Key Takeaways
- • Hines Global Income Trust paid more than $170 million for nine properties in Dallas' Bishop Arts District, according to CultureMap Dallas, which reported the deal.
- • The portfolio includes 539 apartments and roughly 49,000 square feet of retail space on almost seven acres, with 22 retail tenants.
- • The seller is Dallas-based Exxir Capital, which developed the surrounding Bishop Main Street area in Oak Cliff.
- • Hines is assuming all residential leases, and the retail tenant base includes Michelin-recognized restaurants Lucia and Written by the Seasons.
- • The transaction is the second Bishop Arts property acquisition since August, following 90Ten's purchase of 301-321 N. Bishop Ave. two months earlier.
Summary
Houston-based developer, investor and property manager Hines has acquired a nine-building mixed-use portfolio in Dallas' Bishop Arts District for more than $170 million. Hines Global Income Trust told CultureMap Dallas that the package, which Hines refers to on its website as the "Bishop Arts Portfolio," comprises 539 apartments and about 49,000 square feet of retail and restaurant space across nearly seven acres. Other coverage described the apartment count as more than 500 units, and the reported price varied slightly among outlets, with one citing $170.5 million.
Hines identified the seller as Dallas-based Exxir Capital, which developed the Bishop Main Street area in Oak Cliff. That two-block development spans roughly 750,000 square feet and includes retail, residential and office space, and it contains the properties Hines acquired. Corbin Eckel, managing director at Hines, said the firm sees its role as building on the foundation the prior owner established, citing "thoughtful ownership and Hines' integrated operating platform."
The acquired properties include the residential buildings Bishop North (200 N. Bishop Ave.), Bishop Canopy (515 W. 10th St.), Bishop Flats (305 and 431 Melba St.) and Treehaus (211 W. 10th St.), along with retail space at several addresses on Bishop Avenue, Melba Street and West Ninth Street. Notable retail tenants include Italian restaurant Lucia, described as Michelin-recommended; Written by the Seasons, a New American restaurant with Michelin recognition; Paradiso, a Southern European-inspired eatery; Bar Eden Lounge; and Village Baking Co. Hines is taking over all residential leases.
The deal is the second Bishop Arts property transaction since August. It follows Dallas-based investor 90Ten's purchase of 301-321 N. Bishop Ave. about two months earlier, indicating continued institutional interest in the district's mixed-use assets.
Hines identified the seller as Dallas-based Exxir Capital, which developed the Bishop Main Street area in Oak Cliff. That two-block development spans roughly 750,000 square feet and includes retail, residential and office space, and it contains the properties Hines acquired. Corbin Eckel, managing director at Hines, said the firm sees its role as building on the foundation the prior owner established, citing "thoughtful ownership and Hines' integrated operating platform."
The acquired properties include the residential buildings Bishop North (200 N. Bishop Ave.), Bishop Canopy (515 W. 10th St.), Bishop Flats (305 and 431 Melba St.) and Treehaus (211 W. 10th St.), along with retail space at several addresses on Bishop Avenue, Melba Street and West Ninth Street. Notable retail tenants include Italian restaurant Lucia, described as Michelin-recommended; Written by the Seasons, a New American restaurant with Michelin recognition; Paradiso, a Southern European-inspired eatery; Bar Eden Lounge; and Village Baking Co. Hines is taking over all residential leases.
The deal is the second Bishop Arts property transaction since August. It follows Dallas-based investor 90Ten's purchase of 301-321 N. Bishop Ave. about two months earlier, indicating continued institutional interest in the district's mixed-use assets.
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