This Week's Dallas-Fort Worth Deal Sheet
A hotel in Dallas' West End District is about to undergo a major image overhaul.
NewcrestImage purchased the 148-room SpringHill Suites by Marriott property on Lamar Street in the West End District and intends to renovate the property over a period of three to four months.
With this acquisition under its belt, Lewisville-based NewcrestImage now has four hotels and 600 rooms in Downtown Dallas. The firm previously acquired a nearby AC Hotel, a Residence Inn and a Hampton Inn & Suites.
“The SpringHill Suites has a prime location in a vibrant neighborhood that attracts both business and leisure travelers,” NewcrestImage Chairman and CEO Mehul Patel said in a press statement. “It complements our existing properties just a few blocks away and continues our expansion plans to double the value of our assets to $2B, as announced in July.”
NewcrestImage has 32 owned and managed hotels in 10 states and another 18 hotels under construction or development.
EXECS
McCarthy Building Cos. named Christian Annexy project director for its heavy civil group. Annexy has spent more than 15 years working in heavy civil, water and wastewater construction and is completing his Master of Science in Construction Project Management at Northwestern University. He previously received his Bachelor of Arts degree in English from The University of Kansas. In his new role, Annexy will focus on developing staff, fostering client relationships and overall market growth throughout Texas, McCarthy said in a press release.
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JLL hired Aimee Morgan in its valuation advisory practice as senior vice president overseeing appraisal of multifamily assets. Morgan is based in Houston, but will serve Dallas, Houston and Austin.
ACQUISITIONS
Glenstar purchased the 457K SF Premier Place Dallas office building at 5910 North Central Expressway this month.
The property, which is anchored by a 62K SF Life Time Fitness Club, is expected to undergo a multimillion-dollar renovation that will transform the lobby area and conference center along with other on-site amenities. The buyer also intends to launch its tenant experience program, Glenstar Connect, to improve tenant offerings and services.
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An 83K SF Self Storage Solutions facility sold in the Fort Worth suburb of Burleson. The property, located at 2032 FM 917, sold with the assistance of Marcus & Millichap’s Brandon Karr and Mark McCoy, who marketed the site on behalf of a private family partnership.
The property comes with three parcels — one being 2.44 acres that remain unimproved. Last year, 164 drive-up storage units were created at this site.
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A 213K SF Ashley Furniture site at 502 Fountain Parkway in Grand Prairie sold to an undisclosed investor. Marcus & Millichap’s Adam Abushagur marketed the property, which is on 11.49 acres and is 40 years old.
LEASES
Experience management firm Qualtrics is moving from Granite Park into a 40K SF Plano office building at 6105 Tennyson Parkway to accommodate 200 new tech jobs. The firm expects to triple its DFW-area employee count by adding sales, customer relations, recruiting and development positions.
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FedEx Ground Packaging signed a lease renewal for 110K SF at Crossroad 35/20 in Fort Worth. Holt Lunsford Commercial’s Donnie Rohde and Thomas Grafton represented the landlord, Sealy Oak Grove.
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White Star Logistics just leased a little over 10K SF at 1720 South Riverside in Fort Worth. Holt Lunsford Commercial’s George Jennings represented the landlord, WSP Riverside LLC.
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Vital Pharmaceuticals plans to add 217K SF to its Tarrant County logistics footprint. The company, which produces Bang Energy, negotiated a new lease for the Everman Trade Center Building-A at 160 West Everman Freeway in Fort Worth. JLL’s Jamie Galati and Sky Groden represented the tenant while Holt Lunsford Commercial’s Matt Carthey and Thomas Grafton represented the landlord.
CONSTRUCTION/DEVELOPMENT
Phoenix-based developer Creation and builder LGE Design Build just broke ground on a 1M SF industrial park in Haltom City.
The four-building 820 Exchange development is located at Northern Cross and Anderson boulevards in Haltom City. The industrial development will offer four buildings that can handle logistics for both cross dock and rear-load tenants.
THIS OR THAT
Virgin Hotels opened a location in the Dallas Design District. The 268-room property has a fourth-floor rooftop pool and terrace with views of Dallas, a flagship restaurant known as the Commons Club and the Funny Library Coffee Shop.
The property, at 1445 Turtle Creek Blvd., is designed by 5G Studio Collaborative, interior designers SWOON and Joel Mozersky Design.
“I’ve always had so much fun visiting Dallas, so I’m thrilled that Virgin will have a home in this exciting city,” Virgin Group founder Sir Richard Branson said in a press release. “Our hotel in the Dallas Design District will have all the signature features of a Virgin Hotels including the Commons Club, our beautiful Chambers and my personal favorite, the Yes button. But I think I’m most excited to take a dip in our wonderful rooftop pool.”
Dunhill Partners CEO Bill Hutchinson partnered on the development of the property and is the owner of Virgin Hotels Dallas, which is operated by the Virgin Hotels brand.
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WeWork is expanding its Dallas-Fort Worth footprint with the company’s 11th location now open at 6900 Dallas Parkway in Plano. The 53K SF space offers private offices and communal working spaces within WeWork’s midcentury modern office design.
WeWork opened 52 new buildings in cities across the world just in December, according to the coworking giant.
