Pillar Commercial's $46M Deal
Pillar Commercial recapitalized about 550k SF of Class A and Class B office space in North Dallas with plans for future investments to the tune of $46M. It got by with some help from new friends – or as they prefer, institutional partners.
Pillar VP Jarod Jaggers – right with VP Matt Waldon – tells us Pillar will have the same operational platform, just adding new equity with Heitman and new debt from Viewpoint Bank. Matt says JLL was instrumental in the process. Jarod also tells us 6500 Greenville just inked a new lease this month, bringing the property to 90% occupancy. Higher prices in a tight Uptown and Preston Center benefit markets like Central Expressway.
Speaking of the hot Uptown market, Miyama Parkside (1909 Woodall Rodgers) is now fully occupied. The Miyama family bought the building in 2006 as part of a 1031 exchange when they heard rumors about the deck park. At the hard corner overlooking Klyde Warren Park, the building was 95% leased at purchase and dipped to 30% during the recession because it had a lot of architectural and construction firms. Pillar came on in 2007 to lease the property, Matt says, and has seen the building completely re‐tenanted with a mix of law firms, design firms and financial companies. Jarod says on‐site, active ownership makes the difference.
Matt tells us the building is so full that they moved out the mop buckets and brooms and converted the janitorial closet into the management office. Mops are rarely concerned about their homes being gentrified. Best part: the view, Matt snapped this of Klyde Warren Park on his phone during a Spring Break meeting with ownership. We figure Matt was daydreaming about some hot yoga in the park.