October 5, 2016
Houston-based Hines and AEW Capital Management sold Parc 114, a 52-acre light industrial park in Irving, TX. The duo, working on behalf of an unnamed client, sold the property to Colony Capital Inc. of Los Angeles. Adam Herrin and Joe B. Thornton with HFF led the team representing the seller. The sales price was not disclosed.
The seven-building, 569,272-square-foot park is adjacent to the Dallas/Fort Worth International Airport, just south of SH 114, with frontage along Belt Line Road. Parc 114 is 97% leased, with tenants including Fiat Chryslter, Nissan, Schindler Elevator, Walgreen’s, Children’s Health and Nautilus Hyosung.
Hines and AEW Capital’s client bought the asset in 2014, with plans to develop two speculative industrial buildings totaling 191,262 square feet. However, only one was completed at the time of the sale.
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