Hillwood Secures 1 MSF Lease for Dallas-Area Development

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Hillwood has secured a new tenant at High Point 67 Logistics Center, an upcoming multi-phase industrial park totaling more than 2 million square feet in Cedar Hill, Texas.

Pratt Industries Inc. signed a full-building lease and will occupy nearly 1.1 million square feet. The company will invest more than $200 million in the new Regional Manufacturing and Innovation Center.

The Class A industrial building will be the fifth box factory in Texas for Pratt Industries Inc. The company plans to create 150 jobs at the new facility, which will manufacture corrugated boxes as well as provide custom packaging solutions.

In the first three months of the year, leasing activity reached nearly 10.7 million square feet across the Dallas-Fort Worth market, according to Cushman & Wakefield. The majority of tenants opted for warehouse and distribution space occupying 9.9 million square feet of space.

A Class A industrial complex for Cedar Hill

Last July, the Cedar Hill City Council approved the GSR Andrade Architects-designed industrial project on 184 acres along South Highway 67. Meanwhile, the developer also secured a $60 million construction loan originated by UMB Bank, CommercialEdge data shows.

Last August, Hillwood started construction on Building 1, which includes 221,360 square feet, and on Building 2 totaling 1.1 million square feet, according to Texas Department of Licensing and Regulation records. The two facilities are expected to come online in May 2022. A month later, the developer plans to break ground on Building 3, encompassing 149,432 square feet and rounding out the initial phase. Construction is expected to wrap up in March 2023.

The new buildings at High Point 67 Logistics Center will feature an ESFR sprinkler system, clear heights between 32 and 40 feet, 185-foot truck courts, 60-foot speed bays and 925 trailer parking spaces. The industrial park will take shape less than 10 miles from Interstate 20. Downtown Dallas will be roughly 20 miles north, while downtown Fort Worth will be 35 miles away.

Based on Cushman & Wakefield data, the Dallas-Fort Worth metro closed the first quarter with 64.5 million square feet of industrial space under construction and a 5.0 percent vacancy rate, dropping 30 basis points quarter-over-quarter.

In March, Creation Equity and Crow Holdings Capital broke ground on Mesquite 635, an industrial project encompassing 555,790 square feet in Mesquite, Texas. The developers selected Stream Realty Partners to lease the property. The brokerage firm also leases 1515 Corporate Crossing, an upcoming 301,120-square-foot warehouse in Rockwall, Texas.