SCM Real Estates Services, the partnership's lead player, bought the 609 N. Houston St. warehouse from a local private trust managed by Bank One. The 3.1-acre property, north of the CBD, was on the market for $1.2 million, but environmental issues ate into the ask, Theron Bryant with SCM Real Estate in Arlington, tells GlobeSt.com. "We were able to negotiate a pretty nice discount," he says.
A building maintenance company occupies about 11,000 sf. The going-forward plan is to find tenants for the balance of a single-story structure built in 1950 and outfitted with roughly 7% office finish-out. "We saw it, thought we would be able top add value to it and we were able to get it," Bryant says. The space will be marketed at $2.50 per sf, triple net.
SCM president Gary Walker and Bryant negotiated the buy side. Bank One used an in-house representative for the trust, which had the property on the market about a year before the SCM-led partnership placed an offer.
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