Hall Arts Residences Selects FirstService Residential as Managing Partner
Leading residential property management company FirstService Residential will manage Hall Arts Residences’ 28-story tower in Dallas Arts District.
“We pride ourselves on being the only management company who can bring this level of service and management expertise to our clients,” Tanya Mendenhall, vice president of management for FirstService Residential said in a release. “[Residents] can expect unparalleled service, attentive staff, engaging events, and a warm, welcoming ambiance.”
Developed by the HALL Group, the luxury property promises sophistication and glamor. It’s 48 units span from 1,600 to 10,000 square-foot floor plans. Amenities include private dining and wine cellars, 24/7 valet and private car services, and wellness centers.
FirstService Residential assumed management at the start of April.
Marcus & Millichap Releases Report on the Outlook of the Hospitality Industry
Commercial real estate firm Marcus & Millichap recently released a report discussing their predictions for how the hospitality industry will fare during 2020.
Here are their key findings:
- Widespread travel cancellations hit airport-adjacent and urban-centered hotels the hardest. Properties along interstates and in smaller metros fared better, but over the coming weeks, all types of properties will face declines in occupancy and revenue.
- The [fiscal stimulus] package will provide $850 billion in aid to small businesses and direct payments of up to $1,200 per person to many individuals.
- Short-term ambiguity may slow some investors’ decision making while long-term fundamentals remain sound. Less bidding activity may allow more private buyers to make trades.
- Uncertainty has prompted more caution on behalf of hospitality lenders. Liquidity is more limited and underwriting criteria have tightened.
- In Dallas and Fort Worth specifically: “Restrictions on large gatherings has prohibited several entertainment and corporate events from occurring, reducing leisure and business travel to the Metroplex. Any interruption to construction activity because of the coronavirus could be a potential benefit for existing hotels as the market’s inventory was set to expand by more than 6 percent over the next couple of years.
Fort Worth Real Estate Developer Donates $100,000 to Food-Based Organizations in DFW
Trademark Property Company, which operates Galleria Dallas, Watters Creek, Waterside, and Westbend, has committed to donating $100,000 to food-based organizations in Allen, Tarrant County, Plano, and Dallas, including North Texas Food Bank and Tarrant Area Food Bank.
Through the company’s C19 community initiative, Trademark hopes to raise up to $200,000 by April 17, and it will match those donations up to $100,000 in each of the 12 locations where it operates mixed-use and retail properties nationwide.
“As we have watched and worked through the past few weeks, we have asked ourselves: how can we help the members of our extended Trademark family—furloughed restaurant, service, and retail industry employees,” said Terry Montesi, Trademark CEO, in a release.
CBRE Publishes First-Quarter Industrial Market View Report
CBRE released a report reviewing DFW’s industrial market during the first quarter. Key findings included:
- Supply and demand were balanced in Q1 2020. Six-point two million square feet of industrial space were absorbed into the DFW market, and third-party logistics, e-commerce, and consumer goods led demand.
- The coronavirus pandemic affected nearly every sector, but a steep recovery is predicted as early as quarter three of this year. If cases of coronavirus peak in the summer and stimulus packages benefits are realized, recovery would be accompanied by pent-up private demand that could return the national economy to a state of growth before the year’s close. Growth could even surpass suspected outcomes for 2021 in this scenario.
