Off-Market Deal Nabs 10-Building Office Asset

ARLINGTON, TX-In an off-market deal, a partnership led by SCM Real Estate Services has scooped up the 10-building Governors Row. The 55,181-sf complex will be swung to its original intent, office condos.

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.