Behringer, Orangestar acquire McKinney Corporate Center in Craig Ranch – Dallas Business Journal – Dallas Business Journal

on

|

views

and

comments

Longtime real estate investors Behringer and Orangestar have acquired a high-profile office building in the Craig Ranch development in McKinney.
Dallas-based Behringer and Plano-based Orangestar announced Tuesday their partnership to acquire commercial office properties across Texas’ major metro markets.
The joint venturers’ first acquisition occurred in July 2021 of McKinney Corporate Center I, a three-story multi-tenant Class A office property in the master-planned 2,000-acre Craig Ranch development, the companies said.
The property is next to State Highway 121/Sam Rayburn Tollway and the TPC Craig Ranch golf resort. 
Behringer and Orangestar will seek both boutique and value-added properties in urban and suburban locations, the companies said in a news release announcing the partnership and acquisition. The partners aim to create solutions for niche property sellers grappling with the economic uncertainty of the post-COVID investment environment. 
Behringer and Orangestar are evaluating acquisition opportunities that include the full spectrum of asset profiles, from those in need of minor repositioning or credit enhancement to full property redevelopment.  Both partners bring over three decades of commercial real estate investment experience through a range of market cycles, said Michael Cohen, president and CEO of Behringer.
“This partnership is a milestone for both organizations as we plan to capitalize on not only a unique cultural fit amongst our respective teams but also an investment environment primed to produce the kind of return profile our investors desire,” Cohen said in a news release. “We each bring unique talents and expertise to our partnership. These were clearly demonstrated in our combined effort leading to the acquisition of McKinney Corporate Center.”
The post-pandemic Allen-McKinney office market is surging, offering opportunity for the McKinney Corporate Center, Cohen said.
“We believe Behringer, our experienced partner Orangestar, and our valued private investors will be well-served with this advantaged, below replacement cost acquisition and its potential for rent growth well into the future,” he said.
Jay Post, managing partner of Orangestar, added: “Our venture is uniquely positioned to take advantage of the surging Texas investment market as well as our unique ability to perform for sellers with an agile approach others can’t match. The proof point was our ability to deliver for the seller in McKinney.”
Along with Behringer, Orangestar was attracted to the asset’s position in the burgeoning submarket and believes it will outpace new construction in its ability to serve existing and attract new tenants anxious for the right value, Post said.
“This attractive asset is a welcome addition to our existing strategic commercial office portfolio in the northern Dallas suburbs’ growth corridor,” he said. 
The property contains roughly 120,234 rentable square feet and is 100% leased. The property’s tenant base includes companies from industries representing commercial building supplies, healthcare/insurance tech, home health care, residential mortgage origination, and coworking/executive suites, among others. 
Behringer and Orangestar will share responsibilities for all asset management and property investment decisions.  Orangestar will provide daily property management and Behringer will provide investor relations.
© 2021 American City Business Journals. All rights reserved. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated 1/1/21) and Privacy Policy and Cookie Statement (updated 7/20/21). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of American City Business Journals.

source

Share this
Tags

Must-read

Food, wine and family bring life to Richardson restaurant Apollonia's Italian Kitchen – Community Impact Newspaper

Romer Perez is the owner and head chef of Apollonia’s Italian Kitchen in Richardson. (Photos by Erick Pirayesh/Community Impact Newspaper) By Erick Pirayesh |...

Major League Baseball labor negotiations: Live updates, MLB free-agent news and more as potential lockout approaches – The Athletic

Log inSubscribe NowSearchTop NewsPodcastsThursday Night FootballMLB LockoutNHLMLBNFLNBACollege FootballCollege BasketballBettingFantasy FootballFantasy BaseballFantasy BasketballFantasy HockeyMMABoxingOlympicsMotorsportsGolfMLSPremier LeagueBundesligaLa LigaSerie AChampions LeagueEuropa LeagueInternational SoccerEFLScottish PremiershipFantasy Premier LeagueNWSLWNBAWomen's College BasketballSports...

Doncic, Mavericks Start Hot-Handed to Beat Pelicans 139-107 – NBC 5 Dallas-Fort Worth

Luka Doncic scored 18 of his team-high 28 points in the first quarter and dished out 14 assists in 27 minutes to power the...
spot_img

Recent articles

More like this

LEAVE A REPLY

Please enter your comment!
Please enter your name here