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701 Highlander Drive

701 Highlander Drive, Arlington

Total SF: 72,518 SF

Date Acquired: May 2016

Investment Summary: 701 Highlander enjoys a prime location, but due to previous ownership has accumulated deferred maintenance, and the occupancy has dropped to 40%. The property is undergoing significant capital investment and property management change to improve its condition and facilitate an aggressive leasing program. This property has been designated to be the first acquisition of the fund “When Opportunity Knocks” once the fund finalizes its offering third quarter 2016

 

6301-6341 Campus Circle Drive

6301-6341 Campus Circle Drive, Irving

Total SF: 66,885 SF

Date Acquired: December 2013

Investment Summary: Located in Las Colinas, this property consists of two 2 story office buildings. The Campus Drive property illustrates two of the SPP’s investment criteria. Its location is in an out of favor market--Las Colinas, and it was acquired at a discount due to a structural problem with the foundation. We are executing our plan to address the structural issues, improving the aesthetic appeal of the property, and paying close attention to our leasing campaign as the sluggish office market in Las Colinas improves. As of Summer 2016, over 10,000 square feet has been leased.

 

3001 Skyway

3001 Skyway, Irving

Total SF: 21,696 SF

Date Acquired: September 2012

Investment Summary: Another property in Las Colinas, 3001 Skyway was vacant when it was acquired. Aesthetic updates have been accomplished, and as of Summer 2016 the property is 84% leased.

 

Vandergriff Town Center

Vandergriff Town Center, Arlington

Total SF: 28,221 SF

Date Acquired: August 2013

Investment Summary: This 2 story property was originally developed (not by SPP) for retail on the first floor, with a full floor office tenant on the second floor. Leasing of the retail was slow, and the property lost its second floor tenant, which led to foreclosure for the original owner. Its good fundamentals and close proximity to the SPP office, along with aggressive pricing by the foreclosing bank contributed to the decision to acquire the property. Since acquisition leasing of both retail and office have increased from 45% to 85%.

 

3301 W. Airport Fwy

3301 W. Airport Freeway, Bedford

Total SF: 70,938 SF

Date Acquired: April 2012

Investment Summary: The two-story building is being repositioned as a multi-tenant property with below-market rents to offset ongoing construction challenges due to the expansion of Texas 183. Additional aesthetic updates are forthcoming. Our plan of execution is to be ready for a market rebound when the highway expansion is completed in 2016.

8851 W Camp Bowie

8851 W Camp Bowie Fort Worth, TX (The Atrium)

Total SF: 44,259 SF

Date Acquired: June 2013

Investment Summary: This acquisition is an example of our tenant partnership program. It was purchased through an LLC formed with a company interested in owning a share of the property they would occupy, but did not wish to be the sole owner. Much of the capital investment to be deployed for re-positioning served as improvements needed for our tenant partner. This allowed the property occupancy to increase immediately. Occupancy Summer 2016 is 91%.

 

Brookhollow Riverside

2505 N. State Hwy. 360, Grand Prairie

Total SF: 118,181 SF

Date Acquired: July 2006

Investment Summary: Boasting a historically high occupancy, the eight-story Class A building and three-level parking structure enjoy easy access to the freeway and high visibility. Currently 96% leased, the well-maintained building is situated five minutes south of Dallas/Fort Worth International Airport.

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