Texas Trust Credit Union has acquired Cordovan Park, a 78,660-square-foot, two-building office complex in southwest Arlington. The seller in the off-market deal was SkyWalker Property Partners, which had initially bought the property in September 2010 and was in the midst of repositioning the asset for a long-term hold.
As it turned out, however, Texas Trust had an immediate need for back-office and expansion space. It was being represented in its search by Darrel Higginbotham of SCM Real Estate Services, a SkyWalker affiliate. Cordovan Park was a permit fit, Higginbotham said: “It is in the heart of where they wanted to be.”
SkyWalker had recently completed $500,000 in property upgrades, including ADA compliancy, and more work was planned. “We could have continued,” said Gary Walker, managing partner of SkyWalker. “We had leasing velocity and had completed two-thirds of our plan.”
Instead, Texas Trust will take it from here, relocating its back-office operations for securities, accounting, and business loans from Mansfield and Grand Prairie to 10,000 square feet of the larger building. The second facility will continue as multitenant space—for now.
The properties, which sit at 5840 and 5850 W. Interstate 20 and were built in 1982, are 75 percent leased. SCM Real Estate will continue to oversee leasing and property management. Beaux Riley, senior leasing agent with SCM, represented Skywalker in the sale to Texas Trust.
The financial institution continues to expand. It recently opened its ninth local branch in Grand Prairie, where it has two additional locations. In the coming months, Mansfield will get a third branch. Others are located in Athens, Arlington, and Cedar Hill.
Texas Trust ranks No. 21 out of the state’s 547 credit unions, with $680 million in assets. The 76-year-old institution was founded in Connecticut as the Chance Vought Aircraft Employees Credit Union; it relocated to Texas in 1948.