Tal Hicks, president of Hillwood Investment Properties, tells GlobesSt.com that the attraction with both deals was the "price per pound" at which the vacant assets were purchased in the all-cash transaction. Hicks declined to discuss a sales price, though did acknowledge the purchase price was a substantial discount to replacement costs.
Frankford Trade Center at 1649 W. Frankford Rd., was built in 1999 and once served as the headquarters for Home Interiors & Gifts Inc. The company inked a sale-leaseback deal in late 2006 with First Industrial Realty Trust Inc. and UBS Realty Investors, but filed for bankruptcy in 2008, The warehouse-office building, valued by the Denton Central Appraisal District at $17.7 million, was foreclosed on last summer.
"We'll spend approximately $1 million on the building," Hicks says. "It's a second-generation building that needs work done." The work in question, he continues, will include cosmetics, such as interior and exterior painting.
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