Hangover Opportunity Fund LLC has sold a 66,885-sf office campus in Irving to an oil-and-gas company in an all-cash transaction, ending a four-year hold and recouping on its significant investment into structural and exterior repairs to the trio of buildings.

The single-story brick structures are situated on nearly 4.6 acres at 6301, 6321 and 6341 Campus Circle Dr. E in Irving. The buildings total 21,290 sf, 22,245 sf and 23,350 sf.

"There is not a lot of opportunity for owner/occupants in this submarket for buildings in this size point," says Clint Holland, acquisitions director for locally based SkyWalker Property Partners, the fund's manager.

The buyer of record is TPS Realty LLC. The going-forward plan is to relocate the oil-and-gas company's headquarters to 6321 Campus Circle E. There will be office space available for lease in the other two class B office buildings, which presently have two tenants.

The Campus Circle campus is located close to TX 114 and the President George Bush Turnpike, offering easy freeway access in all directions to the entire region. It was developed in 1985 as a multi-tenant office project.

The Hangover Fund has owned the property since November 2013, buying it from the lender as a value-add investment because of its condition at the time. There was one tenant, who vacated shortly thereafter. SkyWalker Property Partners immediately began a $350,000 capital improvement campaign to repair foundations and underground plumbing, re-landscape the campus and create speculative office suites.

Initially, a repositioning strategy focused on the project's historical multi-tenant use was put into play. Six months ago, that was changed to a "for sale" listing targeting owner/occupants.

"We had eight prospects looking at the space over a two-month period and three bids once we shifted our strategy to owner/occupants," Holland says. "The overall timing was right with the region's steadily increasing rents and changes in the tax laws."

TPS Realty's all-cash offer set it apart from competing bids. It was just 45 days from contract to closing, marking the fourth disposition in the past year for the Hangover fund.

Matt Hurlbut of Transwestern Dallas represented the seller. Zack Stevens of NAI Robert Lynn negotiated for the buyer.

Hangover Opportunity Fund is selectively pruning its portfolio so Holland and Gary Walker, the fund's manager and president of SkyWalker Property Partners, can focus on building portfolios for two funds that launched last year. When Opportunity Knocks is a value-add investment fund while Cash Flow Fever is geared toward income-producing assets. The team is seeking office, industrial, flex and retail properties for both funds.

NORTH TEXAS SALE

SkyWalker Property Partners, acting on behalf of of Hangover Opportunity Fund LLC, has sold a 66,885-sf, three-building office campus on 4.6 acres at 6301, 6321 and 6341 Campus Circle Dr. E in Irving to TPS Realty LLC. Matt Hurlbut of Transwestern Dallas represented the seller. Zack Stevens of NAI Robert Lynn represented the buyer.

SkyWalker Property Partners identifies, underwrites, acquires and executes highly opportunistic and value-add investments on behalf of When Opportunity Knocks LLC and Cash Flow Fever LLC, funds formed in 2017 to build a $200 million portfolio of office, industrial and retail properties in Texas and surrounding states. The strategy targets transactions from $2 million to $15 million. Additional information about the investment group is available at www.SkyWalkerProperty.com.