The 18-acre office campus in Richardson that houses RealPage has changed hands after it fell into distress.
Provident Realty Advisors bought the Lakeside Campus at 2201 and 2221 Lakeside Boulevard, the Dallas Morning News reported. California-based Trigild was the seller. The price of the 807,000-square-foot property wasn’t disclosed, but Provident borrowed $20.4 million for the purchase. The lender wasn’t identified.
Newmark brokers Chris Murphy, Robert Hill and Gary Carr facilitated the purchase for Provident, with Stephen Schwalb representing Trigild.
Chicago-based GEM Realty Capital and Dallas-based Cawley Partners bought the property in 2015 using an $81.3 million loan. However, their lender, PNC Bank, sued last December for missed loan payments, and the court appointed Trigild to manage the property.
The office property comprises a 16-story office tower, a four-story building and structured parking. Built for Northern Telecom in the late 1980s and early ’90s, the campus has been upgraded with more than $13 million in renovations since 2015 and is 69 percent leased, with property management software provider RealPage as the anchor tenant.
The acquisition represents a strategic addition to Dallas-based Provident’s local portfolio. Known for targeting suburban office properties with long-term growth potential, Provident, founded by Leon Backes, aims to capitalize on the property’s cash flow and lease it up.
In 2022, Provident acquired a 7-acre site in Fort Worth that it intended to develop for industrial use. However, a zoning dispute with Fort Worth emerged when the city rezoned the area for residential purposes, leading Provident to sue the city over the change this year.
— Andrew Terrell