BH Properties Expands TX Portfolio with Acquisition of 60,000-SF Office Building in Richardson

LOS ANGELES - Jan. 7, 2020 - PRLog -- Los Angeles-based commercial real estate investment firm BH Properties has acquired a vacant four-story, 60,000-square-foot office building in Richardson, TX, its second investment in the Dallas/Fort Worth submarket in the past 24 months.

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 specializes in the acquisition and repositioning of distressed office, industrial and retail assets in the California, Arizona and Texas markets.  The firm's Texas portfolio totals more than two million square feet located largely in Dallas, Houston, El Paso and Austin.

In January 2018, BH Properties acquired a two-story, 122,300-square-foot office property at 1410 E. Renner Road, approximately two miles from the Lakeside asset.  Formerly occupied by a business unit of AT&T, BH Properties is currently repositioning the building to take advantage of its proximity to the 186-acre, CityLine mixed-use development, with more than 230,000 square feet of dining, shopping and entertainment options.

About BH Properties

The Company ('BH Properties' https://bhproperties.com), privately held and founded nearly 30 years ago, is regarded as a vertically integrated real estate investment company capable of acquiring and managing a geographically and product diverse portfolio of assets quickly and efficiently through its offices in Los Angeles, Phoenix and Dallas.  The Company continues to focus on value-add transactions, distressed debt, and ground leases.  Its relationships within the real estate and finance community, lack of third-party investors, speed and flexible closing structures to accommodate seller needs is a hallmark of the organization often closing purchases in days where other companies might take weeks or months.  Today, the Company owns and operates nearly 10M square feet across 18 states.