(DALLAS) – Hines, the international real estate firm, announced today that it has acquired DFW East Logistics Center, a 259,555-square-foot, three-building Class A shallow bay industrial park, located on an 18-acre site in the heart of the Dallas-Fort Worth metroplex in the DFW Airport industrial submarket. Jonathan Bryan and Randy Baird at CBRE represented the Seller on the transaction. Financials on the deal were not disclosed.
The property is strategically located adjacent to DFW Airport, between Highway 114 and Highway 183 with direct access to Highway 161, and is proximate to key DFW employment centers. The property is 15 percent leased to two tenants: Universal Health Services and Bisco Industries and offers 220,000 square feet of space available for lease.
Hines Director Connor Tamlyn said, “DFW East Logistics Center is a high-quality asset in a strategic location and with 220,000 square feet available, we can accommodate requirements for 15,000 to 160,000 square feet of contiguous Class A shallow bay distribution space. We are excited to add this property and location to the Hines logistics portfolio, which is now approaching two million square feet. We look forward to significantly expanding our logistics presence in the Dallas-Fort Worth Area.”
Hines has awarded the leasing assignment for DFW East to Bob Hagewood and Jeremy Kelly at Stream Realty Partners.
This latest acquisition adds to Hines’ successful industrial/logistics platform which totals more than 70 million square feet (as of December 31, 2017), and includes projects Hines has developed, has in development or acquired around the world since the firm’s inception in 1957.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 24 countries. Hines has approximately $111 billion of assets under management, including $60 billion for which Hines provides fiduciary investment management services, and $51 billion for which Hines provides third-party property-level services. The firm has 108 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,295 properties, totaling over 422 million square feet. The firm’s current property and asset management portfolio includes 506 properties, representing over 210 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.