Hillwood Investment Properties said Tuesday that it has purchased three industrial buildings – two in California and one in the Dallas area.
The real estate company owned by Ross Perot Jr. and his family acquired the Frankford Trade Center in Carrollton near State Highway 190 and Stemmons Freeway. The 10-year-old project has 659,340 square feet of office and warehouse space and is located in a foreign trade zone.
Frankford Trade Center is being remodeled and will be finished in 30 days.
Hillwood also bought two new Northgate industrial buildings in San Bernardino, Calif. The properties have more than 1 million square feet and are next to Hillwood’s AllianceCalifornia business park.
Terms of the acquisitions were not disclosed.
“They were all purchased substantially below replacement cost,” said Tal Hicks, president of Hillwood Investment Properties. “We are excited about these purchases, despite the uncertainty about where the bottom is in the market.”
Hicks said the Carrollton complex was bought from a mortgage servicer who had foreclosed on the property.
The California buildings were purchased from an investor who bought them after they were finished in 2009.
“With the challenges of the current global economy, Hillwood is focused on identifying the right investment and growth opportunities across the country,” Perot said. “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 is a major industrial building owner with properties in several states. The company owns the huge AllianceTexas business park in North Fort Worth and the undeveloped portions of the Victory Park project near downtown.