Dallas Federal Reserve President Robert Kaplan said on Thursday he sees no need to expand the central bank’s asset purchases to bolster the economic recovery and instead signaled support for winding stimulus down when the coronavirus crisis eases.

“I’d be skeptical about the benefits of doing more,” Kaplan told Bloomberg Radio. Long-term interest rates are already low, and trying to push them down further by adding to the $120 billion in bonds the Fed is already purchasing each month would do little to help the real economy.

CORONAVIRUS WILL DICTATE U.S. ECONOMY’S PATH: FED’S WILLIAMS

Kaplan added “the bond-buying needs to curtail, the Fed balance sheet growth needs to curtail,” when the crisis starts to lapse.

“I don’t think it’s healthy for the markets to be addicted, or too reliant, on Fed presence … it engenders fragilities.”

Robert Kaplan, president and chief executive officer of the Federal Reserve Bank of Dallas, is seen in Ruston, La., April 11, 2016. (Getty Images)

That view may be unpopular with investors, who have come to see the Fed’s balance sheet as expanding without limits even as Congress and the White House have reached an impasse on fiscal stimulus.

The Fed has bought about $3 trillion in bonds since the start of the crisis to help stabilize financial markets and boost the economy, and has pledged since June to continue to buy “at least” at its current pace for the coming months. Some investors see that language as signaling a readiness to expand its $7.1 trillion balance sheet at an even faster clip to further support the economy.

It’s unclear how widely shared Kaplan’s desire to limit the expansion of bond buying is, but several of his colleagues have also addressed

El Fenix Mexican Restaurant on Lemmon Avenue in Dallas, near Inwood Road, has closed. It opened on Sept. 1, 1960, just over 60 years ago.

“We would like to thank our guests for over 60 years at our Lemmon location,” says Mike Karns, founder and CEO of El Fenix’s parent company, Local Favorite Restaurants. “Given current conditions, unfortunately we have made the difficult decision to not renew our lease.”

The company operates 14 El Fenix restaurants in Dallas-Fort Worth.

Beyond four stores in Dallas proper, the company sells its famous enchiladas at restaurants in Plano, Fort Worth, Arlington and more. (The El Fenix on Colorado Boulevard in North Oak Cliff was demolished in summer 2020 — a closure not related to the coronavirus pandemic. The landmark property was razed so a developer could build apartments in its place.)

The existing El Fenix restaurants offer takeout, curbside service and dine-in at 75% capacity, to comply with Gov. Greg Abbott’s executive order.

The Love Field-area El Fenix closed after business on Sept. 25. The sign had already been removed from the exterior of the building on Oct. 2.

On the flagship El Fenix in downtown Dallas, a mural says "Don't mess with Tex-Mex."
On the flagship El Fenix in downtown Dallas, a mural says “Don’t mess with Tex-Mex.”(Ron Baselice / Staff Photographer)

The storied Tex-Mex brand celebrated its 100th birthday in 2018. Its founder Miguel “Mike” Martinez started the first restaurant in 1918; the family sold the business about 90 years later to Karns, who continues to operate the company today.

The coronavirus pandemic has forced dozens of restaurants across Dallas to close for good. About 15% of the 50,000 restaurants in Texas have closed during the crisis, says Emily Williams Knight, the CEO of the Texas Restaurant Association. With no more financial aid from the government, Knight estimates that the number of restaurant closures in

Sales

ClearWorth Capital has purchased the Renaissance Parc apartments at the Dallas North Tollway and Verde Valley in Far North Dallas. The 294-unit apartment community is adjacent to the Village on the Parkway shopping center. Jay Gunn with Berkadia brokered the sale with the help of Chris Mendenhall at ClearWorth Capital. Nathan Stone and Brad Mason with Berkadia provided financing. ClearWorth Capital is an independent real estate investment firm that owns more than a dozen properties in Texas.

I-20 Industrial LP purchased 14.6 acres from HCH Farms Ltd. of Dallas at 34980 LBJ Freeway in Dallas. HSM Equity Partners will build a 15,540-square-foot facility for OTR Fleet Service, a provider of maintenance services for commercial vehicles. OTR is relocating from Forney. Huntley Luna and Nick Robinson at Henry S. Miller Brokerage brokered the sale with Tom Clarke with Transwestern. Mark Smith Sr. of HSM Equity Partners will develop the facility.

Khop Management has purchased 1426 N Riverfront Blvd., a 4,265 square foot building in the Dallas Design District. The building will be the home of Kirk Hopper Fine Art and was sold by Quadrant Investment Properties. Matthew Otte of Whitebox Real Estate brokered the sale. The lease was arranged by Christy Thelen, Trey Smith, Ward Eastman and Lauren Napper of Cushman & Wakefield.

An investor has purchased the Bocks Board Packaging building, a 69,750-square-foot industrial property at 1520 East Wintergreen Road in Hutchins. Adam Abushagur and Sam Martin of Marcus & Millichap brokered the sale.

An investor has acquired a freestanding 2,866-square-foot Burger King on a 29,980-square-foot site located at 2215 W. University Drive in Denton. Matthew Rosenfeld with Weitzman handled negotiations.

A Dallas investor purchased the Bonita Gardens Apartments, a two-story 138-unit rental community located at 3410 Fordham Road in Dallas. Mark Allen and Courtland Charles of Colliers International

Thryv Holdings, the Dallas-based company that owns the Yellow Pages, began trading shares of its common stock on the Nasdaq on Thursday, hoping to attract investors with its growth into a small-business-management platform.

Perhaps you haven’t opened or even seen a physical Yellow Pages book in years, but you’ve certainly seen the online Yellow Pages appear in search engine results. That evolution of the legacy Yellow Pages print product to a digital one has been the focus of Thryv chairman and CEO Joe Walsh and his team.

For five years, the company also has been building out an all-in-one business-management platform, called Thryv, that specifically caters to small- and mid-sized businesses. Think Salesforce, but for companies with two to 50 employees.

“We have the Yellow Pages, and the Yellow Pages come with hundreds and hundreds of thousands of mom-and-pop small businesses,” Walsh said. “So we built something that was appropriate for them.”

Grown through a series of mergers and acquisitions, Thryv Holdings now operates in 48 states. In 2014, Thryv was called DexMedia and was a conglomerate of Yellow Pages companies that previously had been fragmented among owners such as Verizon and AT&T. It acquired YP Holdings — the owner of YP.com — from AT&T in 2017.

Thryv recorded $1.3 billion in revenue and $452 million in pre-tax profit for the 12-month period that ended in June. Headquartered in the old Braniff International Airways HQ near DFW Airport, Thryv employs more than 2,400 people and serves 360,000 customers. About half of its staff works in the Dallas area, including human resources, sales and information technology teams.

Already a mature company, Thryv opted to go back to the trading floor through a direct listing under the ticker symbol THRY. Its shares had a brutal first day, opening at $14 and dropping

Transportation firm Uber Technologies is looking for someone to take over five floors of its office space in Deep Ellum.



a large building with a mountain in the background: Uber is hunting someone to take over its lease of five floors in the Epic office tower just east of downtown Dallas.


© Smiley N. Pool/Staff Photographer/The Dallas Morning News/TNS
Uber is hunting someone to take over its lease of five floors in the Epic office tower just east of downtown Dallas.

The almost 116,000-square-foot sublease in the Epic office tower on Pacific Avenue is just the latest case of companies looking to fill surplus office space during the pandemic.

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Commercial property firm CBRE is marketing ride-hailing firm Uber offices on the eastern edge of downtown Dallas.

Uber opened its Dallas office in the Epic tower last year. At the same time, it announced it was taking an even bigger space in another office tower under construction next door.

Real estate information firm CoStar first reported that Uber is now seeking to sublease.

The five floors of office space in the building at 2550 Pacific Avenue are available through mid 2023, according to CBRE.

The Uber space for lease includes offices, conference facilities, training rooms and lounge areas on the ninth through 15th floors, according to CBRE’s marketing material.

The move to sublease its Deep Ellum offices is the second change Uber has made this year for its planned Dallas regional operation.

In the summer of 2019 the California-based transportation company said it would open a Dallas office with at least 3,000 workers.

The planned Deep Ellum operation was to have been Uber’s largest hub outside of its San Francisco headquarters.

In November Uber and developers KDC and Westdale Real Estate broke ground on a 23-story, 470,000-square-foot office tower to house thousands of Uber workers starting in late 2022.

The Epic office high-rise is still under construction.

But Uber earlier this year said that it was pausing hiring for the