Hines Acquires Dallas Apartments, Retail for $170.5M
The Bishop Arts Portfolio is one of three properties Hines recently bought through its Hines Global Income Trust (HGIT). The Dallas property features a mixed-use property with 539 multifamily units and approximately 49,000 square feet of high-street retail.
The multifamily assets are approximately 95% leased and the retail space is 98% leased, with 22 tenants comprising restaurants, boutiques and neighborhood-serving businesses.
Hines said the walkable, lifestyle-oriented location gives residents, visitors and tenants access to one of Dallas’ most experiential urban districts. The combination of apartments and street-level retail gives HGIT exposure to both residential demand and retail and restaurant tenancy in an established urban district.
Corbin Eckel, Will Renner and Michael Harrison of Hines’ U.S. Sunbelt team led the acquisition.
Hines also acquired an apartment complex in Atlanta and an industrial property in Columbus. The cost of the three properties totaled over $500 million.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout