Four-story Chase Bank Center in Arlington sold, will get upgrades
01/26/2014 10:16 AM
01/26/2014 10:17 AM
SkyWalker Property in Arlington has bought the four-story Chase Bank Center on Bowen Road in Arlington for the portfolio of the Hangover Opportunity Fund.
The 108,170-square-foot building was sold by Dallas-based Rosemont Realty. The building was 90 percent leased when it was sold. The largest tenant is the Texas Department of Health & Human Services.
“This investment is slightly different from our others because it’s stabilized,” said Clint Holland, director of acquisitions and asset management for the investment group. “Historically, we’ve taken the risk upfront with occupancies at the time of purchase of 50 percent or below. That’s not the case with Chase Bank Center.”
Chase Bank Center will be leased and managed by SkyWalker Property’s affiliate Coldwell Banker Commercial DFW, formerly SCM Real Estate Services.
SkyWalker Property plans $600,000 in upgrades, beginning with a new heating, ventilating and air-conditioning system. Built in 1982, Chase Bank Center was last renovated in 2001.
Mercantile Bank opening branch in north Arlington
Mercantile Bank, a branch of Woodhaven National Bank, has leased space in Skymark Tower in north Arlington for a new branch.
The 5,860-square-foot ground-floor space is expected to open in the second quarter at the southeast corner of Interstate 30 and Cooper Street.
Fort Worth-based Woodhaven has six Metroplex branches, including a Mercantile Bank at 2229A W. Park Row in Arlington.
Southwest Fort Worth shopping center sold
Ridge Rock Plaza, off Overton Ridge Boulevard in southwest Fort Worth, has been sold to Dallas-based Thackeray Partners.
The 114,495-square-foot shopping center was fully leased at the time of the sale. CBRE’s debt and structured finance group arranged an $11 million acquisition loan for the deal.
The center, 4921 Overton Ridge Blvd., includes such retailers as Bed Bath & Beyond, Michaels, Pier 1 Imports, Chair King, Sun & Ski Sports, Freebirds and Sleep Experts.
Scott Lewis, Matt Ballard and Patrick Benoist of CBRE’s Dallas debt and structured finance group represented the buyer. Chris Cozy, Chris Gerard and Kevin Holland of CBRE’s national retail investment group represented the seller, Ipers Ridge Rock Plaza of Chicago.
Bassett Home Furnishings opens in former Container Store spot
The former Container Store space off Interstate 20 and South Hulen Street is now leased by Bassett Home Furnishings.
Bassett moved into the building in December. Sturdivant Capital of Fort Worth arranged a $3.3 million remodeling loan for the building’s owner, Agathon Inc. of Seattle. Sturdivant Capital is owned by Tom Sturdivant.
The Container Store closed the store when it opened a new one in the Chapel Hill shopping center, at Interstate 30 and Hulen Street.
Port America Place, Grapevine
Ethan Allen furniture retailer has leased 10,000 square feet of warehouse space in the Port America industrial park. Moore Matthews of KW Commercial represented the tenant. Gil Stroube of Lincoln Property Co. represented the landlord.
1403 Oak Knoll, Haltom City
Vital Signs and Graphics has leased 5,200 square feet of space from David Harris. Chris Stewart of Coldwell Banker Commercial Searcy Vasseur Group represented the landlord. Roger Smeltzer of Vision Commercial represented the tenant.
6500 Precinct Line Road, Hurst
Sync Holdings LLC has bought a 10,880-square-foot shopping center from Japage Partnership. Moore Matthews of KW Commercial represented the buyer.
2485 E. Southlake Blvd., Southlake
Parker Straus Law Firm has leased 3,070 square feet of office space. Sylvia Pell of Pell Realty Group represented the landlord, Parkway Commercial Realty.
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