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W John W Carpenter Fwy, Irv...

Michaels Stores Leases 123740 Sq Ft Office Space In Irving, TX With Accesso - Michael Williams (JLL)
LEASEDOffice

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

Michael Williams

JLL

Broker

4 deals

Broker
Accesso
AccessoLandlord

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