Sunday, 5 August 2012

Real estate: Holiday Inn Express on west end of downtown Fort Worth is sold

The Holiday Inn Express on the west edge of downtown Fort Worth has been bought by the Admiral Capital Real Estate Fund, a partnership of Admiral Capital Group and USAA Real Estate Co. in San Antonio, and Franklin Croft, Inc.

The 132-room hotel at 1111 W. Lancaster Ave., a part of the InterContinental Hotels Group family of brands, was sold by Pearl Investments, which bought the property in 2008 and renovated the former Care-A-Lot Inn building. The structure was built in 1950.

The hotel, at Henderson Street just north of Interstate 30, is adding 31 rooms this year on the sixth floor. The floor was not renovated in the initial project, but it was planned for.

The hotel will be managed by Dallas-based Aimbridge Hospitality, Admiral Capital said.

"This hotel benefits from a diverse base of demand generators and is uniquely positioned as a high quality, value alternative in the downtown Fort Worth market," Daniel Bassichis, co-founder of Admiral, said in a statement.

"The ability to acquire this hotel at an attractive basis and create additional value with an expansion plan made this an exceptional opportunity for our fund."

Admiral is a private-equity fund with over $100 million in assets under management, including a 120,000-square-foot office building in El Segundo, Calif.; two office buildings in Austin; a hotel in Houston; and a performing mortgage on a non-gaming hotel in Las Vegas.

The fund was started by David Robinson, an NBA Hall of Famer who played center for the San Antonio Spurs, and Bassichis, formerly of Goldman Sachs.

Several years ago, Pearl Investments renovated the former Clarion hotel downtown, converting it into an Embassy Suites.

The deal was financed with a $13.9 million note with C-III Commercial Mortgage, deed records show.

New Twisted Root

Twisted Root Burger Co. has bought the vacant convenience store property at the southeast corner of Central Drive and Harwood Road in Bedford and plans to open a restaurant in February.

It will be the company's eighth Dallas-Fort Worth location. Twisted Root, which offers burgers made from scratch, has locations in Dallas, Richardson, Roanoke, Fairview, Plano and Arlington.

"We opened our first Twisted Root location just six years ago, and I've been thrilled at how the DFW community has embraced our better burger concept," owner Jason Boso said in a statement. "By expanding to Bedford, we'll be sharing our chef driven menu and fun, casual atmosphere with lots of new customers, and I'm confident they'll like our burgers as much as we do."

The location is in front of Bedford Meadows shopping center. Its new owner, Legacy Alliance Holdings, has been working with the city to redevelop the corner and shopping center. The center added six new leases this year.

Legacy Alliance, based in Addison, bought the 59,909-square-foot shopping center in 2011. At the time, the center was 40 percent leased.

Roger Smeltzer with Vision Commercial negotiated the sale. Carter Wilson with Cambridge Companies represented Twisted Root.

Fairfield Inn & Suites

The 70-room Fairfield Inn & Suites, a Marriott brand, has opened at 6851 West Freeway, featuring inventive public spaces and guest room design.

The hotel, off Interstate 30 near the Naval Air Station Joint Reserve Base, is owned by Summit Hotel Group and managed by Interstate Hotels & Resorts. The owners said it is the first in the area to feature the brand's new design and d├ęcor.

It features an updated exterior with a signature tower, a curved porte-cochere and glass entrance. The interior space features natural light and views throughout the lobby to connect the indoors with the outdoors. The guest rooms include a work area, an ergonomic chair, task lighting and electrical outlets where guests need them.

Additional hotel amenities include an indoor swimming pool with a whirlpool spa, an exercise room, valet laundry service, free high-speed Internet, as well as fax and copy services.

Burleson yogurt shop

Ohsweet Yogurt, a self-serve frozen yogurt and shaved ice shop, has opened in Burleson's Gateway Station, at Interstate 35W and Alsbury Road.

The shop offers more than 50 fresh toppings and 20 flavored topping for the shaved ice.

Transactions

3030 Matlock Road, Arlington
Sommerville & Associates has leased 5,735 square feet in the Matlock Office Center from C-III Asset Management. Daniel Rudd and Billy Vahrenkamp with Colliers International represented the tenant. John Lancaster with NAI Robert Lynn represented the landlord.

5209 Heritage Ave, Colleyville
Helicopter Marketing Associates has leased 1,220 square feet of office space in Heritage Office Park from TAK Enterprises. Paul Moss with TAK Enterprises negotiated the lease.

708 Ave. R, Grand Prairie
Direct Wholesale Tyre & Tires has leased 11,637 square feet in the Great Southwest Distribution Center. Erik Blais with Bradford Commercial represented the tenant. Phil Rosenfeld, Allen Gump and Matt Thompson with Colliers International represented the landlord, Monit.

814 Ave. R, Grand Prairie
Blue Line Foodservice Distribution leased 70,000 square feet of industrial space. Canon R. Shoults with Holt Lunsford represented the landlord, Realty Associates Fund VIII. Andy Sexson and Allen Gump with Colliers International represented the tenant.

Source: http://www.star-telegram.com/2012/08/05/4156398/real-estate-holiday-inn-express.html

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