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Billingsley Co. Moves Ahead on 1,000-Acre Master-Planned Development in North Dallas3 Feb 2014, 5:18 am
By Amalia Otet, Associate Editor
Construction is marching ahead as planned for Billingsley Co.’s 1,000-acre master-planned development in North Dallas. Dubbed Cypress Waters, the property is conveniently located within five minutes of the DFW International Airport and near heavily sought-after demographic areas such as Coppell, Southlake and Irving.
Centered around a serene 362-acre lake, Cypress Waters will eventually become a high-density community of as much as 4 million square feet of office space, 45,000 square feet of retail, more than 10,000 residences and three schools.
The residential component of the development was launched last year with the opening of three neighborhoods containing 676 units. The Neighborhoods of Cypress Waters offers one-, two- and three- bedroom apartments and townhomes ranging from 700 to 1,300 square feet.
Work is currently underway on three speculative office buildings that will be an integral part of the corporate campus at Cypress Waters, as reported by Citybizlist. Build-to-suit office opportunities range from 50,000 to 1 million square feet in single- and multi-story buildings and include flexible designs within the Cypress Waters architectural guidelines. Three-story tilt wall panels have already been lifted into place at 8951 Cypress Waters Blvd. for what will be a 188,440-square-foot, three-story office structure.
“This is a spectacular location with access reaching across the Metroplex to Fort Worth and Arlington via the George Bush Turnpike and Plano and and McKinney via SH 121,” said Lucy Burns, partner, in a statement for the press. “We are right on top of DFW International Airport and have toured corporations from across the country and across the Metroplex. Our speed to market will permit tenants to be in occupancy this summer. With the road coming online and parks scheduled to be complete by the end of the second quarter, you can really start to experience how the office campus will have grand outdoor spaces in addition to the retail amenities. More to come on all fronts very soon!”
Additionally, the developers said there are several infrastructure improvement projects underway, including Cypress Waters Boulevard, which will serve as the main entrance to the office park from IH 635. Book-ended by grand sculptures and lined with three parks, the four-lane thoroughfare will connect the retail, office and multifamily components of the development and will terminate at Cypress Waters’ future town center.
Rendering of the Cypress Waters Master-Planned Development in Irving, Texas ,via the Billingsley Co.
Developers Bring $45M Dream Hotel to Uptown Dallas; Westmount Aquires 270-Unit Suburban M-F Complex27 Jan 2014, 5:13 am
By Amalia Otet, Associate Editor
Hyphen Construction Group Inc., a hospitality-focused general contracting firm based in Addison, has been tapped by McKinney Hotel Developers LLC to build the new Dream Dallas Hotel. The project, which bears a $45 million price tag, will break ground this summer and is scheduled for completion in December 2015. Hyphen will be involved in all phases of the development, including architecture, design, purchasing and construction.
To be located in the heart of the Uptown district, at 3207 McKinney Ave., the boutique hotel will feature 128 rooms, a 6,000-square-foot ground-level restaurant, as well as a lofted pool deck with adjacent lounge overlooking the city skyline.
“Dream Hotels have a history of success because we only work with the best, like legendary Strategic/Tao Group, Serafina Restaurant Group, Addison Hospitality and celebrity chef Geoffrey Zakarian,” said Brendan McNamara, senior vice president of brand development and design at Hampshire Hotels, which owns the Dream brand. “Hyphen Construction Group has earned a reputation that puts them into some elite status for construction companies. They share our passion for perfection and have proven that they have expertise to turn the Dream concept into reality.”
In 2011, Hampshire Hotels Management entered into an agreement with Wyndham Hotel Group, the world’s largest hotel company, which granted Wyndham exclusive rights to franchise and manage the Dream brand globally, according to a CultureMap story.
Currently, there are five Dream hotels around the world, including two in New York City; one in South Beach, Fla.; one in in Bangkok, Thailand; and one Cochin, India.
In multifamily news, Westmount Realty Capital LLC has acquired Alta Vista Ridge Apartments, a 270-unit Class A garden-style community in the Dallas suburb of Lewisville, from Wood Partners. The three-story asset will be rebranded as “Westmount at Vista Ridge.”
Financing for the acquisition was arranged by the Dallas office of NorthMarq Capital, as reported by Citybizlist. Dallas-based Knightvest Management has made an equity investment and was also selected as property manager.
Built in 2006-07, the 291,240-square-foot complex offers a mix of one-, two- and three-bedroom units with hardwood floors, efficient appliances, large walk-in closets and washer and dryer in the home. It is conveniently located at 2241 South Business Highway 121, near DFW Airport and the Highway 121 Office Corridor. Residents enjoy easy access to a plurality of shopping and dining options at the nearby Grapevine Mills Mall and Vista Ridge Mall. Recreational amenities are available from the 8,000-acre Lake Grapevine and 29,000-acre Lake Lewisville.
The new owners plan to give the property an extensive makeover, to include interior improvements and amenity upgrades. With a start date set for the first quarter of this year, renovations are expected to be complete in 18 months.
Photo credits: Rendering of the Dream Dallas Hotel courtesy of Hyphen Construction via Hotels News Resource; Westmount at Vista Ridge via Westmount Realty Capital LLC official website
HFF Secures $105.8M in Financing for Thanksgiving Tower; US Commercial Sells Texas Properties20 Jan 2014, 4:23 am
By Amalia Otet, Associate Editor
Working on behalf of Woods Capital Management, HFF secured a three-year, floating-rate loan through Ares Commercial Real Estate Corp., a specialty finance company that provides principal lending, mortgage banking and servicing of commercial real estate loans.
Loan proceeds will be used to cover an extensive rehabilitation program that will include infrastructure upgrades as well as the addition of premier amenities to the trophy office property. Additionally, the project is expected to play a major part in the revitalization of downtown Dallas’ Main Street District.
Thanksgiving Tower is conveniently located at 1601 Elm St., at the intersection of Ervay and Elm streets, within walking distance of the DART light rail. It includes a 745-space, six-level, subterranean parking garage and the Tower Club restaurant on the 48th floor.
With an occupancy rate of approximately 74 percent, the property is leased to tenants such as Santander Consumer USA, Gardere Wynne Sewell, Looper Reed McGraw and Petro Hunt.
The HFF team representing the borrower was led by managing director Steve Heldenfels and senior managing directors Trey Morsbach and Brian Carlton.
Dallas-based Woods Capital, which was founded in 2007 by Jonas Woods, has completed more than $4 billion in real estate acquisition and/or development transactions including office, residential, industrial, retail and mixed-use properties.
In other news, US Commercial LLC, a real estate advisory firm based in Ladera Ranch, Calif., announced the disposition of two properties located in Dallas and Houston on behalf of its tenant-in-common (TIC) investors for an aggregate price of $71.5 million.
The Dallas property, Preston Center Pavilion and Square, is a 230,842-square-foot urban infill shopping center situated in the Park Cities neighborhood at the intersection of Northwest Highway, Preston Road and the Dallas North Tollway. Current tenants include DSW Shoe Warehouse, Marshalls, Gold’s Gym, CVS Pharmacy, Office Depot, Pei Wei and Chipotle. HFF represented the seller and also procured the buyer, a private real estate fund advised by Crow Holdings Capital Partners L.L.C. The transaction involved the assumption of the existing CMBS mortgage, HFF said in a statement.
The other property, Briar Forest Crossing, is a 94,000-square-foot office building located just off the Sam Houston Parkway and Briar Forest in Houston’s thriving Westchase District. HHF represented the seller and procured the buyer for the property, TSVF I Briar Forest LP, an affiliate of Austin-based CapRidge Partners.
Wheelock Street Capital Acquires 547-Room Dallas/Addison Marriott Quorum by the Galleria30 Dec 2013, 5:54 am
By Gabriel Circiog, Associate Editor
Wheelock Street Capital recently announced that an affiliate has acquired the Dallas/Addison Marriott Quorum by the Galleria hotel. The 547-key hotel, located in the Addison/Galleria submarket in Dallas, was acquired from affiliates of Host Hotels & Resorts, a publicly traded REIT.
Wheelock has announced it will franchise the newly acquired asset as a Marriott hotel, with Dallas-based third-party operator Aimbridge Hospitality engaged to manage it.
Located at 14901 Dallas Parkway, the hotel was built in 1982 and features more than 20,000 square feet of flexible meeting space, the Addison Grill restaurant, Starbucks, indoor and outdoor pools, a large fitness center, a concierge lounge, a business center and a structured parking garage. The hotel is situated in Addison on the Dallas North Tollway, the major north-south thoroughfare that connects downtown Dallas with the Galleria, Addison and Plano. Strategically positioned in the center of a 23 million-square-foot office market, the hotel is close to major employers such as Bank of America, Dresser and USAA. The submarket also features the Galleria Mall, the 1.7 million-square-foot shopping destination, located less than 2 miles from the property.
Talking about the transaction, Patrick Campbell, a principal of Wheelock Street Capital, in a statement said: “We are pleased to add another sizable hotel asset to our hospitality platform and are excited to increase our exposure to the fundamentally strong and growing Texas economy. With fresh capital invested in the asset and Aimbridge running day-to-day operations, we believe the hotel has significant upside.”
Photo Credits: www.marriott.com
C&W Wins Leasing of Uptown Trophy Tower; SoCal Investor Grabs 622-Unit Dallas Portfolio21 Dec 2013, 6:45 am
By Amalia Otet, Associate Editor
Miami-based Parmenter Realty Partners has selected Cushman & Wakefield of Texas Inc. to provide leasing services for The Tower at Cityplace, a recently acquired 1.3 million-square-foot, Class A office building located in Dallas’ Uptown submarket.
“It is an honor to be selected by Parmenter Realty Partners, one of the best owners and operators of Class A office projects not just in the Dallas area but throughout the entire country,” said Mark Dickenson, head of investor services in C&W’s Dallas office. “The Tower at Cityplace is a world-class office property that is perfectly positioned in the Uptown market to benefit from Parmenter’s new sponsorship supported by C&W’s market reach and expertise.”
With an address of 2711 N. Haskell Ave., the 42-story structure is situated less than one mile north of downtown and offers direct access to the DART rail.
The new ownership group plans to give the property an extensive makeover that will include the development of an adjacent urban mixed-use project that will surround the tower. When complete, the new wing will feature more than 600,000 square feet of restaurants, shops and residential dwellings.
The Tower at Cityplace is currently 70 percent occupied and hosts a diverse tenant base including Dean Foods, Hudson Advisors and Headington Cos.
In multi-family news, Southern California-based Green Street Partners acquired a three-property portfolio in Dallas totaling 622 units. The purchase marks the company’s entry into the North Texas market.
Sam Pettigrew, partner of Dallas-based Cantrell Co. & Partners, represented the sellers, HB Clubview NW L.L.C. and HS Cluster L.L.C., and brokered the sale. Anthony Tarter of Arbor Commercial in Dallas arranged the financing for the 1031 Exchange buyer, as reported by Citybizlist.
The properties are located near Bachman Lake Park in northwest Dallas and include the 206-unit Clusters Apartments at 3130 Webb Chapel Extension; 192-unit Clubview Gardens Apartments at 3333 Webb Chapel Extension; and 224-unit Northwest Crossing Apartments at 9680 Timberline Drive.
The investment group plans to shell out $2 million to remodel and reposition the three assets.
The communities were 95 percent leased at the time of closing.
Photo credits: Cushman & Wakefield