SkyWalker Property Partners has acquired its first asset in Houston, the 141,480-sf One Northwind Plaza in northwest Harris County, for one of its managed funds, When Opportunity Knocks LLC.
The value-add buyer is planning to invest more than $1 million into capital improvements to the eight-story office building at 7600 W. Tidwell Rd. in the Fairbanks-Northwest Crossing submarket. Occupancy is 66%.
"We have been looking for 18 months in earnest to find something in Houston that we like," says Clint Holland, acquisitions director for Arlington-based SkyWalker Property Partners.
One Northwind Plaza, a class B mid-rise, boasts a "very walk-able" score of 72 with Target, Walmart, a health club, restaurants and retail within walking distance. Even at that, One Northwind Plaza is a leasing victim, as are its neighbors, due to several years of road construction in the US Hwy. 290 corridor.
"When the freeway construction wraps up this year, we believe One Northwind Plaza will be well-positioned for any uptick in submarket activity," says Holland, who represented the buyer.
The seller, Aegon Asset Management, was represented by Rudy Hubbard of JLL. Monte Calvert and Michelle Wogan of Transwestern Houston will continue to lease and manage One Northwind Plaza.
SkyWalker has closed the transaction with financing from Pinnacle Bank. Karen Kuczek, president of the Arlington branch, arranged the acquisition loan.
One Northwind Plaza, completed in 1980, is almost equidistant to Loop 610 and Beltway 8, two of the three freeways encircling the metropolis and providing access to the city's major employment centers, including the Central Business District. The three-acre project features structured parking with a covered walkway to the building, surface spaces and private garden area with seating. Amenities also include a deli, conference room, on-site management, 16-hour manned security and after-hours card-key access.
The $1 million of capital improvements will include new HVAC chiller units and roof. Interior-wise, the mid-rise's common areas will be renovated and updated.
SkyWalker Property Partners is actively pursuing acquisitions for the portfolios of When Opportunity Knocks, a value-add investment fund, and Cash Flow Fever, which focuses on income-producing assets. The investment manager is seeking office, industrial, flex and retail properties from $1 million to $15 million for both funds.
"Houston is an opportunity for us to get into a major market. Being a Texas-based investment firm, we know Houston is a market where we want to be an active player," Holland says.
HOUSTON SALE
SkyWalker Property Partners, acting on behalf of When Opportunity Knocks LLC, has purchased the 141,480-sf One Northwind Plaza at 7600 W. Tidwell Rd., Houston, from Aegon Asset Management. Clint Holland of SkyWalker Property Partners represented the buyer. Rudy Hubbard of JLL represented the seller.
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.
