CARLISLE, PA-Hillwood Investment Properties, of Dallas, recently acquired a 602,500-square-foot industrial building here and is looking for more in the area. The firm bought Key Distribution Center, at 1700 Ritner Highway, from a venture between Chicago-based Higgins Development Partners and Pritzker Realty Group.

Hillwood is interested in acquiring other properties of this size between the Harrisburg area and the Lehigh Valley to the east, Gary Frederick, the firm's senior vice president, tells GlobeSt.com. "We really believe that the I-81 and I-78 corridors are a particularly important logistics market," he says.

Key Distribution was built in 2007 and is vacant. Hillwood is also looking for similar class A facilites that need tenants, which could be sold by distressed sellers at a discount. In the case of Key, the building could be split up into smaller spaces occupied by a single tenant. This particular deal was brokered by the Garibaldi Group.

Before Key, Hillwood owned three assets in the area. Frederick did not disclose the price of the transaction or what the firm is targetting in future transactions but says it wants deals that are a "significant discount to today's replacement value."

Hillwood's chairman is H. Ross Perot, the son of billionaire and former presidential candidate H. Ross Perot. The firm has developed just over 26 million square feet in 20 markets.