VOL. 127 | NO. 138 | Tuesday, July 17, 2012
Hillwood Buys Industrial Portfolio for $37M
By Sarah Baker
Hillwood Investment Properties has bought an industrial portfolio in Southeast Memphis for $37.25 million from TIAA Realty Inc., augmenting the Dallas-based commercial real estate firm’s budding local footprint.
The purchase, recorded under the entity Southpark Distribution Center Inc. on the Shelby County Register of Deeds, includes Lots 4 through 10 in Southpark Distribution Center. It totals seven parcels at Quality and Shelby drives.
The seller, related to insurance company TIAA-CREF, is listed in care of Colliers Management Services LLC Memphis on the Shelby County Assessor of Property.
Hillwood owns several assets in Mississippi – including 4.1 million square feet of an ultimately planned 11 million-square-foot DeSoto Trade Center – and has increased its acquisition momentum in the Memphis area this year.
In February, Hillwood bought the former Mazda North America Inc. distribution center in Olive Branch for $13.5 million. The Class A, 605,427-square-foot property at 9105 Hacks Cross Road is being marketed as “Hacks Cross Logistics Center” by Dan Wilkinson, chairman of the Memphis region of Colliers International, along with an adjacent 435,000 square feet of future development.
And Hillwood earlier this month acquired the 605,000-square-foot Pilot Distribution Center warehouse at 4221 Pilot Drive for $7.5 million. The sale represented Hillwood’s entrance into the Memphis market.