Opportunity Knocks' newest property is an eight-story multi-tenant building at 8151 LBJ Fwy.
DALLAS—SkyWalker Property Partners recently closed on its largest acquisition to date. Its value-add fund, When Opportunity Knocks, acquired a 227,891-square-foot office building with clear visibility from all levels of the High Five interchange in North Dallas.
The fund's newest property is an eight-story multi-tenant building at 8151 LBJ Fwy. The buyer plans to invest at least $500,000 into upgrading, rebranding and reintroducing the class-B office building, formerly Crosspoint Atrium, to the market.
Gary Walker and Clint Holland of SkyWalker Property Partners handled negotiations for the buyer of record, Crosspoint My Heart LLC. HFF represented the seller, the Credit Union of Texas, which has leased back 110,876 square feet of its former headquarters building.
The Credit Union of Texas will maintain its 2,450-square-foot bank branch in the lobby, inking a 10-year lease to do so, and has made a seven-year commitment for two floors totaling 54,668 square feet for its servicing divisions. The financial institution also has signed a nine-month lease for 53,758 square feet to build in time to complete its headquarters relocation.
The building was 53% leased at the time of sale after the credit union's space realignment, which has freed up 30,137 square feet on the penthouse floor along with the opportunity for top-of-the-building signage. The atrium-style structure was developed in 1981 on a 3.4-acre tract at the edge of Park Central. It is located at the intersection of Central Expressway and LBJ Freeway, less than 2 miles from Richardson.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
