Houston-based real estate firm Hines announced May 1 it has acquired DFW East Logistics Center, a 259,555-square-foot, three-building Class A shallow bay industrial park.
The park is located on an 18-acre site in the heart of the Dallas-Fort Worth Metroplex. 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. 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 2 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.