FORT WORTH – In unrelated transactions, Skywalker Property Partners has sold one commercial asset in Waxahachie and two in Wichita Falls on behalf of two investment funds.
The dispositions are:
- a 12,108-sf flex office building on slightly more than one acre at 200 W. Marvin St., Waxahachie. It is fully leased to Kelly Williams Realty;
- a 22,130-sf retail project on 2.6 acres at 2600 Central E. Freeway, Wichita Falls. It is 82%-leased to the US Department of Veterans Affairs;
- and a 36,879-sf call center on seven acres at 2236 Airport Freeway in Wichita Falls. It is 100% leased to USA800, a subsidiary of The Results Companies.
“We had completed the repositioning of each and made a strategic decision to sell. There is a lot of capital chasing investments in Texas,” says Gary Walker, founder and managing principal of North Texas-based Skywalker Property Partners, the funds’ manager.
All three properties underwent extensive renovations on Skywalker Property’s watch. Each one was repurposed from its original use.
The Waxahachie property was the former home of a local newspaper. Nearly $2.5 million went into converting the structure into a single-tenant building via Skywalker Property’s tenant partnership program, with Keller Williams Realty partnering as an investor and occupant.
Underwriting the changes is the pending close-out of Skywalker’s legacy Hangover Fund. There are three assets remaining in the portfolio, two of which are under contract and a third being actively marketed for sale.
Meanwhile, Skywalker has three properties in various stages of final negotiations to add to the portfolio of When Opportunity Knocks. It’s also sold five projects in the past six months on behalf of the fund’s routine portfolio-churning.
“We had a tremendous number of offers,” Walker says. “It was sold in less than a month to a 1031 Exchange buyer.”
Tim Axilrod of SHOP Cos. represented the seller of record, Second Hand News LLC, a single-purpose entity of Skywalker’s Cash Flow Fever Fund. Michael Kaplan of the Weitzman Group negotiated for the Los Angeles-based buyer, TAZ RLT LLC.
“The Wichita Falls call center is a repurposed grocery store. It too was part of the Cash Flow Fever Fund portfolio
“The call center was auctioned by Ten-X, with SCM Real Estate brokering for the seller of record, Wichita Calls LLC. The winning bid came from a local 1031 Exchange buyer, Star Texan Properties LLC.
The other Wichita Falls property is a repurposed retail center that’s now a government-leased asset. Its one of the few remaining properties in the Hangover Opportunity Fund’s portfolio.
Zack Ficke of Colliers International brokered the sale between the seller of record, Partners After All LLC, and Gray Harbor Capital, a Florida-based investment firm with a portfolio of government-leased properties.
“We are in harvest mode,” Walker says, “and it’s a good time in the market to do so. We aren’t long-term holders. We’re in moving, not storage.”
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FOR ADDITIONAL INFORMATION:
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