DALLAS — DCT Industrial Trust has sold three industrial buildings in Dallas to Hines REIT for $64.5 million. The properties total 1.1 million square feet of industrial space and represent a first for Hines REIT in the Dallas/Fort Worth market.
The first two buildings are located in the Dallas/Fort Worth Airport submarket at 4050 and 4055 Corporate Dr. and combined total 643,429 square feet. The third building is located in Pinnacle Park, near the Dallas Central Business District. All three buildings were 100 percent leased at the time of sale and tenants include Verizon Wireless, Kay Chemical and Harland Clarke.
“We are extremely pleased with the level of interest our Dallas assets received,” said Teresa Corral, senior vice president of Fund Management and Dispositions with DCT. “The strategic sale of these three operating properties further strengthens the company’s financial position for redeployment into growth opportunities.”
CB Richard Ellis’ Dallas office of Jack Fraker, vice chairman; Josh McArtor, vice president; and Conor Feeney, associate, represented the seller. The buyer was represented in-house.
“These Class A assets were very well-received by the market,” said Fraker. “This sale demonstrates the strength of the DFW Metroplex as an industrial investment market. Even during a somewhat volatile point in the capital markets, these core assets were hotly pursued. DCT has done a tremendous job managing the assets and Hines should be commended for identifying and successfully purchasing quality real estate investments.”
DCT Industrial Trust owns, operates and develops high-quality bulk distribution and light industrial properties in high-volume distribution markets in the U.S. and Mexico.
Jack Fraker
CB Richard Ellis Dallas