A joint venture between Pillar Commercial and Ascent Real Estate Advisors has acquired a 121,420-square-foot building in Richardson, Texas, from a private family office. This marks the first partnership between Pillar and Ascent.
Completed 22 years ago and located at 2703 Telecom Parkway on 8.5 acres, the building is ideally situated near the busy intersection of N. Lookout Drive and SH190. It provides strong access to DFW International Airport and is close by many North Texas business centers. Additionally, the 2 million-square-foot State Farm campus and CityLine development are nearby.
“We have a long history of investing in Richardson and this asset certainly complements our existing real estate holdings in the area,” Manny Ybarra, Pillar Commercial’s founder & president, said in a prepared statement.
Among the company’s other holdings in the city is the 213,864-square-foot Collins Square at 1301 East Collins—which it acquired in 2014, 2921 North Central—an 85,089-square-foot complex acquired in 2018—and 7920 Belt Line—an 11-story, 190,000-square-foot office tower.
Stream Realty Partners’ Jamie Jennings and Andrew Rabinovich represented the seller in the deal. While American National Bank provided senior debt financing to the joint venture buyers.