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DALLAS-With a plan to relocate its headquarters from the Dallas CBD, a buyer of distressed properties Friday expects to spend $1.25 million to buy a foreclosure note to a 69,552-sf office building from Legacy Bank.

Michelle Taylor, senior vice president for Mortgage Assistance Center Corp., tells that the plan is to move into 999 Metro Media Place within six months and sublease its 5,000-sf downtown office at 2614 Main St., where the two-year-old firm re-upped right before the Metro Media note came to market. The corporate plan, she adds, also calls for occupying 15,000 sf and leasing the balance of the Metro Media building to a prospect who stepped up for the space just as plans were being made to buy the note. “It was just a coincidence,” she says.

The office building had been marketed as “for lease” or “for sale” by Jake Jordan with Dallas-based Henry S. Miller Commercial. Taylor says the structure, positioned on 5.34 acres, has been empty about 2.5 years.

Taylor says the company’s also secured a commitment for a $1-million loan with a 20-year term and 7.1% fixed-rate interest to close the deal. She says the building needs “very little renovation,” but the tech changeover that’s needed will keep the 25-employee operation from an immediate move. “We don’t want to interrupt our business,” she stresses.

The firm’s CEO Dale Hensel says “the objective is to sell the property to an outside investor within 18 months. Assuming a 9.5% cap rate, we believe the building will have the potential to support an appraised value in excess of $4.5 million based on its rental prospects.” According to Dallas Central Appraisal District, the property’s current assessment is $1.3 million.

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