SkyWalker Property Partners has acquired a local property in partnership with Keller Williams Realty, purchasing the Waxahachie Daily Light building at 200 W. Marvin Ave. from GateHouse Media Texas Holdings II Inc.
According to SkyWalker’s media release, the WDL’s management has a 90-day sale-leaseback to allow time for renovation of its new office and relocation. The 12,018 square foot commercial building will become Keller Williams Realty’s base of operations in Ellis County.
“We’re actively managing our portfolio during the pandemic,” said Clint Holland, acquisitions director for the Arlington, Texas-based SkyWalker. “We’re continuously looking for the next deal and investment opportunity.”
The Waxahachie property is the second one Keller Williams has acquired through SkyWalker’s tenant-partnership program. In 2016, the realty firm purchased the Chase Bank building at 1435 S. Bowen Road in Arlington, which has since been sold.
“Keller Williams did quite well on the investment with that building,” Holland said. “When this opportunity to own came up, they were more than willing to be a partner with us again.”
Keller Williams had outgrown a leased site in Waxahachie, triggering a search for new space with ownership in mind. As part of the tenant-partnership arrangement, the firm’s management opened up the investment to agents, several of whom invested in the deal. The pact with SkyWalker also includes renovating the newsroom and pressroom areas into 100-precent office space.
“For us, it was a relationship-driven deal,” Holland said. “If it hadn’t been for Keller Williams, we wouldn’t have bought the Waxahachie Daily Light building.”
Second Hand News LLC is the buyer of record. The deed will become part of the portfolio of the Cash Flow Fever Fund, another SkyWalker-managed investment vehicle. Renee Efimoff, senior vice president of SCM Real Estate Services, negotiated for the buyer. Representing the seller was Greg Cleghorn of BellCornerstone.