Tuesday, February 26, 2008

Affiliates of Provident Realty Advisors acquired the Brookhaven Office Park and LBJ Business Park on LBJ Freeway in Dallas from Dallas-based Archon Group. The six buildings are on a 25-acre lot bordered by Josey Lane on the west and Webb Chapel Road on the east. Provident plans to redevelop the site into a mixed-use commercial development boasting retail, office and hospitality space. The final sales price was not disclosed. While final plans for the site are still being evaluated, Provident expects the development to be completed in mid 2009. The new owner is considering several options including renovation of the existing office properties or demolishing the existing structures and building from the ground up. Provident Realty also redeveloped The Webb, a nearby commercial and retail center just east of Webb Chapel Road. Together, the two developments could make an attractive gateway to Farmers Branch.