CenterSquare Acquires Lake Vista at an Attractive Basis

CenterSquare recently acquired Lake Vista 7, a 240,000-square-foot office property located in the Lewisville submarket of the Dallas-Fort Worth market. Although the price was undisclosed, Lake Vista 7 was acquired at an attractive basis in a joint venture with Preferred Real Estate Investments Inc.

“Dallas continues to be a national leader in job and population growth as well as percentage of tenants returning to the office,” said Jeffrey Reder, managing director of private real estate at CenterSquare. “The investment in Lake Vista 7 aligns well with our conviction in differentiated excess corporate real estate that resides in affordable business-friendly Sunbelt markets such as Dallas. Our value-added business plan is focused squarely on the swift modernization of this well-located space.”

The property, which is being vacated by a large Fortune 50 company, will be repositioned with conference and meeting facilities; fitness, wellness and dining options; and indoor/outdoor collaboration and entertainment spaces. The renovations will position the property as a compelling option for prospective tenants seeking immediate availability of a plug-and-play product. The property offers lease-up flexibility with the ability to accommodate either a single user seeking its own campus or multiple tenants.

“As we consider the post-COVID environment, we are seeking office investment opportunities that have the characteristics that we expect to be most advantageous to tenants in the face of demand uncertainty,” said Murl Richardson, partner at Preferred Real Estate Investments. “Lake Vista 7 will be extremely well positioned from both a configuration and amenity standpoint to be a highly desirable option for tenants back in the market for growth, consolidation or relocation of their office needs.”