An oil and gas company has acquired a three-building office complex totaling 66,885 square feet in Irving in an all-cash deal for its headquarters.
Terms of the deal were undisclosed. TPS Realty LLC acquired the office buildings on 4.6 acres at 6301, 6321 and 6341 Campus Circle Drive E. in Irving from Hangover Opportunity Fund LLC.
"There is not a lot of opportunity for owner-occupants in this submarket for buildings in this size point," said Clint Holland, acquisitions director for Arlington-based SkyWalker Property Partners, which manages the fund, in a statement.
The real estate investment fund invested an significant amount of money into the structural and exterior repairs of the 33-year-old office complex at State Highway 114 and the President George Bush Turnpike after a four-year hold.
The oil and gas affiliate plans to relocate its headquarters to 6321 Campus Circle E., while leasing the other two Class B office building, which currently have two office tenants.
In 2013, the Hangover Fund acquired the property from a lender as a value-add investment based on its condition. SkyWalker Property Partners deployed $350,000 to repair the foundation, plumbing, landscaping and build out speculative office suites in the complex.
The Irving office complex landed back on the market six months ago with eight prospects looking at the space over a two-month period of time. Then the group shifted its strategy to owners and occupants, Holland said.
"The overall timing was right with the region's steadily increasing rents and changes in the tax laws," he added.
TPS Realty closed on the property within 45 days of signing a contract. This is the Hangover Fund's fourth disposition in the last year.
Zack Stevens of NAI Robert Lynn represented the buyer in the deal. Transwestern's Matt Hurlbut represented the seller.
This is part of Hangover Opportunity Fund's strategy to selectively prune its portfolio to focus on the building portfolios for the two funds launched last year, Opportunity Knocks and Cash Flow Fever. Each fund could add office, industrial, flex and retail space to the portfolios.
Presented by Dallas Business Journal, Feb. 6, 2018