Hangover Opportunity Fund Sells Industrial Complex in Metro Dallas
June 15, 2016
Hangover Opportunity Fund has sold a fully leased, three-building industrial property situated on 16.8 acres in southeastern Johnson County. The all-cash transaction was made with a private investor from Houston. The seller has spent $250,000 renovating the 144,698-square-foot Grandview Industrial Complex, which was nearly 88 percent vacant when it was bought out of foreclosure three years ago. The fund’s manager, SkyWalker Property Partners, undertook a major upgrade of the shuttered RV conversion plant and subsequently signed three long-term tenants, each leasing an entire building at 8800 FM 916. Noltex Truss DFW Inc. leases the largest building, which spans 82,210 square feet. Leland’s Industries LLC occupies a 44,988-square-foot warehouse, and AES Drilling Fluids LLC leases the smallest structure, which is 17,500 square feet. All three tenants are in place at least three more years. Zane Marcell and Dustin Volz of JLL listed the property. Houston investor Eli Sasson, who represented himself, made an all-cash offer using funds from several 1031 tax-deferred exchanges to complete the acquisition.
Full story: rebusinessonline