An office building in Allen has been sold following an off-market transaction.
The Class AA office building in One Bethany Business Park was last purchased in 2021 by Pillar Commercial and Hall Capital in a joint partnership. In 2023, the two firms also purchased One Bethany West in Watters Creek, across the street from One Bethan East. The sister site is even larger at eight stories, covering roughly 200,000 square feet.
Now, Pillar Commercial and Hall Capital have unloaded One Bethany East to its new owner, the Credit Union of Texas, which is conveniently already headquartered at the location. The sale represents the third realized investment from Pillar Commercial’s Pillar Real Estate Fund I, which seeks to acquire middle-market office and industrial property in major Texas markets.
The office building, currently 95% leased, is home to a diverse range of tenants. Alongside the new owner, the Credit Union of Texas, the over 120,000-square-foot building is home to the not-for-profit financial services organization Thrivent, entertainment giant Netflix, and the Allen Economic Development Corp, illustrating its appeal to a wide range of businesses.
The five-story building, which includes covered parking, a fitness center, a tenant lounge, and a conference center, sits adjacent to the new Marriott Dallas Allen Hotel and Convention Center.
Dallas-based Kaizen Development Partners LLC developed both One Bethany East and One Bethany West. As reported last month in The Dallas Express, Kaizen is currently looking to construct a 30-story hotel and condo west of Uptown Dallas. The project replaces a previous plan that would have seen a residential-only building constructed.
Kaizen is also working on numerous other projects in North Texas, like The Link at Uptown, a 25-story, Class AA office tower in Uptown Dallas.