Pillar Views Bluffview as Complementary to Current Investments
Dallas-based Pillar Commercial recently acquired the Bluffview Towers office complex. The acquisition was completed through Pillar’s existing fund, Pillar Real Estate Fund I, and represents the fund’s fifth property investment.
Bluffview Towers is a 200,000-square-foot class A two-building office complex located at 3860 and 3890 W. Northwest Highway, just west of Preston Center. The property is home to notable tenants including HEB/Central Market, Sewell and JLB Partners, and is adjacent to a recently renovated 248-room Embassy Suites Hotel.
“We view this acquisition as being strategic and complementary to our current investment in Preston Center,” said Manny Ybarra, founder and CEO of Pillar Commercial. “Its proximity to Love Field is another added advantage.”
Pillar Commercial is acquiring the property from Buchanan Street, which recently completed common area upgrades to the west building. Pillar has ambitious plans to invest heavily in move-in ready speculative suites. Entos is overseeing the design of the spec program.
Jack Crews and Parker McCormack from JLL represented Buchanan Street in the current transaction, while North Dallas Bank & Trust provided senior debt financing for the acquisition. Brian Carlton with JLL consulted with Pillar to source the commercial loan.
This is the second transaction between Pillar and Buchanan Street. In 2019, Pillar acquired the 240,000- square-foot Richardson Office Center I & II portfolio from Buchanan Street.
- ◦Sale/Acquisition