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.

The 441,068-sf cross-dock on 22 acres at 4050 Corporate Dr. and 202,361-sf rear-load warehouse on 12 acres at 4055 Corporate Dr. were developed in 1997 and 1996, respectively, by Atlanta-based IDI Inc. The larger building has a 28-foot clear height, six foot higher than its sister.

[IMGCAP(2)]Houston-based Hines manages and leases the REIT's assets. The Corporate Drive buildings are occupied by Kay Chemical Co. Inc., FleetPride Corp., John H. Harland/Harland Clark Corp. and Verizon Communications Inc., which operates a call center in its space. Feeney says the average lease has 6.8 years left on the term.

"The Verizon call center pushed up the rental rate and made it a higher per sf," Feeney points out. The math for the sale breaks down to $66.51 per sf, which is pushing the top of the market for class A industrial space.

The seller's park, a mix of office and industrial space, is located four miles north of Dallas/Fort Worth International Airport. The location and tenant base were the dealmakers, Charles Hazen, president and CEO of Hines REIT, says in a press release.

The four-year-old Hines REIT owns 46 properties, adding its third industrial property with the pick-up from Dividend Capital. Its other industrial holdings are located in Minneapolis and Rio de Janeiro. "We expect them to continue to increase their presence in Dallas/Fort Worth," Feeney says.