This Week's Dallas-Fort Worth Deal Sheet
Six-year-old hospitality brand Oyo Hotels & Homes, a chic hotel and townhome concept out of India, announced a $300M hotel expansion throughout the U.S. with Dallas as its home base and the location of four new hotels.
The company is launching its expansion in Texas with four properties: OYO Inn Dallas South, OYO Hotel Wichita Falls, OYO Hotel Killeen and OYO Townhouse Park Central Galleria.
The hotel operator said it has another eight hotels in the pipeline for the Dallas area.
OYO already is responsible for the creation of 1,000 U.S. jobs and has 50 hotels in 35 cities across 10 states.
"We are thrilled to be bringing the OYO brand of uber cool value-chic hospitality to Dallas," OYO Hotels & Home Chief Operating Officer and OYO USA partner Abhinav Sinha said. "Dallas is a wonderful city that combines the best of both worlds and, therefore, attracts thousands of city dwellers and tourists throughout the year."
EXECS
Commercial real estate and lending firm Greystone hired Matt Miller as managing director of its senior housing finance team. Miller will be based in Dallas where he will use his banking industry experience in the senior housing and Alzheimer’s care space to foster relationships and deals within that portion of the CRE market. Miller previously served Texas Capital Bank as executive vice president and grew the bank’s senior housing lending initiative to a segment with $10B in assets to one with more than $25B.
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Enterprise Community Investment banking subsidiary Bellwether Enterprise Real Estate Capital appointed Anthony Tarter as executive vice president of workforce housing and social impact. Tarter will work alongside Assistant Vice President Drew Oden in an initiative that aims to focus on originations to produce workforce housing stock.
Tarter brings almost two decades of experience in the real estate finance industry and has a strong background in multifamily agency lending, having previously served PGIM Real Estate finance as a principal.
SALES
A 1031 exchange investor out of California beat out dozens of other offers to purchase a 14K SF office and warehouse site on 2 acres in Southeast Arlington.
The site at 1901 Southeast Parkway comes with 208 feet of frontage and parking for tenants. The local seller, Emmett Dale Hickey, retained Bradford Commercial Real Estate Services’ Shane Benner and Nick Talley to market and sell the property. The pair found a qualified buyer in investor Mehmed Mick Dapcevic within 45 days. Dapcevic was represented by Vasseur Commercial Real Estate Services' Nathan Vasseur.
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Disney Investment Group brokered the sale of two shopping centers totaling 544K SF in Texas and Oklahoma along with a single-tenant Walmart Supercenter in Wisconsin for a total value of more than $110M.
In Dallas-Fort Worth, DIG represented Strode Property Co. in the sale of a 126K SF community center known as Kimball Oaks. The center is anchored by a PGA Tour Superstore, Marshalls, Tuesday Morning and Bassett Furniture.
Disney’s David Disney and Adam Crockett handled the sales transactions and procured the buyers for each property.
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Spreadsheet Properties acquired 30K SF at 11649 Chairman Drive in Dallas from seller Nicholson Family Trust. Mercer Co.’s Tucker Cason represented the buyer and the seller.
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Shivji Investments sold 12K SF at 2921 National Court in Garland to Kimbrell’s Custom Machine Shop. Mercer Co.’s Tucker Cason represented the buyer.
LEASES
The Castle Hills Village Shops in Lewisville secured two new tenants with jewelry shop Estilo Concept Store and ice cream/frozen yogurt eatery YoYo Berri agreeing to join the neighborhood.
The Village Shops, at 2520 King Arthur Blvd. in Lewisville, was developed by Bright Realty as part of the Castle Hills master-planned community. Bright Realty’s Britton Lankford handled negotiations for Bright Realty during lease negotiations with both tenants.
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Prior Automotive Products leased 19K SF at 3536 Executive Blvd. in Mesquite from landlord Military Mercer Properties.
Mercer’s Tucker Cason and David Wilganowski represented the landlord, while Ridge Pointe Commercial’s Justin Kraemer represented the tenant.
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Vital Pharmaceuticals secured a 38K SF lease at Everman Trade Center in Fort Worth. JLL’s Jamie Galati represented the tenant, while Matt Carthey and Thomas Grafton with Holt Lunsford Commercial represented the owner, TA Realty.
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Tenant Wynright Corp. renewed its lease at 612 North Great Southwest Parkway in Arlington from landlord Hensley Property Holdings. Mercer Co.’s Corby Hodgkiss represented the landlord.
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Window World of Baton Rouge leased 17K SF at 2520 N. Great Southwest Parkway in Grand Prairie from landlord Columbia Texas PP Industrial. Lincoln Property Co.’s Gil Stroube represented the landlord, while Mercer Co.’s Corby Hodgkiss represented the tenant.
CONSTRUCTION
Talley Riggins Construction Group broke ground on a new auto dealership showroom for Forest Lane Chrysler Dodge Jeep Ram.
The 13K SF showroom will offer the dealership offices, staging areas, customer lounges and conference rooms inside the facility, which will be at 2536 Forest Lane in Dallas.
Construction started in April with a slated end date of November. The Ratliff Group represented the owner.
The showroom designs come from project architect CDI Douglass Pye.
THIS OR THAT
Former Tex-Mex restaurant Primo’s Tex-Mex plans to reopen its original Uptown Dallas location later this summer under the name Primo’s MX Kitchen & Lounge.
Centurion American Development CEO Mehrdad Moayedi hired Spice of Life Catering and Tillman’s Bishop Arts CEO Jeffrey Kollinger to serve as operating partner of Refined Hospitality Group, a unit overseeing Primo’s and other restaurant concepts coming online in the near future.
