New Orleans investor makes second Dallas office buy
A New Orleans investor has made the latest Dallas office building buy.
Uhalt Investments purchased Search Plaza, a seven-story office on North Central Expressway near Meadow Road.
The 155,000-square-foot office building is more than 90% leased and was sold by local investor Pillar Commercial.
Property firm Colliers International brokered the sale.
“Dallas continues to exceed expectations from the local marketplace by out-of-state office investors seeking steady returns,” Colliers Creighton Stark said in a statement. “We had capital slightly considering investing before the pandemic, whereas now they are all in.”
Stark and Colliers’ Chris Boyd handled the sale.
In January, Uhalt Investments bought the 11-story 7920 Belt Line office high-rise at Coit and Belt Line roads. That building was also sold by Pillar Commercial.
“Growth is our primary goal,” founder Hugh Uhalt said in a statement. “As we continue to march towards a 5 million-square-foot office portfolio, this Colliers team has been an asset for increasing my portfolio and achieving our goals.”
Dallas office building sales, which stalled last year with the start of the pandemic, have picked up in recent months as more workers return to the office.