With 1031 exchange funds to deploy, Bardin Square Investors Ltd. has purchased an office property at the edge of downtown Arlington in a value-add play with more than $600,000 set aside for significant upgrades this year.
The just-bought property is located at 801 E. Border St., a bi-level building within walking distance of the University of Texas at Arlington. The unusual design features about 12,000 sf of office space on the second floor, which serves as a cover for 56 parking spaces and a vestibule with stairs and elevator at the street level.
Only three of the 12 offices are occupied. The tenants will be relocating by month's end.
"We will strip the building down to the shell and simultaneously market it to a single tenant or up to four," says Renee Efimoff, vice president of Coldwell Banker Commercial Advisors DFW, who represented the local buyer.
Work will begin in early February. Exterior upgrades will include a new roof and monument sign as well as LED lighting, benches and planters. Also, windows will be re-glazed and resealed.
Developed in 1972, the building was designed by Paul C. Wharton & Associates for now-retired dentist, Dr. Jack Snowden. The 0.5-acre lot is situated at the eastern edge of several multimillion-dollar redevelopment projects in central Arlington, all designed to infuse new energy and draw residents to a more pedestrian-friendly downtown.
"This building is a kind of diamond in the rough. It has great potential for a creative redesign and is inside the downtown overlay," Efimoff says. "Its covered parking is a luxury in Arlington." Jones Commercial Interiors of Dallas is leading the design team.
The property had been for sale more than two years. The seller's decision to reduce the price caught the attention of the local investment group, which had toured at the property about eight months ago and walked away. Jordan Foster of Peyco Southwest Realty represented the seller, Snowden Family Properties LLP.
"Because of the deferred maintenance, we will be investing more in the improvements than the purchase price," Efimoff says. "Once the mechanical and aesthetic upgrades are completed, this office building and its location will be attractive to many users. We plan to start marketing it immediately."
ACQUISITION
Bardin Square Investors Ltd. has purchased a two-story office building on 0.5 acres at 801 E. Border St., Arlington, TX, from Snowden Family Properties LLP. Renee Efimoff of Coldwell Banker Commercial Advisors DFW represented the local buyer. Jordan Foster of Peyco Southwest Realty represented the seller.
Founded in 1992 as SCM Real Estate Services Inc., Coldwell Banker Commercial Advisors DFW is a full-service commercial real estate firm providing clients with expert advice and strategies customized to their particular needs. Our services include investment sales, project leasing, property management, tenant representation.
