ARLINGTON, Texas – Skywalker Property Partners has sold a fully leased shopping center in East Texas and a vacant office flex project in Tulsa for its managed fund, Cash Flow Fever LLC, after reaching its investment goals within a four-year hold.
The Texas property is the 30,977-sf High Plaza Shopping Center at 2430 S. High St. in Longview, where Skywalker Property has opted to hold onto the anchor space for the fund’s portfolio. In Tulsa, the disposition is a 20,160-sf office flex project at 3717 S. Sheridan Rd., which was part of a two-building educational campus that was divided in two and sold separately.
“The dispositions were successful investments that had run their course in the fund,” says Gary Walker, managing principal and founder of North Texas-based Skywalker Property. “We take pride in making places better and achieving superior returns for our partners, and we accomplished both goals.”
Skywalker has sold the lion’s share of High Plaza Shopping Center to M&L United Property LLC of Dallas/Fort Worth and held onto a 26,400-sf anchor store. That space is the future home of O’Reilly’s Auto Parts, which is slated to open in late Q2.
The 2.91-acre shopping center was on the market about four months, with M&L banking the win as the highest of three offers. Under Skywalker Property’s watch, High Plaza underwent a major renovation to upgrade the center’s exterior, including the roof, and the parking lot, lighting and monument sign.
“It was an extensive facelift that delivered value for the market,” says Chris Aguilar, Skywalker Property’s asset manager. “O’Reilly’s coming in is a boon for the neighborhood.”
High Plaza is located near the junction of three main arteries in Longview, the county seat of Gregg County and an outdoor recreation hub. The tenant mix features national, regional and local retailers, including Family Dollar, Wing Stop, Metro By T-Mobile and Little Caesars.
The Tide is High Plaza LLC is the seller of record. Tim Axilrod of SHOP Cos. represented the seller and Long Ly of William Davis Realty brokered the deal for the buyer.
In Tulsa, Skywalker Property is exiting the market with the sale to Gravley Holdings LLC, a local digital sign maker and manufacturer. The 1.76-acre project, totaling 20,160 sf, is located at one of the city’s busiest intersections, Interstate 44 and Hwy 64/51 (Broken Arrow Expressway).
“The building is perfect for an owner-user because of its location and size. We’ve just been waiting for the right one to come along,” Aguilar says.
Skywalker Property’s value-add strategy for the educational campus went into play early last year when the net-lease tenant, Miller-Motte College, consolidated into one building and left the fund with a vacant structure. The property was split in two, with the leased piece selling in December 2022. The fund manager also sold the on-site billboard for a profit in a separate transaction that closed earlier this year.
Cash Flow Fever is a yield fund focused on acquiring income-producing properties with upside that can be achieved through renovation and repositioning strategies like separating assets into two pieces to achieve higher yield. The typical hold is four years, with selective assets held for long-term cash flow.
Cooking with Gas LLC, the seller of record, was represented by Michael Schnake and Ward Seibert of Oil Capital Commercial Real Estate Services. The buyer was self-represented.
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FOR ADDITIONAL INFORMATION:
Chris Aguilar, 817-898-0323
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