Dunhill Partners, the original developer of the recent Dallas Design District renovation and expansion, has sold its assets to HN Capital, a property investment firm based in Dallas.
In the transaction, Dunhill founder Bill Hutchinson has also sold his Design District investment, according to The Dallas Morning News.
Included in the sale are the Dallas Decorative Center on Hi Line Drive as well as the Dallas Design Center located on Stemmons Freeway. Combined, the two centers are home to more than one hundred tenants, along with indoor designer showrooms, galleries, and restaurants, including Carbone, Tango Room, and Markowitz Fine Art Gallery.
Together the properties have a total of approximately 800,000 square feet of showroom, restaurant, and retail space located on 40 acres. Approximately 3 acres are still undeveloped.
Vipin Nambiar, the managing partner of HN Capital, which he founded in 2017 during a 15-year stint with Hunt Investment Corporation, has confirmed the deal, but has not disclosed the agreed-upon price.
Nambiar explained, “The Design District has been a thriving showroom community for decades, and we would like to celebrate this as the canvas and soul of the district while realizing commercial realities of Dallas’ growth. Our job here is to bring complementary commercial and entertainment uses around this long-term base to thoughtfully activate this one-of-a-kind area.”
HN Capital was also an early-stage development partner for Virgin Hotels Dallas, joining Dunhill in 2019 to acquire the 252-room luxury West Dallas Victory Hotel that anchors Victory Park. Neither Virgin Hotels Dallas nor the Dunhill Apartments are included in the sale.
Hutchinson is retaining an ownership interest in Dunhill Partners and sits on the Board of Directors, but has transitioned out of day-to-day operations. The company owns and/or operates 6 million square feet of shopping centers and hotels throughout Texas and the United States.
Learn more about Dunhill Partners here.
Learn more about HN Capital here.