Uptown’s Momentum Attracts National Investor
A national investor is capitalizing on Uptown’s momentum with a mixed-use conversion slated for a recently acquired office building. Earlier this week, Seattle-based KBC Advisors announced it has acquired 3100 McKinnon Street, an 11-story, 226,000-square-foot office tower along the Katy Trail.
KBC said it plans to begin converting the site into a mixed-use project within the next 24 months that will include office, retail and residential components.
Investment in Uptown
“3100 McKinnon’s prime location along the Katy Trail in Uptown, with direct access to the Dallas North Tollway and expansive, unobstructed views, makes it an exceptional site for a world-class mixed-use development,” Ryan Keiser, partner and Dallas market leader with KBC, said in a statement.
The company, whose Dallas offices are also on McKinnon Street, noted it plans to continue investing in “unique, high-value properties in Dallas’ urban core.” Last year, it completed two speculative industrial buildings in Fort Worth’s Mercantile Business Park with Dallas-based private equity real estate firm Velocis.
Redevelopment Plans
KBC acquired 3100 McKinnon Street alongside another unnamed investor. Publicly available records did not confirm the investor’s identity. Thirty-Four Commercial, a Dallas-based commercial real estate firm, will manage the property and oversee leasing efforts before the redevelopment.
The company announced that short-term leases are available for spaces ranging from 1,400 to 20,000 square feet. “This is a rare opportunity for tenants to office in Uptown with a significant rate reduction,” Bryce Jackson, partner at Thirty-Four Commercial, said in a statement.
Uptown’s Growing Popularity
“Given the building’s prime location and flexible, short-term leasing options, it offers unmatched value for companies looking to establish or maintain a presence in one of Dallas’ most coveted submarkets.” Last quarter, nearly three-quarters of the Dallas-Fort Worth metro’s 2.7 million-square-foot construction pipeline was in Uptown.
Despite an overall tepid appetite for office across the metro, per-square-foot rental rates in Uptown are climbing, not decreasing, due to overwhelming demand against limited space. Get the latest real estate news you need to know.
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Conclusion
In conclusion, the acquisition of 3100 McKinnon Street by KBC Advisors is a significant investment in Uptown’s growing momentum. The planned mixed-use conversion will bring new office, retail, and residential components to the area, further solidifying Uptown’s position as one of Dallas’ most coveted submarkets.
FAQs
Q: What is the location of the acquired office building?
A: The acquired office building is located at 3100 McKinnon Street, along the Katy Trail in Uptown.
Q: What are the plans for the redevelopment of the site?
A: The site will be converted into a mixed-use project with office, retail, and residential components within the next 24 months.
Q: Who will manage the property and oversee leasing efforts before the redevelopment?
A: Thirty-Four Commercial, a Dallas-based commercial real estate firm, will manage the property and oversee leasing efforts before the redevelopment.
Q: What is the current state of the office market in Uptown?
A: Despite an overall tepid appetite for office across the metro, per-square-foot rental rates in Uptown are climbing, not decreasing, due to overwhelming demand against limited space.
