Dallas-based commercial real estate investor and operator
Pillar Commercial has purchased the 182,154 square-foot light industrial building known as Addison II. Located at 4550 Excel Parkway, the 1996-built property is adjacent to Addison Airport and in close proximity to the Dallas North Tollway.
“The quality of Addison II and its strong tenancy were key factors in this acquisition,” Pillar Commercial founder and President Manny Ybarra said. “In addition, the property’s location is ideal for users seeking a combination of office and production space within a micro-market that currently stands at 94% occupancy.”
Addison II is 100% leased to a diversified mix of tenants including Southern Glazer Wine & Spirits, Assurant Solutions and Arbonne International. The light industrial space is 100% climate controlled and features a 32-foot clear height that is served by nine dock-high and drive-in doors.
Addison II also has generous parking with an adjacent parcel that allows the office users a 5:1000 ratio. As such, Southern Glazer, Assurant and Arbonne International use the office space to accommodate significant call center operations.
Pillar acquired Addison II through its Pillar Real Estate Fund I (PREF I), a Texas-focused investment vehicle the company launched last year. This acquisition is the third investment for PREF I. “Addison II aligns well with our middle-market investment strategy for PREF I,” Ybarra added.
Crossfirst Bank financed the transaction. Brian Carlton with JLL represented Pillar Commercial in sourcing the debt.
About Pillar Commercial
Pillar Commercial is a vertically-Integrated commercial real estate investor and operator. Based in Dallas, Texas, the company specializes in the acquisition and repositioning of office and industrial properties. In 2019, Pillar launched its first fully-discretionary real estate fund, Pillar Real Estate Fund I (PREF I). PREF I is a Texas-focused investment strategy pursuing value-add and core plus investments. For more information, visit us at
http://www.pillarcommercial.
