OliveMill Holdings, a newly launched commercial real estate firm, has formed a long-term partnership with Hunt Realty Investments and acquired 2801 North Central Expressway in Dallas, currently occupied by The Richards Group. Angelo Gordon is an equity partner in the transaction. OliveMill will oversee the property’s management and operations.
OliveMill was founded by Chris Selbo, Peter Yates and Ryan McManigal in 2021. OliveMill is a full-service firm focused on investing, leasing, management services, and development. The company targets assets located in high-growth commercial and employment centers to maximize returns and value.
“It’s an exciting time to be working in the office building segment, and we’ve found great partners with Hunt Realty Investments and Angelo Gordon,” said Selbo. “We look forward to a long relationship as we share a similar vision of focusing on the people aspect of office assets and leaving properties better than we found them.”
Prior to launching OliveMill Holdings, Selbo served as vice president at KDC and senior analyst at HFF; Yates served as vice president at KDC and senior leasing associate at Lincoln Property Company; McManigal served as senior vice president at KDC and vice president at KBS.
“With over 35 years of combined experience in commercial real estate, we have worked with and learned from some of the best in the business,” added McManigal. “We understand the industry’s ups and downs, and the need to be nimble and adaptable, and we’re ecstatic for what the future holds.”
2801 North Central Expressway is a 240,000-square-foot Class AA office building developed in 2015 for The Richards Group. The 18-story building, known for a three-story staircase atrium as well as its highly transparent glass skin that displays the building’s colors, is located in the highly walkable and amenity-rich West Village, near a DART stop and the McKinney Avenue Trolley Line.
“This is a bittersweet event for me personally. Of course, I am excited for Hunt Realty to be part of the group purchasing this tremendous building, essentially launching a new platform with some of my best friends in the industry in Ryan, Peter and Chris from OliveMill,” said Colin Fitzgibbons, President of Hunt Realty Investments. “My mom worked for The Richards Group for 25 years, so part of me is sad this building was even for sale. We will do our utmost to take care of this building Stan Richards meticulously developed just a short while ago, while at the same time making sure this is a successful investment for our new venture with OliveMill and Angelo Gordon.”
OliveMill also represented Hunt Realty Investments on the leases in its headquarters at 1900 Akard Street. JPMorgan Chase will occupy floors 1 through 5 at 1900 Akard Street starting in fall 2022. Dallas Petroleum Club will occupy the top-floor location starting in early 2023.
“The timing of the formation of our partnership with OliveMill was just perfect,” said Chris Kleinert, CEO of Hunt Realty. “We had not focused on the creating of operating companies as much as Hunt Realty has in the past but given the relationships and some unique opportunities in the market all coming together at the same time, we thought the potential was too great to pass up.