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Dallas Business Journal
Business leaving Sundance Square finds new home
An improv comedy club that is leaving downtown Fort Worth's Sundance Square after 20 years has found a new location.<\p> Four Day Weekend will now host its performances at Stage West Theatre, 821 W. Vickery Blvd. in the Near Southside neighborhood of Fort Worth. The first performance is slated for Aug. 3 at the new location 1.3 miles away from its original spot.<\p>
26 DFW grocery stores would be sold off after mega-merger
Kroger Co. has identified the 579 stores it plans to sell to C&S Wholesale Grocers in an effort to get antitrust regulators’ approval for its $24.6 billion acquisition of Albertsons Cos., including 26 in the Dallas-Fort Worth area.<\p> Cincinnati-based Kroger (NYSE: KR), the nation’s largest operator of traditional supermarkets, notified employees July 9 and revealed the list of stores to be sold. The transaction with C&S is contingent on completion of Kroger’s purchase of Albertsons.<\p>
Dallas Stars' bold media deal raises questions
The Stars are taking their local broadcast rights into uncharted territory, creating a new ad-supported streaming platform called Victory+ that will be the primary home of all in-market telecasts. The July 8 announcement sparked discussion about whether the Stars' model makes sense — and if other sports properties may follow suit.<\p> The most notable element of the model is that, as of now, there is no linear TV distribution to complement the free streams. Stars President and CEO Brad Alberts said the team is exploring the possibility of bringing a "small package" of games to an over-the-air network, but that's not a sure thing.<\p>
Val's Cheesecakes to close as owner plots his next chapter
This story is available as part of a content partnership with WFAA-TV. For more of the latest local news, visit WFAA.com.<\p> It's a decision Valery "Val" Jean-Bart does not take lightly, but one he knows his mother approves.<\p>
Biggest lake house markets in DFW highlighted
Despite elevated mortgage rates and a somewhat cloudy residential real estate picture, the market for lake homes remains hot in North Texas — sultry weather aside.<\p> That's partly because, while the average interest rate continues to hover near 7% for a 30-year mortgage, many lakeside buyers are paying cash for what is likely a vacation home, said Rogers Healy, a longtime North Texas broker and real estate entrepreneur.<\p>
Cowboys legend opens sports bar and restaurant
This story is available as part of a content partnership with WFAA-TV. For more of the latest local news, visit WFAA.com.<\p> Michael Irvin's new sports bar and restaurant is officially open in North Texas.<\p>
Firm sells historic building it bought for $1 last decade
A 115-year-old bank building that was moved from its original location to the Dallas Farmers Market district recently changed hands for an undisclosed price.<\p> Wildcat Management announced July 9 that it sold Liberty State Bank Building at 600 S. Harwood St. The Dallas-based real estate firm initially bought the building from the City of Dallas for $1 in 2014, when the location at 2226 Elm St. was threatened by plans to expand parts of César Chávez Boulevard and Pearl Expressway.<\p>
'Hail Mary' hoped for to save industrial building with unique history
The owner of a historic building in Fort Worth hopes to demolish the structure and sell the land but some organizations want to avoid that fate.<\p> Cenikor Foundation Inc., a Houston-based nonprofit that provides addiction rehab services, wants to demolish the building at 2109 S. Main St., known as the Kimbell Milling Co. Building. It was built in 1929 and once housed the office of Kay Kimbell, founder and namesake of what became the Kimbell Art Museum.<\p>
Report: Pizza chain with 17 N. Texas restaurants considers bankruptcy
Fast-casual dining chain MOD Pizza is preparing a potential filing for bankruptcy, per a report from Bloomberg.<\p> The Bellevue, Washington-based company could submit the filing as early as this week, a source told the news site, though plans may still change.<\p>
One of Dallas's largest private companies strikes $513M deal
Ryan LLC has agreed to purchase the property tax business of Altus Group Ltd. in a deal that will help the Dallas-based tax advisory giant expand its services in Europe and Canada.<\p> Ryan agreed to pay 700 million Canadian dollars in cash, or about $513 million, according to a July 9 announcement. The firm will also enter into a three-year, 15 million Canadian dollar ($11 million) subscription agreement for Toronto-based Altus's market insights software once the deal closes, which is expected to occur in the first half of 2025.<\p>
Fate of Neiman Marcus CEO undecided in $2.65B buyout
The luxury retail landscape is headed for a major shift with Hudson's Bay Co. slated to buy Dallas-based Neiman Marcus Group LLC.<\p> The boards of both HBC and Neiman Marcus have approved the deal, the companies said July 4. They noted regulatory approvals are still needed, so the finalization of the buyout is not imminent.<\p>
Hurricane Beryl disrupts air travel in Texas
What has already been a hectic travel season was made more complicated July 8 by Hurricane Beryl.<\p> Across the state, more than 1,000 flights were canceled after the hurricane made landfall near Matagorda, southwest of Houston. The impact on aviation was just one small example of how the storm disrupted commerce in Texas. Closer to the coast, there was more significant impact: millions went to bed without power in and around Houston and three deaths were reported.<\p>
Restauranteur continues to invest in historic district
Restauranteur Jay Khan has opened Mas Street Tacos, marking his fifth concept in Dallas' West End Historic District.<\p> Located at 1722 N. Market St., the taco shop is a counter service-style taqueria with inside counter seating and a patio. Heading up the kitchen is Executive Chef Juan Sanchez, who has worked with Khan for more than 20 years and also oversees Khan’s steakhouse concept, The Liam’s Steakhouse.<\p>
Challenged Dallas-based bank receives $228M infusion
Dallas-based First Foundation Inc. has seen its market cap decline 22% since disclosing it raised $228 million in capital to help shore up its balance sheet as the bank deals with a high concentration of loans in multifamily properties.<\p> First Foundation announced the capital infusion, led by Fortress Investment Group with backing from Canyon Partners, Strategic Value Bank Partners and North Reef Capital, among others, on July 2. Since then, First Foundation's market cap has fallen by $83.1 million from $371.5 million to $288.4 million as of midday trading on July 8. The company's stock price dropped from $6.57 to $5.10.<\p>
Fields West developers to receive up to $94.5M in incentives
A $660 million mixed-use development known as Fields West is getting financial backing from the city in order to ensure it adheres to its intended construction timeline and scheduled opening date.<\p> Frisco City Council approved July 2 a master agreement that provides up to $94.5 million in performance-based incentives to the developer. The development entity is known as FW Development LLC, a corporation created by The Karahan Cos., the Plano-based firm driving the vision for the mixed-use site.<\p>
FTC noncompete ban suffers setback
The Federal Trade Commission’s broad noncompete ban suffered a legal setback after a federal judge in Texas ruled against the agency on July 3.<\p> U.S. District Judge Ada E. Brown of the Northern District of Texas, said in a ruling that the agency “lacks substantive rulemaking authority” on the matter and granted a preliminary injunction on the controversial rule that could affect employers in a broad range of industries. <\p>
The National Observer: America's most-on-time airports
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we're looking at a big change to federal rulemaking that could affect businesses, the hidden costs of owning a home, and federal grants for 12 tech hubs across the U.S. But first, you may want to pack your patience for these routes — they're the most delayed flights in the U.S.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Data-center debate: Booming CRE sector grapples with big questions
The proliferation of data centers across America is helping to power the nation's increasingly digital economy — but for some, it's coming at too high, or too unknown, of a cost.<\p> The data-center boom isn't new, but the rate at which these projects are being planned, proposed and built is quickly escalating. And while data centers once were concentrated in a few key markets, they're now fanning out to metro areas all over the country.<\p>
Population explosion ripples across DFW
Growth has suffused pretty much every corner of the Metroplex.<\p> New Census Bureau city population estimates, released in May, were another reminder of this. But year-over-year comparisons provide only a small window through which to view the immense change sweeping across North Texas.<\p>
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