A Class AA office building located in Allen has traded hands in an off-market transaction.
After acquiring One Bethany East within One Bethany Business Park in 2021, a joint venture partnership between Pillar Commercial and Hall Capital has parted with the property located off of U.S. Highway 75 and West Bethany Drive.
The more than 120,000-square-foot office building is 95% leased and includes tenants such as Credit Union of Texas, Netflix, Thrivent and the Allen Economic Development Corporation.
Collin County deed records show the property moved to tenant Credit Union of Texas, which is headquartered at the property.
Pillar Commercial and Hall Capital, which is based in Oklahoma, also teamed up to purchase One Bethany West, the sister office property to One Bethany East last year. One Bethany West is larger, spanning nearly 200,000 square feet across its eight stories.
Both One Bethany West and One Bethany East were developed by Kaizen Development Partners.
In addition to hosting Net Scout’s regional corporate offices, One Bethany Business Park is adjacent to the 52-acre Watters Creek Village mixed-use development. The mixed-use complex includes a creek-side public park and an assortment of retailers and restaurants.
Pillar Commercial is a commercial real estate investor and operator.
The sale of One Bethany East marks the third realized investment from its Pillar Real Estate Fund I. Pillar Commercial is actively deploying capital from its second fund, Pillar Real Estate Fund II, with buys such as a co-investment in Southlake’s three-building business park Pinnacle Point.
