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Off-Market Deal Bags 59,000-SF Office

ARLINGTON, TX-SCM Real Estate sells the 75%-leased Lamar East Atrium to Andrews-Dillingham Properties after an 18-month hold and $500,000 renovation.

By Connie Gore | Updated on December 06, 2007

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.

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