- Fiestas Patrias San Antonio 2021 Kicks Off September 15
- Texas: Governor Abbott Issues Proclamation Marking 20th Anniversary Of 9/11
- Texas: Governor Abbott Increases Readiness Level of State Operations Center In Response To Tropical Storm Nicholas
Relying on their combined management expertise, 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 all the way to full property redevelopment. Both partners bring over three decades of commercial real estate investment experience through a variety of market cycles spanning that time.
The joint venturers' first acquisition occurred in July 2021 of McKinney Corporate Center I, a 3-story multi-tenant Class A office property located in the master-planned 2,000-acre Craig Ranch development north of Dallas in McKinney, Texas. The property is adjacent to State Highway 121/Sam Rayburn Tollway and the TPC Craig Ranch golf resort.
Michael Cohen, President and Chief Executive Officer of Behringer, stated: "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. 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 surging Allen/McKinney office market offers great potential for this asset with its superior location and dynamic tenant base. 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."
More on Txylo.com
- Governor Greg Abbott Appoints Sweatt to Texas Woman's University Board of Regents
- Completion of emergency boiler repairs at Albemarle, a chemical company in Pasadena, Texas
- Houston's Iapetus Holdings Ranks Grow with New Controller Mike Marx
- 10:17 ET Chili's Wants To Spice Up Your Homecoming With Customized, Chilified Mums
- The New Real Estate "Just Looking" Program Is A Big Hit With Chattanooga Tn and Northwest Ga Area Residents!
Jay L. 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. This attractive asset is a welcome addition to our existing strategic commercial office portfolio in the northern Dallas suburbs' growth corridor. Along with Behringer, we were attracted to the asset's unique position in the burgeoning submarket and believe it will more than outpace new construction in its ability to serve existing and attract new tenants anxious for the right value in the submarket."
The property contains approximately 120,234 rentable square feet and is 100 percent leased. Behringer and Orangestar intend to position the building with tenants and the greater Allen/McKinney submarket as the right combination of location, visibility, amenities, and value within this fast-growing section of the Metroplex. The property's diverse 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 significant property investment decisions. Orangestar will provide daily property management and Behringer will provide investor relations.
More on Txylo.com
- One Park Financial, a Fund Street Technologies Brand, Wins Bronze Stevie® Award 3 Years in a Row
- Madisonville Jane Doe-5 year Recovery Anniversary
- 07:01 ET NadaMoo! Brings Dairy Free Pumpkin Pie Ice Cream to your Seasonal Dessert Rotation
- Lee Enterprises Consulting Announces New Experts From Around the World
- SilverPoint Senior Living Named in the Top 20 of 2021 Best Workplaces in Aging Services by Great Place to Work and Fortune
Since its inception in 1989, Dallas-based Behringer, together with its affiliates, has raised equity of more than $6 billion through public and private fund structures, joint ventures, and separately managed accounts. The company offers strategic advisory, asset management, tax-deferred exchange and capital markets solutions focused on commercial office investment opportunities in Texas. For more information about Behringer please visit behringerinvestments.com.
Over the span of 7 decades, Orangestar and its family of companies have been active investors in office, retail, and multifamily properties across the United States. Since the 1980s, Orangestar executives have led the successful development and disposition of various types of residential and commercial properties, including office buildings and shopping centers, across California, Colorado, Georgia, Ohio, Pennsylvania, and Texas. Orangestar's corporate headquarters are in Dallas (Plano), Texas.
Filed Under: Business
Latest on Txylo.com
- The New Real Estate "Just Looking" Program Is A Big Hit With Triangle Area Residents!
- Texas: Governor Abbott Statement On Biden Administration Refusal To Close Ports Of Entry
- Easy Blog SEO Content Optimization for Non-Techie Writers
- Swoop Airline will offer flights to Canada from St. Pete airport | Swoop Airline
- Texas: Governor Abbott Reappoints Three to the Lower Neches Valley Authority Board of Directors
- Texas: Governor Abbott Reappoints Three to State Board of Veterinary Medical Examiners
- Eight Bit Studios Names Heather Brown as First CEO
- Improving Appoints Kathy Henely as New Board Member
- Telemach Slovenia Goes Live With AX OTT To Improve Customer Experience
- Moss Construction Promotes Mendeljian to VP of Preconstruction
- Heart to Heart Hospice Receives Medalogix Muse Trailblazer Award for Adopting Machine Learning Technology
- Trophy Automotive Dealer Group Announces the Launch of Fab Cars, An E-Commerce Platform For Selling and Buying Used Cars
- ACU continues to lead Texas universities in U.S. News student success categories
- MG Facility Services Awarded $30 Million, Multi-Year Contract With The U.S. Environmental Protection Agency
- Texas: Governor Abbott, HHSC Announce Federal Approval For SNAP Benefit Replacements Due To Hurricane Nicholas
- Texas: Governor Abbott Calls County Judges In Beaumont Area To Discuss Hurricane Nicholas Recovery Efforts
- Texas: Governor Abbott Calls County Judges In Corpus Christi Area To Discuss Hurricane Nicholas Recovery Efforts
- Texas: Governor Abbott Calls County Judges In Houston Area To Discuss Hurricane Nicholas Recovery Efforts
- Texas: Governor Abbott Calls County Judges In Victoria Area To Discuss Hurricane Nicholas Recovery Efforts
- Texas MDL Sought for Splashtown Chemical Leak Cases