The first half of the calendar year (2023) has been an active period for private investor Behringer and its partners. The Dallas-based investment platform formed in 1989 has transitioned its adviser role with the publicly-traded, NYSE-listed Vertical Capital Income Fund to Carlyle Global Credit Investment Management L.L.C. Also, in conjunction with Orangestar, Behringer acquired 4880 Alpha Road, an office/showroom/industrial property, furthering the previously announced venture between the two.
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“The [partnership] is looking for opportunities that are durable through uncertain economic conditions. Both partners bring multi-generational investment experience across a variety of cycles and market conditions to drive 4880 Alpha, our existing portfolio, and future identified opportunities to successful outcomes.”
Michael Cohen, President and CEO of Behringer, stated, “These milestones in another year of growth and evolution for Behringer serve as further proof that we do what we say we are going to do for our trusted investors and valued employees. We are very pleased to mark these successes with our key partners as we work tirelessly together creating successful outcomes for our strategic investments.”
4880 Alpha Road
The building was acquired in July in partnership with Orangestar under the previously announced joint venture investing across major metropolitan markets of Texas. Occupying an impeccable location two blocks west of the North Dallas Tollway in the Galleria submarket and adjacent to planned mixed use developments, the asset is in the planning stages for leasing strategies, potential subdivision, and future transformation. Stoic Real Estate Partners represents the partnership on leasing inquiries and advised on the acquisition. Within a dynamic overlay entertainment district being promoted by the City of Farmers Branch, the property is strategically located to take advantage of an emerging destination for diverse industries in and amongst the stalwart north Dallas furniture (and design) retail district.
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Commenting on the asset’s potential, Chad Albert, Founder of Stoic Real Estate Partners, said, “The ability to offer approximately 45,000 contiguous air-conditioned single-floor square footage with phenomenal Alpha Road frontage is a rare opportunity just a few blocks west of the Galleria. The building is versatile, and thus can support retail, office, flex/industrial and entertainment type uses.” The building can be occupied in Q1 2024. Inquiries from potential tenants should be directed to the Stoic Real Estate Partners team.
The asset acquisition serves as a continuation of the Behringer and Orangestar joint venture. Seeking both boutique and value-added commercial properties in urban and suburban locations with repositioning potential, the partnership is creating solutions for niche property sellers in the dynamic Texas market.
Jay Post, Managing Partner and President of Orangestar explained, “The [partnership] is looking for opportunities that are durable through uncertain economic conditions. Both partners bring multi-generational investment experience across a variety of cycles and market conditions to drive 4880 Alpha, our existing portfolio, and future identified opportunities to successful outcomes.”
Behringer and Orangestar will share responsibilities for all asset management and significant property investment decisions. Behringer will provide daily property management.
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