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FLOWER MOUND, TX—Another groundbreaking recently took place here, where retail and office developments continue to score headlines. Set to be complete in summer 2018, the Lakeside Professional Office building is now underway, according to Realty Capital Management.
This 21,750-square-foot class-A speculative office building is located at the southeast corner of Lakeside Parkway and FM 2499. Lakeside DFW Land Ltd., which is majority-owned by the Peter P. Stewart family of Dallas, and Realty Capital Management, have been successful partners in the 150-acre Lakeside DFW mixed-use community, of which the office tract is a part.
“Flower Mound is attracting development because it is a high-income area and has a large suburban population,” Jimmy Archie, managing director of Realty Capital Management, tells GlobeSt.com. “It also has excellent town leadership that promotes and encourages high-quality development. The town has a high ranking as one of the most desirable place to live in the United States, along with a central location in the metroplex and proximity to DFW Airport.”
Lakeside Professional Office building is a match for entrepreneurial businesses or corporate tenants seeking a small regional office. The location offers convenient access to major thoroughfares including FM 2499, Highways 121 and 114, and Interstate 635. In addition to its close proximity to Lakeside DFW, Lakeside Professional Office building will sit adjacent to a newly opened 7-Eleven, as well as a restaurant-ready pad site.
Archie believes that “with all of the amenities in Lakeside DFW, including restaurants, boutique retail and service providers, this project makes for a great office location where people can walk to use and enjoy all of the amenities located within. There are a lot of entrepreneurial and corporate decision-makers who live in Flower Mound. This building provides them a place to office near their home in a location where it is easily accessible for employees who live outside of Flower Mound.”
BancorpSouth is providing the construction loan and Realty Capital Management has partnered with Lakeside DFW Land Ltd. to provide the equity funding.
Realty Capital Management is also under construction on the $75 million 16-story 54-unit luxury condominium tower on Lake Grapevine called The Lakeside Tower.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
