Texas CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Skywalker Sells and Buys in a Tale of Two Transactions
Pushing full throttle into the first quarter with back-to-back transactions for two of its discretionary investment funds, SkyWalker Property Partners recently acquired a partially developed medical and office condominium park in Collin County and sold a 100% leased medical office property in Hood County. The acquisition is Crescent Parc at 1400 N. Coit Rd. in McKinney. Meanwhile, the 13.2-acre project is parked in the portfolio of When Opportunity Knocks LLC.
The just-sold property is a two-tenant building on 0.6 acres at 1308 Paluxy Rd. in Granbury, which had been part of the Cash Flow Fever Fund LLC portfolio for two years. Before marketing could begin, a full-price offer rolled in from a California investor with 1031 Exchange funds to deploy.
“It was the quickest deal I’ve seen. It closed in 20 days,” says Clint Holland, SkyWalker Property’s acquisitions director, who negotiated the sale on behalf of the seller of record, Granbury Illusion LLC.
The Granbury buyer is IPX 1031 Investment Property Exchange Services Inc., intermediary for the Scanlin 1989 Trust. Randy White, an independent broker from Fort Worth, represented the buyer.
The Crescent Parc transaction was vastly different. SkyWalker Property was up against at least 15 other potential buyers for the development, which was sold by David Wallace, the Chapter II trustee appointed by the U.S. Bankruptcy Court for the Eastern District of Texas. Mart Martindale of Edge Realty Partners represented the seller.
For comments, questions or concerns, please contact Lisa Brown
- ◦Sale/Acquisition
- ◦Sale/Acquisition
