A global investment manager picked up a mixed-use portfolio featuring multifamily and retail properties in one of Dallas' trendiest neighborhoods.
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Houston-based Hines acquired the nine-building Bishop Arts portfolio through its Hines Global Income Trust as part of a more than $525M nationwide purchase series. The REIT spent $170.5M on the roughly 7-acre Dallas portfolio that includes 539 multifamily units and around 49K SF of retail space, according to an Aug. 31 filing with the U.S. Securities and Exchange Commission.
"Bishop Arts ... reflects the kind of walkable, mixed-use environment that attracts residents, retailers and visitors,” Hines Managing Director Corbin Eckel said in a statement. “With its mix of multifamily residences, restaurants, boutiques and neighborhood-serving businesses, we believe the portfolio is well positioned to benefit from Dallas’ continued growth.”
The residential properties Hines acquired were the 246-unit Bishop North at 200 N. Bishop Ave., the 141-unit Bishop Canopy at 515 W. 10th St., the 34-unit Treehaus at 211 W. 10th St. and the 118-unit Bishop Flats at 305 Melba St.
Together, they total around 438K SF of leasable space and were 95% leased at the time of the deal.
The retail properties purchased were at 308 and 275 N. Bishop Ave., 403 and 321 W. Ninth St., and 404, 332, 336 and 337 Melba St. They were 98% leased when the deal closed.
Eckel, Will Renner and Michael Harrison with Hines’ U.S. Sun Belt team led the acquisition. While the seller's name was not disclosed, Dallas Central Appraisal District records show nearly all of the properties were most recently owned by Bishop Arts LLC, which is owned by Exxir Capital.
That Dallas-based development and hospitality firm also has its headquarters in Bishop Arts.
With its new Bishop Arts properties, Hines manages nearly $1.4B in Dallas assets, including the 344-unit high-rise The Victor in Victory Park and the mixed-use Maple Terrace development in Uptown, which features 345 multifamily units, 157K SF of office space and 15K SF of restaurants.
Hines’ other acquisitions in its filing were a 59-unit multifamily tower in Atlanta and an 862K SF industrial portfolio in Columbus, Ohio. The REIT paid $237.8M for the Atlanta building and $117M for the Ohio portfolio.
While Hines has been busy expanding its U.S. portfolio, the company also named a new co-CEO last week as part of a generational leadership shift.
Current co-CEO Jeffrey Hines will step down at the end of the year and become the company's chairman. Adam Hines, the current chief of staff to the CEO's office and the grandson of the firm’s founding namesake, will replace him.
Adam Hines will join his sister, Laura Hines-Pierce, as co-CEO. Hines-Pierce has served as co-CEO since 2022.
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