This Week's Dallas-Fort Worth Deal Sheet
Sam Moon Group first made a name for itself in Frisco as a wholesaler of women’s accessories and handbags. Now, the company's first luxury hotel in Frisco is capturing headlines in the North Dallas suburb.
Sam Moon Group has announced that its Hyatt Regency Stonebriar hotel development reached the halfway point of construction. The building is celebrating its topping out on April 12.
The 18-story, 303-room hotel is the brainchild of developer Sam Moon Group and architect HKS. Brasfield & Gorrie is serving as the contractor, while Looney & Associates is handling interior design.
The hotel will bring a 54K SF conference center online in Frisco plus a grand ballroom and additional junior ballrooms to accommodate conventions, conferences and special occasions.
The development also includes an 800-space parking garage and a 3K SF Frisco Public Library that can be used by hotel visitors and city residents. The library will essentially connect the hotel to Stonebriar Centre Mall.
“The topping out celebration marks a significant milestone for the construction of the Hyatt Regency Stonebriar,” Sam Moon Group Vice President Daniel Moon said. “We are looking forward to seeing the positive effect the Hyatt Regency Stonebriar has on the surrounding community and city of Frisco once the project is completed.”
The project is expected to complete in spring 2020.
Before this hotel, Sam Moon Group developed the Renaissance Legacy Plano hotel in Plano, Hyatt Place Alliance in Fort Worth and Metropark Square in The Woodlands, Texas.
SALES
Fort Worth-based Mitchell Asset Group Inc., through its subsidiary MAG Partners, finalized a 20-year sale-leaseback of the M. Roberts Media corporate headquarters and production facilities in Longview. Mitchell Asset acquired the buildings for an undisclosed sum and executed a leaseback transaction to keep the media companies housed inside as ongoing tenants.
The buildings total 124K SF in Longview’s Central Business District and are occupied by M. Roberts Media, local NBC affiliate KETK-TV, KTBB radio, the East Texas Literary Council and Encore Multimedia.
Kelly Hart & Hallman’s Andy Rogers represented MAG, while Old Capital Lending’s Paul Peebles handled acquisition financing.
M. Roberts Media was represented by Centurion Real Estate Partners' Keith Fisher and Coldwell Banker's Jack Lenhart.
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Corinth Land Co. and Prattco Creekway Industrial purchased three buildings totaling 72,500 SF in the IH-20 West Business Park, their second acquisition in the development. Altogether, the two companies own six of the 200 buildings in the IH-20 West Business Park. The latest acquisition is 100% occupied.
The seller, Wilks Heritage Group, also is a building tenant. Simmons Bank financed the purchase while equity was provided by Fort Worth-based Investors Royalty Inc., an affiliate of Corinth Land Co. This is the sixth time Corinth Land and PCI have partnered to acquire industrial space. So far, the two companies have made $36M in total investments on 500K SF of industrial space in North Texas.
Enchanted Hills, a 229-unit apartment complex in Dallas, was recently acquired. The complex is at 7963 Villa Cliff Drive in Dallas near White Rock Lake. Marcus & Millichap’s Al Silva and Ford Braly marketed the property for the seller, a private investor who owned the property for 22 years.
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Marcus & Millichap's Adam Abushagur handled the sale of 615 Six Flags Drive, a 14K SF flex industrial property on 1.5 acres in Arlington.
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A private investor acquired Hartsdale Mobile Home Park, a 31-space manufactured home community at 1106 Hartsdale Drive in Dallas. Robert Denniger with Marcus & Millichap's Dallas office handled the listing on behalf of the seller and procured the buyer.
LEASES
Urban Air Adventure Park leased a 31K SF retail building at 3777 Childress Ave. in Mesquite for a trampoline park.
Weitzman's David Zoller and Derek Schuster handled negotiations for the landlord, while Urban Air retained the services of Mike Stern and Josh Flores with EDGE Realty Partners.
Urban Air intends to open in the summer of 2019, bringing its park and attraction destination to kids in Mesquite. Sporting goods store Gander Mountain previously occupied the premises and left enough square footage to accommodate the trampoline park.
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Ebby Halliday inked a deal to renew 10,500 SF in The Berkshire. Holt Lunsford Commercial's Holden Lunsford and James Engels represented the landlord, while Jefflyn Williamson of Jefflyn & Co. represented the tenant.
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Pro Crate Assembly Inc. renewed its 10K SF lease at 1517 West Carrier Parkway in Arlington. Holt Lunsford Commercial's Clay Balch and Canon Shoults represented landlord KFG Investments, while Capstone Commercial's Chris Bly represented the tenant.
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Black Development leased 11K SF at Riverbend Business Park in Fort Worth. Holt Lunsford Commercial's Keaton Duhon and Donnie Rohde represented the landlord, Riverbend Properties, while Alex Bryant with Bryant Commercial Real Estate represented the tenant.
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The office building 3 Park Central just signed 17K SF in leases with tenants C1 Insurance Group, which leased nearly 7K SF, and Turner Stone & Co., which expanded its office space to 10K SF.
Younger Partners' Kathy Permenter, Sean Dalton and Garrett Marler represented the landlord, McKnight Realty Partners. Bret Hefton represented the tenant.
3 Park Central recently updated its lobby, adding a Corner Bakery and a WiFi lounge to its list of amenities.
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Bradford Commercial Real Estate Services' Brian Pafford and Susan Singer assisted landlord Kennington Co. in renewing a lease for Bitter Sisters Brewing Co. The craft brewery firm leases 8,500 SF at 15103 Surveyor Blvd. in Addison, where it has been for about four years.
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Kinloch Equipment & Supply leased 17K SF at 763-765 109th St. in Arlington. Mercer Co.'s Corby Hodgkiss represented the tenant, while landlord Vista Verde Industrial engaged Transwestern's John Brewer to assist with the transaction.
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AT&T renewed its lease at Abilene Corners, 1650 State Highway 351 in Abilene. Retail Solutions' Chris Flesner and Wes Tune represented the landlord.
THIS OR THAT
The McKenzie, a luxury apartment community in the Knox/Henderson neighborhood of Dallas, was named the first certified Fitwel multifamily development in Texas, the Center for Active Design announced.
StreetLights Residential and partner Tricon Capital Group developed the high-rise apartment project with an eye for residents' wellness and fitness, including infrastructure for pedestrians, a smoke-free environment, outdoor living spaces, enhanced ventilation practices, smart lighting and a quality boutique fitness area next to the development's outdoor fitness terrace.
The Fitwell designation recognizes communities that promote the overall wellness and health of their tenants.
