This Week's Dallas-Fort Worth Deal Sheet

Driftwood Capital acquired the Hilton Dallas/Plano Granite Park, a 299-key hotel in Plano.

The company plans to renovate the hotel’s guest rooms and meeting space, per a news release. Affiliate company Driftwood Hospitality Management has assumed management responsibilities of the property, located at 5805 Granite Parkway.

“In a climate where few properties are trading, we were fortunate to identify and acquire a high-quality, cash-flowing hotel asset in an exceptional location underpinned by strong corporate and leisure demand,” Driftwood Capital CEO Carlos Rodriguez Sr. said in a statement.

This marks the company’s third hotel acquisition in the DFW market. It also owns the 231-key Hilton Dallas/Rockwall Lakefront and the 248-key Hilton Dallas Southlake Town Square. 

PEOPLE

BBG appointed Matt Rader as managing director. Based in the firm’s Dallas office, Rader will lead and drive continued growth in BBG’s cost-segregation services. Before joining BBG, Rader was a senior director at Kroll, a risk and financial consulting firm.

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Whitebox Real Estate added Mark Norman as chief operations officer. In this new role, Norman will oversee day-to-day operations with a focus on company growth and accountability from all Whitebox teams. Norman comes to Whitebox after serving as director at Five Star Global.

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Dallas-based architecture and design firm Premier named Nick Brooks as general counsel. With more than 10 years of experience as a litigator, Brooks will deliver tailored legal insight to support the growing firm and its architecture, design, procurement, construction and business development teams. Before joining Premier, Brooks served as senior counsel at The Beck Group.

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KAI hired Mark Talbot as senior project manager at its Dallas-Fort Worth office, where he will act as the primary point of contact and liaison between the client and design team. With more than three decades of industry experience working in Dallas, Talbot recently served as interior architect at Moore Design Group.

SALES

Switzerland-based Empira Group acquired a 1-acre site at 711 North Pearl St. in Dallas to build a market-rate multifamily development consisting of 375 apartments. The ground floor will offer 7.3K SF of restaurant space and 2.5K SF of outdoor seating overlooking Celebration of Life park.

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Holt Cat purchased a 23K SF office building at 1000 East Rochelle Blvd. in Irving. Tim Terrell and Marissa Parkin with Stream Realty Partners represented the seller. KBC Advisors represented the buyer.

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Avison Young brokered the $20M sale of 3515 Brown St., a 1.6-acre property in the Uptown/Turtle Creek submarket of Dallas. The buyer is Fifield Cos., a Chicago-based multifamily developer, which plans to clear the land and build a 24-story luxury apartment tower. The 26-unit Wimbledon Place Condominiums property, built in 1973, is currently located on-site. Avison Young principal Mike Kennedy and Senior Vice President Paul Harmon represented the sellers as a group under the Wimbledon Place Homeowners Association. 

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The sale of Dallas senior living facility Edgemere closed June 13. The new owner, Bay 9 Holdings, an affiliate of San Francisco and Denver-based Lapis Advisers, purchased the 1.5M SF community for $48.5M as part of a court-appointed rescue plan. The firm plans to convert the facility from an entrance-fee model to a rental model, per bankruptcy court filings.

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Nexmetro Communities and HighPark Capital will soon break ground on Anna Gateway, a walkable, mixed-use tract situated on 64 acres at the southeast quadrant of FM 455 and U.S. 75 in Anna. Both groups have closed on the land for the first phase of development, encompassing 38 acres. The residential portion of the plan includes more than 500 multifamily units and build-to-rent homes. The transaction was brokered by Josh Bryan, partner at Bryan Haggard Land Group. 

LEASES

Stream Realty Partners facilitated the following transactions.

• Ferguson Enterprises renewed 57.9K SF at Parc North, 2751 Northern Cross Blvd. in Fort Worth. Stream’s Forrest Cook and Brett Carlton represented the landlord, EastGroup Properties.

• Cosco Shipping Logistics leased 80.6K SF at Mark IV Commerce Park, 2121 Providence Drive in Fort Worth. Stream’s Cook, Jeff Rein and Sarah Ozanne represented the landlord, Dalfen Industrial. Lee & Associates represented the tenant.

• New York Life Insurance Co. leased 23.9K SF at Pinnacle Tower, 5005 Lyndon B. Johnson Freeway in Dallas. Stream’s J.J. Leonard, Chase Lopez and Marissa Parkin represented the landlord. Andy Leatherman with JLL represented the tenant.

FINANCING

PGIM Real Estate provided a floating-rate senior bridge loan to Beachwold Residential for the acquisition and lease-up of Live Grandscape, a 345-unit luxury multifamily property in The Colony. Justin Levitt, executive director at PGIM Real Estate, led the financing on behalf of the firm. Northmarq Capital served as broker on the transaction.

THIS AND THAT

NAI Robert Lynn moved to a new, larger office in Fort Worth. Located at 201 South Adams St., the office will accommodate the firm’s continued expansion in the area. The Fort Worth office, which was launched in 2012, has grown by 1,400% in revenue since its first year and completed more than 400 transactions across all sectors in 2022. Headquartered in Dallas, this move comes on the heels of NAI Robert Lynn’s recent announcement of its new Houston office.

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Dallas-based proptech company Dottid formed a partnership with MRI Software, a firm providing real estate software solutions. The partnership creates a two-way integration that eliminates manual double-entry bookkeeping and offers increased efficiency and portfolio growth opportunities for asset managers and brokers.