ARLINGTON — The struggling Vandergriff Town Center in downtown Arlington has been bought out of foreclosure by two Arlington businesses.SkyWalker Property, headed by Gary Walker, and General Assembly Inc., led by Tony Pompa, partnered to buy the 28,221-square-foot property from Southwest Securities Bank, which foreclosed in June 2012.General Assembly will move its headquarters to the building, at 200 N. Mesquite St., and will use 5,893 square feet on the second floor. General Assembly assembles products for national retailers, manufacturer suppliers and end users.“This opportunity was too good to pass up, as an investor and tenant,” said Pompa, who also serves as school board trustee, in a statement. “Vandergriff Town Center is a centerpiece for the city’s evolving downtown’s district and will continue to be so for years to come.” The project, a two-story office and retail building, was developed in 2006 by Ralph Shelton and Dalmac. It features a 70-foot clock tower at Mesquite and Division streets. It was only 27 percent leased at the time of the foreclosure a year ago ,when the the developers defaulted on a $3.9 million note.The development’s current tenants are Grease Monkey Burger Shop, Capital One Bank and Maren Karsen Salon.When the building opened, the second floor was leased by a computer company. Until it became a victim of the then sagging economy, the building once was 77 percent leased. The building is on the block east of the historic Vandergriff Chevrolet dealership, which is owned by an SCM Real Estate Services entity. Walker is founder and president of SCM.
Sandra Baker, 817-390-7727 Twitter: @SandraBakerFWST