CYPRESS, TEXAS — Lone Star Downhole Products has signed a 10,000-square-foot industrial lease in the northwestern Houston metro of Cypress. The manufacturer of energy equipment parts is taking the entire building at 19615 Juergen Road, which according to LoopNet Inc. is under construction and will feature 20-foot clear heights. Georges Montes of Cypressbrook Co. represented the tenant in the lease negotiations. Nick Bergmann and Cape Bell of CBRE represented the landlord, Mesquite Realty & Investment Group.
COMMERCE, CALIF. — 99 Cents Only Stores LLC has announced plans to close all 371 of its stores and wind down business operations. The company has entered into an agreement with Hilco Global to liquidate all merchandise and dispose of fixtures, furnishings and equipment at the stores. Sales under this agreement are expected to begin today. 99 Cents Only was founded in 1982 as a deep-discount retailer where every item cost less than a dollar. The company is headquartered in the southeast Los Angeles suburb of Commerce, and currently operates stores in California, Texas, Arizona and Nevada. The company consulted its financial and legal advisors to find a way to continue operating, but ultimately decided the wind-down was necessary and the best way to maximize the value of its assets. Hilco Real Estate will manage the sale of the company’s owned and leased real estate assets. The company has appointed Chris Wells, managing director at Alvarez & Marsal, as chief restructuring officer. Additionally, Mike Simoncic, interim CEO of 99 Cents Only and managing director at Alvarez & Marsal, will step down. “This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said Simoncic. “Unfortunately, the …
DALLAS — Illinois-based developer Conor Commercial, in a joint venture with Globe Corp. and Origin Investments, has broken ground on The Flynn at Live Oak, a 327-unit multifamily project in Old East Dallas. Designed by Merriman Anderson Architects, the five-story building will house studio, one- and two-bedroom units. Amenities will include a pool, fitness center, courtyards, coworking space, a clubroom, dog park and a mini-mart grocery. Cadence McShane Construction, a division of Conor Commercial, is the general contractor for the project, which is slated for a spring 2025 delivery. Wintrust Bank provided construction financing for the project. Greystar will be the property manager.
DALLAS — Los Angeles-based Banyan Residential, in partnership with Bridge Investment Group, has completed Banyan Flats, a 289-unit multifamily project located at 2022 N. Beckley Ave., just west of downtown Dallas. Floor plans feature micro, studio, one-, two- and three-bedroom units ranging in size from 415 to 1,425 square feet. Roughly half the units are reserved for households earning 80 percent or less of the area median income. Amenities include a pool, fitness center, clubhouse, dog wash and a rooftop deck. JHP Architecture designed the project, and J.P. Morgan provided construction financing. Rents start at $1,345 per month for a studio apartment.
IRVING, TEXAS — Sonnenblick-Eichner Co., a California-based financial intermediary, has arranged a $19.5 million loan for the refinancing of the Texican Court Hotel in Irving. The 152-room hotel was built in 2019 in the Las Colinas district and offers amenities such as a pool, fitness center, indoor and outdoor event space and an onsite restaurant. Sonnenblick-Eichner arranged the nonrecourse, five-year loan, which featured a 7.74 percent interest rate, through an undisclosed investment bank. The borrower was Valencia Hotel Group.
MONTGOMERY, TEXAS — Versal, a self-storage brokerage firm with offices in Austin and Los Angeles, has negotiated the sale of a 64-unit facility in Montgomery, about 50 miles north of Houston. The facility, known as Spartan Storage, spans 19,998 net rentable square feet. Versal represented the buyer, Houston-based Lakewood Realty Investments, in the transaction. Ryan Dooley of CRD Realty represented the seller, a Texas-based limited liability company.
HOUSTON AND CARROLLTON, TEXAS — Shoo Loong Kan has signed two leases in Texas, marking the first locations in the state for the Chinese hotpot concept. Plans include a 6,213-square-foot restaurant at West on West in Houston, as well as a 6,330-square-foot restaurant in the northern Dallas metro of Carrollton. Michael Pittman II, Michael Burgower and Rachel Granstrom of Cushman & Wakefield represented the tenant in the lease negotiations.
DENTON, TEXAS — Mississippi-based REIT EastGroup Properties has broken ground on a 244,000-square-foot, two-building industrial project in the North Texas city of Denton. Denton Exchange 35 will consist of a 114,000-square-foot building that is subdividable to 20,000 square feet and a 130,000-square-foot building that is subdividable to 40,000 square feet. Combined, the buildings will feature 53 dock-high-doors and parking for 239 cars and 34 trailers, with expansion capabilities for trailer parking at both facilities. Project partners include Alliance Architects, GMcivil, Rosenberger Construction and Stream Realty Partners as the leasing agent. A tentative delivery date was not disclosed.
NORMAN, OKLA. — Marcus & Millichap has brokered the sale of Campus Lodge, a 192-unit student housing property located about two miles from the University of Oklahoma campus in Norman. Built in 2004, Campus Lodge comprises 19 buildings that house 768 beds in three- and four-bedroom layouts. Amenities include a pool, sand volleyball court, basketball court, outdoor grilling and dining stations and a coffee bar. Patrick Mullowney and Joel Dumes of Marcus & Millichap represented the seller, The Collier Cos., in the transaction. The duo also procured the buyer, Denver-based investment firm Cardinal Group. Campus Lodge was 97 percent occupied at the time of sale.
SAN MARCOS, TEXAS — New Jersey-based investment firm Denholtz Properties has acquired Clovis Crossing, a 213,235-square-foot industrial building in San Marcos, located roughly midway between San Antonio and Austin. The newly constructed, two-building facility sits on 13 acres and features 32-foot clear heights. Mike Klein, Jon Mikula, Michael Johnson and John Beeler of JLL arranged $26.1 million in acquisition financing for the deal through Palladius Capital Management. Charles Strauss, Tom Weber and Trent Agnew, also with JLL, represented the seller, Freehill Development Co.