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Bowen Chase Bank Building

1301 Bowen, Arlington

Total SF: 110,651 SF

Date Acquired: January 2014

Investment Summary:This prominent four-story office building has benefitted from strong occupancy, but required significant upgrades to stay competitive. Since acquisition, we have replaced the HVAC system and controls with high efficiency units. We also upgraded the lighting, security, and made common area improvements. Since acquisition, operating expenses have been reduced, major tenants have expanded and renewed their leases, and as a result occupancy and profitability continue to increase.

 

8800 E FM 916, Grandview

8800 E FM 916, Grandview

Total SF: 144,500 SF

Date Acquired/Sold: June 2013 – June 2016

Investment Summary: Skywalker saw a major opportunity in this 3-building industrial property in Grandview. The prior owner was an RV conversion company that suffered from the recession and closed in 2011, and the project was 12% occupied at purchase. As a result of active leasing and asset management we secured two new leases within 30 months, bringing the occupancy to 100%. The property was sold to an all cash buyer June 1, 2016.

 

Justin Property

9534 Industrial, Justin

Total SF: 46,259 SF in six buildings

Date AcquiredSold: December 2011/last sale January 2015

Investment Summary: Located near Texas Motor Speedway in Fort Worth, the former concrete mixing facility has been retooled and repositioned. The project was leased to a user and eventually sold in two transactions to owner-users.

9534 Industrial

9534 Industrial, Justin

Total SF: 44,000 SF

Date Acquired/Sold: December 2011 – December 2014

Investment Summary: Located close to the Texas Motor Speedway, this property consisted of six free standing buildings on three parcels of property that we believed could be leased or sold by parcel. We began by leasing the buildings to a painting contractor and building supply company. The properties were then sold, in one case to the tenant. For one of the sales it was necessary to provide the loan and servicing on a short term basis.

 

1601 E. Lamar

1601 E. Lamar, Arlington

Total SF: 56,267 SF

Property Type: Garden Office

Date Acquired/Sold: May 2007 - October 2008

Investment Summary: SkyWalker Property acquired the half-vacant building from a large investment fund. Upgrades were completed within months of the closing to correct leaks in the structure's two large atriums as well aesthetically improve common areas of the interior and its drive-up appeal. During the leasing campaign, SkyWalker Property received an off-market offer to buy the property. Occupancy today is 75%.

Cordovan Park

5840 - 5850 W I-20, Arlington

Total SF: 78,520 SF

Property Type: Office

Date Acquired/Sold: September 2010 - June 2012

Investment Summary: Cordovan Park was acquired for repositioning from a local lender following foreclosure. The property required extensive repairs and renovations due to deferred maintenance. SkyWalker Property's value-add plan included resurfacing the parking lot, refreshing common areas with carpeting, paint and signage and updating bathrooms, including ADA compliancy. In early 2012, a financial institution bought the pair of two-story buildings as a back office location.

Cordovan Park Case Study

Landmark Office Building

2201 N. Collins, Arlington

Total SF: 65,205 SF

Property Type: Class B Office building

Date Acquired/Sold: October 2005 – July 2008

Investment Summary: Landmark Office Building was Gary Walker's first office location in the early 1990s so it held special significance when SkyWalker Property was able to buy it in 2005. With 85% occupancy and the well-maintained condition, SkyWalker Property primarily added value by investing one year into the renewal of a federal agency's lease and reducing operating costs. In 2008, the property was sold to a REIT.

Precinct Line Land Acquisition

1432 Precinct Line, Hurst

Date Acquired: August 2010

Redevelopment Summary: The investment began with the purchase of a real estate lien note, collateralized by a "junior anchor" center with a closed Marshall's store and operating Subway sandwich shop on a three-acre tract. Following foreclosure, the property was re-platted into three tracts, Subway was relocated and the site scraped for redevelopment. Offers are pending on two tracts; Wells Fargo has acquired the third for a new branch.

4800 Blue Mound

4800 Blue Mound, Fort Worth

Total SF: 27,000 SF

Property Type: Garden Office

Date Acquired/Sold: May 2007 - June 2008

Investment Summary: A vacant single-tenant building with underlying mineral rights to the Barnett Shale created opportunity above and below the ground. SkyWalker Property was in the process of retrofitting the office building for multi-tenant use when the gas and oil company that had leased the land suddenly made an offer to buy it. Following the sale, the buyer placed a drill site on part of the land and moved its staff into the office space with minimal interior changes.

Division Street Warehouse

2251 E. Division St., Arlington

Total SF: 60,500 SF

Property Type: Office/Showroom/Warehouse

Date Acquired/Sold: October 1999 - April 2012

Investment Summary: A discount office furniture retailer sold the property to SkyWalker Property Partners because it wanted to downsize. The hold began with the seller as a tenant in 50% of the building and the balance as a single vacancy. WW Grainger leased the vacancy and opted to buy the building in late 2011 as part of an expansion plan.

501 Main

501 Main St., Arlington

Total SF: 10,500 SF

Property Type: Office

Date Acquired/Sold: 2003 - 2011

Investment Summary: SkyWalker Property purchased the property from the City of Arlington in a competitive/sealed bid auction in 2003. The vacant building, previously occupied by the city's accounting department, was updated, cosmetically enhanced and subsequently leased to JPS Health System. An investor acquired the asset in 2011, with JPS Health System in place at least five more years.

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