{"id":1004635924,"date":"2022-12-19T03:51:00","date_gmt":"2022-12-19T11:51:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004635924"},"modified":"2023-04-19T02:14:43","modified_gmt":"2023-04-19T10:14:43","slug":"highwoods-properties-jv-acquires-dfw-mixed-use-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/highwoods-properties-jv-acquires-dfw-mixed-use-asset\/","title":{"rendered":"Highwoods JV Pays $395M for Dallas Tower"},"content":{"rendered":"
\"\"

McKinney & Olive building<\/p><\/div>\n

Highwoods Properties<\/strong> and Granite Properties <\/strong>have acquired a 557,000-square-foot mixed-use property in Uptown Dallas. The 50\/50 joint venture\u2019s total investment is anticipated to be $394.7 million, including $2 million in transaction fees and $1.7 million in asset improvements.<\/p>\n

McKinney & Olive features 507,000 square feet of office space space and 50,000 square feet of retail. Completed in 2016, the property is currently 99 percent occupied.<\/p>\n

According to Commercial Edge data<\/a>, current tenants include Trive Capital, Team One, CrossFirst Bank, Prologis, Cushman & Wakefield, McKinsey & Co. and Ankura Consulting Group.<\/p>\n

The Class AA tower, standing 21 stories, features a fitness center, a conference center, a rooftop garden, five elevators and some 1,326 parking spaces, the same data shows.<\/p>\n

\n

READ ALSO<\/strong>: Office Amenities With Tenant Appeal<\/a><\/p>\n

\n

Located at 2021 McKinney Ave., tenants are within walking distance to Klyde Warren Park and the Dallas Arts District. A one-acre piazza by the building offers green space. The Dallas North Tollway, Interstate 75, Woodall Rogers Freeway and public transportation options are in proximity to McKinney & Olive, offering access to the larger Dallas and Texas area.<\/p>\n

Situated four blocks from McKinney & Olive is 23Springs, another joint venture development between Granite Properties and Highwoods Properties. The asset is a 626,000-square-foot mixed-use office and retail project. Expected to deliver in 2025<\/a>, the Class AA building is 26 stories tall.<\/p>\n

In prepared remarks, Ted Klinck, president & CEO of Highwood Properties, said McKinney & Olive has good net operating income upside potential, with rents estimated to be 35 percent below market rate. Next year, the asset is anticipated to generate a cash NOI of $22 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Completed in 2016, McKinney & Olive features office and retail space.<\/p>\n","protected":false},"author":3006,"featured_media":1004635926,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21743,21808,21783,21752,21742,51973],"tags":[35877,34210],"class_list":["post-1004635924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-deals","category-featured","category-investment","category-mixed-use","category-latest","category-southwest","tag-granite-properties","tag-highwoods-properties-inc"],"acf":[],"yoast_head":"\nHighwoods JV Pays $395M for Dallas Tower - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Currently 99 percent leased, the property is 557,000 square feet with office and retail space. 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