After rescuing a project from foreclosure three years ago, a SkyWalker Property Partners' joint venture has sold the second retail phase of a 70-lot development in Dallas County and is poised to wrap up the final round of sales.
The recently sold site is the 2,722-sf Raising Cane's restaurant at 2960 W. Camp Wisdom Rd. in Grand Prairie. The seller of record is Life in the Fast Food Lane LLC, partnership between SkyWalker Property, Dallas developers Kelly Hampton and Dave Carter and Hangover Opportunity Fund LLC. The buyer is Weinberg LLC of Westlake, Calif.
Weinberg's new investment was developed in 2016. It rose as a reverse build-to-suit project, situated on a 31,407-sf pad site and secured by a 15-year ground lease to Raising Cane's, which opened about four months ago. The buyer also owns a Raising Cane's restaurant in Greater Houston.
The locally based partnership originally invested in 70 undeveloped lots or 8.3 acres of the 113-lot Townhomes of Camp Wisdom, using equity from the SkyWalker-managed Hangover fund. The first step was to create two retail pad sites at the intersection of Camp Wisdom Road and Magna Carta Boulevard, subsequently ground-leasing one to Wendy's and the other to Raising Cane's. The next stage of the investment strategy was to partner with Windmiller Homes to develop 48 townhomes on the remaining lots. The last 12 are pre-sold and under construction. Work will wrap up in March.
"The townhomes and commercial lots are a big success for SkyWalker Property Partners and the Hangover Fund," says Clint Holland, director of acquisitions and asset management for the Arlington-based investment group. "That area is continuing to gather strength. Both restaurants are experiencing strong daily sales while demand for townhomes has picked up dramatically."
Within a one-mile radius, the average annual household income is $96,404. More than 25,000 vehicles per day pass the Camp Wisdom Road project.
Christopher Gibbons of Venture Investment Sales represented the seller in the Raising Cane and Wendy's transactions. The buyer's broker was Jason Jones of California Lifestyle Realty.
The Wendy's restaurant was sold to an investor in June 2015, roughly four months after it opened. It too is tied to a 15-year ground lease.
SkyWalker Property Partners identifies, underwrites, acquires and executes highly opportunistic and value-add investments on behalf of the Hangover Opportunity Fund LLC, formed in 2010 to build a $100 million portfolio of office, industrial and retail properties in Texas and surrounding states. The strategy targets transactions from $1 million to $10 million. Additional information about the investment group is available at www.SkyWalkerProperty.com.
