1M-SF Office Owners Tap Top Exec to Buy, Lease, Manage

Manny Ybarra, president of Pillar Commercial, started talks with Landgem LP within weeks of his exit as executive vice president of TPMC Realty Corp. The alliance with Landgem took 2.5 months to seal. "I always knew I wanted to own," Ybarra tells GlobeSt.com, "but I didn't know how I was going to get there. I approached them about a joint venture and the more we talked about acquisition opportunities and strategies, the more it made sense."

The alliance puts Ybarra in place as general partner of Landgem LP to manage the portfolio's investment performance along with an ownership interest. Pillar Commercial will replace Landgem's minority partner, Beer Wells, as the leasing agent for the office portfolio, and Landgem Office Ltd., a newly formed group with Ybarra at the helm, will take over management duties from Beer Wells. The launch was delayed until a $20-million refinance was completed for the portfolio's core holdings, Ybarra says. For previous story, click here.

When all is said and done, Ybarra's teams will total 20 employees, including eight from Beer Wells' property management group and five new hires. This week, Joe McCrory, who worked at TPMC and then did a short stint at Stream Realty Partners when 1301 E. Collins Blvd. was sold, has joined Ybarra as a property manager. Also on board is Ben Barton, vice president of finance.

The acquisition strategy will focus on key markets like Las Colinas, Far North Dallas and Richardson. "We want to begin cultivating those markets and forcing acquisition opportunities," Ybarra says. Value-adds with high vacancies and "north of 100,000 sf" make up the wish list. "The price is going to be dictated by what we believe we can do in the market," he says, adding the capital resources are in place to aggressively pursue purchases. "The existing portfolio will provide an exceptional platform as we strategically leverage the partnership's capital resources for pursuing new acquisitions," says Ybarra, once vice president of economic development for the Greater Dallas Chamber and now a member of a real estate taskforce set up by Dallas Mayor Laura Miller.

Pillar's leasing team will hit the streets with a hard push to fill two large blocks in Northcreek Place, where Ybarra has set up his office. There is 89,000 sf vacant within the 163,000 sf in the two-building Northcreek Place at 12160-70 N. Abrams Rd. A couple deals are in the pipeline, Ybarra says. The first year's goal is to get the entire portfolio above 90% occupancy. When the refi closed, 560,635 sf of the office holdings were 62% leased.