Downtown Arlington supporter acquires key constructing in space
A longtime downtown Arlington supporter and redeveloper has acquired downtown Vandergriff, matching all aggressive bids and shopping for out Hangover Alternative Fund LLC traders within the mixed-use mission.
Gary Walker, chairman of SkyWalker Property Companions and managing director of Hangover Alternative Fund, added the asset to his private holdings slightly than watching it commerce with an out of doors investor. He was instrumental within the redevelopment of the Vandergriff City Middle Fund about seven years in the past and in addition owns the neighboring Vandergriff Constructing.
“I wish to hold enhancing this downtown block. It is a particular place for me, the place I wish to be personally concerned, ”stated Walker. “I plan to maintain it long run with the Vandergriff constructing.”
The 28,211 sq. foot downtown Vandergriff is situated at 200 N. Avenue on the Nationwide Register of Historic Locations. Each initiatives at the moment are 100% leased.
Final yr, SkyWalker Property Companions bought its headquarters on the second flooring of downtown Vandergriff as a part of the deliberate divestment of the fund. All the vacant place was lately crammed by Go Administration, which owns and operates a number of Keller Williams Realty franchise places of work in Dallas / Fort Value.
Walker’s affect on downtown Arlington resonates with the variety of initiatives he is been concerned in. As a younger business agent, his assist was sought out by metropolis leaders Tom Cravens and Jerry Jordan as town heart was in its infancy. Over time, Walker has renovated 4 different buildings and launched numerous different traders and tenants to alternatives within the downtown space to stimulate its revitalization. He beforehand served on a number of municipal advisory boards.
“On the finish of the day, I felt I might take advantage of affect downtown potential by doing my job – sourcing, financing, renovating and promoting business buildings,” Walker stated. “Downtown Arlington will at all times have my coronary heart and my curiosity.”
The Hangover Alternative Fund is celebrating its eleventh yr. As they mature, the portfolio’s belongings have shifted from value-added or opportunistic properties to cash-generating initiatives. The opposite two properties within the fund are residential land within the Cascades, a golf neighborhood in Tyler and a 28,221 sq. foot mixed-use mission at 2600 Central E. Freeway in Wichita Falls. All three titles are anticipated to promote by the tip of the yr.
SkyWalker Property additionally manages the Money Circulate Fever and When Alternative Knocks funds, each launched in December 2016.
“We have come the entire distance with this very profitable hangover fund. It is time to make ultimate earnings for our traders, ”stated Clint Holland, director of acquisitions at North Texas-based SkyWalker Property Companions. He negotiated the sale of the Vandergriff City Middle for the proprietor of the case, Free Parking LLC.