Monroe & Monroe Insurance, a commercial insurance agent, closed the all-cash deal after searching nearly six months for the right size office building to make the move from leasing to ownership, Katina Real with Dunn Commercial LP in Arlington tells GlobeSt.com. The going-forward plan is to divvy the building at 2921 Galleria Dr. into two suites, renovate and find a tenant for half of the building, she says.
"Their lease is about to run out. They didn't want to be in the landlord business with a big building," Real says, "so this is good because there will be only one suite." The insurance company, buying as 2921 Galleria Ltd., will vacate a nearby building at 204 Billings St. in the coming weeks.
Tasked with finding a tenant for the new owner, Real says the contract went down as soon as the listing hit the market. Harold S. Zeeman of Atlanta sold the 17-year-old building after a 10-year hold. Thomas Heraty with S.F. Waranch Co. in Dallas represented the seller.
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