Bardin Square Acquires Office Property in Arlington
- Jan 03, 2017
Arlington, Texas—In a 1031 exchange, Bardin Square Investors Ltd. has purchased an office building in downtown Arlington, with plans to invest more than $600,000 in upgrades.
The two-story building is located at 801 E. Border St., within walking distance of the University of Texas at Arlington. The property features about 12,000 square feet 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.
“We will strip the building down to the shell and simultaneously market it to a single tenant or up to four,” Renee Efimoff, vice president of Coldwell Banker Commercial Advisors DFW, who represented the local buyer, said in a statement. Only three of the 12 offices are occupied. The tenants will be relocating by month’s end.
Exterior upgrades will include a new roof and monument sign, LED lighting, benches and planters, as well as the windows which will be re-glazed and resealed. 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.
The property had been for sale for 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.
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