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Local Firm Sells Two Office Towers

Real Estate

The Brookhollow Riverside | Image by The Brookhollow Riverside

An Arlington office tower has been sold to a Houston investor.

The Brookhollow Riverside, a 120,000-square-foot building, was sold to Silver Creek Realty Advisors LLC, led by Howard Heald

The tower was built in 1984 and sits on State Highway 360 between Interstate 30 and Airport Freeway. Brookhollow Riverside is around 90% leased, according to The Dallas Morning News. 

It was sold by Arlington-based SkyWalker Property Partners, which has owned the building since 2006. The previous owner said the sale indicates the staying power of commercial properties with high occupancy, despite reports of the industry’s decline.

“We were fond of that asset,” said William Welder, director of acquisitions and capital for Skywalker. “But it was the right time to sell.

“In spite of general headwinds facing office properties, there is still strong demand for quality multi-tenant assets with a good amount of term remaining on leases, as was the case with Brookhollow Riverside.”

SkyWalker Property also sold Crescent Parc, a 61-unit North Dallas office complex on almost six acres. The property is a medical and office condominium campus at 1400 N. Coit Road.

SkyWalker Property invested in Crescent Parc in 2021 when it completed construction on the 64,000-square-foot office project. 

The firm started in 2017 and has managed a $200 million portfolio of office, industrial, and retail properties in Texas and neighboring states.

Amid reports of a slowdown nationally, Dallas appears to remain in good shape to weather the storm that higher interest rates are causing.

Unlike previous economic downturns, there are still billions of investment dollars looking at North Texas for real estate, according to The Salem News. 

“Whether it’s residential or on the commercial side and the capital markets and lending for new projects, everything is tied to interest rates,” said Jeff Ellerman, vice chairman in the Dallas office of CBRE Group.

“We are in territory we have not been through in decades. That is creating a lot of uncertainty. That’s causing people to change plans.”

“It doesn’t feel like 2008 and 2009 for sure,” Ellerman said. “Businesses here are still growing and are doing well. The increase in population we are seeing makes this economy hum whether it’s housing or warehouse space or apartments.”

The terms of both deals were not disclosed.

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