Gary Walker, president of SCM Real Estate Services in Arlington, tells GlobeSt.com that the plan calls for investing $225,000 into property upgrades to ready the 2001-2021 E. Lamar Blvd. asset for sales at $125 per sf. In sync with the closing, the new owner established Governor's Row Country Club Homeowners Association LLC, building in necessary guarantees for the complex's continued management.
Walker's investment group bought the five-acre complex, situated within blocks of Interstate 30, from a local partnership led by Gary Maxwell, who at one point had SCM leasing and managing it during his six-year ownership. "He called me on a Monday. He put a number on it and we were under contract on Friday," Walker says. The deal closed with a five-year, prime-based floating-rate loan from NexBank, he adds.
Walker says SCM associate Beaux Riley will continue to lease Governor's Row as the condo plan advances. Two leases, in fact, were made on the road to the closing, bumping the 60%-filled complex to 67% occupancy. The class B-plus office space is on the lease market for $16.50 per sf plus electric.
"Over time, we're going to sell all of it," Walker says, estimating the resale will take about three years to complete. "It was developed to do this, but then no one ever did it."
Walker says talks are poised to begin with a couple tenants who are interested in buying their buildings. One tenant claimed his 6,600-sf building simultaneously with SCM's closing. Developed in 1985, Governor's Row is a mix of 4,400-sf, 5,200-sf and 6,600-sf, two-story buildings in a park-like setting.
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