HFF closes sale of Magnolia Dallas Park Cities Hotel in Dallas, Texas
DALLAS, TX – December 6, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Magnolia Dallas Park Cities, a 292-room, full-service, independent hotel situated in central Dallas, Texas.
HFF marketed the property on behalf of the seller, TriGate Capital. 6070 NCX, LLC purchased the property, and Stout Street Hospitality will continue to manage the hotel.
Magnolia Dallas Park Cities is located at 6070 North Central Expressway along a main freeway in the heart of a major transportation, office and entertainment corridor in Dallas. The hotel is proximate to Southern Methodist University, Mockingbird Station mixed-use project, George W. Bush Presidential Library and Museum and more than 20 million square feet of office space in Uptown. Originally constructed in 1972, Magnolia Hotel Dallas Park Cities has undergone multiple updates and renovations in 2012 through 2013 and in 2015 totaling approximately $10.1 million. The hotel features 12,000 square feet of function space, a fitness center, indoor pool and restaurant and lounge.
The HFF investment sales team representing the seller was led by managing director John Bourret and associate director Austin Brooks.
About TriGate Capital, LLC
TriGate Capital, LLC (TriGate) is a market leading real estate private equity firm focused on the recapitalization and repositioning of real estate assets and companies where the opportunity to add value exists. TriGate manages three fully discretionary real estate funds, TriGate Property Partners, LP (Fund I); TriGate Property Partners II, LP (Fund II) and TriGate Property Partners III, L.P. (Fund III), which are the vehicles through which TriGate conducts its investment strategy. Fund I and Fund II are fully invested and Fund III is presently in its investment period. TriGate is based in Dallas, Texas, and has completed investments throughout the United States. For more information, visit trigatecapital.com.
About 6070 NCX, LLC
6070 NCX, LLC is a privately held real estate subsidiary of DRW Real Estate Investments. DRW Real Estate Investments is a value-add investor based in Chicago.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.