Gary Walker, president of SCM Real Estate Services in Arlington and a partner in the ownership group, says talks began in June for the city's former human resources office at 501 W. Main St. in downtown Arlington. The end result is a pact with two five-year options, including one bump in the lease and one in the renewal, and a $150,000 commitment from the building owner to help with an estimated $400,000 or more renovation to retool the office space into a general practice clinic with doctors' offices, Walker tells GlobeSt.com. Dennis McClenic of Austin Commercial Real Estate represented JPS in the talks for an asset that was on the market at $13 per sf plus electric.
JPS expects to open doors in spring 2005, according to Walker. The Main Street clinic is about a quarter-mile from a JPS facility with laboratories and pharmacy. The two will operate as sister facilities. "They were out of room there," he says of the two-story, estimated 30,000-sf building along Cooper Street. "It's not only good for us, but good for downtown."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.