PLANO, TX-JC Penney is facing the backlash of a sagging mid-price retail market. Up to 50 under-performing stores are being given pink slips while the announcement has triggered a rumor about a corporate downsizing at its 1.9-million sf campus in Plano.
DALLAS-Two well-known Dallas real estate figures have been selected to head up Champion Partners' investment and fiscal operations. Along with the roles come senior partnerships for Stephen M. Modory and Michelle Wheeler.
DALLAS-The Dallas-based Hearthside Extended Stay hotel chain has a new promoter. Villager Franchise Systems, a Cendant division, will be looking for franchisees in exchange for its name attached to Hearthside's, which gains a nationwide presence with the pact.
FT. WORTH-The groundwork's being lain for a possible buying spree by a newly formed joint venture. The 115,681-sf Park Plaza in Ft. Worth launches the portfolio for Woodcrest Plaza 2001, an investment firm with high-profile backing.
AUSTIN-It's a landlord's world in the state capital, where monthly rent has jumped above $800 for the first time. New completions are failing to curb rent, with demand lagging by a mere 150 units. This year could bring relief due to the number of projects now under way.
ROUND ROCK, TX-A long-awaited groundbreaking will take place in the next few days in La Frontera's net.plex corridor. Kennedy-Wilson and Fortis are teaming on their first venture, a 198,000-sf office project.
AUSTIN-Eating out is big business in Texas, where the average annual tab is $1,205 per patron. The highly competitive market this year will see more diverse concepts opening up and more cross-trained workers in bids to tap Texans' favorite pastime.
DALLAS-Centex Homes, a single-family residential builder, is buying CityHomes, an upscale townhome developer in the most well-heeled Dallas neighborhoods. The deal is expected to close before early March.
COPPELL, TX-No one's talking about how much Teachers Insurance and Annuity Association has paid for the premier 735,000-sf Park West Commerce Center. But TIAA has outbid about 20 competitors for the hot property in Coppell.
DALLAS-Aslan Realty Partners, a Transwestern investment fund, has teamed with Dallas-based Performance Properties in a joint venture to pick up its first holding. The acquisition jumpstarts a $1.1-million makeover for Kingsley Court in Dallas.