GRAND PRAIRIE, TX- SkyWalker Property Partners and an affiliate of Venture Commercial have joined forces to purchase the remaining 70 lots of the Townhomes of Camp Wisdom, a one-time Tarrant County development, taking the deed to the foreclosed land from Washington Federal Bank. The partners will replat the 8.3 acres, with plans to eventually ground lease the land to national restaurant chains.
In addition to retail development, the property at the intersection of West Camp Wisdom Road and Magna Carta Boulevard will also hold 48 townhomes to be developed by SkyWalker Property at an estimated build-out value of approximately $6 million. Because the land has roads and utilities in place, townhome construction could start within the next four to six months.
The original developer began work on the 113-lot gated development in 2008, completing 43 townhomes, a community pool with cabana and infrastructure prior to the project's foreclosure by Washington Federal Bank. According to Chris Holland, acquisitions director for Arlington, TX-based SkyWalker Property and the Hangover Opportunity Fund, none of the existing townhomes will back up to the newly created commercial pads, according to Holland.
"The dirt was bought at a substantial discount to replacement value," says Holland in a press release. "We're creating significant value in the commercial pad sites. That's really what made this deal work."
The property is located one block from the access road of SH 360. Bank of America is developing a retail branch on an adjacent lot. The 222,168-square-foot Lake Prairie Towne Crossing, owned by New York-based Kimco Realty Corp. is just west of the project.
"It's a great hard corner," Holland says. "What made this deal so appealing was the restaurant pad knowledge and relationships of partners on the commercial sites."
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