This Week's Dallas-Fort Worth Deal Sheet: Skywalker Property Partners Returns To Office Market After Hiatus

A new hope for Dallas’ office sector signaled the return of an Arlington-based firm that had been away from the market for an extended period. 

Skywalker Property Partners picked up the nearly 233K SF The Crossings office building in North Dallas for its newest fund, The Leverage Strikes Back LLC.

The 10-story building near the Galleria Dallas is located at 5429 Lyndon B. Johnson Freeway. It was 94% leased at the time of Skywalker’s purchase of the asset from Goddard Investment Group.

"The Crossings was a good fit for us on multiple fronts,” Skywalker Managing Principal Gary Walker said in a statement. “The quality of the project's location, the strengthening of the Lower Tollway submarket and the attractive terms convinced us to reenter the office market after a seven-year hiatus as a buyer." 

Skywalker plans to upgrade the building’s tenant lounge and an attached five-story parking garage. 

The Crossings was built in 1986 and renovated in 2018, with Goddard owning it for much of the last 20 years. 

Cushman & Wakefield’s Todd Savage and JLL’s Ben Esterer and Keenan Ryan represented Goddard. Skywalker’s Jack Mock and Chris Aguilar handled the deal for the buyer.

PEOPLE

Hospitality industry cleaning services company Pure Wellness promoted Zach Webster to chief operating officer. Based in Dallas, Webster will expand his focus to include sales and strategic outreach with an emphasis on scalable growth.

SALES

Basis Industrial closed on more than 519K SF of industrial properties in Richardson. The all-cash transaction for Arapaho 1-9 and Westwood closed on May 1. Basis will open its first Texas management office at Arapaho 7. The office will serve as the central hub for the company’s operations under its property management arm, BaySpace.

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Huffines Communities sold the 282-unit luxury multifamily community Heritage Towers at 1600 N. Summit Ave. in Lewisville to an undisclosed buyer. Cushman & Wakefield’s Asher Hall and Grant Raymond represented Huffines in the deal.

CONSTRUCTION AND DEVELOPMENT

First Industrial Realty Trust broke ground on a 176K SF logistics center at its First Park 121 industrial park in Lewisville. The park’s sixth and final building will give the development a total of 1.2M SF. The spec building is expected to be completed in the summer of 2026 with an estimated total investment of $23M.

First Industrial’s team for this development includes Richard Poolis and Robert Allen. Adam Graham and Mark Graybill of Lee & Associates will work with First Industrial on leasing for the project. Cerris Builders is the general contractor, Alliance Architects is the architect and Westwood will provide civil engineering for the project.

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Construction is underway on Victoria Row, a townhome rental community developed by Larkspur Capital LP. The community will feature 155 build-for-rent townhomes across eight acres at 1100 Corinth St. in The Cedars district of Dallas. Development partners include Architecture Demarest, B2 Design Co. and Garrison/Jones Landscape Architects, while the general contractor is Acadian Group. The project is expected to be completed early next year.

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The Nobleman Fort Worth hotel at 503 Bryan Ave. in Fort Worth opened for business. Developed by Bedford Lodging’s Jeff Blackman, the property wraps 153 rooms and suites around a restored fire station from 1911 that offers guest check-in, game spaces and the hotel’s chef-driven restaurant, Duchess. The Nobleman’s interiors were designed by KMC&A Design’s Kathy Moran-Clarson. Kansas-based Crossland Construction provided construction services, and Crestline Hotels and Resorts will manage the property.

FINANCING

S3 Capital originated a $46.5M construction loan for the first phase of development of a garden-style rental community by Landmark Cos. in Denton. The phase will consist of 306 units across 12 three-story buildings.

THIS AND THAT

Lambda will occupy Aligned Data Centers’ $700M data center, DFW-04, at 601 N. Star Road in Plano once work concludes next year. The 425K SF facility will be designed to be a liquid-cooled data center capable of supporting the highest-density graphics processing units.