CARLISLE, PA-Hillwood Investment Properties, of Dallas, recentlyacquired a 602,500-square-foot industrial building here and islooking for more in the area. The firm bought Key DistributionCenter, at 1700 Ritner Highway, from a venture betweenChicago-based Higgins Development Partners and Pritzker RealtyGroup.

|

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

|

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

|

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

|

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

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.