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Real Estate Briefs

Allie Beth Allman & Associates Relocates Headquarters

Plus, The Star welcomes two new retail tenants; The Ritz-Carlton Dallas undergoes multimillion dollar renovation; and more.
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After 33 years being headquartered in Knox District at 5015 Tracy St., luxury real estate brokerage Allie Beth Allman & Associates will move its headquarters. The new headquarters, in the Offices at Turtle Creek Village, 3838 Oak Lawn Ave. is situated between Highland Park and Uptown. Allie Beth Allman & Associates has designed 10,000 square feet on the 5th floor to include room for agents and sales services, plus the brokerage’s accounting and marketing department, which supports agents with marketing materials.

The brokerage has grown by 100 agents since 2016, accounting for $1.6 billion in sales. In 2022, 330 agents closed more than $3.4 billion in sales; so far in 2023, 300 agents have done 2.5 billion in sales YTD.

The Ritz-Carlton Dallas Completes Multimillion Dollar Renovation

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The Ritz-Carlton Dallas

The Ritz-Carlton, Dallas has completed multimillion dollar enhancements to its 218 guest rooms and suites, lobby, public areas, and The Ritz-Carlton Club Lounge. Designed by Texas-based Rottet Studio, the hotel’s renovation pays homage to Dallas’ historic journey of passion and grit, blending influences of fashion, art, and botanicals. The lobby now includes tailor-made furnishings, florals, and fragrances, the latter of which are exclusively available at The House of Krigler, a perfumery inside the lobby. The new apothecary-style, 850-square-foot boutique features local décor, including Texan Wood and Italian light fixtures. 

New room updates reference art deco and historic Texas cattle industry elements. Each room now features a writing desk and chair, as well as new bathrooms and vanity areas.

The rennovation follows the brand’s recent spa remake, which was led by Dallas-based design firm Forrest Perkins and transformed the 12,000 square foot luxury spa. Design elements pull inspiration from the urban parks and gardens woven throughout the heart of Dallas. The spa renovation included upgrades to the nail spa and hair salon, elevating the men’s and women’s relaxation lounges, a brand-new spa dining lounge, and a reconfiguration of existing treatment rooms with the addition of two new rooms.

Portland-based Financial Services Firm M Financial Group Leases Space at the Quad in Uptown

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The Quad in Uptown

Portland-based financial services M Financial Group has opened its first Dallas office in Stream Realty Partners’ The Quad, located at 2699 Howell Street. This lease is for a 52,000-square-foot space in the 12-story office building under construction in Uptown Dallas. The 345,425-square-foot, Quad is expected to open in March 2024.

M Financial has been headquartered in Portland since its incorporation in 1978. The expansion to Dallas represents the company’s first foothold outside of the Portland area. The company services a network of more than 130 independent member firms nationwide. M Financial is the third office tenant to sign a lease in The Quad. Earlier this year, Revantage, a Blackstone Real Estate portfolio company, agreed to take 32,000 square feet. Chicago Title, the largest title insurer and provider of real-estate related products, was the first office tenant to commit to the project, agreeing to occupy 21,000 square feet. Additionally, Two Hands, an eatery based in Australian café culture, was the first retail tenant to come on board. The eatery is scheduled to open in the first quarter of 2024. Stream will announce the remainder of the restaurant lineup later this fall.

Stream Senior Vice President Ryan Evanich and Vice President Marissa Parkin represented Stream, the owner of The Quad, in the transaction. Cushman & Wakefield’s Dean Collins, Mark Collins, and Doug Deurwaarder represented M Financial.

The Star District Announces Two New Retail Tenants

In partnership with Venture Commercial, The Star District has leased nearly 40,000 square feet of space in 2023, all to North-Texas based tenants. Five new retail tenants were welcomed in 2024, and now, the venue has announced plans to bring in two more new tenants in 2024: Lower Greenville’s Wabi House and Rachel’s Kitchen. Known for its ramen, izakaya-style Japanese dishes, sake and cocktails, Wabi House has leased 3,122 square feet. With locations in Los Angeles and Las Vegas, Rachel’s Kitchen will bring its first Texas location to Frisco, leasing 2,358 square feet of space. Both concepts are set to open in spring of 2024.

Disney Investment Group Brokers Sale of Westcliff Shopping Center in Fort Worth

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Westcliff Shopping Center

Disney Investment Group has brokered the sale of Westcliff shopping center in Fort Worth. This 134,750-square-foot, grocery-anchored shopping center is located near Texas Christian University. Westcliff is currently 86 percent leased and has been anchored by Albertsons since 2009. David Disney and Adam Crockett of DIG represented the seller, CTO Realty Growth, and procured the buyer, Partners. Disney Investment Group is a Dallas-based boutique capital markets firm that has executed the sale of more than $2.7 billion of retail properties, including approximately $1.71 billion of transaction volume since 2012.

The NRP Group and HIG Realty Partners Break Ground on Diamond Flats in Carrollton

The NRP Group, in partnership with H.I.G. Realty Partners, broke ground on multifamily development Diamond Flats in Carrollton. The six-acre site located at 1402 Carrollton Parkway will be transformed into a four-story development comprising 331 apartment homes. Diamond Flats will feature one- to three-bedroom units averaging more than 950 square feet. On-site amenities include a fitness center, a resort-style pool, secure garage parking, and more. Diamond Flats is the second NRP development in the Carrollton area. Santander Bank, North America has provided a construction loan for the project. The first units are on track for delivery in 2025.  `

The property is the first property to be acquired through Partners Capital’s Opportunity Fund V, which launched in Q2 2023. It is also the platform’s first property acquisition in North Texas. Partners Capital’s Jess Dickie was crucial in the closing of Westcliff Shopping Center. Partners Capital financed the acquisition with Independent Financial.

The Independent Beauty Association Signs Lease at Quorum Place

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Quorum Place

Nonprofit trade association The Independent Beauty Association will relocate its corporate office in early 2024 to Quorum Place in far North Dallas. The association will occupy 2,459 square feet on the sixth floor of the building on 14901 Quorum Dr. IBA has signed a long-term lease with G&I Quorum Place. Joe Santaularia, senior vice president and managing partner of Bradford Commercial Real Estate Services, and Jared Laake, vice president, represented IBA. Olivia Barnes, Chase Lopez and Patrick Cruz of Stream Realty Partners represented the landlord of the 181,833-square-foot, nine-story office building.

SRS Real Estate Partners Sells 74,758-Square-Foot Industrial Building in Garland

SRS Real Estate Partners announced the sale of Marquis Logistics Building 2, a 74,758-square-foot industrial building. This space is located at 3325 Marquis Drive in Garland. The warehouse is part of a new tilt-wall development in Garland. Reserve Capital Partners and equity partner Trinity Investors in Southlake, Texas developed the 194,000-square-foot property that delivered in April, 2023. Shannon Johnston, vice president at SRS Real Estate Partners and SRS Vice President Joseph Cooper represented the seller, Reserve Capital Partners. The building was sold to an undisclosed owner/user. 

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Marquis Logistics

Apricus Realty Capital Acquires Third IOS Property

Apricus Realty Capital, a boutique commercial real estate investment firm, acquired its third industrial outdoor storage property with the acquisition of 11600 CF Hawn Freeway in Dallas, an 8,800-square-foot facility that includes two buildings. This fully occupied four-acre crane rental storage and maintenance facility is conveniently accessible via Highways 175, I-20, I-45, and I-635, and is 14 miles from Downtown Dallas. Managing principal Matt Haley and Apricus Associate Cort Martin self-represented in the transaction.

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Mianda Mulumba

Mianda Mulumba

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