The Hangover Opportunity Fund LLC, formed in 2010 by SkyWalker Property Partners, has added another property to its portfolio with the addition of 3301 W. Airport Freeway in Bedford, Texas. The 70,938-square-foot office building was acquired for an undisclosed sum, with Grubb & Ellis representing the seller, a California-based family trust.
According to a Dallas Business Journal article, SkyWalker plans to invest $100,000 to $200,000 to restore the 3.07-acre property's curbside appeal along the expanding Texas 183-121 junction, as well as common-area improvements. The building was 57% leased at the time of sale to five major tenants, with Renee Efimoff and Justin McCarthy of SCM Real Estate Services in Arlington under contract to oversee the property's leasing efforts. Shane Benner, a research analyst for SkyWalker, said that "this is a highly visible property in a submarket where we are currently invested. We firmly believe this is a good turn-around opportunity with renovation and the repositioning plan that we're putting in place."
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