The deal started working about six months ago, but needed to close after Shippers Warehouse completed its acquisition of Empire Terminal Warehouse. Parent company City Delivery Service Co. Inc. of Dallas was the seller of record for a 218,787-sf building at 3310 Kingsley Rd. and 129,035-sf structure at 3422 Kingsley Rd., both 1960s-era warehouses on a combined four acres in Garland; and a 98,624-sf building on five acres at 11115 Petal St. in Dallas. The rail-served buildings' assessments range from $1 million to $2 million. And while Hillwood won't delve into the price, its investment division president says it fell "pretty close" to the Dallas County assessment."We think we bought it at a good price and it's positioned to compete in the northeast Dallas and Garland," Tal Hicks, president of Hillwood Investment Properties, tells GlobeSt.com.
The three properties will be cosmetically improved with Shippers Warehouse staying in place at the Garland warehouses and the Petal Street property, vacated just recently, coming to market for lease-up to two tenants."We think over time, it will be a good investment for the long term," Hicks says.
The Dallas-based Shippers Warehouse went knocking on Hillwood's door as it bought out a local competitor. "With one million sf with Shippers Warehouse, we're thankful that he's (the owner) been loyal to us," Hicks says.
Hillwood's in-house team brokering the deal was Dan Tatsch and Preston Herold. Al Leon of Leon Brothers Inc. represented the seller.
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