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Arlington, TX Commercial Opportunity:
33,000 sq. ft ~ commercial space that has flexible zoning due to current owner’s close ties with city officials. Owner and our team have agreed that the best use for this space would be a bar/restaurant due to it’s location. It is within ½ a mile of Cowboys Stadium and an unobstructed view of the stadium.
Owner Motivation, why does he want to sell?:
• The owner is a well-known and accomplished MF developer in Dallas metro and is also in the SoCal market as well. • He doesn’t want to sell it but, he doesn’t have the time to undertake such a project. • It is also sitting vacant so obviously, it is in his best interest to sell.
Projected Renovation and Income:
• There is no way to accurately project renovation costs until we get a GC out there and get multiple bids but, the owner anticipates it will be a multi-million renovation. • The last tenant there was a automotive shop so it would need to be completely retrofitted for bar/restaurant • Most important is the zoning and permits that are required to pull this off. Lucky enough, seller has been promised by city officials that they would “hand deliver” a liquor license for this newly renovated bar. • Reason for this is due to the massive success of the bar “Texas Live” by Texas Rangers stadium (Address is 1650 E Randol Mill Rd Arlington, TX 76011) The city would like to see a bar similar to this for the Cowboys (which currently doesn’t exist) . This explains why the city is so adamant about getting this commercial space renovated and running. • This bar is very often packed to capacity and the fire marshal often has to stand by the door and ensure capacity limit is not breached. • According to our client, Texas Live! is grossing an average of $250k daily on NON-gamedays and is grossing an average of $750k on gamedays. • Additional income: Parking for Cowboys’ games can run about $100 per spot for the day. Our clients’ subject property has about 100 parking spaces that can be used for that purpose as well.
Owner Desired Terms:
• Owner would like around $7m for the space • He is open to creative financing such as seller financing and even a possible JV. • His ideal situation would be a traditional cash sale and not have to carry note or form JV but, is open to creating a prosperous opportunity. • Owner is open with communication
Please call John N. via: show contact info
if you are interested. Thank you. 10/18/2019