Dallas-based Hillwood Investment Properties, in a partnership with Toronto-based Brookfield Asset Management Inc. and the Hillwood-Brookfield Industrial Partners fund, acquired the 556,000-square-foot Airways Distribution Center Building D in the DeSoto County submarket.
The Class A facility, located at 228 Access Drive in Southaven, is 100 percent leased by Kimberly-Clark Corp.
“The addition of Airways Distribution Center complements our other investments in the Memphis market and adds another great customer, Kimberly-Clark, to our portfolio,” Toby Rogers, Hillwood’s market officer for the Memphis market, said in a statement.
The purchase comes after Hillwood and Brookfield Asset Management bought five Class A buildings in Southpark Distribution Center for $37.3 million in July from TIAA Realty Inc.
That deal came on the heels of the Hillwood’s acquisition of Pilot Distribution Center warehouse for $7.5 million, as well as its $13.5 million purchase of the former Mazda North America Inc. distribution center in Olive Branch earlier in 2012.
The December purchase of Airways Distribution Center Building D was one of eight industrial properties the Hillwood/Brookefield Partnership acquired during the month totaling 2.6 million square feet. The transactions increased the portfolio’s size to 9.7 million square feet across markets in Atlanta; Baltimore; Chicago; Memphis; Indianapolis; Inland Empire, Calif; Orlando; and Philadelphia/South New Jersey.