Commercial real estate company Hillwood Investment Properties — a Perot Co. — has acquired 2 million square feet of vacant industrial buildings in Dallas and San Bernardino, Calif.
One of the purchases is the Frankford Trade Center in Dallas, a Class A commercial building that was constructed back in 2000. The property is currently under renovation and is located at the corner of the George Bush Turnpike and Interstate 35.
The other two building, which are located in the San Bernardino, Calif. area, also were acquired in a transaction that Hillwood says will stimulate the local economy.
“With the challenges of the current global economy, Hillwood is focused on identifying the right investment and growth opportunities across the country,” said Ross Perot, Jr., chairman of Hillwood.
“We are very proud of our work to redevelop the Norton Air Force Base into AllianceCalifornia and these new acquisitions are an important step in furthering that effort. I am also especially pleased that Hillwood has an opportunity to invest in the Dallas-Fort Worth area — a community of which Hillwood has long been a part.”
Hillwood’s new location in Dallas offers the benefit of its Triple Freeport Tax Exemption since it’s part of the Foreign Trade Zone. The development includes 659,340 square feet of space.