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Hines Buys Bishop Arts Properties Valued at $170 Million

DFW: Houston-based real estate investment firm Hines has purchased nine buildings in Dallas’ Bishop Arts District for approximately $170.5 million, acquiring 539 apartments and about 49,000 square feet of retail space. The transaction closed Sept. 30 through Hines Global Income Trust.  Spanning nearly seven acres southwest of downtown Dallas, the portfolio includes apartment properties Bishop North, Bishop Canopy, Bishop Flats and Treehaus, along with buildings housing restaurants and shops such as Lucia, Paradiso and Village Baking Co. The apartments were approximately 95% leased, while retail space was 98% leased to 22 tenants, including restaurants, boutiques and neighborhood businesses. Hines says the ownership change will not affect existing operations. The acquisition is part of a broader investment push totaling more than $500 million across Dallas, Atlanta and Columbus, Ohio, encompassing residential, retail and industrial properties. The company manages more than $90 billion in assets and operates in nearly 30 countries. 

DFW: Developer Craig Hall’s Hall Group is adding 105 apartments at Hall Park in Frisco, advancing the campus’s planned $7 billion transformation into a mixed-use district. Terra Residences is expected to open in 2028 as the second residential community within the 162-acre development along the Dallas North Tollway and Gaylord Parkway. The project will offer studios and one-, two- and three-bedroom apartments averaging approximately 917 square feet, with open layouts, private terraces and access to lakes, walking trails and Kaleidoscope Park. Planned amenities include a fitness center and resident lounge, with a health and wellness club nearby. Terra Residences will join The Monarch, Hall Park’s existing 19-story, 214-unit apartment tower. The broader redevelopment also includes The Terraces, a new 10-story office building, and a $14 million expansion of Kaleidoscope Park, both expected to be completed in 2028. Hall Park currently encompasses 18 buildings with more than 3 million square feet of mixed-use space.

DFW: Lincoln Property Co. plans to break ground on The Springs District, a 1.4 million-square-foot development bringing three towers to Uptown Dallas. The four-acre project on Cedar Springs Road would combine offices, apartments, and a hotel and condominiums around a landscaped public plaza, bringing online more places to live, work, play and stay within walking distance of one another. A firm groundbreaking date or a completion target has yet to be announced. Current plans call for 511,000 square feet of office space, approximately 235 apartments, a 200-room Dallas Proper Hotel, 83 condominiums and 25,000 square feet of restaurant and retail space. The office tower will be called 28Hundred Fairmount, and several tenants already have committed to space within the high-rise. The district would include more than two acres of outdoor amenity space for performances, community events and farmers markets. The Springs would join various other mixed-use developments in Uptown that have been developed in recent years.

U.S.:  Mortgage rates have reached their highest level in nearly three years, squeezing purchasing power for some homeowners as the housing market enters the fourth quarter. Freddie Mac’s average 30-year fixed rate rose to 7.40% on Oct. 8, up from 7.28% a week earlier and 6.30% a year ago. The slowdown is showing up in some contracts with Zillow reporting that new pending sales fell 8.5% year over year in September. Meanwhile, Realtor.com’s recent weekly data report shows active listings increased 6.7% and median asking prices declined 2.4%, giving buyers more choices despite higher financing costs. A scenario by Redfin suggests housing costs could normalize within five years if mortgage rates fall to 6% and annual home-price growth holds near 2.1%.

LALALAND: Tennis champ John McEnroe and his wife, singer-songwriter Patty Smyth, are asking $35 million for their beachfront home in Malibu’s Paradise Cove. The OG “bad boy” of tennis, who has seven Grand Slam singles titles, and Smyth bought the property for $21 million in 2015. Built in the mid-1990s, the roughly 6,500-square-foot residence has four bedrooms on a 0.3-acre beachfront lot. Its living room opens onto an oceanfront deck, while other amenities include a two-story fireplace, an elevator, a dumbwaiter and a lower-level wet bar. Sliding doors lead to a covered deck with a hot tub. The landscaped front yard features a waterfall and a pavilion used for workouts and yoga. McEnroe, who now primarily works as a tennis commentator on various television networks, lives primarily in Manhattan and plans to retain a smaller Malibu home that the couple had purchased in 2013 for $3.3 million.

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