News Article | 7/3/2012

Hillwood buys another Memphis warehouse for $7.5 million

Hillwood Investment Properties is adding to its local industrial portfolio, purchasing a building in Southeast Memphis.

Hillwood, operating as Pilot Distribution Center Inc., bought the 600,000-square-foot warehouse at 4221 Pilot Drive for $7.5 million.

In February, the Dallas-based commercial developer bought a 605,427-square-foot warehouse in Olive Branch for $13.5 million. It purchased that building at 9105 Hacks Cross Road from Mazda North America Inc.

Hillwood has developed 4.1 million square feet of industrial space in the Memphis market, all in the DeSoto County submarket. The company has enough land to build another 7 million square feet of industrial space.

The company purchased the Pilot building from Addison, Texas-based MM Industrial Memphis LLC.

The property has six 100,000-square-foot compartments and 6,700-square-feet of office space.

Built in 1973 on 25.1 acres, it has 26-foot clear height, 42 dock doors, two drive-in doors and 21 rail doors.

Brad Kornegay, president of Colliers International Memphis’ asset services division, represented Hillwood locally in the purchase.