Logan Brown Investment Real Estate have arranged the sale of 8700 Commerce Park Drive, a 78,000-square-foot, multi-tenant office property located in southwest Houston. Doug Pack of NAI Partners and Logan Brown of Logan Brown Investment Real Estate represented the seller, Los Angeles-based Khoshbin Co., in the sale of the property to an unnamed local investor.
SHERMAN, TEXAS — Pierson Retail Advisors has arranged the sale of Sherman Crossroads, a 37,088-square-foot shopping center located in Sherman. Pierson Retail Advisors represented the seller, T Sherman Crossing TX LLC, in the sale of the property to Dallas-based Tava Property LLC for an undisclosed price. The center was fully occupied at the time of sale by tenants including Anytime Fitness, Shogun Japanese Steakhouse, Jalapeno Tree and the Armed Forces Career Center.
TEMPLE, TEXAS — HFF has arranged financing for Chappell Creek Village, a 148-unit, garden-style apartment community in Temple. Cortney Cole and Scott Galloway of HFF worked on behalf of the borrower, Chappell Hill Equity III Ltd., to place the 10-year, 3.86 percent fixed-rate loan with a life insurance lender. Chappell Creek Village is situated on the north side of Ira Young Drive, and offers one-, two- and three-bedroom units in 12 two- and three-story apartment buildings totaling 147,220 rentable square feet. Community amenities include a swimming pool, fitness center, business center and on-site laundry facilities.
CORSICANA, TEXAS — Binswanger has arranged the sale of a 388,561-square-foot, single-story industrial property situated on 34 acres at 1901 S. U.S. Highway 287 in Corsicana. The property features two single-story industrial facilities with reinforced concrete floor, 37-foot ceiling heights, a combination of fluorescent and high pressure sodium lighting, a wet sprinkler system, 31 8-by-10 dock-high loading doors, one 25-by-16 grade-level door, and a BNSF rail line running along the northeastern border of the property. Holmes Davis of Binswanger represented the seller, Basic Sportswear Co., in the sale of the property to Polyguard Products Inc.
HOUSTON — Berkeley Land Co. has sold Briar Lake Village, a 36,607-square-foot, two-level retail center located in Houston’s Westchase District. The center, located at 10455 Briar Forest Drive, is 85 percent leased to 12 tenants including Palazzo’s Trattoria, Subway, Tiff’s Treats, Moderno, Newmark Homes, Advanced Orthodontics, Capital One Bank, Comerica Bank, Kolache Factory and Luchi & Joey’s. Rusty Tamlyn and Ryan West of HFF represented the seller, and Todd Casper and Michael Hassler of CBRE represented the buyer, Briar Lake Village Inc., in the transaction.
SPRING, TEXAS — Marcus & Millichap has arranged the sale of Spring Crossing Retail Center, a 18,582-square-foot shopping center located in the Houston suburb of Spring. The asset had a list price of $4.1 million. Nate Newman of Marcus & Millichap represented the seller, a local developer, and Allen Smith of Marcus & Millichap represented the buyer, a TIC partnership, in the transaction.
FOREST HILL, TEXAS — Transwestern has arranged the sale of a 3,050-square-foot industrial building located at 5901 Parker Henderson Road in the Fort Worth suburb of Forest Hill. Todd Hawpe of Transwestern Dallas represented the buyer, Adder Minnis LP, and Chris Mendez of Coldwell Banker Commercial Alliance DFW represented the seller, local investor Jennifer Pool, in the transaction.