New Orleans investor buys 11-story high-rise in Far North Dallas
A New Orleans investor snapped up an office tower in Far North Dallas.
Uhalt Investments bought the 11-story high-rise office building 7920 Belt Line on Coit and Belt Line streets.
The 190,830 square foot office building was built in 1983 and has been owned by Dallas-based Pillar Commercial for more than 13 years. It was sold by Pillar Commercial and partner Blue Vista Capital.
“We have owned the 7920 Belt Line since 2007 through a number of different joint venture partnerships,” said Manny Ybarra, founder and CEO of Pillar Commercial, in a statement. “The tenant list is made up of exceptional companies and we are confident that Uhalt Investments will have great success with this asset.”
Pillar Commercial recently completed a $ 2.3 million renovation of the building. The sale included an adjacent property for possible development.
Colliers International’s Creighton Stark and Chris Boyd brokered the sale.
“We are excited about this acquisition and expect to be the first of over 1 million square feet of office in D-FW over the next few years,” said Hugh Uhalt of Uhalt Investments. “We will offer our tenants a higher level of service and at the same time offer strong economic efficiency.”
The building’s tenants include Interactive Communications, Security National Mortgage, Praxeo Health, Akumin Corp. and Central Security Life Insurance.
“The 7920 Belt Line is a well-positioned and institutionally maintained multi-tenant office tower surrounded by numerous walk-in restaurants and retail outlets,” Colliers International’s Stark said in a statement. “At the time of sale, the tower was 90 percent full and represents a diverse and long-standing list of tenants that is anchored by medical, insurance and financial services companies.
According to Stark, the suburban Dallas office market “responded positively to the pandemic compared to similar metropolitan areas in the US and produced the highest statistics for back-to-work workers.”