Arlington group buys unfinished portion of Grand Prairie town home development

Posted Monday, Jun. 03, 2013  comments  Print Reprints
A

Have more to add? News tip? Tell us

SkyWalker Property Partners of Arlington and an affiliate of the Venture Commercial real estate firm have bought the remaining 70 lots on 8.3 acres of the Townhomes of Camp Wisdom development in Grand Prairie.

The land, at the northeast quadrant of Camp Wisdom Road and Magna Carta Boulevard, was previously foreclosed and sold by Washington Federal Bank.

The group said it will re-plat 1.6 acres, or 22 residential lots, for two commercial pad sites for lease to national restaurant chains. Negotiations are underway, the group said.

SkyWalker said it will spend $6 million from its Hangover Opportunity Fund to build town homes on the remaining 48 lots. Construction could begin in 120 days, the firm said.

“The dirt was bought at a substantial discount to replacement value,” said Clint Holland, Skywalker’s acquisitions director. “We’re creating significant value in the commercial pad sites. That’s really what made this deal work.”

Holland said they are deciding whether to sell or lease the new units.

The original developer began work on the 113-lot gated development in 2008 and completed 43 town homes, a community pool with cabana and infrastructure before facing foreclosure.

SkyWalker did a similar deal in 2010 when it acquired out of foreclosure 65 unfinished condos in the Arthouse condos in So7 in Fort Worth. Skywalker said it is under contract to sell the last 29 units in June.

Jim Whitten, Marty Neilon and Michael Meaden of CBRE represented Washington Federal.

Fewer late payments

The number of Fort Worth-Arlington homeowners at least 90 days late on mortgage payments fell for the 14th consecutive month in March, according to CoreLogic.

The percentage of area loans 90 days delinquent fell to 4.35 percent from 4.54 percent in February, CoreLogic said. It is the lowest percentage since January 2012, when the delinquency rate was 5.47 percent.

In Texas, the delinquency rate was 3.74 percent, compared with 4.46 percent in March 2012.

Nationwide, the delinquency rate was 6.01 percent, down from 7 percent a year earlier.

The local report covers mortgages in Tarrant, Wise, Parker and Johnson counties.

In a separate report, Zillow said 20.4 percent of homeowners with mortgages in Dallas-Fort Worth had negative equity in the first quarter, or owed more on their mortgage than the home is worth.

And an additional 26.3 percent had less than 20 percent equity in their homes, the Zillow Negative Equity Report said.

Transactions

3030 Matlock Road, Arlington

The Seed Co. has leased 4,500 square feet of office space. John Lancaster of NAI Robert Lynn represented the landlord. Jason Brecheen of Swearingen Realty Group represented the tenant.

3501 Texas 157, Euless

Ponce Contractors has leased 12,100 square feet of office/warehouse space. Colt Power of NAI Robert Lynn represented the tenant. Todd Hobbard of NAI Robert Lynn represented the landlord.

7404 Sand St., Fort Worth

Maxitech has leased 12,075 square feet of office/warehouse space. Michael Newsome of NAI Robert Lynn represented the tenant. George Jennings of Holt Lunsford represented the landlord.

Overton Ridge and Byrant Irvin roads, Fort Worth

SRP Medical has bought 5.5 acres to build a senior care center. Bill Tinsley of Ellis & Tinsley represented the sellers, Cookie Hospitality and Q Hotels, which planned a hotel development.

3500 William D. Tate, Grapevine

Snap-On Tools has leased 2,500 square feet of office space. Colt Power of NAI Robert Lynn represented the tenant. Renee Efimoff of SCM Real Estate represented the landlord.

Sandra Baker, 817-390-7727 Twitter: @SandraBakerFWST

Looking for comments?

We welcome your comments on this story, but please be civil. Do not use profanity, hate speech, threats, personal abuse or any device to draw undue attention. Our policy requires those wishing to post here to use their real identity.

Our commenting policy | Facebook commenting FAQ | Why Facebook?