Monday , 27 March 2017
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SkyWalker Buys Grapevine Office

GRAPEVINE, Texas –  SkyWalker Property Partners has acquired a two-building office complex, totaling 58,860 sf, in Grapevine, from special servicer, CWCapital LLC. 

Gary Walker, president of Arlington, Texas-based SkyWalker Property Partners, had placed an offer on Grapevine I and II, located at 3500 and 3600 William D. Tate Ave., respectively, when it came to market earlier this year, but landed in the runner-up’s position.  “When the deal fell out, we jumped on it quickly. It was a 30-day look and 15-day close,” Walker says.

 The 5.64-acre property is visible from Texas 121, strategically positioned near the junction with Texas 114 and 360. Grapevine I and II captured Walker’s interest for its location, value-add opportunity with 48.8% occupancy and repositioning potential.

 The 38,709-sf Grapevine I, developed in 1998, has two tenants and the balance of its second-generation space in shell condition for lease at $15.50 per sf plus electric. The 20,151-sf Grapevine II, completed in 1996, has one of three suites occupied and is available for lease, but is also for sale at approximately $1.52 million.

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