PLANO, TEXAS — Gaedeke Group has selected global architectural firm Gensler to design Two Legacy West, a Class A office tower situated near Gaedeke’s existing One Legacy West property in Plano. Gensler’s Dallas office is handling the design of the tower, which will accommodate a 300,000- to 600,000-square-foot user and focus on tenant wellness. The property will be located near the corporate headquarters of Toyota and FedEx. Dallas-based Gaedeke Group expects to complete Two Legacy West in 2022.
GRAPEVINE, TEXAS — The Woodmont Co. has arranged a 14,713-square-foot retail lease for Daylight Golf, a new virtual golf and sports bar concept, at 2505 E. Grapevine Mills Circle in Grapevine. Set to open this summer, the Daylight Golf venue will be situated on two acres along the outer ring road of Grapevine Mills, a regional mall owned by Simon that attracts more than 10 million visitors annually. The venue will feature virtual golf simulators for courses around the world, an outdoor patio, full kitchen and bar and 40 TVs. The retail location was previously The Trail Dust and Love & War in Texas of Grapevine. Andy Anderson of Henry S. Miller Brokerage’s restaurant property group represented Daylight Golf in the lease deal. Derek Anthony, Grant Gary and David Adams of Woodmont represented the landlord, CJK Grapevine Properties.
FORT WORTH, TEXAS — Pier 1 Imports Inc., a home goods retailer based in Fort Worth, has announced its intention to shutter up to 450 stores, which represents nearly half of its current store count of 936. The retailer also plans to close a select number of distribution centers and reduce its corporate expenses, which includes corporate layoffs. Pier 1 says that its efforts will help right-size the company’s omni-channel operations and allow it to move forward with an “appropriately sized store footprint.” Pier 1 has hired a third-party liquidator to help manage the store closings. The locations of the closing stores and distribution centers were not disclosed. Pier 1 (NYSE: PIR) reported that its net sales are down 13.3 percent year-over-year in its most recent quarter ending Nov. 30, 2019. (The company’s fiscal calendar traditionally runs from early March to late February.) Pier 1 also reported a 15.3 percent reduction in its inventory compared to this time last year. Robert Riesbeck, CEO and CFO of Pier 1, says that the company has been seeking to clear out its “non go-forward” merchandise. “Looking ahead, we believe that we will deliver improved financial results over time as we realize the benefits …
Inventory taxes pose an additional cost of doing business in more than a dozen states, and despite efforts to mitigate the competitive disadvantage the practice creates for many taxpayers, policymakers have yet to propose an equitable fix. Virtually all states employ a property tax at the state or local level. The most common target is real property, which is land and land improvements; and tangible personal property such as fixtures, machinery and equipment. Nine states also tax business inventory. These include Texas, Louisiana, Oklahoma, Arkansas, Mississippi, Kentucky, West Virginia, Maryland and Vermont. Another four states — Alaska, Michigan, Georgia and Massachusetts — partially tax inventory. In these 13 states, inventory tax contributes a significant portion of overall property tax collections. From a policy standpoint, however, inventory tax is probably the least defensible form of property tax: It is the least transparent of business taxes; is “non-neutral,” as businesses with larger inventories, such as retailers and manufacturers pay more; and it adds insult to injury for businesses whose inventory is out of sync with finicky consumer buying habits. Few fixes Taxpayers have had few options in attempting to reduce inventory tax liability because an inventory’s valuation is seldom easily disputed. So, …
SPRING, TEXAS — Frontier Management has broken ground on The Landing at Augusta Woods, a 120-unit seniors housing community located at 7727 August Pines Drive in Spring, a northern suburb of Houston. The property, which will include 75 units for active adults and 45 assisted living units, is set to open in early 2021. The project team includes general contractor Regent Construction, architect Jeffrey DeMure & Associates and construction lender UCB. Frontier Management will operate Landing at Augusta Woods, joining the more than 100 seniors housing communities in its management portfolio.
SAN ANTONIO — Dornin Investment Group has sold the Parkway Plaza office park in San Antonio’s North Central submarket. A private investor based in Texas purchased the single-story buildings for an undisclosed amount. Situated on 13.7 acres, the 189,390-square-foot property was 91 percent leased at the time of sale. Todd Mills of Cushman & Wakefield represented Dornin Investment Group in the sale.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of Walnut Hill Business Park II, a 28,339-square-foot industrial building located at 1600 Corporate Court in Irving. Built in 1982, the property is situated on two acres about 13 miles west of Dallas. The buyer and seller were both private investors. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer in the transaction.
OKLAHOMA CITY — CBRE has arranged a 56,000-square-foot industrial lease at 3100 N. Meridian Ave. in Oklahoma City. The tenant, Made by Influence LLC, leased the space from landlord USA Prop Management LLC. Randy Lacey of CBRE’s Oklahoma City office represented the landlord in the lease negotiations.
DALLAS — Newmark Knight Frank (NKF) has secured a long-term lease renewal at Fountain Place, a 60-story office building in Dallas that recently underwent a $70 million redevelopment. The tenant is Commerce Street Holdings LLC, the holding company for Commerce Street Capital LLC. The company will retain its office on the 27th floor of Fountain Place, which is located at 1445 Ross Ave. in the city’s Arts District. Jim Cooksey, Paxton Cooksey, Garrison Efird and Louis Pascuzzi of NKF represented Commerce Street Holdings in the lease transaction. Atlanta-based Goddard Investment Group owns and operates the office tower, which includes four new restaurants, a dry cleaner, Wells Fargo bank branch, onsite training center, car wash, sundry shop, tenant lounge and an 8,000-square-foot fitness center.
CONROE, TEXAS — American Furniture Warehouse (AFW) has purchased 30 acres of land at Interstate 45 and River Plantation Drive in Conroe, about 40 miles north of Houston. AFW plans to build a mega store at the site spanning 443,375 square feet. The store will include 150,000 square feet of showroom space and 293,375 square feet of warehouse/storage for merchandise. This will be the third AFW location in the metro Houston area, joining a recently opened store in Webster spanning 355,000 square feet and a 500,000-square-foot store coming to Katy in April. Ben Brown of Baker Katz, a partner firm of X Team International, represented AFW in the land acquisition. Mark Terpstra of Caldwell Cos. represented the seller, Gross Land Fund I LP.