Foreclosed Dallas-Area Office Asset Changes Hands
- Oct 11, 2019
A private investor has purchased the 175,537-square-foot Arlington Center in the Dallas-Fort Worth metro. The buyer acquired the asset from U.S. Bank, which had taken control of the property following a mid-2018 foreclosure of a $20.9 million CMBS loan, according to Yardi Matrix.
Located at 4501 New York Ave. in Arlington, Texas, the property is near Interstate 20’s intersection with State Highway 360 and is centrally positioned between Dallas and Fort Worth, each approximately 20 miles away. Per data from Yardi Matrix, more than 2.1 million square feet of office space is within a 3-mile radius of the building. Completed in 2000 on a 20-acre site, the two-story structure is fully leased to Lockheed Martin Corp. and includes parking at a ratio of approximately four spaces per 1,000 square feet.
Managing Director Steve Simon and Senior Vice President Steve Rowland from Transwestern represented U.S. Bank in the sale. Earlier in October, the company’s development arm broke ground on a three-building industrial property in Houston.