{"id":1004296907,"date":"2019-02-06T04:09:59","date_gmt":"2019-02-06T12:09:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004296907"},"modified":"2019-02-06T04:09:59","modified_gmt":"2019-02-06T12:09:59","slug":"jv-buys-121-ksf-suburban-dallas-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-buys-121-ksf-suburban-dallas-office-building\/","title":{"rendered":"JV Buys 121 KSF Suburban Dallas Office Building"},"content":{"rendered":"
\"2703<\/a>

2703 Telecom Parkway<\/p><\/div>\n

A joint venture between Pillar Commercial and Ascent Real Estate Advisors has acquired a 121,420-square-foot building in Richardson, Texas, from a private family office. This marks the first partnership between Pillar and Ascent.<\/p>\n

Completed 22 years ago and located at 2703 Telecom Parkway on 8.5 acres, the building is ideally situated near the busy intersection of N. Lookout Drive and SH190. It provides strong access to DFW International Airport and is close by many North Texas business centers. Additionally, the 2 million-square-foot State Farm campus and CityLine development are nearby.<\/p>\n

\u201cWe have a long history of investing in Richardson and this asset certainly complements our existing real estate holdings in the area,\u201d <\/em>Manny Ybarra, Pillar Commercial\u2019s founder & president, said in a prepared statement.<\/p>\n

Among the company\u2019s other holdings in the city is the 213,864-square-foot Collins Square at 1301 East Collins<\/a>\u2014which it acquired in 2014, 2921 North Central\u2014an 85,089-square-foot complex acquired in 2018\u2014and 7920 Belt Line\u2014an 11-story, 190,000-square-foot office tower.<\/p>\n

Stream Realty Partners\u2019 Jamie Jennings and Andrew Rabinovich represented the seller in the deal. While American National Bank provided senior debt financing to the joint venture buyers.<\/p>\n

A top office market<\/h2>\n

Last year, Richardson was named one of the top office markets in the region, landing nearly 750,000 square feet of leases. Noteworthy companies such as Steward Health, Goldman Sachs, Genpact, Infosys and Raytheon have all relocated to the city.<\/p>\n

Three tenants currently call the building home, Hill & Wilkinson, XPS Solutions and Bestway. Although all three are using the property for office space, the building was originally constructed to accommodate light distribution, which is why it boasts grade-level dock doors and a modest truck courtyard.<\/p>\n

In August, Ascent Real Estate brokered the sale of the 130-key Rodeway Inn<\/a> in Estes Park, Colo., working on behalf of both the seller and the buyer.<\/p>\n

Image courtesy of Pillar Commercial<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pillar Commercial teamed up with Ascent Real Estate Advisors to acquire a Richardson property leased to Hill & Wilkinson, XPS Solutions and Bestway.<\/p>\n","protected":false},"author":451,"featured_media":1004296919,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21743,21808,21742,21747],"tags":[44015],"class_list":["post-1004296907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-deals","category-featured","category-latest","category-office","tag-pillar-commercial"],"acf":[],"yoast_head":"\nJV Buys 121 KSF Suburban Dallas Office Building - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jv-buys-121-ksf-suburban-dallas-office-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JV Buys 121 KSF Suburban Dallas Office Building\" \/>\n<meta property=\"og:description\" content=\"Pillar Commercial teamed up with Ascent Real Estate Advisors to acquire a Richardson property leased to Hill & Wilkinson, XPS Solutions and Bestway.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jv-buys-121-ksf-suburban-dallas-office-building\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-06T12:09:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/2703-Telecom-Parkway.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-buys-121-ksf-suburban-dallas-office-building\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jv-buys-121-ksf-suburban-dallas-office-building\/\",\"name\":\"JV Buys 121 KSF Suburban Dallas Office Building - 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