This Week's Dallas-Fort Worth Deal Sheet
Construction has finally started on Centurion American Development Group’s historic Statler Hilton Hotel at 1900 Commerce St in Dallas and the adjacent Old Dallas Central Library. The buildings will be renovated to create a destination entertainment hub. Hill & Wilkinson General Contractors is heading construction of the $175M redevelopment. The 703k SF project includes complete restoration of the buildings’ exteriors and the conversion of the upper 11 stories into approximately 229 luxury residential units. The five middle stories will be converted into approximately 164 four-star boutique hotel rooms. Two lower floors will be converted into ballrooms, meeting rooms, hotel services, lobbies, restaurants and retail space. The Jackson Street and basement levels of the Statler and the library will be converted into a 250-car parking garage. The project team includes architect Merriman Associates/Architects and engineer Besharkhah Engineering. The redevelopment is slated for completion in December 2016.
EXECUTIVES
Venture Commercial Real Estate named Jonathan Cooper as a new partner. He joined Venture in 2002. His tenant rep clients include WinCo Foods, LA Fitness, Casual Male Retail Group/DestinationXL and Eureka! Restaurants. Significant retail transactions include a 433-acre land assemblage for Nebraska Furniture Mart, as well as the sale of trophy assets Preston Royal Village in Dallas and Shoppes at Bellemead in Shreveport. He joins Venture’s partner team, which includes Bryan Cornelius, Mike Geisler, Larry Leon, Clay Mote, Ken Reimer and John Zikos.
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Hart Commercial, Tanya Little's brokerage firm, opened an office in Dallas that will serve as the company's HQ. Industry veteran Maschera Usrey has joined the firm as VP of leasing along with Carlos Frias, who will serve as VP of investment sales.
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JPI promoted Scott Langley to asset manager; he'll oversee all asset management activities in the central region. He comes to JPI from SNK Realty Group, where he was responsible for management of $300M in new development.
SALES
The 113k SF Corporate Park Place in Las Colinas traded hands between undisclosed parties. Colliers International’s Creighton Stark handled the transaction. The building is 80% occupied.
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Westmount Realty Capital acquired the 192-unit Colonnade Apartments at 2815 Osler Dr in Grand Prairie. The project will be rebranded as Westmount at the Colonnade. With this acquisition, Westmount has purchased a total of 3,685 multifamily units and 2.9M SF since 2011. FNMA financing for the acquisition was arranged by the Dallas office of Marcus & Millichap.
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NADG Bear Creek sold 78 lots at Bear Creek Crossing in Cedar Hill to Endeavor Wall Homes as the final phase of a subdivision lot takedown by Endeavor. Transwestern principal Lester Day and colleague Matt Bilardi repped the buyer.
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Realty Capital Management sold a 12k SF mixed-use building at 16 Village Lane in Colleyville to SC 16 Village Lane Investment. The building is part of the larger 26-acre mixed-use project known as The Village at Colleyville, which was developed by Realty Capital in 2002. Silver Oak Commercial Realty’s Russ Webb and LeAnn Brown repped the seller. Holt Lunsford Commercial’s Holt Lunsford and Matt Carthey repped the buyer.
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Northstar Center, a 42k SF grocery-anchored retail center in Pilot Point, sold for full list price in less than 60 days of being on the market. Axis Realty Group’s Alex Payne repped the seller and will handle leasing and management of the center. The buyer was PD Capital.
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AEP Industries sold a 108k SF space at 180 Singleton Rd in Waxahachie. AEP Industries was repped by Cushman & Wakefield’s Rick Hughes, Stanley Danzig, Jules Nissim, Stephen Elman and Cathy Bounczek.
