November 2021 - Skywalker Property Partners

Skywalker Property, Arlington Orthopedic Associates Close Off-Market Deal for Class A Highlands Tower

11.15.202124.24.2023 by tylerporter

ARLINGTON, Texas – Skywalker Property Partners has parted with one of its most prized office properties, Highlands Tower, in an off-market transaction with Arlington Orthopedic Associates.

The highly visible asset is a 73,859-sf five-story office building at 701 Highlander Blvd., a class A project set on 5.24 acres at the Interstate 20-Matlock Road intersection in south Arlington. The seller of record is This Land is Highland LLC, a single-purpose entity of Skywalker Property’s When Opportunity Knocks investment fund.

“We’re particularly proud of Highlands Tower so it was a difficult decision to sell it,” says William Welder, acquisitions associate for locally based Skywalker Property Partners.

The seller has invested more than $2 million into renovating the 1980s-era multi-tenant office building in the past five years, taking an inside-out approach to upgrade the mechanical systems, lobby, elevator cabs, common areas and landscaping. Highlands Tower is adjacent to Baylor Scott White Orthopedic & Spine Hospital and across the street from the 825,000-sf mixed-use Arlington Highlands. Also close by are the 1.5-msf Parks Mall, USMD Hospital at Arlington and Texas Rehabilitation Hospital of Arlington

“We thought a medical group would be a great potential buyer, given the dense concentration of shopping, dining and neighboring hospitals,” says Gary Walker, founder and president of Skywalker Property Partners.

AOA’s current location is less than two miles from Highlands Tower, offering overflow and expansion space for support and medical services. The multi-tenant project is nearly 66% leased to leading tenants like PNC Bank (formerly BBVA Compass), Keller Williams and an affiliate, H3 Texas LLC.

“Highlands Tower will remain multi-tenant for the foreseeable future while the buyer develops a long-term occupancy strategy,” Welder says.

Keller Williams signed a new long-term lease for 12,518 sf a few months before Skywalker approached AOA about purchasing the building. Tenant improvements were completed in September to the real estate firm’s fourth-floor office.

“Because of our prior relationship with AOA, I was aware of the need for administrative and support space as well as its plans to grow,” Walker says.

Dr. Eric Wieser negotiated directly with Skywalker Property on behalf of AOA Arlington MOB LLC, the buyer of record. Jason Signor of Big Sky Medical served as the buyer’s consultant.

“Highlands Tower is beautiful and a great location. It took a special buyer to get it away from us,” Welder says. “We believe it’s a perfect fit for them.”

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FOR ADDITIONAL INFORMATION:

William Welder, 817-898-0244

Gary Walker, 817-898-0303

Skywalker Property Partners identifies, underwrites, acquires and executes highly opportunistic and value-add investments on behalf of When Opportunity Knocks LLC and Cash Flow Fever LLC, funds formed in 2017 to build a $200 million portfolio of office, industrial and retail properties in Texas and surrounding states. The strategy targets transactions from $2 million to $15 million. Additional information about the investment group is available at www.SkywalkerProperty.com

Skywalker Property Partners Sells Brand-New MOB Project in Southwest Fort Worth

11.8.202124.24.2023 by tylerporter

FORT WORTH – Skywalker Property Partners has sold a fully leased medical office project in southwest Fort Worth to Ridgeline Capital Partners LLC.

Completed in the spring, the 20,200-sf structure was built on the last commercial tract in the Edwards family’s Clearfork West development. Located at 5612 Edwards Ranch Rd., the two-story MOB was developed by Skywalker Property through its tenant partnership program.

“We were seeking valuations to ready it for market when offers began rolling in. It was under contract before we got it listed,” says Gary Walker, founder and president of North Texas-based Skywalker Property Partners. “Investment demand for medical office properties is at an all-time high.”

Dr. Nathan Lesley of the Hand to Shoulder Center is Skywalker’s partner in the project and the building’s primary occupant. The balance of the structure is leased to Dr. Amber Lesley, a primary care physician with Texas Healthcare and Lesley’s wife, and their associates.

The two-story structure represents Skywalker’s first foray into ground-up development for the tenant partnership program. “The Lesleys started out by pre-leasing part of the building and quickly expanded after a few months at this location,” Walker explains.

The just-sold 1.8-acre property is part of an emerging MOB corridor located within the historic boundary of the former 7,000-acre Edwards Ranch. The area is master planned for 3.2 million sf of office, retail and restaurant space, 2,500 multifamily units and high-end estate homes.

Skywalker’s William Welder, an acquisitions associate, represented the seller of record, I Can See Clearfork Now LLC, a single-purpose entity of Skywalker’s When Opportunity Knocks investment fund. Representing the Dallas-based buyer were Elliot LaBreche and Abigail Kind of the Easton Group.

“Skywalker’s tenant partnership program offered us the most expedient way to expand our practices, including the addition of a physical therapy center,” Lesley says. “By investing in the project, we were able to create equity as part of the process.”

Walker and his team had been searching for existing buildings to retrofit for Lesley when the site became available. “The location and rents worked for our partner’s practice, which is the primary goal of the program. We solved his space needs and he also got to share in the disposition upside,” Walker says.

Skywalker Property’s tenant partnership program is marking its seventh year. “We’ve partnered with diverse industries, including medical, oil and gas, logistics and residential brokerage companies,” Walker says. “It’s been mutually successful time after time.”

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FOR ADDITIONAL INFORMATION:

Gary Walker, 817-898-0303