Addison Business Park goes to Dallas Investor
Pillar Commercial adds to D-FW holdings
A Dallas investor has purchased an Addison office and industrial campus.
Pillar Commercial acquired the Addison II business park at 4550 Excel Parkway near Addison Airport.
The 182,154-square-foot project was built in 1996 and is fully leased to tenants including Southern Glazer Wine & Spirits, Assurant Solutions and Arbonne International.
“The quality of Addison II and its strong tenancy were key factors in this acquisition,” Pillar founder Manny Ybarra said in a statement. “In addition, the property’s location is ideal for users seeking a combination of office and production space within a micro-market that currently stands at 94% occupancy.”
The purchase includes an adjacent tract of land.
Pillar acquired Addison II for its Pillar Real Estate Fund I, a Texas-focused investment vehicle. It’s the third acquisition for the fund.
Crossfirst Bank financed the purchase, with Brian Carlton with JLL arranging the debt.
Pillar Commercial manages more than a dozen commercial properties in North Texas including office and industrial buildings.