Seeking an edge in the international market, AllianceTexas developer Hillwood has forged a partnership with a New York REIT that gives it a partial stake in 16 industrial buildings at AllianceCalifornia, Dallas/Fort Worth, Harrisburg, Pa., and Memphis, Tenn.None of the properties, which encompass 8 million square feet of industrial space, are within AllianceTexas, the 17,000-acre, mixed-use development Ross Perot Jr. created to complement Fort Worth Alliance Airport. The deal also excludes interest in the Victory project, the mixed-use development surrounding American Airlines Center in Dallas.The deal involves New York-based ING Clarion Partners representing Lion Industrial Trust, said Hillwood spokesman David Pelletier.Two of the buildings in the new partnership are part of AllianceCalifornia, the 2,000-acre industrial airport project Perot launched in San Bernardino, Calif., after winning the contract to redevelop the former Norton Air Force Base in 2000.Ten of the properties were developed by Hillwood and another six were bought by the Dallas-based developer over the past two years.Unlike AllianceTexas, Hillwood inherited an inventory of buildings in the California industrial/aviation project that must be razed or remediated. The company doesn’t manage the airport, but has attracted four major companies so far.Perot said in a prepared statement the deal gives Hillwood better access in foreign markets.“This partnership is an opportunity for Hillwood to work with one of the country’s top real estate investment firms,” Perot said. “This strategic platform will allow Hillwood to strengthen its position as one of the top development companies in the nation and to better access international markets through ING Clarion and their Lion Industrial trust.”
News Article | 12/3/2004