ARLINGTON, TX-SCM Real Estate Services, representing a private investment group, has bought a 15,400-sf fitness center in a foreclosure auction. Key to the deal, which will entail acquisition and renovation costs pushing $800,000, is it neighbors a center that the firm manages and leases.
"We just thought it was a good location," Gary Walker, SCM president, tells GlobeSt.com about 915 Skyline Dr., a two-story building with cross-access parking to a center with Barnes & Noble, YMCA, Chik-fil-A and Chili's. Get Fit for Women vacated the structure in May.
Walker says the search is on for office and retail tenants. With the YMCA right next door, he says the campaign will focus on users like physical therapists, rehab services, day spa or a salon operator. The quotes are ranging from $8 per sf to $10 per sf.
Built in 1999 near the junction of Interstate 30 and Collins Street, the building will undergo minor renovations and then get retooled to tenant specs as they come on board, according to Walker. The aerobic pool stays until a signed roster proves it's not needed, he adds.
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