The seven-building asset is 98% leased, a multi-tenant, blue-chip tenant mix from 15,000 sf to 200,000 sf. Given the asset's dynamics, Norbert Buelsing, A&B's executive vice president, tells GlobeSt.com that more buildings will rise "sooner rather than later."

A&B Properties, a subsidiary of Alexander & Baldwin Inc., bought the package from New York City-based ING Clarion Partners, which brought it to market in July. Buelsing says the all-cash deal was funded primarily from 1031 exchange proceeds, including yesterday's announced sale of the 51,000-sf Vista Controls Building in Valencia, CA for $6.9 million.

Buelsing says Heritage Business Park's location at the northern gateway to Dallas/Fort Worth International Airport and minutes from Southlake's high-end residential and retail properties were strong selling points for pursuing the deal. A&B's sister company is Matson Integrated Logistics Inc. "The opportunities for logistics use, with Matson's knowledge, was interesting," he says. "The development land certainly has good upside. We believe in the Dallas market and the quality of this location."

Buelsing says there is no plan to change the park's name or need to reposition it. "ING had done a good job of maintaining it," he stresses. CB Richard Ellis has been given the leasing assignment.

A&B started mining the D/FW market in 1990, acquiring roughly one million sf in the Great Southwest Industrial District. In 2002, the investment group sold the nine-building package, spanning six blocks near Carrier Parkway and Texas 360.

Heritage Business Park's seven buildings, now leased to 18 national and regional tenants, were developed from 1997 to 2002. It was one of the largest industrial blocks to hit the North Texas market this year. ING inherited the portfolio when it bought Dallas-based Crow Holdings' Lion Industrial Trust. The package was marketed by CBRE vice chairman Jack Fraker, executive vice president Randy Baird, vice president Josh McArtor, associate Conor Feeney and financial analyst Jonathan Bryan.

The portfolio's only building in Southlake is the 94,993-sf Heritage 1 at 1100 S. Kimball Ave. The Grapevine properties are the 120,000-sf Heritage II at 1000 S. Nolen Dr.; 352,000-sf Heritage III at 1001 Nolen Dr.; 348,979-sf Heritage IV at 801 Industrial Blvd.; 134,640-sf Heritage V at 900 S. Nolen Dr.; 191,100-sf Heritage VI at 800 Industrial Blvd.; and 74,700-sf Heritage VII at 720 Industrial Blvd.