Southlake business park sells to local investors
A three-building Southlake business park has sold to two local investors.
The Pinnacle Point office and industrial campus is on South Kimball Avenue near Southlake Town Square. The 81,259-square-foot property was built in 2020.
Investors Pillar Commercial and OliveMill Holdings just acquired the buildings — the latest of several recent purchases by the firms.
“We are excited to partner with OliveMill Holdings to acquire this unique property in one of Texas’ best business and residential communities,” Pillar Commercial CEO Manny Ybarra said in a statement. ”This type of modern office/flex space is highly desirable in today’s business environment, especially one in such a dynamic location.”
One of the three buildings is ready for move-in, and the two others can be completed to tenant requirements, the investors said. The property is about 15% leased.
Security National Bank provided financing for the acquisition. Jones Lang LaSalle’s Parker McCormack brokered the sale.
Investor OliveMill is the same commercial property firm that recently acquired the former Richards Group tower on North Central Expressway north of downtown Dallas. Working in partnership with Dallas’ Hunt Realty Investments and New York-based Angelo, Gordon & Co., OliveMill is remodeling the 18-story high-rise.
“OliveMill targets assets that are well located in commercial and employment growth centers, and Pinnacle Point is exactly that,” founding partner Chris Selbo said in a statement. Selbo said OliveMill hopes to work with Pillar Commercial on other purchases.
Founded in 2004, Allen-based Pillar Commercial owns several office properties in North Texas. Earlier this year, the company purchased the eight-story, 200,000-square-foot One Bethany West office building in Allen.