(DALLAS) – Hines, the international real estate firm, announced today that it has acquired Inwood Trade Center, a 14-building, 738,198-square-foot infill business park located on 38 acres within the urban core of the North Trinity submarket in Dallas.
Ideally positioned at the intersection of Inwood Road and Irving Boulevard along the east bank of the Trinity River, Inwood Trade Center is strategically positioned in an irreplaceable urban location with immediate access to the city’s most affluent residential neighborhoods, top mixed-use amenities, and primary roadways.
Less than three miles from Downtown Dallas, Uptown/Turtle Creek, The Park Cities, Love Field Airport, Design District, The Medical District, and Trinity Groves, Inwood Trade Center benefits from a highly coveted last mile location with unprecedented leasing demand. In addition, the area immediately surrounding Inwood Center is quickly transforming into one of Dallas’ top mixed-use locations attracting demand from showroom and gallery users, last mile logistics, creative office, restaurants, retail, housing and hospitality.
Connor Tamlyn, director at Hines, commented, “We are thrilled to have the opportunity to reshape Inwood Trade Center into a modern last mile logistics, showroom and creative retail center, accommodating a wide variety of users. This project represents a rare opportunity to acquire unique scale in an infill location, and represents a big step forward for the urban infill logistics side of our industrial platform. We look forward to acquiring more of these types of properties in Dallas-Fort Worth.”
The buildings, completed between 1961 and 1978, are collectively 98% leased to a diverse mix of almost 70 tenants, which consist of high-quality last mile distribution users and showroom retailers. Hines plans to reposition Inwood Trade Center, refreshing the building facades, signage, lighting and landscaping at the park in order to continue attracting high-quality tenants.
“Vantage has done a tremendous job developing and operating Inwood Trade Center at a high level over the last 50+ years. We are excited for the opportunity to contribute our vision to Inwood Trade Center as a complement to the growth of the Dallas Design District,” Tamlyn added.
Hines will manage the project, and has engaged Holt Lunsford for leasing and Omniplan to masterplan the repositioning.
Hines is a privately owned global real estate investment, development and management firm, founded in 1957, with a presence in 219 cities in 23 countries and $124.3 billion of assets under management—including $63.8 billion for which Hines provides fiduciary investment management services and $60.5 billion for which Hines provides third-party property-level services. Hines has 148 developments currently underway around the world, and historically, has developed, redeveloped or acquired 1,362 properties, totaling over 449 million square feet. The firm’s current property and asset management portfolio includes 514 properties, representing over 222 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most respected real estate organizations in the world. Visit www.hines.com for more information.