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Dallas Business Journal
La La Land brewing up next DFW hot spot
A popular coffee shop chain lauded for its ornate and colorful beverages appears to be expanding its presence in North Texas with a new location on the west side of the Metroplex, according to a recent filing with the state.<\p> La La Land Kind Cafe, known for its signature yellow facade and cheery atmosphere, appears to have plans to open a store in Fort Worth, which would be the Dallas-based chain's 10th store in Texas and first in Tarrant County. Construction is expected to begin mid-July and could be finished in October, according to the filing with the Texas Department of Licensing and Regulation.<\p>
Mexican restaurant closes in Highland Park
Upscale Mexican restaurant Tulum closed its doors in mid-May at the Shops of Highland Park, CultureMap Dallas reported.<\p> The restaurant opened in 2018 and took over the space formerly occupied by Mexican-French fusion restaurant Madrina. Tulum was widely known for its Mexican-inspired dishes paired with an upscale interior, inspired by the small town yet exclusive-like experience of Tulum in Mexico — a favorite destination of founder and restaurateur Mike Karns, according to CultureMap.<\p>
Miriam Adelson's $9M bet nets mixed results in GOP runoffs
Billionaire Miriam Adelson made a big bet ahead of the May 28 runoff elections in Texas and like those who have spent money in her casinos, she got mixed results.<\p> Adelson, part of the new majority ownership group of the Dallas Mavericks and head of the family that controls Las Vegas Sands Corp., cut a $9 million check on May 6 to fund a newly launched political action committee, the Texas Defense PAC, according to a May 20 campaign finance report. Filings show the PAC then spent more than $3.3 million on advertising, canvassing and polling for five Republican candidates in runoff elections, including incumbent House Speaker Dade Phelan, who faced a challenge from the far right.<\p>
Family of Mrs. Baird's bread to sell ranch in Hill Country
The family that founded Mrs. Baird's bread company is selling their ranch in the Hill Country. <\p> Baird Miller Creek Ranch, spanning 761 acres and located six miles east of Johnson City, is listed for $12.9 million. The Baird family has been managing the ranch since 1951. <\p>
Oak Lawn Tex-Mex staple closing
Mattito’s Tex-Mex closed its doors May 28 at The Centrum on Oak Lawn Avenue, the Dallas Morning News reported.<\p> After operating at The Centrum for more than a decade, it's closing because its lease is up, co-owner and co-founder Jeff Frankel told DMN. Frankel said he plans to open in another space in the same area, but he has not secured a new lease yet.<\p>
Fort Worth's tallest tower embroiled in contentious feud
Early this month, Pinnacle Bank Texas took possession of Fort Worth’s tallest tower after foreclosing on one of the loans tied to the office building, but that's far from the end of the story.<\p> The bank wrestled away control of Burnett Plaza from Burnett Cherry Street LLC, an entity connected with New York City-based Opal Holdings. The back-and-forth legal spat is now coming to light through court filings and public documents, supplying a partial explanation for how a regional bank became landlord of the 40-story office building.<\p>
6 weeks, $60M raised: Dallas firm quickly fills latest investment fund
Cypress Growth Capital announced May 30 it has closed its fifth fund at $60 million after less than two months of fundraising.<\p> It took 43 days for the Dallas-based investment firm to raise the money for CGC Royalty Investments V LP. The oversubscribed fund represents a 20% increase from the $50 million Cypress raised for its fourth fund in 2021. Investors in the fifth fund included "prominent" Texas-based family offices, other U.S.-based family offices and high-net-worth individuals, including former Cypress portfolio company CEOs who sold their companies.<\p>
What does Plano's mayor have to say about the future of his city?
It’s been 10 years since Toyota picked Plano as the location for its North American headquarters — and it's clear the city hasn't stopped there when it comes to spurring economic growth in the region.<\p> While Toyota may have helped put Plano on the map more than a decade ago, the North Texas suburb doesn’t aim to slow down anytime soon when it comes to attracting new business, Plano’s Mayor John Muns said during a public discussion May 29. <\p>
Upgrades planned at prominent Uptown complex
A private buyer has purchased a prominent apartment complex in Uptown, planning to upgrade it for a higher-earning class of renters, according to one of the brokers involved in the transaction.<\p> Los Angeles-based CIM Group sold Lennox at West Village, a 159-unit apartment complex on top of retail space, in an all-cash deal, the company said May 28. CIM Group had owned the community since 2013.<\p>
DFW-based text messaging startup raises $110M to expand
Solutions by Text LLC, an Addison-based technology company that helps financial firms with text messaging services, has locked in $110 million in new growth funding.<\p> Edison Partners Management LLC, a Princeton, New Jersey-based growth equity investment firm, co-led the transaction with New York-based StepStone Group LP, a global private markets investment firm, according to a May 29 announcement. The venture banking arm of Stifel Financial Corp. provided a lending facility.<\p>
Lawsuit targeting small-business grant program is tossed
A judge has tossed a lawsuit targeting Progressive Insurance and small-business funding platform Hello Alice for a grant program offered to Black small business owners.<\p> The decision, handed down by the U.S. District Court for Northern Ohio, found plaintiff Nathan Roberts, owner of Cleveland-based Freedom Truck DIspatch LLC, lacked the standing to sue the companies over a grant program it offered to Black small-business owners to purchase a new truck.<\p>
Major Dallas O&G company strikes $260M deal
Dallas-based Aethon Energy Management LLC has agreed to buy the upstream assets of Tellurian Inc. for $260 million in a move to expand its footprint in Louisiana.<\p> The deal would give Aethon Energy an additional 31,000 net acres in the Haynesville and Bossier shale basins, including gathering and treating systems that have capacity for up to 100 million cubic feet per day, according to a May 29 announcement. Aethon Energy's total gathering and treating capacity will total more than 3 billion cubic feet per day following the close of the transaction, expected to occur during the second quarter.<\p>
Dallas County issues disaster declaration after storms
Hundreds of thousands of Oncor customers in North Texas remained without power late May 28 after severe weather early in the day, WFAA reported.<\p> About 356,000 were impacted statewide as of about 10:45 p.m., according to the utility's helpful online outage map. The highest concentration of those was in the Dallas-Fort Worth metro, especially in Dallas, Collin and Kaufman counties.<\p>
Crow Holdings to put big buildings on East Dallas site
Real estate firm Crow Holdings Development is growing its industrial North Texas portfolio with a new project in East Dallas.<\p> The Dallas-based company recently began construction on a two-building business park that will span about 511,000 square feet at 5323 Lawnview Ave., according to a May 28 announcement. With delivery scheduled for the first quarter of 2025, Core30 Logistics Center will consist of a 300,347-square-foot cross dock building and a 210,653-square-foot front-loading facility.<\p>
Toyota Stadium could get major upgrades
Toyota Stadium in Frisco, the home of FC Dallas, could be in line for a major facelift.<\p> While nothing firm has been announced, plans filed with the state indicate new suites and media areas could be on the way in the coming years.<\p>
New towers could sprout near downtown Dallas, Trinity River
Goldenrod Cos. has revealed its plan for a massive expansion to the popular Trinity Groves district west of downtown Dallas.<\p> The proposed projects would transform nine parcels totaling about 45 acres with new towers packed with residences, offices and hotel rooms, surrounding about three blocks of existing residential buildings.<\p>
Resume gaps aren't the dealbreaker they once were, but there's a catch
Job seekers worried about gaps in their resume might still have to deal with some pushback from hiring managers, but the market today has become more forgiving to such openings than it once was.<\p> According to a recent Express Employment Professionals-Harris Poll survey, while 36% of hiring managers said they might be deterred by applicants' unexplained work gaps, the vast majority (95%) believe there are valid reasons to explain career gaps. The top reasons cited were health issues, staying home with a child, going back to school and caring for an elderly parent.<\p>
Energy Transfer lines up another multibillion-dollar deal
Energy Transfer LP plans to expand its natural gas pipeline and processing network in the Permian Basin with a $3.25 billion acquisition.<\p> The Dallas-based pipeline giant will acquire Midland-based WTG Midstream Holdings LLC from affiliates of Stonepeak Partners LP, the Davis Estate and Diamondback Energy Inc., according to a May 28 announcement. The transaction, expected to close in the third quarter, will consist of $2.45 billion in cash and roughly 50.8 million newly issued Energy Transfer shares.<\p>
The AI boom is coming for these at-risk manager roles
For years, front-line workers have worried about automation taking their jobs. It may end up being middle managers who are most in danger.<\p> Companies are gaining access to new artificial-intelligence tools and capabilities at the same time many are re-assessing their operations in a challenging post-pandemic economic environment. That combination of potential new efficiencies and a desire for cost savings is putting management-level employees in the crosshairs.<\p>
TRG exec tapped as CEO of new firm
A Dallas executive has been tapped to lead the largest advertising agency in Memphis.<\p> Rob VanGorden is set to become CEO of Archer on June 3. He's currently managing principal and chief development officer at Dallas-based TRG.<\p>
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