The new owner of 711 E. Lamar Blvd. sat down at the closing table with a medical tenant standing ready to occupy about 6,000 sf, Gary Walker, president of SCM Real Estate Services in Arlington, tells GlobeSt.com. The new owner, who will manage the property, has kept SCM Real Estate on board to lease the balance of the building.
Walker says the buyer of record, Meadow Manor Ltd., intends to do a full makeover including adding an elevator to the two-story building. It's anticipated the top-to-bottom renovation on the class C building will begin in 30 days.
"The building needed capital," Walker says, noting that the acquisition closed with cash and a bank loan sporting enough funding for the makeover. He says there were "two or three" offers before the Arlington investor came forward, but none got as close to the $1.4-million list price as the group now holding the deed.
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