SkyWalker Buys Arlington Office Building To Jump-Start New Fund's Portfolio
SkyWalker Property Partners acquired a five-story, 72k SF Class-A office building as the first property for its Opportunity Knocks Fund in preparation for the launch of a major capital raise in June.
The building, at 701 Highlander, is 40% leased. The seven tenants include Ursus Holdings, which has 11k SF.
SkyWalker plans to invest about $400k to bring the building up to standard. The roof and windows will be waterproofed. The lobby will receive new lighting and finishes as well as new furniture. Work is expected to kick off within 30 days.
Coldwell Banker Commerical Alliance DFW’s Gary Walker and NAI Robert Lynn's Colt Power and Gavin Irwin repped the buyer. Sperry Van Ness/First Guardian Group’s Paul Getty repped the sellers.
Coldwell Banker Commercial Alliance DFW’s Renee Efimoff will lease the property for the new owner.
SkyWalker Property Partners plans to raise $15M to $20M starting in June to acquire properties with value-add potential in Texas and surrounding states.