ARLINGTON, Texas – Skywalker Property Partners has acquired two industrial assets in North Texas for its current value-add fund, The Leverage Strikes Back LLC. Meanwhile, an older investment vehicle is one step closer to close-out. The fund manager has scooped up two fully leased projects, totaling 95,000 sf of small-tenant space, in Granbury, an outlying city southwest of Fort Worth. The just-bought properties, with a combined 35 tenants, are:
▪ Old Granbury Industrial Park at 5513-5435 Old Granbury Rd. – 60,000 sf in 11 buildings on 9.33 acres;
▪ And M&M Ranch Road Industrial at 125 and 129 M&M Ranch Rd. – 35,000 sf in two buildings on 5.3 acres.
Skywalker also is under contract to buy 2.8 acres, situated between the two properties, which are earmarked for industrial outside storage and future development. IOS is an emerging market and sites are in high-demand in many markets, including Granbury, which has claimed USA Today’s 2025 nod as Best Historic Small Town in America for the fourth time since 2019.
“Because of Granbury’s building moratorium, there should be a lot of pent-up demand for small tenant spaces and IOS,” says Jack Mock, acquisitions associate for North Texas-based Skywalker Property. “We expect Granbury will grow even faster once new construction can resume.”
Skywalker is planning to renovate both projects and implement Triple Net market-rate leases across the board. Chris Mendez, vice president of SCM Real Estate, will lease and manage the assets. “We are trying to be strategic, but we do want to get these leases to market rate,” Mendez says. “Old Granbury’s buildings have large yard spaces, which makes them highly competitive.”
Mock brokered the acquisitions for Skywalker Property Partners. Trevor Short of Trinity REIS represented Old Granbury’s seller. Parker Lancarte and Sarah Lancarte of Lancarte Commercial negotiated on behalf of M&M’s seller.
The Leverage Strikes Back is a value-add fund with the capacity to acquire more than $200 million of industrial, office and retail properties in major and tertiary markets of Texas. The team is sourcing deals in the $10 million to $30 million range. “Commercial property sales volume has been very slow so we are pleased to have transacted $44 million in buys since December,” Mock says.
As the portfolio builds for Skywalker’s newest fund, the last brick-and-mortar asset of When Opportunity Knocks has been sold. Chris Aguilar, partner and asset manager of Skywalker, arranged the sale of a 6,304-sf retail condo at 330 Austin Ave. in downtown Waco to Hearsay Gastro Lounge, which was represented by Pete Stewart of Pete Stewart Properties.
Skywalker is now in a position to wind down When Opportunity Knocks by year’s end, with just a minor stake in a hotel left to divest. The Waco project, bought in 2022, features two retail condos and 40 residential condominiums, all of which are now sold.
