Hines REIT Takes Pair of DFW Properties
- May 30, 2008
Hines REIT has announced the purchase of two buildings in the Dallas-Fort Worth Metroplex. The firm purchased the buildings, 4050 and 4055 Corporate Drive, from Dividend Capital Trust. The buildings are single story class A industrial warehouses, located within the DFW Trade Center, a 180-acre office park four miles from the Dallas-Fort Worth airport. Combined, the two buildings total approximately 650,000 square feet and function primarily as distribution, light manufacturing and office facilities. Currently, the buildings are 100 percent leased, with tenants including Kay Chemical and Verizon. “4050 and 4055 Corporate Drive have a stable and high quality tenant roster with close proximity to DFW International Airport and the expansive Northwest Dallas population,” Charles Hazen, president & CEO of Hines REIT, noted in a release. “We believe this acquisition suits our objective of investing in fundamentally sound real estate while expanding our industrial property base.” Hines REIT is a Houston-based public real estate investment trust sponsored by Hines. The firm made news earlier this month by purchasing a Houston office tower for $272 million. Hines REIT currently owns interests in 46 properties.