Pillar Commercial Sells DFW Office Building

3939 Belt Line Road. Image courtesy of Colliers International

Pillar Commercial has sold 3939 Belt Line Road, a fully leased 117,173-square-foot office property in Addison, Texas, Dallas County records show. The cross-asset buyer is a private individual with an additional three office properties totaling 113,870 square feet in the Dallas-Fort Worth market, CommercialEdge data shows.

Investor appetite continues to grow for Class B office space for this type of buyer, said Cody Payne, senior vice president of Colliers International, in prepared remarks. Recently closed transactions for similar assets generated multiple offers and closed within a week or less, he added.

Colliers International arranged the all-cash sale of the seven-story asset in an off-market transaction. The brokerage team was led by Cody Payne.

The property located on 2.7 acres features 16,680-square-foot floorplates and 414 parking spaces offering a ratio of 4.10 spaces per 1,000 square feet. The 1984-built mid-rise also includes ground-floor retail space.

The multi-tenant property is easily accessible, with interstates 35E and 635 as well as the Dallas North Tollway roughly 3 miles away. Downtown Dallas is 14 miles south.

The tenant roster includes insurance companies Allstate and State Farm, home care agency AccentCare and software company AppShark among others across various industries, according to CommercialEdge.

Improving vacancy across Dallas-Fort Worth

As of February, office vacancy across the Metroplex dropped to 17.1 percent. While the figure is still higher than the 15.7 percent national average, it marks a 50-basis-point improvement over the previous month, as well as a 190-basis-point decrease year-over-year.

The Platinum Corridor North—home to 3939 Belt Line Road—was among the top submarkets, marking a 120-basis-point drop month-over-month, second only to Plano.