Gary Walker, president of SCM Real Estate Services in Arlington, a partner in the acquisition of 2201 N. Collins St., closed the deal with a 60-day look and 30-day close. He tells GlobeSt.com that the 80%-leased asset was acquired with 70% to 75% loan-to-value financing from State National Bank in Fort Worth. The package has a sub-7% fixed rate for three years and then resets for the two-year balance, he explains.
For Walker, it's a going-home of sorts. He leased executive suite space in the building when he launched SCM. "I've always liked the building and kind of tracked it," he says.
Walker's partnership retained several members of the on-site crew for the seller, Van Tex Properties LP, which acquired the asset in 1994. Several federal agencies have occupied the top floor in the three-story building at least eight years, according to Walker, whose in-house partnerships have bought three class A office buildings in six months. He says there are no lease rolls for one year.
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