Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ARLINGTON, TX-In an off-market transaction, Andrews-Dillingham Properties has acquired the partially renovated, 59,000-sf Lamar East Atrium from a local partnership. Similar office buildings in the market are trading for $50 per sf to $80 per sf.

“We had done 80% of the work that was needed,” Gary Walker, president of SCM Real Estate, tells GlobeSt.com about the pass. Walker and other local co-investors acquired the class B office building at 1601 E. Lamar Blvd. about 18 months ago, buying into the value-add deal at 50% occupancy and exiting at 75%.

Walker says Andrews-Dillingham, with partners in California and Dallas, had 1031 exchange funds to spend plus was drawn to the story of the city’s three bridges and the under-construction Dallas Cowboys’ stadium. The two-story office building, situated on 3.4 acres, will end up close to the proposed Baird Farm exit and bridge leading to GloryPark, a mixed-use development designed to surround the new stadium.

“We were happy to give some discount before our program was completed,” Walker says, adding the all-cash buyer still pocketed the deed for less than the replacement cost. At sale time, a $500,000 interior and exterior renovation was under way on the 26-year-old building. Walker says the heavy lifting left to do basically to replace or repair two skylights.

The lease-up drive has resulted in a roster of small tenants like accountants, insurance agents and a mortgage broker. The building’s quoted rate is $14 per sf, full service. SCM’s Theron Bryant and the buyer’s independent broker, Gary Smith of Dallas, brokered the sale.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.