Skywalker Buys 233 KSF Dallas Office Asset
Skywalker Property Partners has acquired The Crossings I, a 232,541-square-foot office building in Dallas. The company purchased the asset through its newest fund, dubbed The Leverage Strikes Back LLC. Goddard Investment Group previously owned the asset.
Cushman & Wakefield, together with JLL, worked on behalf of the seller. The buyer was represented in-house. CBRE will continue to handle leasing efforts.
This marks the fund’s second acquisition. Last year, the firm purchased three industrial buildings totaling 176,700 square feet. Skywalker launched The Leverage Strikes Back LLC fund in 2023 to build a $200 million commercial real estate portfolio in Texas and the surrounding states, targeting deals from $10 to $30 million.
READ ALSO: Where Office Space Wins
Goddard Investment Group acquired the asset in December 2004 in a portfolio transaction from Devon Properties, according to CommercialEdge information. The deal also included the adjacent The Crossings II.
Located at 5429 Lyndon B. Johnson Freeway, the 10-story building is off Interstate 635 and less than 17 miles from Dallas Fort Worth International Airport. Downtown Dallas is 13 miles away.
Built in 1987, the property went through cosmetic renovations in 2005 and 2018. The buyer will upgrade the tenant lounge and the attached five-story parking garage. Plans also call for spec suites, a first for the office building. The property was 94 percent leased at the time of sale.
Cushman & Wakefield Executive Managing Director Todd Savage, along with JLL Director Ben Esterer and Investment Advisory Associate Keenan Ryan, represented the seller. Skywalker Acquisitions Associate Jack Mock and Asset Manager Chris Aguilar brokered the deal in-house.
Dallas office sales remain steady
Dallas’ office investment volume year-to-date as of March clocked in at $322 million, according to the latest CommercialEdge office report. Assets in the metro traded for $143 per square foot, below the $183 national average. The metro’s vacancy rate also clocked in at 24.2 percent, up 250 basis points over a 12-month period.
In February, Globe Life announced plans to move its headquarters to 7677 Henneman Way in McKinney, Texas. The firm intends to acquire the 200,000-square-foot building from SouthState Bank.
The post Skywalker Buys 233 KSF Dallas Office Asset appeared first on Commercial Property Executive.
