Dallas-based Hillwood Investment Properties has bought three industrial buildings, one in Carrollton and two in California, totaling nearly 1.7 million square feet of space.
The local property is in the Frankford Trade Center at the northeast corner of the President George Bush Turnpike and Interstate 35E. The 659,340-square-foot warehouse/office was built in 2000 but is being renovated. It is in a foreign trade zone, which offers tenants certain tax benefits.
Hillwood also bought two newly built structures in San Bernardino. Calif. They are adjacent to Hillwood’s AllianceCalifornia, a redevelopment project of the 2,000-acre former Norton Air Force Base.
The buildings, totaling 1 million square feet, are in the Inland Empire industrial market, about 60 miles east of Los Angeles.
“With the challenges of the current global economy, Hillwood is focused on identifying the right investment and growth opportunities across the country,” Chairman Ross Perot Jr. said in a statement.
Hillwood recently celebrated the 20th anniversary of AllianceTexas, a 17,000-acre development in far north Fort Worth, and it also owns the American Airlines Center and land in the Victory district near downtown Dallas.