Just weeks after announcing a partnership, Hillwood Investment Properties and Brookfield Asset Management have acquired their first property.
The Dallas-based commercial property firm and its Canadian investment partner said Tuesday that they have acquired a 328,691-square-foot warehouse in Rialto, Calif. The building was purchased from the California Public Employees’ Retirement System.
Terms of the sale were not disclosed.
Last month Hillwood said it has created a new venture with Toronto-based Brookfield to invest up to $1 billion in industrial properties during the next three years.
Hillwood is the developer of the 17,000-acre AllianceTexas commercial and residential project north of Fort Worth. The firm has industrial and commercial properties across the country.