BH Properties has acquired a 60,000-square-foot vacant office building in Richardson, Texas. The sale marks the new owner’s second investment in the Dallas-Fort Worth metro in the last two years. Yardi Matrix data shows iStar sold the asset. Last May, BH Properties sold two office assets totaling roughly 235,000 square feet in Houston.
Located at 2021 Lakeside Blvd. on a high-visibility parcel, the property is adjacent to highway 75, less than 7 miles from Interstate 635 and 17 from downtown Dallas, as well as within walking distance of several retail, dining and hospitality options. The area offers roughly 31 million-square-feet of commercial office space, per Yardi Matrix information. Completed in 1991, the four-story building received cosmetic renovations in 2016 and 2017.
Managing Director of Acquisitions Scott Henry from BH Properties’ Dallas office represented his company with assistance from Advisor Mac Morse of Citadel Partners. JLL Financial Manager Jeff Wood worked on behalf of the seller. Avison Young Principal Chuck Sellers was selected to handle the leasing of the asset.