ARLINGTON, Texas – Nearly eight months after it foreclosed, US Bank has sold the 40%-leased Fielder Place in West Arlington to a local investment group, AVK Associates LLC.
“The property actually sold quickly once we were able to overcome a rent roll uncertainty and addressed some of the most serious deferred maintenance issues,” says Karen Simon, executive vice president and managing partner of Dallas-based Bradford guarantor loans
Commercial Real Estate Services.
When the deal closed, Simon and Brian C. Scott, senior vice president for Bradford, had five tenants in place in the 30,478-sf office building at 1633 W. Division St. Managing the property for the bank was Bradford’s David Simpson, executive vice president.
“There were some serious challenges in retaining the existing tenant base due to prior property conditions, but we were able to stabilize the rent roll just enough to make it possible for the buyer’s lender to agree to finance the acquisition,” Simon explains.
The two-story building, built in 1971, is situated on 1.9 acres at the off-ramp from Fielder Street. The property features 125 parking spaces and a lighted sign along Division Street, one of the busiest east-west thoroughfares in the city.
Simon and Scott, veteran brokers of REO properties, marked their first disposition for US Bank with the deal. Jose Thankachan of Beam Real Estate LLC represented the buyer.
February 4, 2013