New Orleans investor buys 11-story high-rise in Far North Dallas
A New Orleans investor has snapped up a Far North Dallas office tower. Uhalt Investments bought the 11-story 7920 Belt Line office high-rise at Coit and Belt Line Roads. The 190,830-squarefoot office building was constructed in 1983 and has been owned for more than 13 years by Dallas-based Pillar Commercial. It was sold by Pillar Commercial and partner Blue Vista Capital.
By: Steve Brown – January 4, 2021
“We have owned 7920 Belt Line since 2007 through a series of different joint venture partnerships,” Manny Ybarra, founder and CEO of Pillar Commercial, said in a statement. “The tenant roster is made up of exceptional businesses, and we are confident that Uhalt Investments will have much success with this asset.”
Pillar recently completed a $2.3 million renovation of the building. The sale included an adjoining property for potential development. Creighton Stark and Chris Boyd of Colliers International brokered the sale.
“We are thrilled with this acquisition and expect it to be the first of over 1 million square feet of offices in D-FW over the next couple of years,” Hugh Uhalt of Uhalt Investments said. “We will provide a higher level of service to our tenants while offering strong economies.”
Tenants in the building include Interactive Communications, Security National Mortgage, Praxeo Health, Akumin Corp. and Central Security Life Insurance.
“7920 Belt Line represents a well-positioned and institutionally maintained multi-tenant office tower, surrounded by numerous walkable restaurants and retail options,” Colliers International’s Stark said in a statement. “Ninety percent occupied at the time of sale, the tower represents a diverse and longtenured tenant roster, anchored by medical, insurance and financial services firms.
Stark said the suburban Dallas office market “has responded positively to the pandemic, compared to comparable metro areas across the U.S. with the highest back-to-work employee statistics.