FORT WORTH – Skywalker Property Partners has purchased a fully leased, class A retail/residential property in downtown Waco in an off-market deal and sold a 227,891-sf office building in North Dallas on behalf of its investment fund, When Opportunity Knocks LLC.
In taking the deed to 330 Austin Ave., the new owner has renamed the project, formerly Austin Avenue Lofts, to The Balconies Downtown. It is a mix of two street-level retail spaces and 41 apartments, all of which are earmarked for future condominium sales. City hall, the convention center, a public park and the world-famous Magnolia Market at the Silos are within walking distance of the property.
Skywalker Property, an experienced condominium investor, has purchased Austin Avenue Flats from the lender. The condo resale play got underway at the closing table with the sale of a 3,500-sf retail condo, leased to American Bank, to a private local investor.
“On day one, we bought and sold that one piece,” says William Welder, acquisitions director for the North Texas-based Skywalker Property Partners. “The transition into individual owners of the condominium units was started a few years ago. We intend to finish it.”
Campus Realtors will manage the residential units and property owners’ association, which includes five previously sold units. Skywalker Property, led by founding principal Gary Walker, will oversee the retail component.
The mixed-use building is positioned on 1.47 acres at the corner of South Fourth Street and Franklin Avenue. The three-story project, completed in 2008, also includes a 6,304-sf restaurant occupied by Coach’s xXx Smoke BBQ.
Skywalker was self-represented in the acquisition for the buyer of record, Bear Force One LLC. The seller, 330 Downtown Waco LLC, was represented by Clay Fuller of Coldwell Banker Commercial.
“It was Gary’s ties to Waco through Baylor University, the Baylor Angel Network and previous investments in the market that led to this acquisition,” Welder says. “He knows and likes the market well.”
In North Dallas, private investor Noel Yi has acquired Crosspoint Atrium at 8131 LBJ Freeway from a related entity of When Opportunity Knocks. The eight-story office building, situated on 3.36 acres, was 60.53% leased at sale time.
Skywalker Property acquired the office building in February 2019, investing nearly $1.3 million into upgrades. The asset was actively marketed by Tom Strohbehn of Younger Partners for the sellers of record, Crosspoint My Heart LLC and WalkOn Properties LLC.
“Multi-tenant office buildings present challenges these days so we decided to pare back our investments in that sector,” Welder says. “The LBJ project presented a strong value-add opportunity for the right buyer.”
The Dallas-based buyer has been an active commercial buyer in the past year. He was represented by Dave Van Etten of Trinity Interests.
“He had 1031 Exchange funds to invest. He made a competitive offer and was able to perform,” Welder adds.
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FOR ADDITIONAL INFORMATION:
William Welder, 817-898-0244
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