(DALLAS) – Hines, the international real estate firm, in conjunction with AEW Capital Management, announced today the acquisition of Parc 114, a 52-acre master planned business park in Irving, Texas. Parc 114 is comprised of six industrial buildings totaling 404,777 square feet and an additional 18.5 acres of development land that can accommodate 191,262 square feet. The development of two new buildings is underway, with completion set for the middle of 2015.
AEW acquired the property on behalf of one of its institutional clients.
Centrally located in the Dallas Fort Worth Metroplex, Parc 114 is directly adjacent to the DFW Airport just south of State Highway 114 with prominent frontage on Beltline Road. The location offers advantages to tenants transporting goods via the airport, as well as convenient access to the entire DFW Metroplex.
“Parc 114 is a great project that offers direct access to DFW International Airport and to major thoroughfares,” said Blake Kendrick, managing director for Stream Realty and broker representative for Parc 114. “The tenant base in the project is unmatched and provides a foundation to expand the project with two additional buildings.”
The existing buildings are 100 percent leased with a notable mix of tenants such as Chrysler Group LLC, Nautilus Hyosung America, Nissan, and Walgreens. Parc 114 is exclusively represented for leasing by Chris Jackson, Blake Kendrick and Jeremy Kelly of Stream Realty.
Construction is set to begin on the additional 191,262 square feet in the first quarter of 2015 and will feature a distinctive architectural design that will be complementary to the existing buildings. The rear-load buildings will feature 30’ clear height, 52’ column spacing, a 1.8/1,000-square-foot parking ratio, and spacious truck courts. Tenant spaces will range from 16,000 square feet to 135,253 square feet.
“Parc 114 represents an excellent opportunity for Hines to expand its industrial presence in Dallas and to provide additional shallow bay space in a key location directly adjacent to the airport.
We look forward to taking advantage of the dynamic market fundamentals in the airport submarket by providing exceptionally functional, modern buildings in a highly visible, master planned setting,” stated Charlie Meyer, director at Hines.
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage over $39 billion of capital invested in $52.8 billion of property and securities in North America, Europe and Asia (as of June 30, 2014). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Singapore and Hong Kong, as well as additional offices in nine European cities. For more information please visit www.aew.com.
Stream Realty Partners is a national real estate services, investment, and development company. Stream leases and manages over 95 million square-feet of office, industrial and retail properties across the nation. Stream is one of the largest third-party leasing and management companies in Texas, completing over $1 billion in real estate transactions annually. Founded in 1996, Stream has grown from its two original partners to a staff of over 400 real estate professionals that share one common goal: to provide an unequaled level of service to its clients.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,317 properties representing more than 541 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 391 properties totaling 161 million square feet, which includes 89.1 million square feet for third parties. With offices in 115 cities in 18 countries, and controlled assets valued at approximately $28.2 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.
Visit www.hines.com for more information.
Parc 114 Business Park