[IMGCAP(1)]GRAPEVINE, TX-Staking its first claim to industrial real estate in Texas, Hines REIT Inc. has paid $42.8 million to Dividend Capital Trust for two buildings in the 180-acre DFW Trade Center. The 643,429 sf of class A space is fully leased to five long-time tenants.

Hines REIT was the highest of seven offers, secured in a 30-day marketing period for 4050 and 4055 Corporate Dr., according to Conor Feeney, a CB Richard Ellis associate in Dallas. He says the Denver-based seller isn’t planning to sell any other buildings in its 1.8-million-sf DFW Trade Center, which it bought in 2006. “They were just looking to recycle some capital,” he explains of the just-sold pair.

Hines REIT, owner of Chase Tower in the Dallas CBD, has spent 18 months sizing up industrial real estate in North Texas. “We educated them about the submarkets and Dallas industrial real estate,” Josh McArtor, first vice president of the CBRE investment sales team led by vice chairman Jack Fraker.

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