ARLINGTON, Texas – In a strong close-out of 2022, Skywalker Property Partners has sold a trio of office properties in North Texas and Oklahoma on behalf of three managed funds.
The crown jewel of the divestiture was Brookhollow Riverside, a 119,121-sf office building at 2505 N. TX 360 in Grand Prairie. The disposition also included Crescent Parc, a 61-unit medical and office condominium project at 1400 N. Coit Rd. in far north Dallas, and a 36,590-sf office project, home to Miller-Motte College, at 3801 S. Sheridan Rd. in Tulsa.
“We’re proud of all three projects. They were successful investments that illustrate our ability to create value using multiple strategies,” says William Welder, Skywalker’s director of acquisitions and capital.
Brookhollow Riverside is a prominent freeway-fronting office building that Skywalker has owned since 2006. It was 90% occupied at sale time.
Tom Strohbehn and Scott Farber of Younger Partners marketed Brookhollow Riverside for the seller of record, Down By The Riverside LP. Multiple offers were received, with a Houston-based 1031 Exchange buyer, 2505 North State Hwy LLC, winning the deed. The buyer’s principal was Howard Heald of Silver Creek Realty Advisors LLC.
“We were fond of that asset,” Welder says, “but it was the right time to sell. In spite of general headwinds facing office properties, there is still strong demand for quality multi-tenant assets with a good amount of term remaining on leases, as was the case with Brookhollow Riverside.”
The eight-story structure and parking garage are situated on a 3.3-acre tract with unobstructed visibility from TX 360 and close to Dallas/Fort Worth International Airport. The tenant mix includes multiple federal and state government agencies.
Skywalker’s investment in Crescent Parc in 2021 catapulted the team into a development role for a partially finished medical and office condominium project in McKinney. Capitalized by the When Opportunity Knocks fund, construction was completed on 14 buildings, resulting in the sales of 61 turn-key medical and office condominiums, totaling 64,088 sf, by the end of Q4 2022.
Joe Martinez and Tonya La Barbera of Legacy Commercial Realty represented the seller of record, McKinney Sunrise LLC, for Crescent Parc’s Phase I. The 5.83-acre project is located near the Dallas North Tollway, Preston Road and US Hwy. 380.
Skywalker went the auction route to sell the Tulsa property, which is fully occupied by Miller-Motte College. Underwriting the disposition strategy was a brand-new 10-year net lease.
“It was a strategic decision to take it to market via an auction platform,” Welder says. “We wanted to reach as broad of an audience as possible to maximize the value of the net-leased asset.”
Ten-X was the auction intermediary, with Exponentally Inc. of Houston placing the winning bid. Developed in 1982 and renovated in 2008, the two-story office building is situated on 2.02 acres within a block of Interstate 44.
The Tulsa asset has been in the portfolio of Skywalker’s Cash Flow Fever fund since 2019. Jason Little, Will Lightfoot and Matt Maguire of the SHOP Cos. represented the seller of record, Cooking with Gas LLC. The buyer was self-represented.
###
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