Hillwood scores refi at fully leased AllianceTexas warehouse

Fresh cash is flowing into Hillwood’s AllianceTexas. 

The Dallas-based developer refinanced its loan at Alliance Westport 25, a 1.2 million-square-foot building at 14800 Blue Mound Road. 

JLL and Hillwood declined to disclose the amount of the loan. The building was most recently appraised at $88.3 million, according to the Denton County Appraisal District. A deed of trust filed with Denton County shows the loan comes from Thrivent Financial and will mature in June 2031. 

The companies did not name the building either, but last year, Hillwood announced that cable and wire manufacturer Southwire had leased Alliance Westport 25.

The building is part of Hillwood’s AllianceTexas, a 27,000-acre master-planned development in north Fort Worth. In the 35 years since the development began, private developers have invested more than $14 billion in its office, retail and industrial space. 

The industrial vacancy rate in DFW reached 9.8 percent last quarter, according to Partners Real Estate, as record levels of construction bring the amount of space on the market to new highs. Hillwood has been building spec industrial space aggressively, announcing a 760,000-square-foot development earlier this month. Late last year, it announced another half a million square feet of spec industrial projects at AllianceTexas. 

North Fort Worth is the second-largest industrial submarket in the metroplex, behind only South Dallas. Nearly 90 percent of the 151 million square feet of industrial space in the area is used for warehouse or distribution.

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Hillwood, led by Ross Perot Jr., started with Alliance, which was 13,000 acres of farmland north of Fort Worth when Perot bought it in his first land deal, in 1985. Alliance Airport, touted as the world’s first industrial airport, opened in 1989.

The firm has its fingers in all kinds of developments and investments in Dallas-Fort Worth.

It bought a three-building office and industrial portfolio in Irving’s Las Colinas last month. It is adding a speculative office building and hundreds of apartments to its 242-acre Frisco Station mixed-use development. And it is bringing 4,000 more homesites to the fast-growing Dallas suburb Celina.