Village Baking Co. Photo by Emma Ruby.
Houston-based global real assets investment manager Hines has acquired nine properties within the Bishop Arts District for over $170 million.
The acquisition, led by Hines Global Trust Inc., has purchased what the firm coined the “Bishop Arts Portfolio,” which includes nearly seven acres of 539 multifamily units and approximately 49,000 square feet of retail, according to an Oct. 6 press release.
The apartment properties purchased include Bishop Canopy, Bishop Flats, Bishop North, and Treehaus, with retail properties located at 308 and 275 N. Bishop Ave.; 404, 332, 336 and 337 Melba St.; and 403 and 321 W. 9th St., according to an article from Dallas Business Journal.
The properties, a majority of which were previously owned by Exxir, are currently 95% leased for the apartments and 98% leased across retail, which includes 22 tenants. Some of those tenants are Village Baking Co., Bar Eden Lounge, Paradiso, along with Michelin Bib Gourmand awardee Lucia and Michelin-recommended Written by the Seasons.
Michael Harrison, Will Renner, and Corbin Eckel of Hines’ U.S. Sunbelt team led the Bishop Arts acquisition, which was announced as part of a three-market transaction with properties also acquired in Atlanta and Columbus, Ohio.
The company told The Dallas Morning News that the sale won’t affect existing operations.
“Our goal is to synergize the residential and retail components in ways that serve residents, businesses, and the broader district as it enters its next chapter,” Eckel said in a statement to the News.
