arthouse.jpg

SkyWalker Property Partners Razing, Redeveloping Precinct Line Center

ARLINGTON, Texas – Strategically positioned near the under-construction North Tarrant Express, the 33,625-sf Precinct Line Center is undergoing redevelopment by its new owner, SkyWalker Property Partners.

The 3.4-acre site is being scraped and carved into pad sites, one of which has already been sold to a bank to develop a new branch. The center's age, location and shared-access parking agreement with Hurst's Super Target makes it a prime candidate for redevelopment.

SkyWalker Property Partners of Arlington acquired the 1432 Precinct Line Rd. property in August 2010 through a note buy from a life insurance company, seizing an opportunity to get real estate in the Texas 183-121 corridor where highway construction has displaced a number of commercial tenants.  A foreclosure went into play last January.

"We had two strategies – scrape and sell pads or redo the façade and re-tenant. This is a 34-year-old center," says Gary Walker, president and managing partner of SkyWalker Property Partners. "We had plans to market it both ways and we had to be open to both options."

The decision swung to scraping and creating pad sites after the bank inquired about the site within a week of the foreclosure. "There is a lot of displaced retail in that submarket, which is why we were looking for an opportunistic buy out there," says Clint Holland, asset manager for SkyWalker Property Partners. "Our timing just happened to hit right. We've had stronger interest than anticipated."

Holland says the site will support one, maybe two, more pad sites. The land is being marketed for $25 per sf.

Precinct Line Center, formerly called Old Towne Square, most recently was leased to Marshall's, Subway and Mattress Giant. The last to vacate was Subway, which closed its doors just last week.

SkyWalker Property Partners sources opportunities for the Hangover Opportunity Fund LLC, which Walker and his investment partners formed last year. The discretionary

fund's goal is to acquire $100 million of value-add and distressed real estate in the next three to five years.

"A lot of value creation is in the execution. It's one thing to buy an opportunity, but you need to know how to solve problems, such as city issues, permitting, branding, marketing and leasing. It's not always distressed and it's not always a low-ball price," Walker says.

SkyWalker Property Partners is aggressively pursuing acquisitions in the $1 million to $10 million range. The acquisitions sweet spot is less than $5 million; the territory is Texas and surrounding states. Office and industrial properties are the primary focus although retail deals will be considered, as Precinct Line Center proves.

SkyWalker Property Partners' reputation as a buyer has quickly delivered deals in its short existence due to Walker's longstanding relationships in brokerage and lending circles as president and founder of his 20-year-old brokerage firm, SCM Real Estate Services Inc.  SkyWalker's most recent investments are Cordovan Park at 5820-2840 W. Interstate 20 and Arlington Oaks Office Park at 208 Billings St., both in Arlington; and Arthouse at So7 at 2608 Museum Way, Fort Worth.

###

To schedule an interview:

Gary Walker, 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.

 Download as PDF

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