SkyWalker Property Partners has sold a fully leased medical office project in southwest Fort Worth to Ridgeline Capital Partners LLC.
Completed in the spring, the 20,200-square foot structure was built on the last commercial tract in the Edwards family’s Clearfork West development. Located at 5612 Edwards Ranch Road, the two-story MOB was developed by SkyWalker Property through its tenant partnership program.
“We were seeking valuations to ready it for market when offers began rolling in. It was under contract before we got it listed,” said Gary Walker, founder and president of North Texas-based SkyWalker Property Partners. “Investment demand for medical office properties is at an all-time high.”
Dr. Nathan Lesley of the Hand to Shoulder Center is SkyWalker’s partner in the project and the building’s primary occupant. The balance of the structure is leased to Dr. Amber Lesley, a primary care physician with Texas Healthcare and Lesley’s wife, and their associates.
The two-story structure represents SkyWalker’s first foray into ground-up development for the tenant partnership program. “The Lesleys started out by pre-leasing part of the building and quickly expanded after a few months at this location,” Walker explains.
The just-sold 1.8-acre property is part of an emerging MOB corridor located within the historic boundary of the former 7,000-acre Edwards Ranch. The area is master planned for 3.2 million square feet of office, retail and restaurant space, 2,500 multifamily units and high-end estate homes.
SkyWalker’s William Welder, an acquisitions associate, represented the seller of record, I Can See Clearfork Now LLC, a single-purpose entity of SkyWalker’s When Opportunity Knocks investment fund. Representing the Dallas-based buyer were Elliot LaBreche and Abigail Kind of the Easton Group.
“SkyWalker’s tenant partnership program offered us the most expedient way to expand our practices, including the addition of a physical therapy center,” Lesley said. “By investing in the project, we were able to create equity as part of the process.”
Walker and his team had been searching for existing buildings to retrofit for Lesley when the site became available. “The location and rents worked for our partner’s practice, which is the primary goal of the program. We solved his space needs and he also got to share in the disposition upside,” Walker said.
SkyWalker Property’s tenant partnership program is marking its seventh year. “We’ve partnered with diverse industries, including medical, oil and gas, logistics and residential brokerage companies,” Walker said. “It’s been mutually successful time after time.”