DALLAS – Hines, the Houston-based real estate firm, in conjunction with AEW Capital Management, announced the acquisition of Parc 114, a 52-acre master planned business park in Irving, near Dallas. Parc 114 is comprised of six industrial buildings totaling 404,777 square feet.
The business park also has an additional 18.5 acres of development land that can accommodate 191,262 square feet. The development of two new buildings is underway, with completion set for the middle of 2015. AEW acquired the property on behalf of one of its institutional clients.
Centrally located in the Dallas Fort Worth Metroplex, Parc 114 is directly adjacent to the DFW Airport just south of State Highway 114 with prominent frontage on Beltline Road.
“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.”
The existing buildings are 100 percent leased with a notable mix of tenants such as Chrysler Group LLC, Nautilus Hyosung America, Nissan, and Walgreens. Parc 114 is exclusively represented for leasing by Chris Jackson, Blake Kendrick and Jeremy Kelly of Stream Realty.
Construction is set to begin on the additional 191,262 square feet in the first quarter of 2015 and will feature a distinctive architectural design that will be complementary to the existing buildings. The rear-load buildings will feature 30’ clear height, 52’ column spacing, a 1.8/1,000-square-foot parking ratio, and spacious truck courts. Tenant spaces will range from 16,000 square feet to 135,253 square feet.
“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 Charlie Meyer, director at Hines.
CBRE reports that industrial construction is up significantly in the Dallas area, particularly for large spec warehouses of more than 500,000 square feet.