A large business campus in Richardson has a new owner. Provident Realty Advisors has purchased the more than 800,000-square-foot Lakeside Campus, which was recently renovated as Class A office space and is located at 2201 and 2221 Lakeside Blvd.
Trigild, a property management firm with offices in Dallas, was the seller in the transaction. Vice Chairmen for Newmark Chris Murphy, Robert Hill, Gary Carr, and Director Stephen Schwalb represented Trigild.
While Newmark did not disclose the purchase price of the campus, Dallas County records reveal that Provident secured $20.4 million for the property.
According to its website, Provident has developed over $5.5 billion in real estate projects. CEO Leon J. Backes founded the firm in 1991.
Earlier this year, The Dallas Express reported that The Brewery, a 3.6-acre development site owned by Provident Realty Advisors and The Kroenke Group, was up for sale. The nearly four-acre site at 703 McKinney Ave. included an existing 41,000-square-foot building.
“We’re seeing ongoing demand for high-quality, well-located office properties across the Dallas metro, and Lakeside Campus is a prime example of that,” Carr said in a release on Newmark’s website. “Add in the steady cash flow from existing tenants and upside potential through vacancy lease-up, it presented a solid investment opportunity all around.”
Newmark stated that Lakeside Campus is currently 69% leased to a “high-quality tenant base.” RealPage, a property management software company headquartered in North Texas, anchored the location.
The Lakeside Campus has a 16-story officer tower, which was previously awarded the 2018 BOMA Building of the Year. It also boasts a four-story office building, structured parking, and an 18-acre outdoor area with a pond and jogging trail.
Since 2015, over $13 million has been invested in campus renovations. The site now includes a full-service café, tenant lounge, and fitness center.
