An office building in Allen has changed ownership through a private sale.
The highest quality office building in One Bethany Business Park was previously purchased obtained by Pillar Commercial and Hall Capital together in 2021. Two years later, the same companies bought One Bethany West in Watters Creek, across across the street from One Bethany East. The sister property is also larger eight stories tall and encompasses about 200,000 square feet.
Now, the Credit Union of Texas, which is already located at the site, has taken over One Bethany East from Pillar Commercial and Hall Capital. This sale marks the third successful investment from Pillar Commercial’s Pillar Real Estate Fund I, which focuses on acquire middle-market office and industrial properties in major Texas cities.
The office building, which is currently 95% leased, houses a diverse mix of tenants. In addition to the new owner, the Credit Union of Texas, the building of over 120,000 square feet is occupied by non-profit financial services organization Thrivent, entertainment giant Netflix, and the Allen Economic Development Corp, showcasing its appeal to a wide range of businesses.
The five-story building, which offers covered parking, a gym, a tenant lounge, and a meeting space, is situated next to the recently built Marriott Dallas Allen Hotel and Convention Center.
Dallas-based Kaizen Development Partners LLC was responsible for developing both One Bethany East and One Bethany West. As reported reported last month in The Dallas Express, Kaizen is currently planning to build a 30-story hotel and condo complex to the west of Uptown Dallas. This project replaces a previous proposal for a residential-only building.
Kaizen is also working involved in various other projects in North Texas, such as The Link at Uptown, a 25-story, top-quality office tower in Uptown Dallas.
