Dallas-based Behringer and Plano-based Orangestar announced Tuesday their partnership to acquire commercial office properties across Texas' major metro markets.
The joint venturers' first acquisition occurred in July 2021 of McKinney Corporate Center I, a three-story multi-tenant Class A office property in the master-planned 2,000-acre Craig Ranch development, the companies said.
The property is next to State Highway 121/Sam Rayburn Tollway and the TPC Craig Ranch golf resort. The partners aim to create solutions for niche property sellers grappling with the economic uncertainty of the post-COVID investment environment.
Jay 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."
Along with Behringer, Orangestar was attracted to the asset's position in the burgeoning submarket and believes it will outpace new construction in its ability to serve existing and attract new tenants anxious for the right value, Post said. The property's 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. Orangestar will provide daily property management and Behringer will provide investor relations.
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