DALLAS – SkyWalker Property Partners, for its Hangover Opportunity Fund portfolio, has purchased an office/warehouse building in Tarrant County. Invensys Inc. disposed of the 70,111-square-foot building, which the company initially purchased in 2005.
“It’s a good value-add opportunity, which is what SkyWalker specializes in doing. The buyer has had its eye on this property for several years,” says Theron Bryant, principal of Coldwell Banker Commercial Alliance DFW, who represented the buyer.
The 47-year-old, light-commercial building sits on 4.1 acres of land. The property is 37% occupied, with 40,000 square feet of available shell space. Curry Printing Inc. occupies 15,971 square feet while Modern Tektronix Assembly Inc. leases 9,850 square feet. Both tenants have been in the space for well over 10 years.
SkyWalker plans to conduct some light improvements to the site including the construction of a 7,500-square-foot spec suite with 20% office space.
“The ready-to-occupy space is going to be very helpful,” Bryant says. “We are going to be able to offer choices to smaller tenants at some of the most competitive prices in the Mid-Cities submarket for clean, quality industrial space.”
As GlobeSt.com reported earlier this month, after repositioning the formerly distressed property, Hangover Opportunity Fund divested of the Grapevine I office building. During the nearly three years, Hangover Opportunity Fund owned the property, the company worked to renovate the exteriors with awnings and new landscaping; as well as the interiors to build out the space – allowing for six tenants instead of the initial two. These improvements took the occupancy from 29% to 100%.
Additionally, in January SkyWalker Property Partners acquired the 108,170 square-foot Chase Bank Center in West Arlington, Texas with plans for $600,000 in capital improvements. This purchase was Hangover Opportunity Fund’s first acquisition of the 2014.