Michaels Stores Leases 123740 Sq Ft Office Space In Irving, TX With Accesso - Michael Williams (JLL)
W John W Carpenter Fwy, Irving, TX, 7...
Building Size
123,740 SF
Asset Type
Office
Closing
Nov 22, 2023
AI
The office headquarters of Michaels Stores will be relocated to a 123,740-square-foot space at Royal Ridge III in Irving, Texas. Michaels, known for selling art supplies, hobby accessories, and home décor goods, has been operating in Irving since 2002. The Class A building will be fully occupied by Michaels in this relocation.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not disclosed
- Address: W John W Carpenter Fwy, Irving, TX
- Market: Irving
- Landlord's Rep: Michael Williams (JLL)
- Tenant: Michaels Stores
- Landlord: Accesso
John Brownlee and Michael Williams from JLL represented the landlord, Accesso, in the lease negotiations. On the other side, Jamie Jennings of Stream Realty Partners and Damian Rivera of ESRP represented Michaels in the deal. The timeline for Michaels' relocation was not revealed in the announcement.
Players
Irving Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93