Texas Credit Union further entrenched itself in Collin County's financial landscape after purchasing its corporate headquarters building in Allen.
The credit union is acquiring a 120,000-storey property at One Bethany in Watters Creek from a joint venture between Dallas-based Pillar Commercial and Oklahoma City-based Hall Capital, the Dallas Business Journal reported. It acquired One Bethany East, sq.ft. Terms of the deal were not disclosed.
Dallas-based Kaizen Development Partners is developing a five-building business complex at 900 West Bethany Drive near Watters Creek Village Shopping Center, with One Bethany East as Pillar in 2021. Sold to Whole Venture. The taxable value of this property is $35 million. , Thrivent, Allen Economic Development Corporation and Netflix are among the participating tenants.
The credit union has steadily grown its presence in Allen since moving its headquarters from Dallas to One Bethany East in 2019. Two years later, the company purchased a nearby building at 415 Century Parkway as the mortgage organization Texas Mortgage Lending moved there. and its car leasing company, Fairlease, to the northern suburbs, bringing his local workforce to 375 at the time.
Why did the credit union decide to buy the corporate office? Maybe it was just a good deal.
Steve Triore, senior vice president of research and market forecasting at Partners Real Estate in Dallas, said high interest rates continue to drive down real estate values across much of the country, potentially opening the door to deep discounts. He said there is.
As the company expands its local footprint, there are other benefits to owning the building, Triore said.
“They will be able to build equity over time, customize spaces to their specific needs, and have more control over occupancy and future costs,” he told the outlet.
Credit unions aren't the only companies drawing significant attention to Allen's submarket. In February, Mexican supplement company Omnilife purchased 5.75 acres of land within the Prodigy Park business hub with plans to construct an 80,000-square-foot building to serve as its U.S. headquarters.
—Quinn Donahue
