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EULESS, TX-The four-building Euless Main Village has been sold to an Arlington family for about $1.5 million in a turnaround of 1031 Exchange capital from a land sale in nearby Mansfield.

The seller is a Fort Worth-area private investment group that’s owned the 29,878-sf, class B complex for nearly seven years. The 82%-occupied office complex at 412-418 N. Euless Main sold with a cap rate north of 11%, Gary Walker, president of SCM Real Estate Services in Arlington, tells GlobeSt.com. He and SCM’s Beaux Riley represented the seller, the Village People, and John Vakrinos, an independent broker from Arlington handled talks for the buyer, a family partnership that teamed cash with a $300,000 bank loan.

A general partner in the Village People, Walker says the group typically turns over properties after five years. The Euless Main Village first came up for sale about three years ago and then was pulled from the market. It returned again at the end of 2002.

Built in 1974, the complex has 16 tenants and a rent roll that ranges from 10% to 15% annually, according to Walker. The two-story buildings in a campus-like setting lease for $11.50 per sf plus electric and janitorial. The lead tenant is a group of primary care physicians, the Kaner Care Group. SCM has leased and managed the property since 1996, but is passing the torch to Vakrinos.

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