Hillwood Investment Properties, a division of Dallas-based Perot Co., announced Tuesday it has purchased two buildings totaling 1 million square feet in San Bernardino. Hillwood senior vice president John Magness said the buildings were purchased from investment firm Blackwood, but the sales price is not being disclosed.
The recently completed and unoccupied commercial buildings are adjacent to Hillwood’s Alliance California development near the former Norton Air Force Base.
Tenants have not yet been lined up for the acquired buildings, but the space can handle distribution or manufacturing. Magness said Hillwood was able to buy the buildings at a cost that allows it to lease them at lower rates than would have been feasible for the former owner.