McKinney & Olive constructing
Highwoods Properties and Granite Properties have acquired a 557,000-square-foot mixed-use property in Uptown Dallas. The 50/50 three way partnership’s whole funding is anticipated to be $394.7 million, together with $2 million in transaction charges and $1.7 million in asset enhancements.
McKinney & Olive options 507,000 sq. ft of workplace area area and 50,000 sq. ft of retail. Accomplished in 2016, the property is at present 99 % occupied.
In accordance with Business Edge information, present tenants embody Trive Capital, Group One, CrossFirst Financial institution, Prologis, Cushman & Wakefield, McKinsey & Co. and Ankura Consulting Group.
The Class AA tower, standing 21 tales, includes a health middle, a convention middle, a rooftop backyard, 5 elevators and a few 1,326 parking areas, the identical information exhibits.
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Situated at 2021 McKinney Ave., tenants are inside strolling distance to Klyde Warren Park and the Dallas Arts District. A one-acre piazza by the constructing affords inexperienced area. The Dallas North Tollway, Interstate 75, Woodall Rogers Freeway and public transportation choices are in proximity to McKinney & Olive, providing entry to the bigger Dallas and Texas space.
Located 4 blocks from McKinney & Olive is 23Springs, one other three way partnership growth between Granite Properties and Highwoods Properties. The asset is a 626,000-square-foot mixed-use workplace and retail mission. Anticipated to ship in 2025, the Class AA constructing is 26 tales tall.
In ready remarks, Ted Klinck, president & CEO of Highwood Properties, mentioned McKinney & Olive has good web working earnings upside potential, with rents estimated to be 35 % under market charge. Subsequent 12 months, the asset is anticipated to generate a money NOI of $22 million.
