Skywalker Property Partners has sold AMACS Process Tower Internals’ Houston headquarters and only U.S. manufacturing site to an Austin-based investment group, accepting an off-market offer for one of three remaining assets in Cash Flow Fever Fund’s portfolio.
Skywalker has divested of a 67,161-sf structure on 5.79 acres at 14211 Industry St. on the city’s south side to end a six-year hold of a sale-leaseback by the fund. The single-tenant asset, completed in 1968, is leased to AMACS Houston, an 80-year-old company with manufacturing operations in the Netherlands, China and Mexico.
“We weren’t planning to sell, but it was an opportunity to dispose of it at an attractive basis point at a good time in the market,” says Chris Aguilar, partner and asset manager of North Texas-based Skywalker Property Partners.
Aguilar represented Skywalker in the disposition of the fund’s only holding in Houston. Wes Cole and Nick Spearman of Pinemont Real Estate handled negotiations for the buyer, Freehill Co.
Skywalker launched the Cash Flow Fever Fund in 2016, targeting small to mid-sized cash-flowing properties in the Southwest. The capital raise was leveraged to create a $20 million portfolio with 11 assets in Texas and Oklahoma.
There are only two Texas properties remaining in Cash Flow Fever’s portfolio – an O’Reilly Auto Parts in Longview and Beasley Tire Service in Kennedy. The latter is being marketed for sale.
“The fund is nearing the end of its life cycle. It’s been a great success and is well-positioned with two good cash-flowing assets whose sales will hinge on market conditions, as was the case in Houston,” Aguilar says.
Another fund, When Opportunity Knocks, will be closed out by year’s end. Skywalker also has sold the last condominium in a class A mixed-use project at 330 Austin Ave. in downtown Waco to wrap up a four-year hold. Aquilar represented the seller in a direct deal with the local buyer of the 1,620-sf residential unit, Elm Investment Group.
With those two funds reaching maturity, Skywalker’s team is focused on a newer investment pool, The Leverage Strikes Back. It has the capacity to acquire up to $200 million of commercial assets.