{"id":1004564359,"date":"2022-01-21T04:46:06","date_gmt":"2022-01-21T12:46:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004564359"},"modified":"2022-12-08T20:33:06","modified_gmt":"2022-12-09T04:33:06","slug":"pillar-commercial-jv-buys-dallas-office-mid-rise","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pillar-commercial-jv-buys-dallas-office-mid-rise\/","title":{"rendered":"Pillar Commercial JV Buys Dallas Office Mid-Rise"},"content":{"rendered":"<div id=\"attachment_1004564361\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/One-Preston-Centre-e1642765147621.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004564361\" data-attachment-id=\"1004564361\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pillar-commercial-jv-buys-dallas-office-mid-rise\/one-preston-centre\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/One-Preston-Centre-e1642765147621.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"One Preston Centre\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;One Preston Centre&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/One-Preston-Centre-e1642765147621.jpg?w=1000\" class=\"wp-image-1004564361 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/One-Preston-Centre-e1642765147621.jpg?w=300\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/One-Preston-Centre-e1642765147621.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/One-Preston-Centre-e1642765147621.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/One-Preston-Centre-e1642765147621.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004564361\" class=\"wp-caption-text\">One Preston Centre<\/p><\/div>\n<p>A partnership including <strong>Pillar Commercial <\/strong>has acquired One Preston Centre, an office building totaling 76,741 square feet in Dallas\u2019 Preston Hollow submarket. <strong>Newmark <\/strong>arranged the disposition of the office tower, while <strong>CommunityBank of Texas<\/strong> originated the acquisition financing.<\/p>\n<p>The Newmark team representing the seller included Vice Chairmen Chris Murphy,\u00a0Robert Hill\u00a0and\u00a0Gary Carr\u00a0and Director\u00a0Chase Tagen.<\/p>\n<p>The property last traded in mid-2017, when Lionstone Investments sold the multi-tenant asset, public records show. A month later, Regions Bank provided a $14.4 million refinancing package for the office mid-rise.<\/p>\n<p>Earlier this month, Pillar Commercial announced the purchase of another office property in Dallas, representing its fifth acquisition through Pillar Real Estate Fund I. JLL facilitated the <a href=\"https:\/\/www.commercialsearch.com\/news\/pillar-commercial-buys-west-dallas-office-asset\/\">sale of Bluffview Towers<\/a>, a two-building Class A office complex in the West Dallas submarket.<\/p>\n<p>The Dallas office market saw 312,227 square feet of positive net absorption in the last quarter of 2021, according to JLL data. During the same period, office vacancy increased to 25.5 percent, boosted by the Metroplex\u2019 development pipeline.<\/p>\n<h2>One Preston Centre<\/h2>\n<p>Situated on less than an acre at 8222 Douglas Ave., One Preston Centre was completed in 1980 and underwent renovations in 2006, according to CommercialEdge data. The nine-story building includes a retail portion encompassing 2,000 square feet and features 10,250-square-foot floorplates, as well as a parking ratio of 3.7 spaces per 1,000 square feet across a five-story parking garage.<\/p>\n<p>While the tenant base includes a majority of health-care tenants, such as Enterhealth, Highland Park Orthodontics and Preston Centre Pediatrics, it is also home to J.K. Financial and PegasusAblon, among others CommercialEdge shows. At the time of the sale, the building was 88 percent occupied.<\/p>\n<p>One Preston Centre is easily accessible, within less than half a mile from the Dallas North Tollway as well as the Northwest Highway. Dallas Love Field Airport is some 4 miles southwest, while downtown Dallas is within 7 miles.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Newmark facilitated the transaction.<\/p>\n","protected":false},"author":1763,"featured_media":1004564361,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21783,21742,21747],"tags":[50999,44015],"class_list":["post-1004564359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-investment","category-latest","category-office","tag-newmark","tag-pillar-commercial"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pillar Commercial JV Buys Dallas Office Mid-Rise - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Newmark facilitated the sale of the more than 75,000-square-foot office tower in Dallas&#039; Preston Hollow submarket.\" \/>\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\/pillar-commercial-jv-buys-dallas-office-mid-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pillar Commercial JV Buys Dallas Office Mid-Rise\" \/>\n<meta property=\"og:description\" content=\"Newmark facilitated the sale of the more than 75,000-square-foot office tower in Dallas&#039; Preston Hollow submarket.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pillar-commercial-jv-buys-dallas-office-mid-rise\/\" \/>\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=\"2022-01-21T12:46:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:33:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/One-Preston-Centre-e1642765147621.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Agota Felhazi\" \/>\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\/pillar-commercial-jv-buys-dallas-office-mid-rise\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pillar-commercial-jv-buys-dallas-office-mid-rise\/\",\"name\":\"Pillar Commercial JV Buys Dallas Office Mid-Rise - 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