Located on the north side of LBJ Freeway from Webb Chapel Road to Josey Lane, the property will be redeveloped as a commercial mixed-use center.

DALLAS - January 25, 2008 – Affiliates of Provident Realty Advisors, Inc., recently acquired and rezoned 25acres with 2,500 linear feet of frontage on the north side of LBJ Freeway.  The site currently holds six office buildings totaling almost 400,000 square feet and is bordered by Maybrook Street on the north.  Provident Realty will redevelop the site into a mixed-use commercial development. The purchase price was not disclosed.

“This prime, high-visibility land is extremely attractive to us for its strong current and future development potential,” said Leon Backes, president and founder of Provident. “As retail and transit trends are making areas west of the North Dallas Tollway more urban and interesting, many leaders and citizens of Farmers Branch believe this site can be transformed into a dynamic and contemporary retail and business center which could serve as a striking ‘gateway’ to Farmers Branch and a gathering spot for its residents.”

“As it became clear that Provident Realty shared the vision for this site’s importance with Farmers Branch officials, we were able to work cooperatively together to make zoning changes and plans which enable the site to be redeveloped to its full potential,” Backes added.

Provident is evaluating its redevelopment options for the site. Current options include renovation of the site’s existing buildings and the construction of new improvements across the property, all designed to take advantage of the property’s unparalleled frontage exposure and its location adjacent to a major intersection. 

“We are now talking with major retail anchors that want to be a part of this high-traffic location,” Backes noted, explaining that a completion of the development is projected to be mid-2009.  Existing buildings on the property will either be renovated, or completely demolished, pending the outcome of plans for the related portion of LBJ Freeway.

Provident Realty purchased the property from Dallas-based Archon Group which was managing the property for an undisclosed owner at the time of the acquisition.

Scott Farber of Grubb & Ellis represented the seller, while Provident Realty handled its side of the transaction.

Provident Realty also redeveloped The Webb on the south side of LBJ Freeway, just east of Webb Chapel Road, converting it from a tired, largely unleased strip shopping center to an award-winning contemporary, commercial and retail center which has attracted a strong tenant base. The Webb was sold by Provident Realty in 2004.

About Provident Realty
Provident Realty Advisors, Inc. is a Dallas, Texas-based, multi-faceted real estate company which has developed or invested in real estate assets with a market value in excess of $1 billion. Among Provident’s portfolio are large scale multi-use projects, investment property, master planned communities, multi-family projects, redeveloped retail and commercial facilities, self-storage facilities and retail projects for major corporations such as Albertson’s, Target, Lowe’s and Wal-Mart.  Within the real estate industry, Provident has earned a reputation as a visionary leader with integrity and a track record of delivering challenging projects and above-market returns.