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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.

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.

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.

Arthouse Condos

29 Condos in So7 District in Fort Worth

Date Acquired/Sold: December 2010/last sale June 2013

Redevelopment Summary: The 29-unit inventory of Arthouse Condos in So7, an upscale neighborhood near the Cultural District, was acquired from the lender shortly after foreclosure. The investment required assuming responsibility for holdover construction issues at the 65-unit project, and temporary control of the condo association with the cooperation of 36 existing owners. Model units were readied for marketing and exterior repairs completed with a $250,000 investment. After executing our repositioning strategy and fresh marketing plan, the last of the units was sold in June 2013.

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%.

Grapevine I & II

3500 William D. Tate, Grapevine

Total SF: 58,860 SF

Date Acquired/Sold: August 2011/August 2012, March 2014

Investment Summary: The two-building asset has been reintroduced to the market as a multi-tenant opportunity at an irreplaceable location. The property was strategically positioned close to the intersection of Texas 121 and 114 and Dallas/Fort Worth International Airport. SPP executed a repositioning strategy, updating the project’s exterior (awnings, paint, landscaping) and leased the project to 100% occupancy prior to selling.

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.

Westpark Centre

150 Westpark Way, Euless

Total SF: 75,377 SF

Date Acquired: May 2008

Investment Summary: SkyWalker Property Partners seized the value-add acquisition opportunity that the three-story building presented, immediately addressing deferred maintenance by replacing the roof and HVAC system. Occupancy dipped below 50% shortly after acquisition, but the asset regained its footing in 2010 with a GSA lease for 1 ½ floors.

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.

1401 Ervay

1401 S. Ervay, Dallas, Texas

Total SF: 56,880 SF

Property Type: Office/Warehouse/Multifamily

Date Acquired/Sold: October 2013 – October 2014

Investment Summary: This historic 5-story building in downtown Dallas was originally built in 1903 as a candy manufacturing plant. Over the building’s lifetime it was owned by an ice cream cone producer, by Keebler, and eventually Skywalker purchased it from the family of an NBA star with the intent to convert the project into a multifamily project. Upon acquisition the building was completely vacant and dilapidated, failing to meet health and safety standards. Prior to beginning construction Skywalker sold the project to a redevelopment company, creating an attractive short-term gain without taking on the redevelopment risk. Currently 1401 Ervay is being redeveloped into upscale loft apartments.

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