Southwest Industrial Center I, LLC, an affiliate of Hillwood, a Texas-based private company, purchased 72.53 acres of vacant land for just shy of $11 million ($149,000 per acre). The parcel is located at the southwest corner of 75th Avenue and Buckeye Road in Phoenix, adjacent to Swift Transportation’s property, the seller, at 2200 S 75th Avenue in Phoenix. From public records, it appears the property was bought for development.
Ross Perot, Jr. founded Hillwood in 1988, based on the core values of character, courage and integrity. Rooted in a strong entrepreneurial vision, Hillwood is committed to bringing long-term value to customers and partners through real estate development, investments and public-private partnerships.
Based in Dallas, Texas, Hillwood is ranked as one of the top industrial, commercial and residential real estate developers in the country. It actively develops and buys industrial land and buildings across the U.S. This makes Hillwood somewhat unique as an investor and developer. In addition to being a leader in commercial and residential developments as well as specialized projects such as sporting arenas, industrial airports and museums, their work has been consistently recognized as best in class.
The company has developed more than 23,000 residential lots, in more than 70 locations across the United States and Costa Rica.
The seller, Swift Transportation (Jerry Moyes, CEO) acquired the property in 2004 as a portion of a larger 150-acre piece.
Fifth Third Bank handled financing for the transaction by a $22.2 million construction loan, maturing September, 2016 with two 1-year options under the note. The financing documents do give glimpse into the scope of the planned project: ‘Hillwod must seek approval from Fifth Third to enter into a lease for less than 340,670-square-feet for seven years to a S& P’s BBB rated company at a fully net rate of $4.08 per square foot.’
Hillwood Development can be reached at (214) 303-5535. Swift Transportation should be called at (602) 269-9700.