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27 posts from September 2012


FW developer sells apartment complex near Texas Christian University

Fort Worth real estate developer/investor Steve Berry has sold Edge 55, a student housing complex near Texas Christian University to a California company.

Berry’s Campus Village Centre limited partnership sold the property at 3517 S. University Drive, near the Bluebonnet Circle, to Shore to Shore Properties in Sausalito, deed records show.

Edge 55 was built in 2009 and has 55 units, each with three bedrooms and three bathrooms. It caters to TCU juniors, seniors and graduate students.

Dorothy Jackman and Travis Prince with Colliers International represented the seller. Nick Fluellen with Marcus & Millichap represented the buyer.

_ Sandra Baker


Service King to buy Mansfield collision repair center

Service King Collision Repair Centers, a Richardson-based operator of collision repair facilities, said it is buying Collision Specialists of Texas in Mansfield.

The deal is expected to close Oct. 12.

Collision Specialists, 1580 Highway 157, with 40 employees, becomes Service King’s 51st Texas location and its 24th center in Dallas-Fort Worth.

The Carlyle Group bought a majority stake in Service King last month.

_ Sandra Baker

Cash America to close 147 stores in Mexico

Fort Worth-based Cash America International, the nation's largest operator of pawn shops, said its operations in Mexico are losing money and by the end of the year it will close 147 locations there that sell only jewelry. It will keep 43 full-service stores, which it has been opening the past two years, and covert a small number of jewelry-only stores to full-service stores. The company said its Mexico stores, which represent less than 4 percent of its total revenues, lost  $8.3 million on sales of $31.5 million in the year's first six months. It expects the reorganization to produce charges of between $28 million and $32 million, taken mostly in the current quarter ending Sunday. Cash America's shares (ticker: CSH) were up close to 2 percent in early trading.

-- Jim Fuquay


FW-Arlington mortgage delinquency rate continues to drop

 The number of mortgage holders in Fort Worth-Arlington late on their loans continues to decline, dropping in July for the sixth consecutive month, according to CoreLogic research.

The 90-day delinquency rate was 4.84 percent, down from a peak of 5.41 percent in January. The figure represents the percentage of loans that are more than 90 days late. The rate is down 0.20 percentage points from July of 2011.

In Texas, the delinquency rate is 4.25 percent, down from 4.5 percent in July of 2011.

The nationwide rate is also down. In July, 6.71 percent of all mortgage loans were at least 90 days late, down 0.52 percentage points from 7.23 percent in July of 2011, CoreLogic said.

The Fort Worth-Arlington figures covers Tarrant, Johnson, Parker and Wise counties.

_ Sandra Baker

Walmart hiring 90 for new Colleyville store

Walmart has opened a temporary hiring center for job applicants interested in working at its new Walmart Neighborhood Market in Colleyville.

The retailer is planning to hire 90 full- and part-time associates for the store, 4904 Colleyville Blvd. The store is scheduled to open in early November.

The hiring center is located at 5005 Colleyville Blvd., suite 203. It is open from 8 a.m. to 5:30 p.m. Monday through Friday.

Interested applicants can also apply online at http://www.careers.walmart.com.

Store manager Steve Chapman said employees are needed to work in all areas of the store, including supervisory postions.

_ Sandra Baker

RadioShack reshuffles deck, CEO Jim Gooch steps down

RadioShack said this morning that CEO Jim Gooch is stepping down, “effective immediately.”

RadioShack said its board of directors and Gooch “have agreed” on the move.

“The board of directors is in the process of retaining an executive search firm to assist in conducting a search for a successor,” RadioShack said. “The board does not intend to place any limitations on the search, which may include internal candidates.”

The company’s chief financial officedr, Dorvin Lively, will be interim CEO.

"We thank Jim for his service to the company and wish him well in his future endeavors," RadioShack Chairman Dan Feehan said in a release.

“I would like to thank my colleagues on the Board and everyone at the Company for their strong support,” Gooch said. “I wish them all great success in the future.”

RadioShack has continued to struggle during Gooch’s short tenure as CEO. The company promoted him to the post in early 2011 from chief financial officer.

The company’s strategy  to focus on wireless hasn’t taken hold. Profits sagged during the shift to the lower-margin products and services, and consumers have been slow to become aware to RadioShack’s offerings. Major credit rating agencies downgraded RadioShack earlier this year.

RadioShack’s stock has been trading at historic lows, closing at $2.56 Tuesday.

RadioShack hired Lively in August last year. Lively was chief financial officer of Ace Hardware, taking that post in March 2008.

- Scott Nishimura, Star-Telegram


Southlake real estate firm buys eight shopping centers in Texas

Southlake-based N3 Real Estate has paid Dallas-based St. Ives Realty $25 million for its Texas retail portfolio, the firm announced.

The portfolio includes eight properties totaling 172,329 square feet and are all centers located next to Walmart Supercenters in Alamo, Dumas, Hereford, Weatherford, Red Oak and Sweetwater. Shopping center tenants include Verizon, GameStop, Dollar Tree, Rent-a-Center, and Beall’s, among others.

N3 paid for the portfolio through its $250 million Retail Development Investment Fund.

N3 has bought and developed more than 200 single and multi-tenant retail projects for national and local retailers across the U. S. since it was founded in 2004.

_ Sandra Baker


Colorado-based Smiling Moose Deli coming to UT Arlington in November

Colorado-based Smiling Moose Deli is planning to open a location at UT Arlington’s College Park district in November, its second North Texas location.

Former Dallas Cowboy Daryl "Moose" Johnston as a partner in the chain. In 2011, it opened a store in Carrollton. Other locations are planned for Frisco and Denton next year, according to Jennifer Frank, managing partner of Smiling Moose Deli DFW.

"We love the college environment and the diversity of the restaurants in the College Park District," Frank said.

Smiling Moose Deli has leased 2,100 square feet off Pecan Street and becomes the seventh College Park restaurant, UTA said.

Coolberry Frozen Yogurt is expected to open this month immediately north of where the deli will go. Digg’s Taco Shop is scheduled to open to the south, also in November.

Smiling Moose Deli at UT Arlington will be open from 7 a.m. to 10 p.m.

_ Sandra Baker

Total Wine & More coming to Fort Worth this fall

Total Wine & More, an independent retailer of fine wine, spirits and beer, said it is expanding its presence by opening a second Texas store, in Fort Worth, at 5200 S. Hulen St. later this fall.

It also has a new location in Dallas.

Total Wine & More offers more than 8,000 individual wine labels, 3,000 spirits and 2,500 beers.

The retailer said the Fort Worth store will host regular wine, beer and spirits tastings that are themed around wine-producing regions and seasonal topics. The store will also feature an in-store classroom for themed private tastings, consumer education courses and organization meetings.

Total Wine & More operates 85 superstores in 13 states, with expansion reaching 14 states by year’s end, it said.

_ Sandra Baker


Texas electricity supply looking better, ERCOT says

The state's biggest power grid says in a filing with the Public Utility Commission of Texas that its outlook for the supply of electricity in 2013 and 2014 could be better than its last official estimate in May. The Electricity Reliability Council of Texas, which covers about 75 percent of the state, figures it should be able to draw on about 77,000 to 78,000 megawatts of capacity those two years after including currently mothballed generation and accounting for announced projects that aren't far enough along to be included in its official estimate. In all, the additions are enough to raise ERCOT's reserve margin -- its expected electricity supply over anticipated demand -- above ERCOT's goal of 13.75 percent, if just barely in 2014. Previously the reserve margin was expected to dip below the goal in 2014.

In its letter to the PUC, ERCOT said it used generation companies' own estimates of how likely mothballed plants would be to return to service, coming up with roughly 1,900 megawatts of added supply. ERCOT then added announced projects -- including new solar power by San Antonio's municipal utility, 400 megawatts by Calpine and four other projects -- which together amount to 1,011 megawatts in 2014. It all gives ERCOT an unofficial

reserve margin of 17.6 percent in 2013 and 14 percent in 2014. "It should be noted that permitting, availability of water contracts, and other challenges may negatively impact certain resources' ability to come on-line in a given year," the letter says.

-- Jim Fuquay


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