Hines, AEW Capital Management JV Closes on Parc 114
- Dec 11, 2014
A joint venture of Hines and AEW Capital Management recently closed on Parc 114, a master-planned business park in Irving. The acquisition entailed six industrial buildings that total 404,777 square feet and an 18.5-acre plot that could accommodate as much as 191,262 square feet of additional industrial space.
At the time of the purchase, two of the six buildings were under development and set to open doors sometime in June 2015. The remaining buildings are 100 percent leased to tenants such as Nautilus Hyosung America, Chrysler Group LLC and Nissan.
Located in the Dallas-Fort Worth Metroplex, the industrial park is adjacent to DFW Airport, south of State Highway 114, which makes it a suitable option for companies that transport goods via the airport or for those that need fast access to the DFW Metroplex.
“Parc 114 is a great project that offers direct access to DFW International Airport and to major thoroughfares,” said Blake Kendrick, managing director for Stream Realty and broker representative for Parc 114. “The tenant base in the project is unmatched and provides a foundation to expand the project with two additional buildings.”
According to an official statement, the two companies plan to start work on the 18.5-acre plot in the first quarter of 2015. The new buildings will have a complementary design and will feature 30-foot clear heights, 52-foot column spacing and a 1.8/1,000-square-foot parking ratio.
“Parc 114 represents an excellent opportunity for Hines to expand its industrial presence in Dallas and to provide additional shallow bay space in a key location directly adjacent to the airport. We look forward to taking advantage of the dynamic market fundamentals in the airport submarket by providing exceptionally functional, modern buildings in a highly visible, master-planned setting,” stated Hines Director Charlie Meyer.