A longtime supporter and redeveloper of Downtown Arlington has acquired Vandergriff Town Center, matching all competitive offers and buying out Hangover Opportunity Fund LLC’s investors in the mixed-use project.
Gary Walker, president of SkyWalker Property Partners and managing principal of Hangover Opportunity Fund, has added the asset to his personal holdings rather than watch it trade to an outside investor. He was instrumental in the fund’s redevelopment of Vandergriff Town Center about seven years ago and also owns the neighboring Vandergriff Building.
“I want to continue to improve that block in the downtown. It’s a special place to me, where I want to be personally invested,” Walker said. “I plan on holding it long-term along with the Vandergriff Building.”
The 28,211-square foot Vandergriff Town Center at 200 N. Mesquite St. shares cross parking and access with the 15,085-square foot The Historic Vandergriff at 255 N. Center St., which he purchased in the early 2000s and ultimately secured its listing on the National Register of Historic Places. Both projects are now 100% leased.
SkyWalker Property Partners last year relinquished its second-floor headquarters space in Vandergriff Town Center as part of the fund’s planned divestiture. The entire vacancy recently has been backfilled by Go Management, which owns and manages several Keller Williams Realty franchise offices in Dallas/Fort Worth.
Walker’s influence on downtown Arlington resonates with the number of projects in which he’s been involved. As a young commercial agent, his help was enlisted by city leaders Tom Cravens and Jerry Jordan when downtown was in its early planning stages. Through the years, Walker has renovated four other buildings and introduced countless other investors and tenants to opportunities in the city center to spur its revitalization. He formerly served on several municipality-related advisory boards.
“I ultimately felt I could make the most impact downtown by doing my trade – sourcing, financing, remodeling and selling commercial buildings,” Walker said. “Downtown Arlington will always have my heart and interest.”
The Hangover Opportunity Fund is marking its 11th year. As it matured, the portfolio’s assets have transitioned from value-add or opportunistic properties into cash-flowing projects. The fund’s remaining two properties are residential lots in the Cascades, a golf community in Tyler, and a 28,221-square foot mixed-use project at 2600 Central E. Freeway in Wichita Falls. All three holdings are expected to sell by year’s end.
SkyWalker Property also manages the Cash Flow Fever and When Opportunity Knocks funds, both of which were launched in December 2016.
“We’ve gone the full distance with this highly successful Hangover fund. It’s time to return our investors’ final profits,” says Clint Holland, acquisitions director for North Texas-based SkyWalker Property Partners. He brokered the Vandergriff Town Center’s sale for the owner of record, Free Parking LLC.