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1/10/20
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BH Properties has acquired a vacant four-story, 60k sf office building in Richardson, TX, its second investment in the Dallas/Fort Worth submarket in the past 24 months. The purchase price was not given out.
Built in 1991, 2021 Lakeside Boulevard is situated on a high-visibility parcel, adjacent to U.S. Highway 75, and includes a prominent signage opportunity for an anchor or sole tenant.
“We liked the size of the Lakeside asset, as it offered an excellent leasing opportunity well-suited to a sole tenant or multiple tenants drawn to its high-visibility location,” said Andrew Van Tuyle, senior managing director of investments for BH Properties. “Our business plan is to buy vacancy, especially in high-growth areas like Dallas/Fort Worth, which has caught the eye of many large corporations such as State Farm Insurance, which built one of three regional campuses here. It is difficult to find a vacant building of this quality in Richardson.”
BH Properties was represented by in-house exec Scott Henry and Mac Morse of Citadel Partners. Jeff Wood of JLL represented the seller. Chuck Sellers of Avison Young will handle the leasing of the vacant asset.
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