ARLINGTON, Texas – With the market actively pursuing sales, Skywalker Property Partners has sold a hat trick of commercial assets in Texas and New Mexico in back-to-back closings as part of a portfolio-churning for one of its funds, When Opportunity Knocks LLC.
“It’s a favorable time for us to sell. There are not a lot of properties like these on the market at this time,” says Clint Holland, acquisitions director for the North Texas-based Skywalker Property.
The Texas disposition is a 113,406-sf office flex property on 4.7 acres at 6001 Campus Circle Dr. W. in Irving’s Las Colinas Business Park. It was formerly a Fidelity Investments’ data center, which was retooled by the seller to include warehouse space as part of a value-add strategy for its repositioning.
“We demo’d about 35% of the interior to add warehouse space because we recognized how robust the market is for industrial and then offered it for sale or lease,” Holland says.
Vesgro Corp. of Plano, Texas, quickly has scooped up the property for its new manufacturing location in Dallas/Fort Worth. Vacant at sale time, the building features 55,863 sf of data center/support space with heavy power and fiber connectivity; 31,652 sf of warehouse area with a 24-foot clear height; and 25,891 sf of office suites.
Zane Marcell, Chris Stout and Melissa Holland of JLL represented the seller of record, Tech the Halls LLC. The buyer’s broker was Brett Lewis of Lee & Associates DFW.
“Campus Circle is well-suited for an owner/occupant. It made sense for us to sell it to a user and exit the investment,” Holland says.
The New Mexico disposition is a 23,300-sf multi-tenant office building on 1.5 acres at 2945 Rodeo Park Dr. E., which is near the St. Francis Drive-Interstate 25 interchange in Santa Fe. The just-sold asset was the fund’s first investment outside Texas.
Cole Flanagan of Flanagan Investment Real Estate in Santa Fe represented the seller in a direct deal with Urd Verdandi Skuld LLC, a private investor from California, who got an 86%-leased two-story building at a prime location in the city. The tenant roster includes the U.S.
Department of Energy and Benchmark Human Services, which recently renewed 3,115 sf and 3,886, respectively.
About three months ago, Skywalker sold a third asset from the fund’s 11-property portfolio – a former Luby’s, totaling 7,220 sf, on a 1.8-acre pad site at 2124 Boca Chica Blvd. in Brownsville, Texas. Brownsville Speckles LLC acquired the retail project, which is adjacent to an H-E-B grocery store, in a direct deal with Skywalker Property.
“We had three projects in a strong position to sell. The market reacted quickly as we had anticipated,” Holland says. “It’s an active market.”
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FOR ADDITIONAL INFORMATION:
Clint Holland, 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