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NewcrestImage Breaks Ground on New Hyatt House Hotel in Frisco

18 Dec 2014, 9:08 pm

By Liviu Oltean, Associate Editor

Hyatt House Frisco Rendering

NewcrestImage recently broke ground on a new extended-stay hotel in Frisco. Dubbed Hyatt House Frisco, the project is the first new-build Hyatt House hotel in Texas. Located at 2875 Parkwood Blvd., the asset is within walking distance of the Frisco Conference Center, the Dr. Pepper Ballpark, Dr. Pepper Arena and the Stonebriar Centre mall, and less than a mile from the future practice facility of the Dallas Cowboys.

“We’re thrilled to welcome NewcrestImage to Frisco,” said Mayor Maher Maso in an official statement. “We’re proud NewcrestImage chose Frisco to develop its Hyatt House hotel, a premier property that will attract new tourism and business opportunities to our growing community. We look forward to working with NewcrestImage on future partnerships that build upon Frisco’s reputation as a major destination for sports, entertainment and conventions.”

The 132-room hotel has been slated to open sometime toward the end of 2015 and will be managed by NewcrestImage. Upon completion, it will feature studio and one- and two-bedroom suites that come with a bevy of amenities, such as a living room-like lounge, complementary hot breakfast, laundry facilities, complimentary Wi-Fi, flat panel HDTVs and a 24-hour workout room.

Hyatt’s Real Estate and Development Vice President, Jason Gregorek, also expressed his optimism regarding the new project, considering it “a great addition to the area as it continues to grow, and … an ideal home base for business and leisure travelers visiting the many corporate facilities, sports arenas, and music and culture venues in the area.”

Image courtesy of NewcrestImage

Hines, AEW Capital Management JV Closes on Parc 114

11 Dec 2014, 6:27 am

By Liviu Oltean, Associate Editor

Parc 114

A joint venture of Hines and AEW Capital Management recently closed on Parc 114, a master-planned business park in Irving. The acquisition entailed six industrial buildings that total 404,777 square feet and an 18.5-acre plot that could accommodate as much as 191,262 square feet of additional industrial space.

At the time of the purchase, two of the six buildings were under development and set to open doors sometime in June 2015. The remaining buildings are 100 percent leased to tenants such as Nautilus Hyosung America, Chrysler Group LLC and Nissan.

Located in the Dallas-Fort Worth Metroplex, the industrial park is adjacent to DFW Airport, south of State Highway 114, which makes it a suitable option for companies that transport goods via the airport or for those that need fast access to the DFW Metroplex.

“Parc 114 is a great project that offers direct access to DFW International Airport and to major thoroughfares,” said Blake Kendrick, managing director for Stream Realty and broker representative for Parc 114. “The tenant base in the project is unmatched and provides a foundation to expand the project with two additional buildings.”

According to an official statement, the two companies plan to start work on the 18.5-acre plot in the first quarter of 2015. The new buildings will have a complementary design and will feature 30-foot clear heights, 52-foot column spacing and a 1.8/1,000-square-foot parking ratio.

“Parc 114 represents an excellent opportunity for Hines to expand its industrial presence in Dallas and to provide additional shallow bay space in a key location directly adjacent to the airport. We look forward to taking advantage of the dynamic market fundamentals in the airport submarket by providing exceptionally functional, modern buildings in a highly visible, master-planned setting,” stated Hines Director Charlie Meyer.

HFF Arranges Sale, Financing for 3811 Turtle Creek in Uptown Dallas

4 Dec 2014, 6:55 pm

By Liviu Oltean, Associate Editor

3811 Turtle Creek

KBS Realty Advisors recently increased its Dallas footprint through the acquisition of 3811 Turtle Creek, a 296,000-square-foot, Class A office tower in Uptown. The deal was brokered by HFF L.P., which acted on behalf of the seller, MetLife Real Estate Investors. The HFF team also helped the new owners obtain financing, having secured a seven-year, 3.55 percent, fixed-rate loan through a life insurance company.

The asset is located on a 5.03-acre site at the intersection of Turtle Creek Boulevard and Blackburn Street. It neighbors West Village, the Katy Trail and Highland Park. Built in 1985, the 21-story office building recently underwent renovations and now features amenities such as a fitness center, an adjacent 899-space garage, on-site concierge service and landscaped courtyard and grounds. At the time of the acquisition, the asset was 81 percent leased. Its tenant roster includes Eagle Materials Inc., Prosperity Bank, Estes Okon Thorne & Carr and Gables Residential.

“This property not only provides all the key building blocks that tenants look for today but it is also well located within Dallas’ prime submarket and very close to Highland Park, one of the most affluent neighborhoods in Texas,” said KBS Central Regional President Ken Robertson in an official statement.

“We see a great opportunity to both revamp the property’s lobby, common areas and amenities and capitalize on the evolving area dynamics with the renovation happening at Turtle Creek Village,” said KBS Dallas Asset Manager Ryan McManigal.

McManigal pointed to the long-awaited renovation of Turtle Creek Village, which is one of Dallas’ first true mixed-use projects. Built in the late 1960s, the retail hub is now being redeveloped by Lincoln Property. Upon completion, it is expected to feature about 325,000 square feet of prime retail and office space.

Image courtesy of KBS Realty Advisors via official website

Pillar Commercial, Original Capital Partners Acquire Collins Square in Richardson

27 Nov 2014, 4:33 am

By Liviu Oltean, Associate Editor

Collins Square

A joint venture between Pillar Commercial and Original Capital Partners recently closed on Collins Square, a four-story, 213,864-square-foot office building located in the Telecom Corridor in Richardson. The deal was announced by CBRE Capital Markets, which represented the seller, StremCo.

At the time of the acquisition, Collins Square was 87 percent leased to The Travelers Indemnity Co., a wholly-owned subsidiary of the Travelers Cos. The asset serves as a regional headquarters for the insurance company.

“Having Travelers Insurance as the anchor tenant was one of the compelling reasons we selected this asset,” said Manny Ybarra, Pillar Commercial founder & president. “We look forward to working with the Travelers team and are equally excited about our new venture with Origin.”

“We have been very active in sourcing acquisition opportunities throughout Texas,” said Bryan Sullivan of Origin Capital Partners. “Collins Square provides great risk-adjusted returns, with additional upside through active asset management and select capital improvements. We are very pleased to be in this partnership with Pillar on this transaction.”

The new owners also announced plans to fully modernize the elevators, to make cosmetic changes to the entrances and to improve the landscape and common areas.

Whereas Origin Capital Partners’ portfolio is generally more spread out across the U.S., Pillar Commercial’s is primarily focused on the Dallas area. It currently owns eight other office assets in the region: Search Plaza, Miyama Parkside, 6500 Greenville, 7920 and 3939 Beltline, Northcreek Place II, Chase Bank LBJ and Wells Fargo Irving.

Urbana Varro Acquires 311-Room Sheraton Arlington Hotel

21 Nov 2014, 6:15 am

By Liviu Oltean, Associate Editor

Urbana Varro, a Dallas-based commercial real estate investment, development and management firm, recently announced the acquisition of the full-service, 311-room Sheraton Arlington Hotel. The asset, which was acquired for an undisclosed amount, is located near the Arlington Convention Center, AT&T Stadium and Globe Life Park.

“The Sheraton Arlington Hotel will provide us with exposure in the thriving Dallas market and will be a great addition to our growing portfolio,” said Jeremy Soder, chief marketing officer for Urbana Varro. “While several other buyers were evaluated throughout the selection process, we prevailed, primarily because we were successful in demonstrating our financial ability to close large transactions.”

“We are excited to acquire this significant full-service hotel in Arlington, which has evolved within the past few years as a prime tourist attraction and sports hub for the Dallas-Fort Worth Metroplex,” added Feliz Jarvis, chief hotel operations officer for the company.

While Urbana Varro has increased its Texas footprint through such acquisitions as the TownePlace Suite by Marriott in Austin and Houston, this is its first Dallas-area purchase.

Allan Gutierrez, CEO for Urbana Varro, added that the hotel aligned itself with the company’s portfolio of premium branded assets purchased below replacement cost. The hotel, he said, represented an excellent investment due to its value-added potential.

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