SkyWalker Property Closes 1st Deal of 2014: 108,170-sf Chase Bank Cente

ARLINGTON, Texas – In an off-market competition, SkyWalker Property Partners has emerged as the buyer of the 108,170-sf Chase Bank Center in West Arlington.

SkyWalker Property has acquired the four-story office building, set on nearly seven acres at 1301 S. Bowen Rd., for the portfolio of Hangover Opportunity Fund LP from Dallas-based Rosemont Realty. Chase Bank Center is 90% leased.

"This investment is slightly different from our others because it's stabilized. The upside really lies in lease rollover," says Clint Holland, director of acquisitions and asset management for Arlington-based investment group. "Historically, we've taken the risk upfront with occupancies at the time of purchase of 50% or below. That's not the case with Chase Bank Center."

In 2015, about 29% of the leases will expire.  "Our goal is renew or re-lease the spaces," Holland adds.

Chase Bank Center will be leased and managed by SkyWalker Property's affiliate, Coldwell Banker Commercial DFW, formerly SCM Real Estate Services. Beaux Riley, senior leasing agent of Coldwell Banker Commercial Alliance DFW, and Gigi Grubbs, property manager, are assigned to the property.

The property boasts a number of longtime tenants. The largest tenant is the Texas Department of Health & Human Services, occupying 34,104 sf or 31.5% of the class B office building. One of Keller Williams' most successful walk-in offices statewide is situated in 8,003 sf or 13% of the rentable space. JPMorgan Chase's banking center and offices span 9,869 sf or 9.1% of the ground floor, including the lobby, in a commitment through 2025.

SkyWalker Property plans to invest roughly $600,000 into upgrading the asset, beginning with a new HVAC system and then turning its focus to common areas inside and out. Built in 1982, Chase Bank Center was last renovated in 2001.

Chase Bank Center is located at the Bowen Road-West Park Row Drive intersection, where the traffic count is 38,000 vehicles per day and the neighborhood is a well-established mix of retail, restaurant and residential properties. Market leaders like Aldi, Tom Thumb, CVS/Pharmacy and Starbucks are within walking distance. The University of Texas at Arlington is less than three miles away.


Chase Bank Center is Hangover Opportunity Fund's first acquisition of the New Year. In 2013, SkyWalker Property acquired 11 commercial properties with a total capitalization of $18.3 million. The $100 million fund invests in office, industrial, retail and residential properties, most often in value-add and distressed scenarios.

"It was our track record for surety of close in previous transactions that created this acquisition opportunity," says Gary Walker, managing member of SkyWalker Property Partners and regional principal of Coldwell Banker Commercial DFW.

"Many investors avoid suburban office due to demanding asset management, required capital investments and higher roll-over risks. Because we are experienced hands-on office building operators, we believe this investment will provide superior cash flows."


To schedule an interview:

Gary Walker, 817-226-5000

Clint Holland, 817-226-5000



Skywalker Property Partners identifies, underwrites, acquires and executes highly opportunistic and value-add investments on behalf of the Hangover Opportunity Fund LLC, formed in 2010 to build a $100 million portfolio of office, industrial and retail properties in Texas and surrounding states. The strategy targets transactions from $1 million to $10 million. The portfolio currently has 627,046 square feet of commercial space and 29 residential condominiums.


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255 N. Center Street | Suite 200 | Arlington, TX 76011 | 817.226.5000