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Texas

Illinois investor buys partially leased DFW business park

CenterPoint bought the four-building Bison Grove Business Park

Bison Grove Business Park in Lewisville (Loopnet, Getty)
Bison Grove Business Park in Lewisville (Loopnet, Getty)

An Illinois investor bought a four-building business park north of DFW International Airport.

CenterPoint Properties spent an undisclosed amount on the 900,000-square-foot Bison Grove Business Park in Lewisville, the Dallas Morning News reported. The 78-percent-leased property occupies 62 acres at the southwestern corner of West Round Grove Road and Edmonds Lane. Houston developer Hines built the industrial properties.

Hilti Group leased a total of 485,000 square feet across two of the buildings in the park earlier this year. There is a total of 205,900 square feet still available for lease in the other two buildings.

“It’s not surprising tenant interest has been exceedingly strong for these properties,” Justin Gallagher, CenterPoint’s Dallas-based Investment Officer for the Central Region, said in a release. “DFW Airport continues to be the strongest submarket in the metroplex. We feel the infill location, outstanding consumer and labor access, and quality of the buildings puts Bison Grove at the head of the class in the minds of many tenants.”

CenterPoint plans to build out speculative office space in all of the unoccupied spaces in the park in an effort to lease that space out quickly. The buildings with available space have 32-foot clear heights and sprinkler systems, according to CenterPoint.

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“We’ve been working diligently to continue our expansion into DFW over the past few years, so we’re thrilled to add these assets to our portfolio,” Rives Nolen of CenterPoint said in a release. “These buildings were designed with the flexibility to accommodate a range of tenant sizes that are highly sought after in this part of DFW.”

CBRE’s Randy Baird brokered the deal and Stream Realty’s Bob Hagewood and Jeremy Kelly handle leasing for the business park.

CenterPoint’s first Dallas-area purchase was a warehouse building in Irving, which it bought in December. The firm also owns an industrial building in Wilmer and other properties in and around Austin and Houston.

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— Victoria Pruitt

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Industrial Real Estate