This Week's Dallas-Fort Worth Deal Sheet
Downtown Dallas gained its first dual-branded hotel, the AC Hotel by Marriott and the Residence Inn by Marriott. The 249-room, 193K SF hotel is in the historic Mercantile Commerce building.
The hotel is split into two sides, 128 rooms at the AC Hotel and 121 in the Residence Inn. The point is to offer customers two price points in the same building, both of which offer easy access to the city center.
The dual hotels will share a bar, a fitness facility and an indoor pool. The lobbies, business centers, lounges and dining rooms will be separate, featuring individualized decor.
EXECS
Will Hendrickson will take on the position of Dallas managing director for Granite Properties.
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Ryan Hesch became president and CEO of ML Realty Partners. He is being promoted from senior vice president. Mike Luecht, the retiring CEO, will oversee Hesch’s transition into the new role.
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Franklin Byrd joined Transwestern as managing senior vice president of corporate operations and finance.
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Scott Pitt of MYCON General Contractors was promoted to vice president of the institutional services group.
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Winston Fant took over JP Morgan’s CRE treasury services. Fanta was previously with U.S. Bank as co-head of the CRE deposit and payment solutions. Fant is based in Dallas.
DEVELOPMENT
KWA broke ground on Phase 2 of Mustang Station, a 177K SF affordable apartment building at 2501 Bill Moses Parkway in Farmers Branch. The transit-oriented complex is adjacent to the area’s DART Light Rail Station.
SALES
Old Capital sold a 160-unit apartment community, North Creek Apartments, and the 656-unit Forest Cove Apartments.
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Prattco Creekway Industrial bought an 83K SF industrial building in Richardson at 1501 North Plano Road. Younger Partners’ Byron McCoy and Garrett Marler have been selected to lease and market the property.
CORRECTION, Oct. 17, 1:00 p.m. CT: A previous version of this article incorrectly stated that Younger Partners represented Prattco Creekway Industrial in the purchase of the property at 1501 North Plano Road. It was just selected to lease it.
