North Dallas campus is the latest office property to change hands
A local investor has snapped up a two-building office campus near Dallas Love Field.
The Bluffview Towers office buildings are at 3860 and 3890 W. Northwest Highway, just east of the airport. Allen-based Pillar Commercial purchased the 200,000-square-foot complex from investor Buchanan Street, which had owned the buildings since 2016.
“We view this acquisition as being strategic and complementary to our current investment in Preston Center,” Manny Ybarra, founder and CEO of Pillar Commercial, said in a statement. “Its proximity to Love Field is another added advantage.”
Built in 1985, the buildings recently had millions of dollars in upgrades and are more than 70% leased.
Major office tenants in the buildings include H-E-B/Central Market, Sewell and JLB Partners. The seven- and four-story office buildings are next door to an Embassy Suites Hotel.
Pillar Commercial bought the buildings for its Pillar Real Estate Fund I — the fifth purchase for the fund. The new owner plans further upgrades to the property.
Jack Crews, Parker McCormack and Brian Carlton of Jones Lang LaSalle brokered the sale. North Dallas Bank & Trust provided financing for the purchase.
Pillar Commercial has a track record of office and industrial building investments. Its holdings include the One Bethany East office in Allen, Lincoln Legacy II in Plano and One Preston Centre in North Dallas.
The Bluffview Towers purchase is the latest of several recent office buys in North Texas.