Category: Focus November – 20

Hyatt Unveils 219-Key Thompson Dallas Hotel

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Hyatt Hotels Corporation has opened Thompson Dallas, the first Thompson Hotel property in Texas. The 219-room hotel is located at 205 N. Akard Street in the historic George-Dahl-designed building, The National, which recently underwent a $460 million preservation effort. The hotel’s design is brought to life through a collaboration between Caroline Todd of Todd Interiors and Cindy Zelazny of Interiors Limited. Merriman Anderson Architects are the architects of record for the development and are also involved in the interior design. “Modern-day Dallas represents a global destination for culture, gastronomy and entertainment, and Thompson Dallas personifies the evocative spirit and refined edge of one of The Lone Star State’s most sophisticated cities,” said Steve Shern, general manager, Thompson Dallas. “This is a historic moment for Dallas, and we are proud to welcome guests, World of Hyatt members, customers and the Dallas community to experience Thompson Hotels’ unparalleled guest experience.” Originally designed by George Dahl, the architect responsible for iconic Dallas establishments such as the art deco buildings of Fair Park and Neiman Marcus Downtown, The National historic elements include restored original wood panels inlaid with brass that line the walls of the ninth floor and the original 17,555 hand-cut exterior marble panels sourced from the same quarry as the marble used for the Parthenon. More than $2 million of art and one-of-a-kind furnishings from Frieze London, PAD London, and internationally recognized galleries were personally selected by interior designer Caroline Todd and are located throughout the property. Beyond housing Thompson Dallas, The National expects to be home to a variety of influential businesses and organizations including Downtown Dallas, Inc. Thompson Dallas is part of one of the largest adaptive reuse projects in the history of Texas. Further, Thompson Dallas’ guestrooms average 700 square feet and feature walnut and brass headboards that echo restoration efforts. Guestrooms include 52 suites and two penthouse suites. Led by culinary director Jeramie Robinson, formerly of Uchi and The Rosewood Mansion on Turtle Creek, and director of restaurants, bars, and events Jonathan Geffrard, a 12-year veteran of Hillstone Restaurant Group, Thompson Dallas currently boasts two restaurant experiences: Catbird and Nine at The National.

Transwestern Tapped to Lease and Manage 350,000-SF Office in Houston’s Bellaire Submarket

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Capital Commercial Investments Inc. (CCI) has engaged Transwestern Real Estate Services to provide leasing and management services for a five-story, 351,030-square-foot building at 6500 W. Loop S. in Houston. Longtime owner and occupier AT&T will remain on the fourth floor, leasing 74,000 square feet of space. Transwestern’s managing director Doug Little, executive vice president Justin Brasell and senior vice president Ashley Cassel will represent the building owner in leasing efforts. Located only four miles from the Texas Medical Center, the property is ideal for traditional office users as well as those in medical-related fields. “The Texas Medical Center has only two existing properties with availability over 40,000 square feet,” said Brasell. “With this property’s proximity to the campus, it’s a fantastic opportunity for medical users that need a large footprint.” 6500 W. Loop S. sits on 11.4 acres, has a three-story parking garage and expansive 74,000-square-foot floor plates. CCI is currently planning capital improvements that will include a refreshed exterior, activation of the exterior green space, common area upgrades and updated energy efficient lighting throughout. “Bellaire is a unique submarket, and nothing competes with the excellent location and large floor plates,” said Roger Shipp, senior vice president of acquisitions for CCI. “Any office user will find this combination of superb location and outstanding building attributes appealing and we expect to attract prospects from all over the city. Over the past 25 years, CCI has been one of the real pioneers in acquiring, evaluating and re-purposing large office projects in search of their next life.”

Alliant Credit Union Closes $39M Worth of Multifamily Loans

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Alliant Credit Union recently closed on two multifamily loans in Texas, one for the acquisition of an apartment community and the other for the refinance of a student housing property. The value of the loans totaled $39 million. Alliant closed on a loan for the acquisition of a 385-unit multifamily property located in southwest Texas, close to the nation’s largest inland port with a strong economy anchored in logistics and transportation. The seven-year loan included a 30-year amortization schedule and longer-term flexibility with additional benefits to be realized in the future based on certain financial metrics. This transaction was referred to Alliant by Michael Thompson at CBRE. “Our team’s collective knowledge and experience in the multifamily sector, along with the mortgage brokers’ knowledgeable input, enabled us to finance the acquisition of this strong asset with highly experienced ownership and management,” said Tim Madigan, commercial loan originator at Alliant. In the Dallas-Fort Worth metropolitan area, Alliant closed on a loan for the refinance of a 90-unit, 132-bed student housing property adjacent to a local university. The five-year loan has an interest-only period followed by a 30-year amortization schedule. This transaction was referred to Alliant by Dean Giannakopoulos at Marcus & Millichap Capital Corporation. The resort-style property is completely differentiated within its immediate area, offering high-quality construction, innovative design and best-in-market product features. The community features shared amenities including a pool and game room and is conveniently located near the campus and abundant recreational, shopping, dining and nightlife venues. “The property’s unique features and strong location helped it bounce back quickly when occupancy uncharacteristically dropped, stabilizing to over 90 percent occupancy within a few short months,” said Yonah Sturmwind, loan originator at Alliant.

TEXASMULTIFAMILY Institutional Property Advisors Closes Dallas-Fort Worth Multifamily Asset Sale

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Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Grand on Beach, a 304-unit apartment complex in Haltom City, Texas. Bellrock Real Estate Partners acquired the property from CLX Ventures for an undisclosed sum. “The Haltom City-Meacham submarket continues to be one of the most stable in Dallas-Fort Worth,” said Drew Kile, IPA senior managing director. Kile and IPA’s Will Balthrope, Joey Tumminello and Grant Raymond represented the seller and procured the buyer. “This asset was one of the first new-construction buildings delivered since the interstate expansion was completed,” said Tumminello. “We brought in a first-time local buyer who understands the long-term value of owning in this submarket.” The property has controlled entry access gates, a native-plant landscape design, a hammock garden and a resort-style swimming pool, among other shared amenities. Apartments average 818 square feet in size and have private patios and balconies. Select units have pet yards. “IPA covers all the major metros in Texas with one team that has access to multifamily investors throughout the country, and these factors contributed greatly to the success of this closing,” said Balthrope. Located five miles north of Fort Worth, The Grand on Beach was built in 2019 on 15 acres. The 820 Exchange, a 1-million-square-foot business park, is a half-mile away. Major businesses in the area include BNSF Railway, American Airlines, Bell Helicopter, Acme Brick, Pier 1, TPG Capital, Renfro Foods, Dannon, Rahr & Sons Brewing Co., and Fresnel Technologies. Downtown Fort Worth has over 13 million square feet of office space and is home to more than 30,000 companies.

Leaving a Legacy: Celebrating the Life of James B. DeGeorge, Sr.

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When Michele DeGeorge (née DiGiorgio) arrived in Houston from Italy in the 1880s, he could never have predicted the impact he and his descendants would have on his new home. Several generations later, the community he quite literally helped build is saying goodbye to Michele’s last surviving grandchild, James B. DeGeorge. Born in 1932 to parents Gasper M. DeGeorge, Sr. and Josephine Pinto DeGeorge, James attended school and even some college in Houston before attending the University of Texas at Austin. The call of duty interrupted his studies in 1951; James, a United States Marine Corps reservist, served at Camp Pendleton during the Korean War. He married several years later in 1955 and, two years after that, welcomed his first child into the world. James “Jimmy” Bernard DeGeorge Jr. was followed by Gregory “Greg” Allman DeGeorge in 1958 and Lance Clayton DeGeorge in 1970. “He was like a lot of dads,” said Greg. “He was very interested in my upbringing and how I did in sports.” James would often take the time to come to his sons’ games or, as a special treat, take them to a pro football game on the weekends. As they grew older, Greg said his father never pressured him or his brothers to pursue a career in real estate. “His attitude was ‘You can do whatever you want to do,’” Greg said. “I actually got more pressure from a couple of friends who told me I’d be crazy if I didn’t go into real estate because it’s in my blood.” To understand that, you need to look back into the history of the DeGeorge family. James’ grandfather, Michele DeGeorge, immigrated to the United States in 1882 with his wife Ursula and settled in Houston by 1884. There, he operated a grocery store and saloon, which he eventually expanded to three different locations. Michele invested the money he earned into real estate, eventually founding the DeGeorge Hotel in 1913 and the Auditorium Hotel (now the Lancaster Hotel) in 1926. Click to read more at www.rednews.com.

As More Californians Arrive in Texas, an Exclusive Community has Become Increasingly Popular for Relocation

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BOERNE, Texas — Texans love Texas, and apparently, a lot of other people do too. The Lone Star State is one of the top places to move to in the nation. One exclusive community in the Texas Hill Country has been a popular spot for newcomers. The culture, food, weather, and diversity, you name it! There’s a lot to love about Texas. According to the 2020 Relocation Report by Texas Realtors, the Lone Star State was the second-best place for relocation in the country. Texas had 563,945 new residents in 2018. Researchers gathered data from the U.S. Census Bureau and U-Haul. According to the report, 57,173 people moved to the state in 2017 compared to 101,805 people in 2018, which is a 78.1% jump. The highest number of new Texans relocated from these states in this order: California (86,164), Florida (37,262), Louisiana (29,108), Oklahoma (24,590) and New York (21,509). One of the popular spots for relocation activity has been northwest of San Antonio. Cordillera Ranch is 8700 acres, an exclusive community nestled in the Texas Hill Country. Residents have access to the Guadalupe River, hiking trails, the Clubs of Cordillera Ranch, swimming, tennis, equestrian and a par 72 Jack Nicklaus Signature Golf Course. Dave and Carrie Arata are former Californians who moved to Cordillera Ranch a little less than a year ago. The couple says their friends recommended the area and after they visited the community, they were sold. Click to read more at www.kvue.com.