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SkyWalker Sells 75,679-sf Westpark Centre To Atlanta Fund in Off-Market Transaction

EULESS, Texas – In an off-market transaction, SkyWalker Property Partners has sold the 75,679-sf Westpark Centre in the Mid-Cities to an Atlanta-based fund targeting government-leased properties. It is the fund's first acquisition in North Texas and second in the state.

The GSA occupies 52% or 39,506 sf of the three-story office building at 150 Westpark Way, Euless. Shane Benner, investment sales associate with Coldwell Banker Commercial Alliance DFW, sourced the buyer, RP CBP Euless LLC, and was the sole broker for the all-cash transaction.

 

"It was challenging to find a buyer familiar with the nuances of government leases, particularly in a multi-tenant building," Benner says. "This is the first sale of the year for our brokerage team. 2016 is definitely off to a good start."

SkyWalker purchased Westpark Centre in 2008, leaning on its location as leverage for a value-add play. The 4.3-acre property is located off Airport Freeway and TX 121, just minutes from Dallas/Fort Worth International Airport, and adjacent to Texas Health Harris Hospital HEB.

Westpark Centre has been leased and managed since 2008 by Arlington, Texas-based CBCA DFW, formerly SCM Real Estate Services, which has transitioned the 1980s-era building into 21st century office space, including securing LEED CI Silver certification for a GSA lease, as required by the federal government. A significant amount of capital was invested into energy-efficient mechanical systems, lighting, carpeting and modernizing the lobby atrium to attract new tenants. The building is now 80% occupied by five tenants.

"SkyWalker's money and time were well spent. Shortly after construction wrapped up, the GSA leased nearly 40,000 sf," Benner says.

The Westpark deed will be added to a portfolio of a fund managed by Rooker, a full-service real estate development, design and construction firm specializing in industrial, office and government segments. The fund is targeting value-add opportunities of government-leased properties, single- and multi-tenant.

Benner first heard about the fund nearly five months ago. "It just worked out that Westpark Centre was a good fit for the fund's criteria," he says.

SkyWalker, a North Texas-based investment group, has begun selling projects that have been repositioned as part of its "value-add" strategy, setting the stage for the launch this year of two more funds – When Opportunity Knocks LLC and Cash Flow Fever LLC.

"SkyWalker is primed for the dual launch. As with our previous funds, we plan to acquire value-add/opportunity and cash-flowing commercial real estate properties in Texas and surrounding states," says Clint Holland, SkyWalker's acquisitions director.

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CONTACT:

Shane Benner, 817-436-1021
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Clint Holland, 817-226-5000
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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. Additional information about the investment group is available at www.SkyWalkerProperty.com.

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