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Investor Duo Acquires Dallas Highrise
Pillar Commercial and Ascent Real Estate Advisors acquired Rambler Park, a 310,943-square-foot, 14-story office tower in northern Dallas. Equus was the seller. Commercial Edge reports Equus purchased it from Ascent in 2018 with the help of a $38.5 mmillion loan from Regions Bank.
JLL’s Brian Carlton and De’On Collins secured First Bank for the acquisition financing on the most recent transaction.
The property, delivered in 1981, offers amenities such as a fitness center, conference facilities, tenant lounges and an on-site food service operator.
The Rambler Park deal is the second joint investment for the two firms. In 2019, Pillar and Ascent acquired the 121,000-square-foot 2703 Telecom, a flex office property in Richardson, Texas, and sold the asset within 18 months of acquisition after achieving 100 percent occupancy.
The pair also have each owned a number of office properties there, including Meadow Central, Meadow Park Tower, Search Plaza and 6500 Greenville.
- ◦Sale/Acquisition
