The Industrial Development Board of Caddo Parish is now the new owner of a former General Motors (GM) facility. The newly acquired property is located in Shreveport, Louisiana, according to The News Star.

The said deal was closed by the parish officials on Friday afternoon. Caddo bought the plant from RACER Trust in a deal valued at $7.5 million, the report detailed.

RACER Trust was formed when GM entered bankruptcy to dispose of its closed facilities, the report added.

Under the terms of the acquisition deal, the industrial development will be the owner of the plant. However, the property will be run by a firm called Shreveport Business Park under an agreement with the board. This company is presently managed by an industrial real estate agent, the report explained.

The management firm will be allowed to lease parts of the former GM factory. Among the company's prospective tenants is Elio Motors, which wants to have a three-wheeled vehicle assembly in the said facility, The News Star reported.