Opportunity Knocks for a Value-Add Fund
SkyWalker Property Partners closed on its largest acquisition to date when its value-add fund, When Opportunity Knocks, acquired a 227,891-square-foot office building with clear visibility on LBJ Freeway.
DALLAS—SkyWalker Property Partners recently closed on its largest acquisition to date. Its value-add fund, When Opportunity Knocks, acquired a 227,891-square-foot office building with clear visibility from all levels of the High Five interchange in North Dallas.
The fund’s newest property is an eight-story multi-tenant building at 8151 LBJ Fwy. The buyer plans to invest at least $500,000 into upgrading, rebranding and reintroducing the class-B office building, formerly Crosspoint Atrium, to the market.
Gary Walker and Clint Holland of SkyWalker Property Partners handled negotiations for the buyer of record, Crosspoint My Heart LLC. HFF represented the seller, the Credit Union of Texas, which has leased back 110,876 square feet of its former headquarters building.
The Credit Union of Texas will maintain its 2,450-square-foot bank branch in the lobby, inking a 10-year lease to do so, and has made a seven-year commitment for two floors totaling 54,668 square feet for its servicing divisions. The financial institution also has signed a nine-month lease for 53,758 square feet to build in time to complete its headquarters relocation.
The building was 53% leased at the time of sale after the credit union’s space realignment, which has freed up 30,137 square feet on the penthouse floor along with the opportunity for top-of-the-building signage. The atrium-style structure was developed in 1981 on a 3.4-acre tract at the edge of Park Central. It is located at the intersection of Central Expressway and LBJ Freeway, less than 2 miles from Richardson.